2025 年 5 月 15 日 研究员：王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 行业 白糖日报 日期 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635732 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：期货行情 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨 | 美分/磅） | 涨跌 | ...

Group 1: Weather Impact and Crop Area - The drought in early 2025 has temporarily affected the company's ability to assess its impact on sugarcane growth, but recent rains have alleviated the situation [2] - The company's sugarcane planting area for 2024 is approximately 779,000 acres, representing a year-on-year increase of 15% [2] Group 2: Profitability and Sugar Production - The company's gross profit margin for 2024 remains stable despite falling sugar prices, attributed to higher sugar content in sugarcane and a consistent decrease in production costs [2] - The expected sugar production for the 2024/2025 season is based on the same planting area of 779,000 acres, with slight growth anticipated for the 2025/2026 season, contingent on future weather conditions [2][3] Group 3: Pricing and Financial Management - The sugarcane purchase price for the 2024/2025 season is set at 510 CNY/ton for ordinary varieties and 530-540 CNY/ton for superior varieties, with the 2025/2026 prices yet to be determined [3] - The company has reduced its financing scale as part of cost-cutting measures, leading to a decrease in financial expenses, although the rate of reduction is expected to slow down [3]

Industry Investment Rating - No information provided on the industry investment rating Core Viewpoints - The New York raw sugar futures declined on Monday, with the main July contract closing down 0.73% at 17.65 cents per pound. The London ICE white sugar futures' main August contract closed down 1% at $495.00 per ton. The raw sugar main contract failed to break through the 18 - cent mark, and although the sugar price stabilized and rebounded, the upward momentum was insufficient [7]. - The Zhengzhou sugar main contract dropped yesterday. The 09 contract closed at 5,853 yuan per ton, down 15 yuan or 0.26%, with an increase of 889 contracts in positions. The decline was due to following the raw sugar trend and market rumors of the issuance of out - of - quota import licenses, which may increase the pressure of imported sugar on the domestic sugar market starting from June. After the market, some speculative long - positions were liquidated, and overall market participation was low [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market Conditions**: SR509 closed at 5,853 yuan per ton, down 15 yuan or 0.26%, with a position of 309,043 contracts and an increase of 889 contracts; SR601 closed at 5,718 yuan per ton, down 18 yuan or 0.31%, with a position of 29,022 contracts and an increase of 691 contracts; US sugar 07 closed at 17.65 cents per pound, down 0.13 cents or 0.73%, with a position of 337,900 contracts and a decrease of 8,060 contracts; US sugar 10 closed at 17.83 cents per pound, down 0.09 cents or 0.50%, with a position of 163,719 contracts and an increase of 428 contracts [7]. - **Domestic Spot Market**: Domestic spot prices in production areas remained stable, with Kunming sugar priced at 5,960 yuan and Nanning sugar at 6,130 yuan [8]. 2. Industry News - **Global Sugar Demand**: Global sugar demand has been growing at a rate of 1.1% per sugar - making season over the past 15 years. It is expected to reach 178 million tons (in white sugar equivalent) or 193.6 million tons (in raw sugar equivalent) in the 2024/25 season [9]. - **Yunnan Sugar Mills**: As of a certain date, 43 sugar mills in Yunnan had completed the crushing process, 4 less than the same period last year, with a crushing capacity of 153,400 tons per day, a decrease of 16,800 tons per day compared to the previous year, and 9 sugar mills had not completed the process [9]. - **Brazilian Sugar Exports**: In April, Brazil exported 1,555,777.09 tons of sugar, with an average daily export volume of 77,788.85 tons, a 9% decrease compared to the average daily export volume in April of the previous year [9]. - **Guangxi Sugar Sales**: As of the end of April, the cumulative sugar sales in Guangxi reached 4.1353 million tons, an increase of 554,300 tons compared to the same period last year; the sales - to - production ratio was 63.96%, an increase of 6.03 percentage points. In April, the monthly sugar production was 4,200 tons, a decrease of 72,300 tons compared to the previous year, and the monthly sugar sales were 657,300 tons, a decrease of 8,800 tons compared to the previous year. The industrial inventory was 2.3297 million tons, a decrease of 270,700 tons compared to the previous year [9]. - **Yunnan Sugar Sales**: As of April 30, 2025, the cumulative sugar sales in Yunnan reached 1.3168 million tons (compared to 941,100 tons in the same period last year). The monthly sugar sales were 280,400 tons (compared to 189,500 tons in the same period last year), the sales - to - production ratio was 55.71% (compared to 46.53% in the same period last year), and the industrial inventory was 1.047 million tons (compared to 1.0816 million tons in the same period last year) [9]. 3. Data Overview - **Transaction and Position Data**: The total trading volume of the top 20 members in the Zhengzhou sugar main contract was 217,778 lots, a decrease of 33,078 lots; the total long - position was 229,470 lots, an increase of 2,004 lots; the total short - position was 225,855 lots, a decrease of 859 lots [21].

证券代码：000911 证券简称：广农糖业 | | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | 投资者关系活动类别 | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | | 1.总经理：刘宁先生 2.总会计师：黄毅先生 | | 活动参与人员 | 3.董事会秘书：滕正朋先生 | | | 4.独立董事：王彦沣女士 | | | 5.线上参与公司2024年度网上业绩说明会的投资者 | | 时间 | 2025年5月13日（星期二）15:30-16:30 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动平台 | | 形式 | 线上问答 公司于2025年5月13日举办2024年度业绩说明会，公司管理层针 | | | 对投资者提问进行了回答： 1.目前还有多少可售白糖？ | | | 答:尊敬的投资者您好，截止到4月底剩余可售白糖12万吨左 | | | 右。谢谢。 | | | 2.公司的非糖业务营收情况如何？未来有什么规划吗？ | | 交流内容及具体问答记录 | 答:尊敬的投 ...

行业 白糖日报 日期 2025 年 5 月 13 日 研究员：王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635732 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 请阅读正文后的声明 ＃summary＃ 昨日，郑糖主力合约反弹。09 合约收盘 5885 元/吨，上涨 45 元或 0.77%，减 仓 8936 张。国内产区现货价报价提升，昆明糖报价 5960 元，南宁糖报价 6130 元。今天郑糖跟随原糖节奏反弹，涨幅相对较小，主 ...

大宗商品研究所 农产品研发报告 白糖日报 2025 年 5 月 12 日 白糖日报 第一部分 数据分析 收盘价 涨跌 涨跌幅 成交量 增减幅 持仓量 增减幅 5,885 4 6 0.76% 189,669 29.10% 308,154 -2.82% 5,970 4 8 0.81% 23,237 26.75% 34,835 -4.33% 6,060 1 3 0.21% 777 -4.78% 7,207 -8.46% 柳州 昆明 湛江 南宁 鲅鱼圈 日照 西安 6220 6000 6190 6155 6300 6270 6550 1 0 1 5 0 2 0 0 -20 1 0 160 -60 130 9 5 240 210 490 SR05-SR07 价差 涨跌 SR05-SR09 价差 涨跌 SR07-SR09 价差 涨跌 -90 3 5 175 -33 8 5 2 国别 ICE主力 升贴水 运费 配额内价格 配额外价格 与柳州价差 与日照价差 与盘面价差 巴西进口 17.82 0.16 3 7 4733 6058 162 212.00 -88 泰国进口 17.82 0.8 1 8 4716 6036 184 ...

国内产销进度偏快 郑糖走势强于原糖 研究员：黄莹 期货从业证号：F03111919 投资咨询证号：Z0018607 目录 第二章 核心逻辑分析 4 第一章 综合分析与交易策略 2 第三章 周度数据追踪 9 GALAXY FUTURES 1 综合分析与交易策略 【综合分析】 国际方面，新榨季巴西制糖比、产糖量均较去年同期有所增加，拖累盘面。考虑到巴西库存偏低，短期贸易流偏紧支撑国 际糖价。预计原糖整体维持震荡运行，后续还需关注巴西生产进度。 国内方面，产销速度偏快、去库前置。考虑到糖浆进口政策进一步收紧，产需缺口如何补足成为市场焦点，预计郑糖价格 将跟随补充缺口的糖源成本波动。此前广西干旱引起的市场担忧情绪发酵在近期降雨后有所降温，后续还需关注新榨季糖料生 长情况。 【逻辑分析】 原糖受巴西丰产预期影响走势偏弱，近期制糖比处于同期偏高水平，不过考虑到下方买盘支撑，预计原糖震荡运行。反观国 内，产销比同比偏高以及库存低位带动郑糖走势强于原糖，预计郑糖短期维持震荡运行。关注广西主产区天气情况。 【交易策略】 3. 期权：虚值比例价差期权。 (以上观点仅供参考，不作为入市依据) GALAXY FUTURES 2 1. ...

【基本面跟踪】 白糖基本面数据 | | 价格 | 同比 | | 价差 | 同比 | | --- | --- | --- | --- | --- | --- | | 原糖价格（美分/磅） | 17.82 | 0.3 | 59 价差（元/吨） | 208 | 15 | | 主流现货价格（元/吨） | 6150 | 20 | 15 价差（元/吨） | 104 | 9 | | 期货主力价格（元/吨） | 5839 | 26 | 主流现货基差（元/吨） | 311 | -6 | 2025 年 05 月 12 日 白糖：阶段性企稳 周小球 投资咨询从业资格号：Z0001891 zhouxiaoqiu@gtjas.com 资料来源：同花顺，国泰君安期货研究 【宏观及行业新闻】 高频信息：原油上涨以及给出加工利润提振原糖价格；巴西压榨进度同比略微加快；USDA 预计 25/26 榨季巴西产量增长 2%；截至 4 月底，印度 24/25 榨季产糖 2569 万吨；巴西 3 月出口 185 万吨，同比减少 30.7%。中国 1-3 月常规进口、糖浆和预拌粉进口大幅下降。 国内市场：CAOC 预计 24/25 榨季国内食糖产量为 ...

二 〇 二 五 年 度 2025 年 05 月 11 日 白糖：区间整理为主 周小球 投资咨询从业资格号：Z0001891 zhouxiaoqiu@gtht.com 报告导读： （1）本周市场回顾 国际市场方面，美元指数 100.42（前值 100.04），美元兑巴西雷亚尔 5.65（前值 5.64），WTI 原油 价格 61.06 美元/桶（+4.59%），纽约原糖活跃合约价格 17.82 美分/磅（+3.18%）。截至 5 月 6 日，基金 多单减少 3757 手，基金空单增加 19504 手，净多单同比减少 23261 手至 11269 手，净多单大幅减少。 UNICA 数据显示，截至 4 月 16 日，25/26 榨季巴西中南部累计产糖 73 万吨，同比增加 1 万吨。 ISMA/NFCSF 数据显示，截至 4 月 30 日，24/25 榨季印度产糖 2570 万吨，同比减少 577 万吨。OCSB 数 据显示，截至 4 月 9 日，24/25 榨季泰国产糖 1005 万吨，同比增加 131 万吨。 国内市场方面，广西集团现货报价 6150 元/吨，环比上周下跌 40 元/吨；郑糖主力报 5839 元 ...

帮助蔗农铺设灌溉水管。陈振浪 摄 "我们坚持将抗旱保苗与转作风紧密结合，结合实际情况制定'一地一策'抗旱方案。"广农集团所属广农糖业相关负责人介绍。此外，广农糖业还以"糖业先锋 ·网格管理筑牢第一车间"行动为载体，建立了党委指挥部、支部攻坚队、党员责任田的三级联动机制，各党支部划分"抗旱责任区"，严格落实"定人、定 岗、定责"要求，动态监测新植蔗出苗率和宿根，建立旱情日报制度，党员领导干部带头，深入蔗区一线，与蔗农并肩作战，精准帮扶蔗农灌溉抗旱，全力 保障甘蔗生产稳定。（劳艳燕、袁利群） 转自：新华财经 近来，广西旱情不断蔓延，甘蔗生长面临严峻考验。为应对旱情，广西农村投资集团有限公司党委启动"抗旱保苗"攻坚行动，紧急安排抗旱专项资金近2000 万元，组织灌溉蔗区32.6万亩，有效缓解干旱对甘蔗生长造成的不利影响。 旱情就是命令，保苗就是责任。面对秋冬春连旱这一严峻挑战，广农集团党委迅速反应，将抗旱工作作为春耕生产、服务群众的首要任务，集团领导班子率 先垂范，深入蔗区田间地头，实地调研旱情对甘蔗生长和蔗农生产生活的影响，现场指挥协调抗旱工作。各级公司党员干部们积极协调各方资源，组织打井 队为缺水地区打井取水、 ...