Report Overview - Report Title: Sugar Market Weekly Report [2] - Report Date: December 19, 2025 [2] - Researcher: Wang Cuibing [3] 1. Report Industry Investment Rating - Not provided in the report 2. Report Core View - This week, the price of the Zhengzhou Sugar 2601 contract declined with a weekly drop of about 2.42%. The Brazilian sugarcane crushing and sugar production in the second half of November 2025 decreased year - on - year, and the Brazilian crushing is coming to an end with a seasonal reduction in supply. In the domestic market, the number of sugar mills in operation is increasing, and the industrial inventory of domestic sugar is in a seasonal growth trend. However, the sugar import volume in November decreased both month - on - month and year - on - year. Overall, with sufficient supply and weak spot prices, the futures market is dragged down, and it is expected to maintain a weak operation in the later period [5]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Summary - **Market Performance**: The price of the Zhengzhou Sugar 2601 contract dropped by about 2.42% this week [5]. - **Supply Situation**: In Brazil, in the second half of November 2025, 15.993 million tons of sugarcane were crushed, a 21.08% year - on - year decrease, and 724,000 tons of sugar were produced, a 32.94% year - on - year decrease. In the domestic market, as of now, 68 sugar mills in Guangxi have started operation in the 2025/26 sugar - making season, 6 less than the same period last year; 31 sugar mills in Yunnan have started operation, 2 more than the same period last year. In November 2025, China's sugar import volume was 440,000 tons, a 41.3% month - on - month decrease and an 18.2% year - on - year decrease [5]. - **Market Outlook**: With sufficient supply and weak spot prices, the futures market is expected to remain weak. Future factors to watch include the domestic new sugar crushing situation and demand [5][6] 3.2 Futures and Spot Market - **US Sugar Market**: The price of the US Sugar March contract declined by about 4.17% this week. As of November 25, 2025, the non - commercial net short position of US raw sugar futures was 194,604 lots, an increase of 6,204 lots from the previous week [12]. - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 14.58 cents per pound, an increase of 0.07 cents per pound from last week [16]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2605 contract dropped by about 2.42% this week. The net position of the top 20 in Zhengzhou sugar futures was - 86,656 lots, and the number of Zhengzhou sugar warehouse receipts was 3,611 [18][25]. - **Zhengzhou Sugar Contract Spread**: The spread between the 5 - 9 contracts of Zhengzhou sugar futures was - 7 yuan per ton, and the basis of spot - Zhengzhou sugar was + 292 yuan per ton [29]. - **Spot Market**: As of December 19, the new sugar price in Liuzhou, Guangxi was 5,380 yuan per ton, and the sugar price in Nanning was 5,310 yuan per ton [35]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,308 yuan per ton, a decrease of 42 yuan per ton from last week; the estimated profit of Brazilian sugar outside the quota was 76 yuan per ton, a decrease of 52 yuan per ton from last week. The estimated profit of Thai sugar within the quota was 1,145 yuan per ton, a decrease of 30 yuan per ton from last week; the estimated profit of Thai sugar outside the quota was 48 yuan per ton, a decrease of 16 yuan per ton from last week [41] 3.3 Industrial Chain Situation - **Supply - Side - Production Increase**: As of the end of October 2025, the total sugar production in the 2024/25 sugar - making season was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03% [45]. - **Supply - Side - Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a month - on - month decrease of 450,000 tons or 27.91%, and a year - on - year increase of 60,100 tons or 5.45% [48]. - **Supply - Side - Imported Sugar Quantity**: In November 2025, China's sugar import volume was 440,000 tons, a year - on - year decrease of 23.08% and a month - on - month decrease of 310,000 tons. From January to November 2025, the cumulative sugar import volume was 4.34 million tons, a year - on - year increase of 8.74% [52]. - **Demand - Side - Sugar Sales Rate**: As of the end of October 2025, the sugar mills in the 2024/25 sugar - making season had all completed the crushing process. The total sugar production in this sugar - making season was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03% [58]. - **Demand - Side - Monthly Output of Refined Sugar and Soft Drinks**: In November 2025, China's monthly refined sugar output was 1.303 million tons, a year - on - year decrease of 3.8%. China's monthly soft drink output was 10.457 million tons, a year - on - year increase of 0.4% [62] 3.4 Option and Stock - Related Markets - **Option Market**: The report mentions the implied volatility of at - the - money options for sugar this week but does not provide specific data [63] - **Stock Market - Nanning Sugar Industry**: The report shows the price - to - earnings ratio chart of Nanning Sugar Industry but does not provide specific data [67]

Report Title - Sugar Weekly Report: Domestic Sugar Prices Plummet, International Sugar Prices Weaken [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Internationally, Brazilian sugar is entering the crushing phase, and the supply pressure will gradually ease. The market's focus has shifted to the Northern Hemisphere, where most sugar production is in an increasing cycle. The short - term trading range of US sugar is expected to move down [3]. - Domestically, sugar mills are starting to crush, and the supply and sales pressure will increase. However, due to tightened imports of syrup and premixes, high production costs, and the price approaching the out - of - quota cost line, there is some support for the price. The sugar price is trending down and may remain weak in the short term [3]. - For trading strategies: in the unilateral market, pay attention to whether the previous low of foreign sugar can be effectively broken. Zhengzhou sugar is expected to remain weak in the short term, but be cautious with short positions as domestic support policies may emerge. For arbitrage, go long on January contracts and short on May contracts. For options, adopt a wait - and - see approach [4] 3. Summary According to the Table of Contents 3.1 Chapter One: Comprehensive Analysis and Trading Strategies Comprehensive Analysis - International market: Brazilian sugar is in the crushing phase, and the market focus has shifted to the Northern Hemisphere. The short - term trading range of US sugar is expected to move down [3]. - Domestic market: Sugar mills are starting to crush, increasing supply and sales pressure. But tightened imports, high costs, and the price near the out - of - quota cost line provide support [3]. Trading Strategies - Unilateral: Pay attention to whether the previous low of foreign sugar can be broken. Zhengzhou sugar is expected to remain weak in the short term, but be cautious with short positions due to possible support policies [4]. - Arbitrage: Long January contracts and short May contracts [4]. - Options: Wait and see [4] 3.2 Chapter Two: Core Logic Analysis 2.1 International Supply - Demand Pattern Changes - The 2025/26 sugar surplus is expected to decrease. The ISO predicts a 1.8177 - billion - ton production (up 3.15% year - on - year) and a 1.8014 - billion - ton consumption (up 0.6% year - on - year), with a 1.63 - million - ton surplus.嘉利高 estimates a larger surplus of 7.2 million tons [6]. 2.2 Brazil - Sugar production in 2025/26 is expected to be at a high level, with an estimate of 45.02 million tons by Conab [9]. - In the first half of November, the sugar - making ratio in the central - southern region dropped significantly, while ethanol production increased. The sugar production was 983,000 tons, up 8.69% year - on - year [11]. - As of the first half of November in the 2025/26 season, the cumulative sugar production in the central - southern region increased by 2.09% year - on - year [13]. - Sugar inventory decreased slightly, and exports declined. In November, exports were 3.3023 million tons, down 2.59% year - on - year. As of November in the 2025/26 season, cumulative exports decreased by 4.3% year - on - year [21]. 2.3 Thailand - The new 25/26 season is expected to see a slight increase in sugar production of about 1 million tons, and exports are also expected to increase by 1 million tons [26]. 2.4 India - In the 25/26 season, sugar production is increasing. As of December 15, 2025, the sugar production reached 7.825 million tons, up 27.69% year - on - year [32]. 3.3 Chapter Three: Weekly Data Tracking 3.1 Domestic Sugar Mills - In Guangxi, as of December 17 - 18, 69 sugar mills have started crushing, with a daily cane - crushing capacity of about 572,000 tons. The mainstream quotation of Guangxi Sugar Group is 5,270 - 5,380 yuan/ton [36]. - In Yunnan, as of November 30, 2025, 10 sugar mills have started crushing. The cumulative sugar production was 44,800 tons, and the sales volume was 32,200 tons [36]. 3.2 Import Data - In November 2025, China imported 440,000 tons of sugar, a year - on - year decrease of 93,400 tons. From January to November 2025, the cumulative import was 4.3416 million tons, a year - on - year increase of 9.49% [44]. - In October 2025, the import of syrup and premixes decreased. From January to October 2025, the cumulative import decreased by 963,600 tons year - on - year [44]. - The actual arrival of out - of - quota raw sugar in November was 243,500 tons, and the expected arrival in December was 232,400 tons [44]

Group 1: Report Information - Report title: Sugar Daily Report [1] - Date: December 19, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Futures Market - SR601 closed at 5192 yuan/ton, down 28 yuan or 0.54%, with a position of 63392 contracts, a decrease of 9827 contracts [7] - SR605 closed at 5102 yuan/ton, down 35 yuan or 0.68%, with a position of 518010 contracts, an increase of 30075 contracts [7] - US sugar 03 closed at 14.76 cents/pound, down 0.06 cents or 0.40%, with a position of 445628 contracts, a decrease of 1670 contracts [7] - US sugar 05 closed at 14.35 cents/pound, down 0.09 cents or 0.62%, with a position of 198069 contracts, an increase of 272 contracts [7] Market Analysis - New York raw sugar futures fluctuated downward, and the main March contract closed down 0.40% to 14.76 cents/pound. The weakening of the Brazilian real exchange rate has a certain inhibitory effect on sugar prices, and the sugar price has a slight decline but still remains above the 40 - day moving average, and the oscillation pattern will continue [7] - Zhengzhou sugar's main contract continued to weaken. The 05 contract closed at 5192 yuan/ton, down 28 yuan or 0.54%, with a reduction of 9827 contracts. The domestic new sugar price was lowered. The price in Nanning was 5335 yuan/ton, and in Kunming was 5230 yuan/ton. In terms of fundamentals, the number of sugar mills starting production in the south is increasing, the market lacks confidence, and the downstream purchasing willingness is low. Short - selling funds in Zhengzhou sugar continue to suppress the 05 contract, which may break through 5100 and hit the 5000 mark [8] Group 3: Industry News - From January to November 2025, China imported a cumulative 4340000 tons of sugar, a year - on - year increase of 380000 tons. In November 2025, China imported 440000 tons of sugar, a year - on - year decrease of 90000 tons. As of the end of November in the 25/26 sugar - making season, China imported 1190000 tons of sugar, a year - on - year increase of 120000 tons [11] - The sugarcane crushing volume in the central and southern regions of Brazil in the second half of December was 15993000 tons, a year - on - year decrease of 21.08%; sugar production was 724000 tons, a year - on - year decrease of 32.94%; ethanol production was 1.185 billion liters, a year - on - year decrease of 1.32%. The sugar content of sugarcane was 133.78 kg/ton, a year - on - year increase of 6.8%. 35.52% of the cane juice was used for sugar production, compared with 44.64% in the same period of the previous year [11] - Brazil exported 1600790.93 tons of sugar in the first two weeks of December, with an average daily export volume of 160079.09 tons, a 19% increase compared with the average daily export volume of 134937.22 tons in December of the previous year. The total export volume in December of the previous year was 2833681.54 tons [11] - The National Federation of Cane and Sugar Industries of India (NFCSF) has called on the Indian government to immediately raise the minimum support price (MSP) of sugar. The NFCSF welcomes the government's decision to allow the export of 1.5 million tons of sugar in the 2025 - 2026 sugar - making season but warns that promoting exports alone is not enough to solve the increasingly serious liquidity crisis faced by cooperative sugar mills [11] Group 4: Data Overview Futures Trading Data - The trading volume of the top 20 members in the Zhengzhou sugar main contract was 375635 lots, an increase of 31491 lots; the long - position volume was 327774 lots, an increase of 15981 lots; the short - position volume was 395899 lots, an increase of 16249 lots [23] Graphical Data - The report includes graphs such as the spot price trend, 2605 contract basis, SR1 - 5 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position of the top 20 seats in the Zhengzhou sugar main contract [12][14][16]

Core Viewpoint - Raw sugar futures are experiencing their longest decline in nearly two months, primarily due to India's announcement of potential excess exports this season [1][4]. Group 1: Market Trends - Raw sugar futures fell by 2.5% to 14.39 cents per pound, marking a five-week low [1][4]. - As of the latest report, raw sugar futures are down 2.2%, priced at 14.44 cents per pound, while London white sugar decreased by 1.4% [3][6]. Group 2: Production and Export Insights - India has announced it will allow the export of 1.5 million tons of sugar this season to alleviate domestic surplus [1][4]. - The Indian government is considering additional export approvals to further reduce inventory and may raise the minimum selling price [1][4]. - Data from the Indian Sugar and Bioenergy Manufacturers Association indicates that sugar production from October 1 to December 15 has increased by 1.7 million tons, a nearly 28% rise compared to the previous year [1][4]. - The USDA forecasts a 26% increase in India's sugar production for the 2025-26 crop year, attributed to favorable climate conditions and expanded planting areas [1][4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - International sugar prices are showing signs of bottoming out, with a short - term expectation of a slightly bullish and oscillating trend. Domestic sugar prices are trending downward and are likely to remain weak in the short term, but there is some support at the current price level [9][10]. 3. Summary by Directory 3.1 Data Analysis - **Futures Market**: On December 18, 2025, SR09 closed at 5,120, down 34 (-0.66%); SR01 closed at 5,192, down 23 (-0.44%); SR05 closed at 5,102, down 37 (-0.72%). The trading volume and open interest of each contract also changed to varying degrees [3]. - **Spot Market**: The spot prices of sugar in different regions showed a general downward trend. For example, the price in Liuzhou was 5390, down 20; in Kunming, it was 5220, down 25 [3]. - **Basis**: The basis in different regions varied, with Liuzhou at 198, Kunming at 28, etc. [3]. - **Inter - monthly Spread**: The spread between SR05 - SR01 was - 90, down 14; SR09 - SR05 was 18, up 3; SR09 - SR01 was - 72, down 11 [3]. - **Import Profit**: The quota - free and in - quota import prices from Brazil and Thailand and their spreads with domestic prices were provided. For example, the quota - free price of Brazilian sugar was 5127, with a spread of 263 compared to Liuzhou [3]. 3.2 Market Judgment - **Important Information**: In November 2025, China imported 440,000 tons of sugar, a year - on - year decrease of 90,000 tons. From January to November 2025, the cumulative import was 4.34 million tons, a year - on - year increase of 380,000 tons. As of the end of November in the 25/26 sugar - making season, China imported 1.19 million tons, a year - on - year increase of 120,000 tons. As of December 17, the number of ships waiting to load sugar in Brazilian ports increased, and the quantity of sugar waiting to be shipped also increased [5]. - **Logical Analysis**: Internationally, the Brazilian sugar - making season is approaching the end, the supply pressure is easing, and international sugar prices are showing signs of bottoming out. Domestically, although new sugar production is increasing and sales pressure is rising, factors such as tightened imports of syrups and premixes, high production costs, and the current price approaching the out - of - quota cost line provide some support to the price [9]. - **Trading Strategies**: - **Single - side**: International sugar prices are expected to oscillate at the bottom in the short term. Domestic sugar prices are likely to remain weak, but the downward space is limited [10]. - **Arbitrage**: Go long on the January contract and short on the May contract [11]. - **Options**: Adopt a wait - and - see approach [11]. 3.3 Related Attachments The report includes multiple charts showing data such as monthly inventories, monthly production, spot prices, basis, and spreads in different regions and contracts of sugar, which can be used for further analysis of the sugar market [12][16][17][21][26][27].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - In the domestic market, the prices of processed sugar and beet sugar are relatively stable. With the arrival of new - season sugar from Guangxi in sales areas, the competition among the three sugar sources under poor market transactions has a negative impact on prices [2]. - As of the current incomplete statistics, in the 25/26 sugar - making season, 66 sugar mills in Guangxi have started production, 5 less than the same period last year, with a daily sugar - cane crushing capacity of 537,500 tons, 29,000 tons less than the same period last year. 29 sugar mills in Yunnan have started production, 10 more than the same period last year, and more than half of the sugar mills have started production. Overall, as the new - season sugar - making reaches its peak, supply continues to increase, spot prices weaken, and there is a lack of positive drivers. It is expected that sugar prices will fluctuate at a low level in the future [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for sugar is 5,102 yuan/ton, a decrease of 37 yuan; the main contract's open interest is 518,010 lots, an increase of 30,075 lots [2]. - The number of sugar warehouse receipts is 611, unchanged; the net long position of the top 20 futures holders is - 78,980 lots, an increase of 2,578 lots [2]. - The total effective warehouse receipt forecast for sugar is 1,490, unchanged; the estimated import - processing price of Brazilian sugar within the quota is 4,082 yuan/ton, a decrease of 12 yuan [2]. 3.2 Spot Market - The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,172 yuan/ton, a decrease of 16 yuan; the estimated import price of Thai sugar outside the quota (50% tariff) is 5,200 yuan/ton, a decrease of 17 yuan [2]. - The spot price of sugar in Kunming, Yunnan is 5,220 yuan/ton, a decrease of 25 yuan; the spot price of sugar in Nanning, Guangxi is 5,270 yuan/ton, a decrease of 50 yuan; the spot price of sugar in Liuzhou, Guangxi is 5,370 yuan/ton, a decrease of 20 yuan [2]. 3.3 Upstream Situation - The national sugar - crop planting area is 1.48 million hectares, an increase of 60,000 hectares; the planting area of sugar - cane in Guangxi is 840,330 hectares, an increase of 5,240 hectares [2]. 3.4 Industry Situation - The cumulative national sugar production is 11.1621 billion tons, an increase of 549,000 tons; the cumulative sales volume of cane sugar in Guangxi is 894,000 tons, a decrease of 21,000 tons [2]. - The cumulative production of cane sugar in Yunnan is 44,800 tons, a decrease of 237,400 tons; the total monthly sugar exports from Brazil are 3.302 billion tons, a decrease of 903,000 tons [2]. - The monthly sugar import volume is 750,000 tons, an increase of 200,000 tons; the cumulative sugar import volume is 3.9 billion tons, an increase of 740,000 tons [2]. 3.5 Downstream Situation - The monthly production of refined sugar is 883,000 tons, an increase of 343,900 tons; the monthly production of soft drinks is 1.0962 billion tons, a decrease of 495,500 tons [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 8.68%, an increase of 0.58 percentage points; the implied volatility of at - the - money put options for sugar is 8.67%, an increase of 0.55 percentage points [2]. - The 20 - day historical volatility of sugar is 6.9%, an increase of 0.08 percentage points; the 60 - day historical volatility of sugar is 6.86%, an increase of 0.02 percentage points [2]. 3.7 Industry News - According to the U.S. Commodity Futures Trading Commission, as of November 25, 2025, the non - commercial net short position in raw sugar futures was 194,604 lots, an increase of 6,204 lots from the previous week. The long position was 148,893 lots, a decrease of 1,574 lots from the previous week, and the short position was 343,497 lots, an increase of 4,630 lots from the previous week [2]. - The most actively traded March raw sugar futures on the Intercontinental Exchange (ICE) fell for the third consecutive day on Wednesday. The decline of the Brazilian real encouraged Brazilian sugar producers to increase exports. The contract closed down 0.06 cents, or 0.40%, at 14.76 cents per pound [2].

Core Viewpoint - The Hongli Low Volatility ETF (512890) has shown strong performance and investor interest, with significant net inflows and a solid historical return since its inception in December 2018 [1][5][12]. Fund Performance - The Hongli Low Volatility ETF (512890) recorded a price of 1.176 CNY, reflecting a 0.43% increase, with a trading volume of 2.66 billion CNY, making it the top performer among similar ETFs [3][6]. - Since its establishment, the fund has achieved a return of 133.84%, significantly outperforming its benchmark and ranking 77th among 502 products [12]. Fund Inflows - The fund has attracted substantial capital, with net inflows of 7.9 billion CNY over the last 5 trading days, 4.7 billion CNY over the last 20 days, and 53 billion CNY over the last 60 days, indicating strong investor confidence [1][8]. Holdings Performance - The top ten holdings of the Hongli Low Volatility ETF exhibited mixed performance, with notable movements including a 2.03% increase in Nanjing Bank and a 1.46% decrease in COFCO Sugar [4][10]. Regulatory Environment - The China Securities Regulatory Commission (CSRC) is promoting long-term capital investment strategies and enhancing market stability, which supports the growth of equity public funds and index investment [11]. - The new "National Nine Articles" policy clarifies requirements for listed companies regarding market capitalization management and dividend distribution, further supporting the low volatility dividend strategy [11].

Group 1 - The upcoming "2025 Futures Service Rural Revitalization and 'Insurance + Futures' Conference" will be held in Zhanjiang, Guangdong on December 19, focusing on the financial support needed for rural revitalization and the construction of a strong agricultural nation [1] - The conference is organized by Futures Daily, the "Insurance + Futures + N" Innovation Alliance, and the Industry Service Alliance, highlighting the importance of a robust rural financial service system as emphasized in the 20th National Congress report [1] Group 2 - Zhanjiang is a significant sugarcane production base in China, and the local sugar industry faces challenges such as price volatility and natural disasters, which impact farmers' income and industry stability [2] - The "Insurance + Futures" model helps transfer market risks from farmers to broader financial markets, ensuring basic income for agricultural producers and promoting sustainable development of local specialty agriculture [2] Group 3 - Guangfa Futures has been implementing the "Insurance + Futures" project in Xuwen County, Zhanjiang since 2023, with a projected guarantee scale of 23,700 tons of white sugar by 2025, utilizing various financial tools for risk management [3] - China Pacific Insurance's Guangdong branch has tailored insurance solutions for the sugar industry, including a rapid compensation of 3.79 million yuan due to typhoon-related production losses, demonstrating effective financial service [3] Group 4 - Increased farmer participation in the "Insurance + Futures" model is attributed to a diversified premium source structure, significantly lowering participation costs and enhancing risk management awareness among farmers [4] - Jining Group has developed a dual-driven model of "industry empowerment + financial hedging," integrating "Insurance + Futures" into its agricultural system, which connects farmers' interests with corporate development [4] Group 5 - The conference theme is "Innovation Leading, Serving 'Three Rural' Chapters," aiming to gather government leaders, industry experts, financial institutions, and industry representatives to discuss the role of futures markets and "Insurance + Futures" in agricultural development [5] - The agenda includes discussions on the achievements and future directions of the "Insurance + Futures" model over the past decade, featuring expert presentations from renowned scholars and industry professionals [5] Group 6 - The afternoon session will focus on the sugar industry, analyzing the operation of the sugar futures market and risk management practices, aiming to explore how financial tools can support the transformation and upgrading of the sugar industry [6] - The conference is expected to be a platform for exchanging ideas, gathering experiences, and building consensus on financial services for rural revitalization and high-quality industrial development [6]

来源：沐甜科技 品种：白糖SR 单位：张 日期： 2025-12-17每张仓单=1手合约*10吨/手=10吨仓库编号仓库简称年度等 级品牌仓单数量当日增减有效预报升贴水0103藁城永安25261雪181060小计181014900407柳州桂糖000小 计0000409云南广大00-140小计0000414浙江甘泽00150小计0000415营口港务000小计0000428中储河南 00100小计0000434广西贵港000小计0000436营口北方（厂库）000小计0000437日照凌云海(厂库)000小 计0000438广东北部湾000小计0000445中粮糖业(厂库)000小计0000447星光糖业(厂库)0060小计0000450 冀盛物流25261佰惠生430060小计430000452云南陆航00-100小计0000454云鸥物流000小计0000455云南 英茂（厂库）00-100小计0000456新宁糖业（厂库）0040小计0000458荣桂扶绥000小计0000459柳兴制糖 （厂库）000小计0000460云南紫辰00-150小计0000461五矿钦州000小计0000462五矿合浦000 ...

作为农业产业化国家重点龙头企业，金岭集团探索出了一条"产业赋能+金融对冲"双轮驱动的"保险＋期 货"特色合作模式。该模式将"保险+期货"深度融入其"公司+基地+农户"的产业体系，把蔗农利益与企业 发展紧密相连，形成了"订单农业为基础、保险期货为保障、全周期服务为支撑"的发展格局。特别 是"保底收购+二次结算"的方式，消除了蔗农的种植担忧。同时，金岭集团借助期货市场进行套期保 值，锁定经营利润，实现了企业与农户风险共担、利益共享。这一模式构建起"蔗农安心种植、企业放 心收购、金融强力兜底"的良性循环：农户获得稳定收益后，更愿意投入良种和先进技术，从而提升甘 蔗单产和糖分含量；企业则可集中资源，专注于加工升级和市场开拓，推动全产业链效率提升。 在湛江这片热土上，"保险+期货"的探索与实践已取得显著成效。作为本次会议的协办方，广发期货、 中国太保（601601）产险广东分公司及广东金岭糖业集团有限公司（下称金岭集团）以"保险＋期货"为 抓手，为湛江市白糖产业的稳健发展作出了突出贡献。 其中，广发期货聚焦全国糖料蔗核心产区——湛江市徐闻县，自2023年起连续深入推进糖料蔗"保险 +期货"项目。2025年，该项目保障白 ...