Sugar Industry - India's latest crushing data shows a total of 48.6 million tons of sugarcane crushed as of November 30, 2025, an increase of 15.2 million tons or 45.5% compared to the same period last year [2][6] - Sugar production reached 4.135 million tons, up by 1.375 million tons or 49.81% year-on-year [2][6] - Current spot prices for new sugar in Guangxi range from 5,460 to 5,650 CNY/ton, with a slight decrease of 10 to 20 CNY/ton; Yunnan's new sugar prices are between 5,300 and 5,460 CNY/ton, down by 20 CNY/ton [2][6] - The raw sugar market has experienced wide fluctuations recently, with increased production suppressing price increases, while Brazilian ethanol prices provide support [2][6] - The market's confidence in sugar prices hitting new lows is insufficient, leading to a rebound in futures prices, with a focus on building a bottom [2][6] Cotton Industry - ICE cotton prices fell by 0.03%, closing at 64.61 cents per pound, while CF601 rose by 0.29% to 13,800 CNY/ton [3][7] - The main contract's open interest decreased by 2,787 contracts to 544,200 contracts, and the cotton 3128B spot price index increased by 20 CNY/ton to 14,590 CNY/ton [3][7] - Macroeconomic factors remain volatile, with reports indicating a dovish stance from the newly appointed Federal Reserve chair, and a high probability of a 25 basis point rate cut in December [3][7] - Recent U.S. cotton export reports show a decline in net signed contracts, negatively impacting cotton prices [3][7] - The domestic market is expected to experience a short-term range-bound trading pattern, with supply pressures gradually easing over time, providing potential support for cotton prices in the medium to long term [3][7]

Group 1: Report Overview - The report is a daily sugar report dated December 2, 2025, prepared by the Agricultural Products Research Institute of Galaxy Futures [2][3] Group 2: Data Analysis Futures Market - SR09 closed at 5,328, down 17 (-0.32%), with a trading volume of 6,072 (up 4,346) and an open interest of 21,363 (up 1,386) - SR01 closed at 5,382, down 23 (-0.43%), with a trading volume of 163,973 (up 30,236) and an open interest of 338,486 (down 12,087) - SR05 closed at 5,316, down 17 (-0.32%), with a trading volume of 58,088 (up 25,109) and an open interest of 221,789 (up 6,405) [3] Spot Market - The spot price of white sugar in Liuzhou was 5,565, down 20; in Kunming, 5,415, down 10; in Wuhan, 5,850, unchanged; in Nanning, 5,510, down 20; in Rizhao, 5,750, unchanged; and in Xi'an, 6,060, down 20 [3] Monthly Spread - The SR05 - SR01 spread was -66, up 6; the SR09 - SR05 spread was 12, unchanged; and the SR09 - SR01 spread was -54, up 6 [3] Import Profit - For Brazilian imports, the ICE主力 was 14.74, the quota - within price was 4,021, the out - of - quota price was 5,107, with a spread of 458 against Liuzhou, 643 against Rizhao, and 275 against the futures market - For Thai imports, the ICE主力 was 14.74, the quota - within price was 4,067, the out - of - quota price was 5,168, with a spread of 397 against Liuzhou, 582 against Rizhao, and 214 against the futures market [3] Group 3: Important Information Brazil - In the first half of November 2025, the sugarcane crushing volume in the central - southern region of Brazil was 18.761 million tons, up 235,200 tons (14.34%) year - on - year; sugar production was 983,000 tons, up 79,000 tons (8.69%) year - on - year - From the start of the 2025/26 season to the first half of November, the cumulative crushing volume was 576.253 million tons, down 7.341 million tons (-1.26%) year - on - year; cumulative sugar production was 39.179 million tons, up 800,000 tons (2.09%) year - on - year [5] India - As of November 30, 2025, in the 2025/26 season, the cumulative sugarcane crushing volume in India was 48.6 million tons, up 15.2 million tons (45.5%) year - on - year; sugar production was 4.135 million tons, up 1.375 million tons (49.81%) year - on - year [6][8] China (Guangxi) - On November 30, 2025, six sugar mills in Guangxi started crushing. In Chongzuo, the sugarcane planting area in 2025 was 4.1 million mu, and the estimated sugarcane crushing volume in the new season will be 18.27 million tons, up 960,000 tons from the previous season [8] Group 4: Market Analysis International Market - Brazilian sugarcane is entering the harvest stage, and the sugar - making ratio has decreased. The supply pressure of Brazilian sugar will gradually ease, and international sugar prices are showing signs of bottoming out, with short - term prices expected to be slightly stronger [9] Domestic Market - Domestic sugar mills are starting to crush, and the supply pressure will increase. However, due to tightened imports of syrup and premixed powder and high production costs, domestic sugar prices are expected to oscillate at a low level [9] Group 5: Trading Strategies - **Unilateral Trading**: Consider short - term long positions at low prices as the supply pressure from Brazil is easing, and domestic sugar prices have limited downside due to high production costs [10] - **Arbitrage**: Hold a wait - and - see attitude [11] - **Options**: Sell put options at low prices [11] Group 6: Related Charts - The report includes charts on Guangxi and Yunnan's monthly sugar inventories, cumulative sales - to - production ratios, Liuzhou's white sugar spot price, Liuzhou - Kunming sugar spot price spread, sugar basis for different contract months, and price spreads between different sugar futures contracts [12][13][16]

（来源：沐甜科技） 来源：沐甜科技 广西截止11月末广西第三方库存为3.06万吨，同比增加1.64万吨。与近五年广西11月末第三方在库库存 均值13.59万吨相比，库存仍偏低。 云南截止11月末云南第三方库存为13.79万吨，同比增加9.02万吨。与五年来云南11月末第三方库存均值 19.26万吨，数据中性偏多。 广西、云南截止11月末第三方累计库存为16.85万吨，同比增加10.66万吨。两地累计库存增加主要受北 方新榨季生产提速，加之广西、云南开榨，新糖陆续上市，阶段性食糖供应增加。另外，广西大部分糖 厂开榨时间比预期晚，已开榨的糖厂主要以兑现前期预售糖为主，市场现货有限。鉴于广西、云南集中 开榨时间在12月，大量新糖上市前，两地销售压力不大。 ...

白糖产业日报 2025-12-02 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。 一定冲击，但价格相对坚挺，给与广西糖价一定支撑。另外市场前期利空基本消化，悲观情绪有所缓和， 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 预计后市糖价震荡为主。 免责声明 | 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) | 5382 | -23 主力合约持仓量:白糖(日,手) | 338486 | -12087 | | | 仓单数量:白糖(日,张) | 0 | ...

Group 1 - The core point of the news is that Yuegui Co., Ltd. experienced a stock price increase of 5.18%, reaching 21.11 yuan per share, with a trading volume of 799 million yuan and a turnover rate of 8.60%, resulting in a total market capitalization of 16.932 billion yuan [1] - Yuegui Co., Ltd. is primarily engaged in the production and sale of mechanism sugar (white sugar, brown sugar), pulp (unbleached pulp, bleached pulp), and mechanism paper (cultural paper, specialty paper), as well as the mining, processing, and sale of sulfur iron ore, sulfuric acid, reagent acid (refined sulfuric acid), iron ore powder (sulfur iron ore slag), and phosphate fertilizer (ordinary calcium phosphate) [1] - The revenue composition of Yuegui Co., Ltd. includes sulfur concentrate at 37.15%, mechanism sugar at 21.46%, pulp at 13.92%, and other products such as sulfuric acid (5.79%), iron ore powder (4.79%), and various other items [1] Group 2 - Tianhong Fund has a fund that ranks among the top ten circulating shareholders of Yuegui Co., Ltd., specifically the Tianhong CSI Food and Beverage ETF (159736), which newly entered the top ten with 1.5864 million shares, accounting for 0.35% of the circulating shares [2] - The Tianhong CSI Food and Beverage ETF (159736) was established on September 9, 2021, with a current scale of 5.525 billion yuan, and has experienced a loss of 1.25% this year, ranking 4158 out of 4206 in its category [2] - The fund manager of Tianhong CSI Food and Beverage ETF is Sha Chuan, who has a cumulative tenure of 7 years and 321 days, with the fund's total asset size at 27.853 billion yuan and a best return of 135.24% during the tenure [3]

1. Report Information - Report Title: Sugar Daily Report - Date: December 2, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 2. Market Review and Operation Suggestions Futures Market - SR601 closed at 5405 yuan/ton, down 2 yuan or 0.04%, with a position reduction of 10,944 lots [7] - SR605 closed at 5333 yuan/ton, up 2 yuan or 0.04%, with a position increase of 3246 lots [7] - US Sugar 03 closed at 15.21 cents/pound, up 0.07 cents or 0.46%, with a position reduction of 2136 lots [7] - US Sugar 05 closed at 14.70 cents/pound, up 0.02 cents or 0.14%, with a position increase of 1719 lots [7] Market Analysis - New York raw sugar futures edged up slightly, with the main March contract rising 0.46% to 15.21 cents/pound. The London ICE white sugar futures' main March contract fell 0.23% to $435.50/ton. The market is waiting for the production data of Brazil's central - southern region in the first half of November, and raw sugar is mainly oscillating [7] - Zhengzhou sugar's main contract maintained oscillation. The 01 contract closed at 5405 yuan/ton, down 2 yuan or 0.04%, with a reduction of 10,944 lots. Domestic new sugar prices were lowered. The new sugar price in Nanning is 5530 yuan/ton, and in Kunming is 5500 yuan/ton. The number of sugar mills starting production in the south is increasing, and new sugar prices are falling. Speculative short - sellers in Zhengzhou sugar 01 are gradually leaving the market, driving up the futures price, and it is expected to end in a weak oscillation [8] 3. Industry News Thailand's Sugar Policy - Thailand's Sugarcane and Sugar Board announced that the benchmark price of sugarcane for the 2025/26 crushing season is set at 890 Thai baht/ton (corresponding to a sugar content of 10%), with a price floating standard of 53.40 Thai baht per 1% sugar content and a sugar production and sales subsidy of 381.43 Thai baht/ton [9] StoneX's Forecast - StoneX predicted a global sugar surplus of 3.7 million tons in the 2025/26 annual report, the highest since the 2017/18 season. Global sugar inventories are expected to increase by 5% to 77.3 million tons, and the inventory - to - consumption ratio will rise to 39.9%, close to the 20 - year historical average [9] - StoneX lowered its sugar production forecast for Brazil's central - southern region in the 2026/27 crushing season from 42.1 million tons to 41.5 million tons, while raising its ethanol production forecast by 100 million liters to a record 36.1 billion liters. The expected sugarcane crushing volume remains unchanged at 620.5 million tons, an increase of 3.6% compared to the previous season [9] Yunnan's Sugar Production - As of the end of November, 10 sugar mills in Yunnan had started production, 5 more than the same period last year. However, due to machine running - in at the beginning of production, the average sugar yield was about 10%, down 1 percentage point year - on - year. The new sugar production in Yunnan in November is expected to be about 40,000 tons, compared with 38,600 tons in the same period of the previous season [10] 4. Data Overview - The report presents multiple data charts, including spot price trends, 2601 contract basis, SR1 - 5 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, and Brazilian real exchange rate, with data sources from Wind, Pan - Sugar Technology, and Zhengzhou Commodity Exchange [11][14][21] - The report also provides trading volume, long - position and short - position data of top 20 futures companies in the sugar futures market, with a total trading volume of 199,924 lots, a decrease of 17,021 lots; total long - positions of 248,086 lots, a decrease of 8,209 lots; and total short - positions of 268,090 lots, a decrease of 10,255 lots [21]

人民财讯12月1日电，中粮科技（000930）12月1日公告，为积极拓展功能糖等产业，补足西北区域淀粉 糖布局空白，公司拟投资8.8亿元建设平凉25万吨/年淀粉糖及1万吨/年阿洛酮糖新建项目，建设周期为 自董事会批复项目之日至投料试车共20个月。 ...

2025年12月01日 本周重要气象提示——中国 12月是我国南方地区进入集中开榨期，晴朗的天气有利于甘蔗糖分的积累和甘蔗的砍运。 截至11月27日，广西已经有21家糖厂开榨，同比减少36家，日榨产15万吨，同比减少31.6万吨。 当前广西、云南地区整体天气较为干燥，有利于糖分积累。 本周重要气象提示——巴西 南华浩淞白糖期货气象分析报告 ——巴西中南部降水偏少不利于甘蔗拔节 边舒扬（投资咨询资格证号：Z0012647） 交易咨询业务资格：证监许可【2011】1290号 当前巴西中南部进入甘蔗的压榨后期，对于当前需要收获的甘蔗而言，需要晴朗少雨的天气，有利于机 械收割，减少甘蔗含水量，提升蔗糖分。需要昼夜温差大，有利于甘蔗糖分转化与累积。 巴西中南部现在逐步进入雨季，压榨量开始下降，不过近期降水又有所减少。 巴西中南部近期降水减少，对于新榨季的甘蔗生长造成一定影响，不利于甘蔗的拔节。 本周重要气象提示——印度 当前印度甘蔗处于工艺成熟期，正是糖分积累的冲刺阶段，甘蔗停止营养生长，茎秆蔗糖浓度达到年度 峰值，汁液浓稠度最佳，即将步入榨糖黄金窗口期。印度马邦、卡邦已于11月开始压榨。 理想的降雨条件是日降雨量＜1 ...

Report Information - Report Title: Sugar Industry Weekly Report [1] - Report Date: November 30, 2025 [1] - Researcher: Xu Liang Z0002220 [2] - Reviewer: Tang Yun Z0002422 [2] Industry Investment Rating - No industry investment rating information provided in the report. Core Viewpoints - The SR2501 contract will enter the delivery month in one month. Last week, the 01 - 03 spread widened. The strong performance of the 01 contract is due to the fact that the price of new sugar is higher than that of old sugar and much higher than the futures price, leading to the need for futures - spot convergence. With the recent recovery in the overseas market, it is possible for the futures price to converge through a small rebound. [5] - Both the SR2603 and SR2605 contracts currently show a contango structure, mainly because the 25/26 sugar season is expected to have an increase in production. However, the contango is not significant. Last week, the spread between near - term and far - term contracts narrowed due to the decline in the near - term contract. In the long run, the 03 contract will face pressure during the off - season of consumption and the peak inventory period, and the 05 contract will be affected by imported sugar. Therefore, the contango pattern is difficult to break, and the spread may widen in the future. [5] Market Information Domestic Market - Spot quotes: The price at the Liuzhou middleman's platform is 5610 - 5620 yuan/ton, and the price quoted by Kunming middlemen is 5400 - 5510 yuan/ton. [3] - In October, China imported 750,000 tons of sugar, an increase of 210,000 tons year - on - year. [3] International Market - ISO adjusted the global surplus forecast for the 25/26 season to 162,500 tons, considering higher production expectations in India, Thailand, and Pakistan. [4] - In the first three weeks of November, Brazil exported 2.5637 million tons of sugar, with an average daily export of 183,100 tons, a 3% year - on - year increase. [4] - ISMA estimates that India's sugar production in the 25/26 season will be 34.35 million tons (including ethanol), with 3.4 million tons of sugar used for ethanol production. [4] - India's NFCSF has urged the government to raise the minimum domestic sugar sales price to 41 rupees per kilogram, adjust the ethanol price, and approve more sugarcane for ethanol production. [4] - The market expects that the sugarcane crushing volume in the central - southern region of Brazil in the first half of November will increase by 14.9% to 1.885 million tons, and sugar production will increase by 18.9% year - on - year to 107,500 tons. [4] - India has opened an export quota of 1.5 million tons, lower than the market's expectation of 2 million tons. Currently, the possibility of exports is low because the domestic sugar price in India is higher than the overseas price. [4] - As of November 19, 147 sugar mills in Maharashtra, India, have started crushing, processing 1.1277 million tons of sugarcane and producing 86,810 quintals of sugar, with an average sugar recovery rate of 7.4%. In the same period last year, only 91 mills were operating, processing 135,000 tons of sugarcane with a sugar recovery rate of 4.2%. [4] Price and Spread Data Futures Weekly Price and Spread | Contract | Closing Price on December 1, 2025 | Change Rate | Spread | Closing Price on December 1, 2025 | Change | | --- | --- | --- | --- | --- | --- | | SR01 | 5400 | 0% | SR01 - 05 | 73 | 0 | | SR03 | 5360 | 0% | SR05 - 09 | - 16 | 0 | | SR05 | 5327 | 0% | SR09 - 01 | - 57 | 0 | | SR07 | 5337 | 0% | SR01 - 03 | 40 | 0 | | SR09 | 5343 | 0% | SR03 - 05 | 33 | 0 | | SR11 | 5339 | 0% | SR05 - 07 | - 10 | 0 | | SB | 15.21 | 0% | SR07 - 09 | - 6 | 0 | | W | 435.6 | 0% | SR09 - 11 | 4 | 0 | | | | | SR11 - 01 | - 61 | 0 | [6] Spot Weekly Price and Spread | Location | Price on November 28, 2025 | Change | Spread | Price | Change | | --- | --- | --- | --- | --- | --- | | Nanning | 5450 | - 30 | Nanning - Liuzhou | 10 | 0 | | Liuzhou | 5440 | - 30 | Nanning - Kunming | 10 | 0 | | Kunming | 5440 | - 30 | Nanning - Zhanjiang | 50 | - 30 | | Zhanjiang | 5400 | 0 | Nanning - Rizhao | - 350 | 0 | | Rizhao | 5800 | - 30 | Nanning - Urumqi | 200 | - 30 | | Urumqi | 5250 | 0 | Kunming - Rizhao | - 360 | 0 | [7] Weekly Basis | Basis | Basis on December 1, 2025 | Change | Basis | Basis on December 1, 2025 | Change | | --- | --- | --- | --- | --- | --- | | Nanning - SR01 | 70 | - 10 | Kunming - SR01 | 55 | - 75 | | Nanning - SR03 | 110 | 6 | Kunming - SR03 | 95 | - 59 | | Nanning - SR05 | 143 | 12 | Kunming - SR05 | 128 | - 53 | | Nanning - SR07 | 133 | 11 | Kunming - SR07 | 118 | - 54 | | Nanning - SR09 | 127 | 13 | Kunming - SR09 | 112 | - 52 | | Nanning - SR11 | 131 | 12 | Kunming - SR11 | 116 | - 53 | [8][10] Weekly Import Price Change | Import Source | In - quota Price on November 26, 2025 | Weekly Change | Out - of - quota Price | Weekly Change | | --- | --- | --- | --- | --- | | Brazil | 4157 | 125 | 5271 | 164 | | Rizhao - Brazil | 1643 | - 90 | 529 | - 109 | | Liuzhou - Brazil | 1248 | - 129 | 134 | - 168 | | Zhengzhou Sugar - Brazil | 1222 | - 127 | 108 | - 166 | | Thailand | 4206 | 86 | 5334 | 112 | | Rizhao - Thailand | 1594 | - 90 | 466 | - 109 | | Liuzhou - Thailand | 1199 | - 90 | 71 | - 116 | | Zhengzhou Sugar - Thailand | 1173 | - 88 | 45 | - 114 | [11]

Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector [1][4]. Core Views - The beef price is expected to continue rising, indicating a potential reversal in the beef cycle in 2025 [2][3]. - The pig industry is undergoing a "de-involution," which is likely to support long-term pig prices [1][3]. - The poultry sector is anticipated to benefit from seasonal demand recovery, with limited supply fluctuations [3][4]. Summary by Sections 1. Weekly Overview and Data Summary - The report highlights a steady increase in beef prices, with the average market price at 66.54 yuan/kg as of November 28, 2025, reflecting a week-on-week increase of 0.24% and a year-on-year increase of 8.83% [2][3]. - The average price of live pigs was reported at 11.19 yuan/kg, showing a week-on-week decrease of 4% [1][3]. 2. Fundamental Tracking 2.1 Swine - The report notes that the pig price is supported by industry adjustments, with a current price of 11.19 yuan/kg [1][3]. - The average wholesale price of pork is 17.83 yuan/kg, down 0.45% week-on-week and down 24.13% year-on-year [1][3]. 2.2 Poultry - The price of broiler chickens is 7.19 yuan/kg, up 0.56% week-on-week, while chick prices are slightly down at 3.47 yuan/each [1][3]. - The report indicates that the supply of yellow chickens remains stable, with prices showing slight increases [1][3]. 2.3 Beef - The beef market is experiencing a new round of price increases, with expectations for a bullish cycle in 2025 [2][3]. - The average price of raw milk is 3.03 yuan/kg, with a year-on-year decrease of 3% [2][3]. 2.4 Feed - The report emphasizes that the feed industry is benefiting from deeper industrialization and clearer division of labor, with leading companies expected to gain competitive advantages [3][4]. 2.5 Other Commodities - Soybean meal prices are stable, with a current price of 3100 yuan/ton, reflecting a week-on-week increase of 0.98% [2][3]. - Corn prices are also on a mild upward trend, currently at 2254 yuan/ton, up 1.21% week-on-week [2][3]. 3. Company Profit Forecasts and Investment Ratings - Key companies such as YouRan Agriculture and Modern Agriculture are rated as "Outperform" with respective prices of 4.36 yuan and 1.34 yuan [4]. - Mu Yuan Co. is highlighted with a projected EPS of 3.57 yuan for 2025, maintaining an "Outperform" rating [4].