Core Viewpoint - Guangxi Agricultural Investment Sugar Industry Group is implementing a comprehensive strategy to enhance sugar production efficiency and optimize the entire industry chain, achieving significant growth in sugarcane planting area and production volume for the 2024/25 season [1][3]. Group 1: Production and Financial Performance - The company has achieved a sugarcane planting area of 1.53 million acres and a sugar production volume of 862,200 tons for the 2024/25 season [1]. - A total of 3.462 billion yuan has been paid to sugarcane farmers, reflecting a commitment to supporting local agriculture [3]. - Guangxi Baoxuan Food Co., Ltd. has increased its sugarcane planting area to 260,000 acres, a 9.7% increase from the previous season [3]. Group 2: Technological Advancements - The company is leveraging digital management systems, including pest monitoring and data integration, to enhance agricultural efficiency and production quality [4]. - The establishment of a comprehensive information system supports the entire sugar production process, from planting to processing [4]. - The use of advanced technologies such as 5G and IoT is being integrated into the sugar production chain to improve operational efficiency [4]. Group 3: Quality and Brand Development - Guangxi Agricultural Investment Sugar Industry has maintained the top position in national sugar quality evaluations for 22 consecutive years, enhancing its brand reputation [5]. - The company has received various certifications, including the zero-carbon factory certificate and the Hong Kong quality certification, further solidifying its market position [5]. - Continuous investment in technological upgrades has led to improvements in production rates and operational safety [5]. Group 4: Future Strategies - The company aims to maximize the value of sugarcane by focusing on quality cultivation, efficient processing, and effective marketing strategies [5]. - Plans include promoting the integration of advanced technologies such as AI and big data into sugar production processes to ensure sustainable growth [5].

Core Points - The company is preparing for its annual shareholder meeting scheduled for June 19, 2025, with specific guidelines to ensure order and protect shareholder rights [1][2][4] - The meeting will include the review of the 2024 annual report and the board's work report, highlighting the company's performance and strategic direction [6][15] - The company reported a revenue of 32.497 billion yuan for 2024, a decrease of 1.86% year-on-year, with a net profit of 2.114 billion yuan [20][22] Meeting Guidelines - The meeting will have a designated management office to oversee procedures and maintain order [1] - Only authorized participants, including shareholders and company officials, will be allowed entry [1] - Shareholders must present identification for registration on the day of the meeting [1] Voting and Agenda - Voting will be conducted through both on-site and online methods [2][4] - The agenda includes the announcement of the meeting's commencement, review of key proposals, and the election of inspectors [4][5] Financial Performance - The company achieved a total revenue of 32.497 billion yuan in 2024, with a net profit of 2.114 billion yuan, reflecting a decrease in profitability [20][22] - The total assets at the end of 2024 were reported at 201.03 billion yuan, a decrease of 1.375 billion yuan from the beginning of the year [21] - The company's debt ratio improved to 41.48%, down from 44.90% at the beginning of the year [22] Board and Governance - The board of directors held nine meetings in 2024, addressing 51 major topics including strategic planning and investment [7] - The company emphasizes compliance and governance, with ongoing improvements to its internal control systems [12][14] ESG and Sustainability - The company has launched an ESG strategy with specific goals and measures to enhance its sustainability practices [11] - It received recognition for its ESG efforts, including awards for best practices in sustainable development [11]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On Monday, New York raw sugar futures rebounded, with the main July contract rising 1.27% to 16.70 cents per pound. London ICE white sugar futures' main August contract rose 1.5% to $472.40 per ton. The current market pressure is the increasing production in Brazil, and recent heavy rainfall in the central - southern Brazil may affect the crushing progress. After the sugar price rebounded from below the previous low, it's necessary to observe if a double - bottom pattern can form [6]. - Yesterday, the main contract of Zhengzhou sugar fluctuated weakly. The 09 contract closed at 5,717 yuan per ton, down 14 yuan or 0.24%, with an increase of 1,295 contracts in positions. The spot prices in domestic producing areas remained unchanged. Zhengzhou sugar did not follow the raw sugar's rebound and was weaker than expected. After the market closed, large speculative short - sellers continued to add positions tentatively, while hedging funds from spot seats continued to withdraw. The short - selling momentum of short - sellers to add positions and suppress prices weakened, and the possibility of a price rebound is relatively high [8]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **New York Raw Sugar and London ICE White Sugar**: The main July contract of New York raw sugar futures rose 1.27% to 16.70 cents per pound, and the main August contract of London ICE white sugar futures rose 1.5% to $472.40 per ton. The increasing production in Brazil is the main market pressure, and rainfall may affect the crushing progress. After the sugar price fell below the previous low and rebounded, observe for a possible double - bottom pattern [6]. - **Zhengzhou Sugar**: The 09 contract of Zhengzhou sugar closed at 5,717 yuan per ton, down 14 yuan or 0.24%, with an increase of 1,295 contracts in positions. Domestic spot prices were flat. Zhengzhou sugar did not follow the raw sugar's rebound. Speculative short - sellers added positions tentatively, and spot hedging funds withdrew. The downward momentum of short - sellers weakened, and a price rebound is more likely [8]. 3.2 Industry News - No relevant content provided 3.3 Data Overview - **24/25 Guangdong Sugar Production and Sales**: The cumulative sugar production in Guangdong in the 24/25 season was 654,500 tons, an increase of 122,800 tons year - on - year. As of the end of May, the cumulative sugar sales were 654,500 tons, an increase of 223,600 tons year - on - year; industrial inventory was 0 tons, a decrease of 100,800 tons year - on - year; the sales - to - production ratio was 100%, an increase of 18.97% year - on - year. In May, the single - month sugar sales in Guangdong were 3,900 tons [10]. - **24/25 Xinjiang Sugar Production and Sales**: The final sugar production in Xinjiang in the 24/25 season was 814,200 tons, an increase of 255,600 tons year - on - year. As of the end of May, the cumulative sugar sales were 618,800 tons, an increase of 231,400 tons year - on - year; the sales - to - production ratio was 76%, an increase of 6.65% year - on - year; industrial inventory was 195,400 tons, an increase of 24,200 tons year - on - year. In May, the single - month sugar sales in Xinjiang were 73,700 tons [10]. - **Brazilian Sugar Exports**: Brazil exported 2.2566 million tons of sugar in May, a year - on - year decrease of 19.6%. From April to May in the 2025/26 season, Brazil's cumulative sugar exports were 3.8092 million tons, a year - on - year decrease of 18.84%. As of the week of June 4, the number of ships waiting to load sugar at Brazilian ports was 90, the same as the previous week. The quantity of sugar waiting to be exported was 3.247 million tons, a 4% decrease from the previous week. The quantity of high - grade raw sugar (VHP) was 3.0373 million tons, a 3% decrease from the previous week. The quantity of sugar waiting to be exported at Santos Port decreased 7% from the previous week, and that at Paranagua Port decreased 11% [10].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000911 证券简称：广农糖业 公告编号：2025-039 广西农投糖业集团股份有限公司关于涉及诉讼事项的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、本次诉讼事项的基本情况 杜兴祥于2023年4月就相关合同纠纷案[案号：（2023）桂0110民初1556号、（2023）桂0110民初1557 号]分别对南宁糖业股份有限公司、南宁糖业股份有限公司香山糖厂、南宁南糖香山甘蔗种植有限责任 公司向广西壮族自治区南宁市武鸣区人民法院提起两起民事诉讼，并于2023年4月10日被立案受理(详情 请参阅公司于2023年4月29日在巨潮资讯网披露的《南宁糖业股份有限公司关于涉及诉讼事项的公告》 （公告编号：2023-027）)。 2024年6月，广西农投糖业集团股份有限公司（以下简称广农糖业或公司）收到广西壮族自治区南宁市 武鸣区人民法院送达的《民事判决书》[（2023）桂0110民初1556号、（2023）桂0110民初1557号](详情 请参阅公司于2024年6月8日在巨潮资讯网披露的《广西农投 ...

白糖产业日报 2025-06-10 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5717 | -17 主力合约持仓量:白糖(日,手) | 342526 | 1295 | | | 仓单数量:白糖(日,张) | 29443 | 0 期货前20名持仓:净买单量:白糖(日,手) | -27019 | -5633 | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ | 0 | 0 | | | | 现货市场 | | 4543 | -12 进口加工估算价(配额内):泰国糖(日,元/ | 4552 | -45 -59 | | 吨) | 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) | | | | | | 5774 | -15 进口泰糖估算价(配额外,50%关税)(日,元 | 5785 | | | /吨) | 现货价:白砂糖:昆明(日,元/吨) | 5900 | 0 现货价:白砂糖:南宁(日,元/吨) ...

纽约原糖价格止跌，因市场猜测糖厂将转向将更多甘蔗用于乙醇生产，而非制作甜味剂。最活跃 期货 合约一度上涨1.3%，随后涨幅收窄。近几周价格持续走低，上周五收于四年低点，主要受到主要产糖 国供应充裕的预期影响。目前，市场开始担忧全球最大食糖出口国巴西的产量可能受到价格疲软的影 响。尽管大多数市场估计巴西今年将最大限度地提高食糖产量，但位于远离港口地区的糖厂面临风险。 这些糖厂的运输成本较高，可能发现生产生物燃料更具盈利性，而生物燃料通常用于国内市场。 ...

Core Viewpoint - India is expected to increase sugar exports in the 2025/26 season due to a rebound in production, with surplus production anticipated for at least two consecutive years [1] Group 1: Production Outlook - Indian farmers and industry officials indicate that sugar production will see a recovery, leading to an increase in export capacity [1] - The country is projected to have a surplus in sugar production for a minimum of two years [1]

研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5734 | -1 主力合约持仓量:白糖(日,手) | 341231 | -1177 -718 | | | 仓单数量:白糖(日,张) | 29443 | 0 期货前20名持仓:净买单量:白糖(日,手) | -21386 | | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内) ...

Report Industry Investment Rating - The rating for the sugar market is "oscillating" [7] Core Viewpoints of the Report - The international sugar market remains in a bearish cycle. From June to August, the external market is expected to remain weak due to large - scale production and supply during the peak crushing season in Brazil and optimistic production prospects in the Northern Hemisphere's major producing countries. However, the downside space of ICE raw sugar is limited, with an estimated operating range of 16 - 18 cents per pound. In the domestic market, as the arrival volume of imported sugar increases, the pricing of the market is expected to gradually shift to refined sugar. The Zhengzhou sugar market is expected to be mainly oscillating and weak, with the September contract estimated to fluctuate between 5,500 - 6,000 yuan per ton [5] Summary According to Relevant Catalogs 1. Research Purpose - To understand the procurement and production status of coastal sugar refineries, terminal consumption, the impact of substitutes, and the logistics and distribution status in sales areas, the analyst participated in the "2025 Fujian Regional Sugar Research Activity" from May 26th to 30th, aiming to answer questions such as the procurement of imported sugar by coastal refineries, the arrival and production rhythm, the market's view on the inverted spot price at ports, the impact of strict import controls on syrup and premixed powder, the impact of the macro - economic environment on terminal sugar consumption, the impact of substitutes on sugar consumption, and the industry's judgment on the future sugar market [10] 2. Research Summary - **Import procurement and production of refineries**: A central - state - owned company in Zhangzhou started production in March, and two other companies plan to start in June and mid - July respectively. It is estimated that a large amount of imported sugar will arrive in June, with a more concentrated arrival in July - August. The import cost of raw sugar is about 6,000 yuan per ton or higher. The issuance of import licenses has decreased year - on - year, but the utilization rate is high, and all licenses are expected to be used up [12][13] - **Fujian spot market**: The price difference between the Fujian port and the origin cannot cover the freight, showing an inverted state that has persisted for a long time. The current price of Guangxi sugar in Fujian is close to 6,300 yuan per ton, and the price of refined sugar ranges from 6,200 - 6,900 yuan per ton [14] - **Imported syrup and premixed powder**: Import controls on syrup and premixed powder are very strict this year. Although it may not completely eliminate imports, the overall volume is expected to be controllable [15] - **Liquid sugar project**: The production and demand of liquid sugar in China have increased in the past two years, but its production is restricted by raw material import quotas and licenses, and its application and promotion are limited by various factors such as equipment adaptation, short shelf - life, and specific logistics requirements [16] - **Domestic consumption situation**: The overall scale of sugar - containing foods is still growing, but due to the impact of substitutes, the domestic sugar consumption is difficult to increase. The consumption of candies is not ideal, while the scale of baked goods is growing, and the beverage industry shows a polarized situation [17][18] - **Consumption seasonality**: The summer is the peak season for cold drink consumption, followed by the Mid - Autumn Festival mooncake consumption season, and from August - September to the Spring Festival, the demand for snacks will pick up. The peak season sales of candies are more than twice that of the off - season [19] - **Pre - sale of new beet sugar**: The pre - sale of new beet sugar in the north started in April, and the pre - sale progress is fast due to the restricted import of syrup and premixed powder [20] - **Production outlook in Guangxi**: The sugarcane planting area in Guangxi is expected to increase by 3%. Although the current plant height is shorter than in previous years, there is hope for an increase in production if the weather is favorable. The start - up time of sugar mills in Guangxi this year is not expected to be delayed [21] - **Operating difficulties of sugar traders**: Sugar mills and refineries are profitable, and terminal food enterprises are in a relatively good situation, while sugar traders, especially small and medium - sized ones, are facing great pressure and are at risk of being squeezed out of the market [22][23] - **Market outlook**: Most research institutions expect the domestic white sugar spot price to decline in the future. For futures, the upward movement is restricted by the expected increase in refined sugar supply, and the downward movement is restricted by purchase prices and high basis. The future operation range of Zhengzhou sugar is estimated to be between 5,400 - 6,100 yuan per ton [24] 3. Market Outlook and Investment Strategy - **International market**: The international sugar market is in a bearish cycle. Brazil's sugar production is expected to be high, and the production prospects of Asian major producing countries are also optimistic. However, due to factors such as low - level buying demand, uncertain Brazilian production, and a narrow sugar - alcohol price difference, the downside space of ICE raw sugar is limited, with an estimated operating range of 16 - 18 cents per pound [25][26] - **Domestic market**: As the arrival volume of imported sugar increases, the pricing of the market is expected to gradually shift to refined sugar. The weak external market will also affect the domestic pricing expectation of refined sugar. However, the high - basis state will restrict the downward rhythm of futures prices. The Zhengzhou sugar market is expected to be mainly oscillating and weak, with the September contract estimated to fluctuate between 5,500 - 6,000 yuan per ton. Attention should be paid to the arrival rhythm of imported sugar, COFCO's pricing, and the performance of the external market [27]

【周三纽约原糖期货下跌，郑糖跟随走弱】周三，纽约原糖期货下跌，主力7月合约收低0.89%，至 16.75美分/磅。伦敦ICE白糖期货主力8月合约收高1.2%，至468.10美元/吨。巴西天气转好利于压榨生 产，令糖价承压走弱。伊朗核问题谈判进入关键期，对糖价影响有限。 昨日，郑糖主力合约跟随原糖 走弱。09合约收盘5730元/吨，下跌2元，或0.03%，增仓723张。国内产区现货价报价持平，昆明糖报价 5965元，南宁糖报价6135元。 今日郑糖跟随原糖回落，大投机空头继续增仓杀跌，产业席位减持空 单。连续下跌后，现货企稳，杀跌动能释放。若原糖无大跌行情，内盘可能止跌反弹。【巴西港口食糖 装运与出口数据有变化】巴西航运机构周四发布数据显示，截至6月4日当周，巴西港口等待装运食糖的 船只数量为90艘，与此前一周持平。港口等待装运的食糖数量为324.7万吨，较此前一周下降4%。 当周 等待出口的食糖总量中，高等级原糖数量为303.73万吨，较上一周下降3%。桑托斯港等待出口的食糖 数量较上周下降7%，帕拉纳瓜港下降11%。【巴西国家石油公司下调汽油价格】6月2日，巴西国家石 油公司宣布，从6月3日起，将向分销商出 ...