Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report focuses on the sugar market, highlighting the need to monitor changes in India's sugar and ethanol shares. It presents data on sugar fundamentals, macro and industry news, and market trends in both domestic and international markets [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Data - The raw sugar price is 15.24 cents per pound, down 0.53 from the previous period. The mainstream spot price is 5750 yuan per ton, unchanged. The futures主力 price is 5438 yuan per ton, up 10. The 15 - spread is 42 yuan per ton, up 3, and the 59 - spread is - 14 yuan per ton, unchanged. The mainstream spot basis is 312 yuan per ton, down 10 [1]. 3.2 Macro and Industry News - Brazil's sugar production in the second half of September increased by 11% year - on - year, but its exports decreased, raising concerns about global consumption. Brazil exported 325 million tons in September, a 16% year - on - year decrease; 374 million tons in August, a 5% year - on - year decrease; and 359 million tons in July, a 5% year - on - year decrease. Conab lowered Brazil's production forecast for the 25/26 season to 4.45 billion tons from 4.59 billion tons. China imported 55 million tons of sugar in September, an increase of 15 million tons [1]. 3.3 Domestic Market - CAOC expects China's sugar production to be 1.116 billion tons in the 24/25 season, with consumption of 1.58 billion tons and imports of 500 million tons. For the 25/26 season, production is expected to be 1.12 billion tons, consumption 1.59 billion tons, and imports 500 million tons. As of the end of May in the 24/25 season, China produced 1.116 billion tons of sugar, an increase of 120 million tons, and sold 811 million tons, an increase of 152 million tons, with a cumulative sales rate of 72.7%. As of the end of September in the 24/25 season, China imported 463 million tons of sugar, a decrease of 12 million tons. In the 25/26 season, the market expects a decline in the sugar yield and an increase in production costs in Guangxi [2]. 3.4 International Market - ISO forecasts a global sugar supply shortage of 23 million tons in the 25/26 season and 488 million tons in the 24/25 season. As of October 1 in the 25/26 season, the cumulative cane crushing volume in Brazil's central - southern region decreased by 2.99 percentage points year - on - year, with cumulative sugar production of 3.352 billion tons, an increase of 28 million tons, and a cumulative MIX of 52.68%, up 3.84 percentage points. ISMA/NFCSF predicts India's total sugar production to be 3.49 billion tons in the 25/26 season, up from 2.95 billion tons in the 24/25 season. Thailand's cumulative sugar production in the 24/25 season was 1.008 billion tons, an increase of 127 million tons [3]. 3.5 Trend Intensity The sugar trend intensity is - 1, indicating a relatively bearish outlook. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4].

Group 1: Report Information - Report Name: Sugar Daily Report [2] - Date: October 21, 2025 [2] - Researcher: Liu Qiannan [4] Group 2: Data Analysis Futures Market - SR09: Closing price 5,410, up 7 (0.13%), volume 545 (-264), open interest 6,895 (+54) [5] - SR01: Closing price 5,438, up 10 (0.18%), volume 127,499 (-48,383), open interest 421,702 (-4,713) [5] - SR05: Closing price 5,396, up 7 (0.13%), volume 10,605 (-10,631), open interest 82,750 (-131) [5] Spot Market - Spot prices in different regions: Liuzhou 5,810, Kunming 5,905, Wuhan 6,060, Nanning 5,770, Bayuquan 6,015, Rizhao 5,870, Xi'an 6,210, all unchanged [5] - Basis: Liuzhou 372, Kunming 467, Wuhan 622, Nanning 332, Bayuquan 577, Rizhao 432, Xi'an 772 [5] Inter - month Spreads - SR5 - SR01: Spread -42, down 3; SR09 - SR5: Spread 14, unchanged; SR09 - SR01: Spread -28, down 3 [5] Import Profits - Brazil: ICE主力 15.77, premium (0.41), freight 42.00, in - quota price 4,212, out - of - quota price 5,357, spread with Liuzhou 453, spread with Rizhao 513, spread with futures 81 [5] - Thailand: ICE主力 15.77, premium 0.89, freight 18.00, in - quota price 4,269, out - of - quota price 5,431, spread with Liuzhou 379, spread with Rizhao 439, spread with futures 7 [5] Group 3: Market Analysis Important Information - Brazil exported 2,334,620.93 tons of sugar in the first three weeks of October, with a daily average of 179,586.23 tons, up 6% from the daily average in October last year (169,516.64 tons). Last year's October export volume was 3,729,366.09 tons [7] - Processing sugar quotes were stable or down, with general trading volume [8] - Typhoon "Fengshen" and cold air will bring strong wind and rain to South China and the northern South China Sea from October 21 - 22, and cold air will cause temperature drops in South and East China [9] Logical Analysis - Internationally, global main production areas are increasing production. Brazil's cumulative sugar production has exceeded last year's level, and the bi - weekly sugar production is likely to be higher than last year's. The decline in crude oil prices weakens ethanol's support for sugar, and the raw sugar market is bearish [10] - Domestically, the domestic market is currently supplied mainly by imported sugar. With the weakening of foreign sugar prices, Zhengzhou sugar is expected to follow the foreign market in the short term [10] Trading Strategies - Unilateral: International sugar prices have broken through the previous low and are bearish in the long - term. After a short - term sharp decline, there may be a rebound. The domestic market is expected to be affected by the foreign market and may fluctuate and repair. It is recommended to short at high prices [11] - Arbitrage: Wait and see [11] - Options: Wait and see [11] Group 4: Related Attachments - Figures include monthly inventory in Guangxi and Yunnan, sales - to - production ratios in Guangxi and Yunnan, Liuzhou spot prices, Liuzhou - Kunming spot price spreads, basis and inter - month spreads of different contracts [14][15][18]

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 白糖产业日报 2025-10-21 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 | 项目类别 | 数据指标 环比 | 最新 | 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) | 5438 | 10 主力合约持仓量:白糖(日,手) | 421702 | -4713 1001 | | | 仓单数量:白糖(日,张) | 8376 | -31 期货前20名持仓:净买单量:白糖(日,手) | -74784 | | | | 有效仓单预报:白糖:小计(日,张) 0 进口加工估算价(配额内):巴西糖(日,元/ | 0 | -66 进口加工估算价(配额内):泰国糖(日,元/ | | | | 现货市场 | | 4254 539 ...

Group 1 - The core viewpoint of the news is that COFCO Sugar Industry has seen a significant increase in its stock price, rising by 5.08% to 15.30 CNY per share, with a trading volume of 428 million CNY and a market capitalization of 32.724 billion CNY [1] - COFCO Sugar Industry, established on September 18, 1993, and listed on July 31, 1996, primarily engages in the manufacturing and sales of white sugar and related products, as well as tomato processing and sales [1] - The revenue composition of COFCO Sugar Industry is as follows: sugar products account for 90.03%, tomato products for 7.83%, and others for 2.15% [1] Group 2 - Among the top circulating shareholders of COFCO Sugar Industry, Huatai-PineBridge Fund's "Hongli Dibo" (512890) increased its holdings by 6.5709 million shares in the second quarter, now holding a total of 38.7445 million shares, which is 1.81% of the circulating shares [2] - The estimated floating profit for "Hongli Dibo" today is approximately 28.6709 million CNY [2] - "Hongli Dibo" was established on December 19, 2018, with a current scale of 18.741 billion CNY, and has achieved a year-to-date return of 5.83% [2]

统战赋能 江西玉山"甜蜜"产业激发乡村振兴新动能 中新网上饶10月20日电 (熊锦阳)金秋时节，走进江西省上饶市玉山县文成街道姜宅社区的甘蔗种植基 地，连片的甘蔗随风摇曳，仿佛吟唱着丰收之歌。 近年来，玉山县充分发挥统一战线优势，精准赋能特色产业发展，推动姜宅红糖产业焕发新生机，小甘 蔗成为村民增收与集体致富的"甜蜜纽带"。 "以前在外地打工，不但离家远还不稳定。现在我在红糖厂做工，离家就十分钟路程，一个月能挣3000 多块，心里踏实多了。"正在包装车间打包的居民黄园花高兴地说。目前，从甘蔗的种植、管护，到红 糖的熬制、包装、销售，整个姜宅红糖产业链已为周围600余名居民提供了就业岗位，户均年增收超万 元。 "下一步我们将继续深挖统战资源，凝聚更广泛的力量，支持像姜宅红糖这样的特色产业延链、强链， 助力'土特产'向'精品礼'跨越，为乡村振兴画卷持续注入统战动能。"玉山县委统战部相关负责人表示。 (完) 正在收割甘蔗的居民。 玉山县委统战部供图 来源：中国新闻网 姜宅红糖生产历史悠久，距今已有四百余年历史。然而，散装销售、低价竞争等问题一度制约了产业发 展。为破解发展难题，玉山县委统战部靠前服务，将产业致富带头 ...

Core Viewpoint - The Guangxi Agricultural Investment Sugar Industry Group's Lingli Sugar Company is leveraging the sugarcane industry to promote ethnic unity and community development, creating a positive cycle of income growth for farmers and efficiency for the company [1][2]. Group 1: Industry Empowerment - The company has organized technical personnel to provide on-site training and policy briefings to stimulate enthusiasm among farmers for sugarcane cultivation, leading to a beneficial development pattern of increased farmer income and company efficiency [1]. - A bilingual agricultural training program has been initiated to address language barriers faced by ethnic minority farmers, enhancing their understanding of high-yield and drought-resistant sugarcane varieties [1]. - The transformation of the Baima immigrant settlement into a renowned "sugarcane village" exemplifies the sugarcane industry's role in rural revitalization, with annual sugarcane production nearing 2,000 tons and average annual income exceeding 10,000 yuan per person [1]. Group 2: Organizational Support - The company has established a three-tiered mechanism for ethnic unity work, ensuring that initiatives are effectively communicated and implemented at all levels of the organization [4]. - The integration of ethnic unity principles into every aspect of corporate governance is evident, with partnerships formed with local party organizations to support community development [4]. - The company's leadership actively participates in community support activities, demonstrating commitment to assisting farmers during challenging conditions, such as drought [4].

大宗商品研究所 农产品研发报告 白糖日报 2025 年 10 月 20 日 白糖日报 第一部分 数据分析 研究员：刘倩楠 期货从业证号： F3013727 投资咨询证号： Z0014425 联系方式： liuqiannan_qh@china stock.com.cn | 期货盘面 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,391 | 2 | 0.04% | 736 | -110 | 6,554 | 267 | | SR01 | | 5,408 | 5 | 0.09% | 144,443 | -19746 | 438,116 | 4928 | | SR05 | | 5,374 | 3 | 0.06% | 11,958 | -6825 | 82,872 | 2026 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The SR2601 contract is in a phase of fluctuating downward, and the future price center is expected to decline. Globally, the production increase cycle is not over, and the medium - to - long - term supply is expected to remain in a loose pattern. [3] Summary by Directory 产业链操作建议 - Sugar mills with inventory worried about price drops can hedge 100% of unsold inventory by selling SR601 at 5700 yuan/ton and 50% by selling SR601P5300 at 30 yuan/ton. - Traders planning to build inventory can buy 50% of SR601C5700 at 31 yuan/ton to hedge against price increases. - Sugar - using enterprises can follow similar strategies for both procurement and inventory management, and should also pay attention to UNICA bi - weekly data, China Sugar Association's production, sales and inventory data, and customs import data. [5] 日糖周度数据汇总 - Futures prices decreased this week compared to last week. For example, the 1 - month closing price dropped from 5496 yuan/ton to 5412 yuan/ton. - Spot prices in major regions also decreased, such as the price of Nanning white sugar dropping from 5800 yuan/ton to 5790 yuan/ton. - The basis increased slightly as the futures price decline was greater than the spot price decline. As of October 17, the basis of Zhengzhou sugar 01 was 378 yuan/ton. [8] 白糖主要市场价格及价差 - The international raw sugar futures price fluctuated downward this week due to the expected oversupply. - Zhengzhou sugar followed the raw sugar price to decline and then rebounded slightly, with the center of gravity moving down. - The spot price of white sugar first stabilized and then declined. After the National Day holiday, the short - term replenishment demand ended, and the price was under pressure due to the increasing supply of beet sugar. [13][14] 国际供给 巴西生产情况 - As of the second half of September in the 2025/26 crushing season, the cumulative sugar production in Brazil reached 33.524 million tons, a year - on - year increase of 0.84%. The production is expected to increase to about 41 million tons. - In the second half of September, the sugar production in the central - southern region was 3.137 million tons (a year - on - year increase of 10.76%), and the ethanol production was 2.213 billion liters (a year - on - year decrease of 1.50%). - As of October 10, the ethanol - to - gasoline ratio in Brazil was 67.69%, and the ethanol - converted sugar price was about 14.11 cents/pound, with the raw sugar having an advantage of about 1.90 cents/pound over the ethanol - converted sugar. - As of September 30, the sugar inventory in Brazil was 11.00674 million tons, close to the level of the same period last year. [39][46][51] 印度及泰国生产情况 - India's 2025/26 crushing season is expected to have a recovery - type increase in production. The ISMA estimates that the total sugar production will increase by 18% to about 34.9 million tons. - Thailand's 2024/25 crushing season's sugar production exceeded 10 million tons. In the 2025/26 crushing season, the production is expected to continue to increase slightly due to factors such as favorable weather and government support. [65][68] 全球生产信息 - The global sugar supply in the 2024/25 crushing season was in a loose pattern with marginal tightening. In the 2025/26 crushing season, the supply is expected to turn loose, with different institutions having different forecasts, such as Czarnikov predicting a supply surplus of 7.45 million tons. [73] 国内供给 - In the 2025/26 crushing season, the production is expected to increase to around 11.5 million tons. Inner Mongolia and Xinjiang have started the sugar - making process. - From January to August 2025, China imported 2.0121 million tons of sugar, a year - on - year increase of 121,000 tons, an increase of 4.86%. - The import of syrup and premixed powder is under control, but the import of products under the 2106.906 tax code still shows a significant year - on - year increase. [81][97][119] 销售情况 - There are two traditional peak demand seasons for white sugar in a year: the summer cold drink season and the Spring Festival stocking season. - After the National Day holiday, there was a short - term replenishment demand, but most traders and terminal enterprises still adopted a "buy - as - you - go" strategy due to the continuous decline in sugar prices, and the market digestion speed was slow. [129] 库存情况 - As the new crushing season of beet sugar begins and the domestic sugar sales progress is average, the inventory is expected to gradually increase after November. - As of the end of September 2025, the industrial inventory in Guangxi was 442,100 tons, a year - on - year increase of 170,700 tons; in Yunnan, as of the end of August, the industrial inventory was 204,700 tons, a year - on - year increase of 92,900 tons. [136] CFTC持仓 - Not elaborated on in terms of specific analysis in the given content, only presenting relevant data charts of ICE11 - number sugar positions.

Report Title - "Sugar Market Oscillates to Find the Bottom: A Battle between Cost Support and Supply Pressure - Sugar Weekly Report from October 13 - 17, 2025" [1] Report Industry Investment Rating - Not provided Core Viewpoints - The current sugar market is in an oscillating bottom - finding stage. The core contradiction between bulls and bears lies in the game between global supply growth (Brazil's sugar production increased by 10.76% year - on - year) and domestic cost support (production cost of 5400 yuan). The price will oscillate in the range of 5350 - 5450 yuan, and the effectiveness of cost support should be noted [3] Summary by Relevant Catalogs 1. Market Review 1.1 Weekly Review - The 11 - number sugar continuous contract's closing price dropped by 3.73% to 15.5; the closing price of the Zhengzhou sugar main contract decreased by 1.53% to 5412 yuan/ton; the spot prices in Nanning, Liuzhou, Kunming, and Rizhao Lingyunhai all declined, with decreases ranging from 0.34% to 0.70%. The basis of Liuzhou sugar and the main contract expanded by 17.32% to 298 yuan/ton. The number of warehouse receipts decreased by 5.06% to 8418. The proportion of bullish sentiment towards Zhengzhou sugar dropped by 5 percentage points to 15%, the bearish proportion increased by 10 percentage points to 55%, and the neutral proportion decreased by 5 percentage points to 30% [5] 1.2 Domestic Futures and Spot - Not elaborated in the given content 1.3 Raw Sugar Futures - Not elaborated in the given content 2. Fundamental Analysis 2.1 China's Sugar Production and Sales - Not elaborated in the given content 2.2 Production and Sales of Main Sugar - Cane Producing Areas in China - Not elaborated in the given content 2.3 Production and Sales of Main Sugar - Beet Producing Areas in China - Not elaborated in the given content 2.4 China's White Sugar Industrial Inventory - Not elaborated in the given content 2.5 China's Sugar Import and Export - Not elaborated in the given content 2.6 China's Main Sugar Importing Countries - Not elaborated in the given content 2.7 China's Sugar Import Cost and Profit - Brazil's in - quota processing cost decreased by 4.18% to 4177 yuan, and the out - of - quota processing cost decreased by 4.27% to 5332 yuan. The in - quota import profit increased by 9.97% to 1743 yuan, and the out - of - quota import profit increased by 56.95% to 587 yuan. The premium and discount decreased by 600% to - 0.3, and the shipping cost increased by 0.70% to 38.9 yuan. Thailand's in - quota processing cost decreased by 2.44% to 4236 yuan, and the out - of - quota processing cost decreased by 2.49% to 5410 yuan. The in - quota import profit increased by 5.06% to 1683 yuan, and the out - of - quota import profit increased by 28.79% to 510 yuan. The premium and discount remained unchanged at 0.89, and the shipping cost remained unchanged at 18 yuan [30] 3. International Market Fundamentals 3.1 Available Sugar Quantity in Brazil - Not elaborated in the given content 3.2 Sugar - Cane Crushing Volume in Brazil - Not elaborated in the given content 3.3 Sugar Production in Brazil - Not elaborated in the given content 3.4 Ethanol Production in Brazil - Not elaborated in the given content 3.5 Sugar Import and Export in Brazil - Not elaborated in the given content 3.6 International Raw Sugar Premiums, Discounts, and Shipping Costs - Not elaborated in the given content

Core Viewpoint - Collar options are a risk management strategy that combines buying put options and selling call options to limit asset price fluctuations within a predetermined range, applicable in raw material procurement, inventory management, and profit locking [1][5][12] Group 1: Application Scenarios - **Raw Material Procurement**: Sugar companies can lock in cane purchasing costs by buying put options and selling call options, mitigating risks of price drops and ensuring stable procurement costs [6][12] - **Inventory Management**: Companies can manage inventory value fluctuations by using collar options to stabilize inventory value during price volatility, allowing for potential income from sold call options to offset holding costs [7][12] - **Profit Locking**: By selecting appropriate strike prices, sugar companies can ensure their profit margins remain stable despite market price fluctuations, allowing for dynamic adjustments based on market expectations [10][12] Group 2: Advantages of Collar Options - **Cost Efficiency**: Collar options are generally cheaper than buying puts alone, as the premium from selling call options can offset the cost of purchasing puts [3][5] - **Flexibility**: This strategy offers more flexibility compared to traditional futures contracts, allowing companies to customize their risk management approach based on market conditions [4][5] - **Risk Management**: Collar options provide a balanced approach to risk management, allowing companies to lock in minimum and maximum selling prices while still participating in favorable market movements [3][12]