Report Industry Investment Rating - Not provided Core View of the Report - Currently, the domestic white sugar spot price is stable with a slight decline, while the price of the ICE white sugar futures main contract continues to rebound. On the futures market, the price of the white sugar futures main contract (SR601) showed a strong and volatile trend throughout the day. In the short term, the price of the white sugar futures main contract (SR601) may still mainly show a wide - range volatile trend at a low level [13][14] Summary by Relevant Catalogs 1. Futures Market 1.1 Contract Market - On November 27, 2025, the price of the Zhengzhou Commodity Exchange white sugar futures main contract (SR601) showed a strong and volatile trend throughout the day, closing at 5403 yuan/ton, up 13 yuan/ton or 0.24% from the previous day. The trading volume was 169,362 lots, the open interest was 377,132 lots, and the daily increase in open interest was - 16,948 lots. The total long - position of the Top20 members in the white sugar futures main contract (SR601) was 264,682 lots, with a long - position difference of - 11,261 lots, and the total short - position of the Top20 members was 293,605 lots, with a short - position difference of - 11,422 lots [2] 1.2 Variety Price - SR601 closed at 5403 yuan/ton, up 13 yuan/ton with a gain of 0.24%, trading volume of 169,362 lots, open interest of 377,132 lots, and daily increase in open interest of - 16,948 lots, with an amplitude of 0.71%. SR603 closed at 5359 yuan/ton, up 0.11%, trading volume of 49,805 lots, open interest of 72,869 lots, and daily increase in open interest of 1,215 lots, with an amplitude of 0.62%. SR605 closed at 5325 yuan/ton, up 2 yuan/ton with a gain of 0.04%, trading volume of 51,529 lots, open interest of 203,314 lots, and daily increase in open interest of 12,561 lots, with an amplitude of 0.55%. SR607 closed at 2336 yuan/ton, up 7 yuan/ton with a gain of 0.13%, trading volume of 1,128 lots, open interest of 7,378 lots, and daily increase in open interest of - 82 lots, with an amplitude of 0.51% [3] 1.3 Option Market - Today, the total trading volume of white sugar options was 64,236 lots, with 40,557 lots of call options and 23,679 lots of put options. The open interest of the variety was 343,211 lots, with 221,343 lots of call options and 121,868 lots of put options. The open - interest PCR was 0.5506 [3] 2. Spot Market 2.1 Spot Quotation - According to Wind data, today's domestic white sugar spot quotation was 5,675 yuan/ton, up 19 yuan/ton from the previous observation day [4] 2.2 Registered Warehouse Receipts - Today, the total number of registered white sugar futures warehouse receipts was 75, a decrease of 7,618 from the previous trading day. Mainly, COFCO Sugar and Yunnan Yingmao cancelled a total of 6,824 warehouse receipts [8] 3. Influencing Factors 3.1 External Market Quotes - On November 26, according to the data of Guojin Futures' market software, the opening price of the ICE raw sugar main contract was 14.9 cents/pound, the highest price was 15.19 cents/pound, the lowest price was 14.86 cents/pound, and the closing price was 15.12 cents/pound, up 0.21 cents/pound or 1.41% from the previous day. The open interest was 475,844 lots, and the daily increase in open interest was 940 lots [9] 3.2 Basis Data - Today's white sugar basis was 267 yuan/ton, and the basis weakened [12] 4. Market Outlook - The domestic white sugar spot price is stable with a slight decline, and the price of the ICE white sugar futures main contract continues to rebound. The price of the white sugar futures main contract (SR601) may still show a wide - range volatile trend at a low level in the short term [13][14]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, the price of the Zhengzhou Sugar 2601 contract rebounded with a weekly increase of about 0.88%. The number of ships waiting to load sugar at Brazilian ports decreased, and the amount of sugar waiting to be shipped also declined by 10.1%. In the domestic market, the sugar - cane crushing in Guangxi was relatively delayed, while the progress in Yunnan was faster than last year. The entry of low - priced new sugar from Guangxi into the market drove down the sugar price in Yunnan. Although processed sugar and beet sugar had some impact, their prices were relatively firm, providing support for the sugar price in Guangxi. With the market's major negative factors mostly digested and the pessimistic sentiment easing, the sugar price is expected to fluctuate in the future. Future factors to watch include the domestic new sugar crushing situation and demand [5]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Highlights - **Market Review**: This week, the price of the Zhengzhou Sugar 2601 contract rebounded with a weekly increase of about 0.88% [5]. - **Market Outlook**: As of the week of November 26, the number of ships waiting to load sugar at Brazilian ports decreased from 61 to 56, and the amount of sugar waiting to be shipped dropped from 229.94 million tons to 206.72 million tons, a 10.1% decline. In the domestic market, as of now, 21 sugar mills in Guangxi have started crushing in the 2025/26 season, 36 less than the same period last year, while 9 sugar mills in Yunnan have started, 4 more than last year. The new sugar from Guangxi entered the market, driving down the sugar price in Yunnan. The sugar price is expected to fluctuate in the future [5]. - **Future Focus**: Domestic new sugar crushing situation and demand [6] 3.2 Futures and Spot Market 3.2.1 US Sugar Market - The price of the US Sugar March contract rose this week, with a weekly increase of about 2.37%. As of October 7, 2025, the non - commercial net short position of raw sugar futures was 114,807 lots, an increase of 9,600 lots from the previous week. Long positions decreased by 4,117 lots to 177,486 lots, and short positions increased by 5,483 lots to 292,293 lots [10]. 3.2.2 International Raw Sugar Spot Market - This week, the international raw sugar spot price was 14.32 cents per pound, a decrease of 0.28 cents per pound from last week [17]. 3.2.3 Zhengzhou Sugar Futures Market - The price of the Zhengzhou Sugar 2601 contract rebounded this week, with a weekly increase of about 0.88%. The top 20 net position of Zhengzhou sugar futures was - 60,406 lots, the number of Zhengzhou sugar warehouse receipts was 0, and the valid forecast was 183 [21][27]. - The spread between the Zhengzhou Sugar 1 - 5 contracts was + 73 yuan/ton, and the spot - Zhengzhou sugar basis was + 215 yuan/ton [31]. 3.2.4 Spot Market - As of November 28, the new sugar price in Liuzhou, Guangxi was 5,615 yuan/ton [37]. - This week, the estimated profit of Brazilian sugar within the quota was 1,501 yuan/ton, a decrease of 142 yuan/ton from last week; the estimated profit outside the quota was 183 yuan/ton, a decrease of 140 yuan/ton from last week. The estimated profit of Thai sugar within the quota was 1,234 yuan/ton, a decrease of 79 yuan/ton from last week; the estimated profit outside the quota was 120 yuan/ton, a decrease of 89 yuan/ton from last week [43]. 3.3 Industry Chain Situation 3.3.1 Supply Side - As of the end of October 2025, the national sugar production in the 2024/25 sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [47]. - As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a decrease of 450,000 tons or 27.91% month - on - month, and an increase of 60,100 tons or 5.45% year - on - year [50]. - In October 2025, China's sugar imports were 750,000 tons, a year - on - year increase of 39.62% and a month - on - month increase of 200,000 tons. From January to October 2025, the cumulative sugar imports were 3.9 million tons, a year - on - year increase of 12.12% [54]. 3.3.2 Demand Side - As of the end of October 2025, sugar mills in the 2024/25 crushing season had all stopped crushing. The national sugar production in this sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [60]. - In October 2025, China's monthly production of refined sugar was 883,000 tons, a year - on - year increase of 36.1%. The monthly production of soft drinks was 10.962 million tons, a year - on - year decrease of 1.3% [64]. 3.4 Option and Stock - Related Markets - No specific content analysis for the option market is provided except for the figure of the implied volatility of the at - the - money option of Zhengzhou sugar this week. For the stock - related market, a figure of the price - earnings ratio of Nanning Sugar Industry is given, but no specific analysis [65][70].

Core Viewpoint - The raw sugar market is currently experiencing a rebound as it tests upper resistance levels, while domestic spot prices are in a weak adjustment phase, leading to low overall transaction activity [1] Group 1: Market Dynamics - The raw sugar market is on a rebound trajectory, testing upper resistance levels to repair weekly indicators [1] - Domestic spot prices are under weak adjustment, resulting in low transaction activity, with both buyers and sellers adopting a cautious stance [1] - In the Liuzhou market, the 26013 order contract is slowly rebounding above the 5390 support level, returning to the 5400 mark [1] Group 2: Price Levels and Trading Behavior - The market is observing the performance of the 5430 resistance level, which is crucial for determining future price movements [1] - The 2601 sugar contract is showing a reduction in positions while approaching the heavy resistance zone of 5420-5436 [1] - There is a potential for a price pullback after reaching resistance levels, indicating that buyers should be prepared for profit protection [1]

Group 1 - Moody's has downgraded the credit rating of Brazilian sugar company Raizen from Baa3 to Ba1, indicating a significant shift in the company's creditworthiness [1] - The rating remains on a watchlist for further potential downgrades, suggesting ongoing concerns about the company's financial stability [1]

Group 1 - The company, Yuegui Co., Ltd. (000833.SZ), stated on November 27 that sugarcane is the raw material for its sugar production [2] - The company generally assists sugarcane farmers in cultivation and purchases sugarcane from them [2]

白糖产业日报 2025-11-27 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:白糖(日,元/吨) | 5403 | 24 主力合约持仓量:白糖(日,手) | 377132 | -16948 | | 期货市场 | 仓单数量:白糖(日,张) | 75 | -7618 期货前20名持仓:净买单量:白糖(日,手) | -62872 | -228 | | | 有效仓单预报:白糖:小计(日,张) | 183 | 0 | | | | | 进口加工估算价(配额内):巴西糖(日,元/ | 4114 | 11 进口加工估算价(配额内):泰国糖(日,元/ | 4163 | 11 | | 现货市场 | 吨) 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) | | 13 | | | | 5214 | 14 进口泰糖估算价(配额外,50%关税)(日,元 | 5277 | | | | /吨) 云南昆明白糖现货价格(日,元/吨) | 5455 | /吨) -25 广西南宁白糖现货价格(日 ...

News Summary Core Viewpoint - Brazil's sugar production is expected to decline in the 2026/27 season, while domestic sugar mills in Guangxi are ramping up production, leading to increased sugar supply in the market [1][2][3] Group 1: Brazil Sugar Market - As of November 26, the number of ships waiting to load sugar at Brazilian ports decreased to 56 from 61 the previous week, with the total sugar waiting for shipment at 2.0672 million tons, down 10.1% from 2.2994 million tons [1] - The sugar production forecast for Brazil's 2026/27 season is set at 41.5 million tons, lower than the previous year's estimate of 40.2 million tons [1] Group 2: Domestic Sugar Market in China - In Guangxi, over 20 sugar mills have commenced operations as of November 26, with expectations that the total will reach between 31 and 35 by the end of November, indicating a peak in sugar production [1] - Domestic sugar prices are under pressure due to the increase in new sugar supply, while the current spot market transactions are generally stable [2][3] - The Chinese Ministry of Agriculture has raised the domestic sugar production forecast while lowering demand expectations, leading to an anticipated increase in ending stocks [3]

来源：市场资讯 白糖： 消息方面，S&P Global预计巴西中南部地区11月上半月甘蔗压榨量为1885万吨，同比增加14.9%；预计 食糖产量为107.5万吨，同比增加18.9%；预计制糖比为41.94%。现货报价方面，广西新糖报价区间为 5580~5650元/吨，持平；云南制糖集团陈糖报价5350~5400元/吨，新糖报价5310~5500元/吨，部分新糖 下调10元/吨；加工糖厂主流报价区间为5750~5890元/吨，个别上调10元/吨。原糖方面，巴西本榨季趋 于收榨，有机构调低对于26/27榨季巴西产量的预估，北半球方面仍保持增产预期不变。国内目前现货 成交一般，报价暂时持平，随着更多糖厂开榨，未来现货价格预计仍将承压。期货方面1月合约即将移 仓，震荡加剧，静待5月合约空头入场机会。 棉花： 周三，ICE美棉上涨0.59%，报收64.61美分/磅，CF601环比持平，报收13625元/吨，主力合约持仓环比 下降11839手至54.06万手，棉花3128B现货价格指数14475元/吨，较前一日基本持平。国际市场方面， 宏观层面是近期市场关注重点，随着美国经济数据、报告陆续恢复发布，美联储12月降息25b ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report focuses on the fundamentals of the sugar market, including price data, macro and industry news, and production and consumption forecasts for both domestic and international markets. It suggests paying attention to China's syrup and premix import policy changes and Guangxi's new sugar quotes [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price Data**: The raw sugar price is 15.14 cents/pound, up 0.23; the mainstream spot price is 5,640 yuan/ton, down 10; the futures main contract price is 5,379 yuan/ton, down 8. The 15 spread is 70 yuan/ton, up 8; the 59 spread is -15 yuan/ton, down 4; the mainstream spot basis is 261 yuan/ton, down 2 [1]. 3.2 Macro and Industry News - **Policy and Quotes**: Pay attention to China's syrup and premix import policy changes and Guangxi's new sugar quotes. The 25/26 sugar export quota in India is 1.5 million tons. Brazil's sugar production in the first half of October increased by 1% year-on-year, and its export in October was 4.2 million tons, up 13% year-on-year. China imported 750,000 tons of sugar (+210,000 tons) and 120,000 tons of syrup and premix (-110,000 tons) in October [1]. 3.3 Domestic Market - **Production and Consumption Forecast**: CAOC expects China's sugar production in the 25/26 season to be 11.7 million tons (previously 11.2 million tons), consumption to be 15.7 million tons (previously 15.9 million tons), and imports to be 5 million tons. As of the end of September in the 24/25 season, China produced 11.16 million tons of sugar (+1.2 million tons), sold 10.48 million tons (+870,000 tons), with a cumulative sales rate of 93.9% (down 2.6 percentage points). As of the end of October in the 25/26 season, China had imported 750,000 tons of sugar (+210,000 tons). The Guangxi Sugar Association expects Guangxi's sugar production to be around 6.7 million tons with a lower sugar yield and unchanged sugarcane purchase price, and the Yunnan Sugar Association expects Yunnan's production to be around 2.6 million tons [2]. 3.4 International Market - **Supply and Demand Forecast**: ISO expects a global sugar surplus of 1.63 million tons in the 25/26 season (previously a shortage of 230,000 tons) and a shortage of 2.92 million tons in the 24/25 season. As of November 1 in the 25/26 season, the cumulative sugarcane crushing volume in Brazil's central - southern region decreased by 1.97 percentage points year - on - year, with cumulative sugar production of 38.09 million tons (+610,000 tons) and a cumulative MIX of 51.97%, up 3.38 percentage points year - on - year. ISMA/NFCSF expects India's total sugar production in the 25/26 season to be 34.35 million tons (previously 34.9 million tons), with 3.4 million tons used for ethanol production and a net sugar production of 30.95 million tons. Thailand's cumulative sugar production in the 24/25 season was 10.08 million tons (+1.27 million tons) [3]. 3.5 Trend Intensity - The trend intensity of sugar is 0, indicating a neutral view. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4].

Core Viewpoint - The article emphasizes the role of financial services in supporting rural revitalization and agricultural development, particularly through the initiatives of Agricultural Bank of China (ABC) in enhancing the livelihoods of farmers and promoting local industries [1][14][15]. Group 1: Agricultural Development - Guangxi has maintained its position as the leading region in sugarcane planting and sugar production in China, contributing nearly 60% of the national total for 21 consecutive seasons [2][4]. - The sugar industry faces significant financial challenges due to the need for substantial capital to manage the seasonal nature of production and sales, with companies like Dongtang needing to acquire nearly one million tons of sugarcane within a few months [4][5]. Group 2: Financial Support and Innovation - ABC has been a crucial financial partner for local sugar enterprises, providing tailored financial products like "Guihui Loan" to meet seasonal working capital needs and facilitating real-time payment for sugarcane deliveries [5][14]. - The introduction of "Huinong e-loan" has addressed the financing difficulties faced by sugarcane farmers by offering pure credit loans based on orders, with a 100% online application rate in Laibin [5][14]. Group 3: Cultural and Economic Impact - In addition to agricultural support, ABC has also focused on promoting cultural heritage through financial products like "Miao Silver e-loan," which supports the traditional silver crafting industry in Guizhou [11][13]. - The sales of Miao silver products reached 300 million yuan in 2024, demonstrating the positive impact of financial support on preserving and revitalizing traditional crafts [11][13]. Group 4: Overall Financial Performance - As of the end of Q3 2025, ABC's county-level loan balance reached nearly 11 trillion yuan, doubling since the end of 2020, with a significant focus on rural and agricultural financing [14][15]. - The bank's "Huinong e-loan" balance was 1.79 trillion yuan, and loans in the rural industry sector reached 2.7 trillion yuan, highlighting the bank's commitment to supporting agricultural and rural development [15][16].