Core Viewpoint - The conference highlighted the need for a collaborative approach among government, sugar factories, agricultural machinery cooperatives, and farmers to effectively promote mechanized sugarcane harvesting in China [10][11]. Group 1: Current Challenges - China's sugarcane mechanization rate has remained low, with a nearly 40% decrease in planting area over the past decade and rising labor costs, leading to the question of "who will plant and how to plant" [8][9]. - Mechanized harvesting is identified as a critical factor limiting the sustainable development of the sugarcane industry, with existing technology and standards posing multiple challenges [13][14]. - The lack of a clear benefit-sharing mechanism and stable contractual relationships among farmers, sugar factories, and machinery operators is a structural barrier to promoting mechanization [37][40]. Group 2: Proposed Solutions - The conference emphasized the importance of integrating machinery services, agricultural practices, and order-based agriculture, with sugar factories playing a pivotal role in this transformation [22][24]. - Experts suggested that sugar factories should act as organizers and incentivizers, establishing a "special raw material pool" for mechanized harvesting and implementing a three-part standard system [80][81]. - The need for developing domestic low-loss harvesting technologies and efficient cleaning methods tailored to China's specific conditions was highlighted to reduce reliance on foreign machinery [78][79]. Group 3: Regional Initiatives - Guangxi has introduced a three-year action plan aiming for mechanization rates of 10%, 15%, and 20% over the next three sugar seasons, supported by various subsidy policies [52][53]. - Guangdong is exploring a "sugar factory-led" model, transitioning sugar factories from raw material purchasers to production organizers through technical training and innovative promotion methods [60][62]. - Yunnan is implementing a phased harvesting and mobile cleaning approach, with significant growth in the establishment of cleaning lines, indicating a tailored strategy for hilly terrain [66][68]. Group 4: Collaborative Mechanisms - Experts unanimously pointed towards the need for a collaborative mechanism among sugar factories, agricultural machinery cooperatives, and farmers to enhance the tightness of the industry chain [71][72]. - The call for breaking traditional thinking and fostering a collaborative, intelligent decision-making environment was emphasized as essential for industry development [75][76]. - The conference concluded with a collective commitment to addressing the challenges of mechanized sugarcane harvesting, aiming for a mechanization revolution that ensures national sugar security [86][88].

Report Title - Brazil's output exceeds the same period last year, raw sugar breaks through support and falls [1] Report Industry Investment Rating - Not provided Report's Core View - The data on sugar cane crushing volume and sugar production in the central-southern region of Brazil in September are bearish but in line with expectations. Entering the 2025/26 new crushing season, major northern hemisphere producers are expected to start crushing production after November, with expectations of increased production in India, Thailand, and China. Coupled with the historically high production in the central-southern region of Brazil, the overall outlook remains bearish, and it is recommended to continue to short on rallies in the fourth quarter [9]. Summary by Directory 1. Weekly Assessment and Strategy Recommendation - **Market Review**: This week, the price of raw sugar in the outer market declined. As of Friday, the closing price of the ICE raw sugar March contract was 15.53 cents per pound, down 0.57 cents per pound from the previous week, a decrease of 3.54%. The spread between the raw sugar 3 - 5 months fluctuated, reported at 0.5 cents per pound, up 0.02 cents per pound from the previous week. The spread between the London white sugar 3 - 5 months strengthened, reported at $2.1 per ton, up $2 per ton from the previous week. The raw - white spread of the March contract fluctuated, reported at $94 per ton, up $1 per ton from the previous week. In the domestic market, the price of Zhengzhou sugar declined. As of Friday, the closing price of the Zhengzhou sugar January contract was 5412 yuan per ton, down 84 yuan per ton from the previous week, a decrease of 1.53%. The spot price in Guangxi was reported at 5720 yuan per ton, down 40 yuan per ton from the previous week. The basis weakened, reported at 312 yuan per ton, up 48 yuan per ton from the previous week. The 1 - 5 spread fluctuated, reported at 35 yuan per ton, up 8 yuan per ton from the previous week. The profit from spot imports outside the quota increased, reported at 552 yuan per ton, up 28 yuan per ton from the previous week [9]. - **Industry News**: Data released by the Brazilian Sugarcane Industry Association (UNICA) showed that in the second half of September, the sugarcane crushing volume in the central - southern region of Brazil was 40.858 million tons, a year - on - year increase of 5.1%; sugar production was 3.137 million tons, a year - on - year increase of 10.76%; the sugarcane - to - sugar ratio was 51.17%, a year - on - year increase of 3.44 percentage points. As of the second half of September, the cumulative sugarcane crushing volume in the central - southern region of Brazil was 490.92 million tons, a year - on - year decrease of 2.99%; the cumulative sugar production was 33.52 million tons, a year - on - year increase of 0.84%; the cumulative sugarcane - to - sugar ratio was 52.68%, a year - on - year increase of 3.84 percentage points. Data released by the Brazilian shipping agency Williams showed that as of the week of October 15, the number of ships waiting to load sugar at Brazilian ports was 90, compared with 83 in the previous week. The quantity of sugar waiting to be loaded at ports was 3.7272 million tons, an increase of 3.3% from 3.6081 million tons in the previous week [9]. - **Viewpoint and Strategy**: The data on sugar cane crushing volume and sugar production in the central - southern region of Brazil in September are bearish but in line with expectations. Entering the 2025/26 new crushing season, major northern hemisphere producers will gradually start crushing production after November. Currently, major northern hemisphere producers such as India, Thailand, and China are all expected to increase production. Coupled with the historically high production in the central - southern region of Brazil, the overall outlook remains bearish, and it is recommended to continue to short on rallies in the fourth quarter [9]. - **Fundamental Assessment**: The basis weakened slightly, the monthly spread was weak, the production - sales area spread fluctuated, the raw - white spread changed little, the advantage of raw sugar production expanded slightly, and the outer - market price declined. The overall outlook remains bearish, and it is recommended to continue to short on rallies in the fourth quarter [10]. - **Trading Strategy Recommendation**: The recommended strategy is to short on rallies for a single - side trade, with a profit - loss ratio of 2:1, a recommended period within 3 months, the core driving logic being high import supply pressure and expected increased production in the new crushing season, and a recommended rating of level 3, first proposed on August 16, 2025 [11]. 2. Spread Trend Review - The report presents multiple spread trend charts, including those for spot prices and basis, spreads between different spots, internal - external spreads, raw - white spreads, raw sugar spot premiums and discounts, and sugar - alcohol price ratios, to show the historical trends of various spreads [17][20][25]. 3. Domestic Market Situation - **National Output**: The report shows the monthly and cumulative sugar production in China from 20/21 to 24/25 through charts [41]. - **Sugar Imports**: It presents the monthly and annual cumulative sugar imports, as well as the monthly and annual cumulative imports of syrup and premixed powder in China from 20/21 to 24/25 through charts [44]. - **National Sales**: The monthly sugar sales volume and cumulative sales progress in China from 20/21 to 24/25 are shown through charts [49]. - **National Industrial Inventory**: The monthly industrial inventory in China from 2021 to 2025 and the inventory in Guangxi's three - party warehouses are presented through charts [52]. 4. International Market Situation - **Production in Central - Southern Brazil**: The report shows the bi - weekly and cumulative sugar production, cumulative sugarcane - to - sugar ratio, and cumulative sugarcane crushing volume in the central - southern region of Brazil from 21/22 to 25/26 through charts [57]. - **India's Output**: The bi - weekly and cumulative sugar production in India from 20/21 to 24/25 are presented through charts [62]. - **Thailand's Output**: The bi - weekly and cumulative sugar production in Thailand from 20/21 to 24/25 are shown through charts [65]. - **Brazil's Shipment Volume**: The sugar inventory in the central - southern region of Brazil and the quantity of sugar waiting to be shipped at Brazilian ports are presented through charts [68].

Core Viewpoint - The establishment of Guotang (Hainan) Sugar Industry Co., Ltd. indicates a new player in the food and beverage sector, with a diverse range of business activities including food sales, tea production, and import-export operations [1] Company Summary - Guotang (Hainan) Sugar Industry Co., Ltd. has been registered with a capital of 1 million RMB [1] - The legal representative of the company is Zhao Baili [1] Business Scope - The company is involved in various licensed business activities such as food sales, tea product production, and alcoholic beverage operations [1] - It also engages in general business activities including internet sales of pre-packaged food, health food sales, and manufacturing of specialized equipment for food and beverage production [1] - Additional activities include the sale of agricultural products, initial processing of edible agricultural products, and domestic trade agency services [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Globally, the increase in sugar production in major producing areas is being realized. Brazil's sugar production is expected to reach a historically high level, and the fundamentals of raw sugar are weak. The main contract has fallen below the previous low, and the overall trend is expected to be weak. In the domestic market, the supply is mainly imported sugar, and Zhengzhou sugar is expected to follow the trend of the external market in the short term [5]. - For trading strategies, it is recommended to short at high levels for single - side trading, and to wait and see for arbitrage and options trading [5]. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Market Situation and Strategy** - International sugar prices have fallen below the previous low, with a weak overall trend. After a short - term sharp decline, a rebound and repair are expected. The domestic market is expected to be greatly affected by the external market in the short term and will also experience shock and repair. It is recommended to short at high levels for single - side trading, and to wait and see for arbitrage and options trading [5]. Chapter 2: Core Logic Analysis - **International Supply - Demand Pattern Change - Substantial Increase in Production in the 25/26 Crushing Season** - The ISO predicts a supply gap of only 231,000 tons in the 2025/26 crushing season, a significant reduction compared to the 4.879 million tons in the 2024/25 season. Global sugar production is expected to reach 180.593 million tons, an increase of 5.419 million tons from the previous season, mainly due to production growth in India, Thailand, and Pakistan. Global consumption is expected to reach 180.824 million tons, an increase of 771,000 tons. The global sugar trade volume is expected to remain stable, with an export volume of 63.89 million tons and an import demand of 63.768 million tons. The ending inventory/consumption ratio is expected to drop to 50.95%, about 10% lower than six crushing seasons ago [11]. - Czarnikow raises the forecast of the global sugar market surplus in the 2025/26 crushing season to 7.4 million tons, the highest surplus level since the 2017/18 season. The forecast of global sugar production is raised by 700,000 tons to 185.3 million tons, the second - highest production ever, and the consumption forecast is lowered by 600,000 tons to 177.8 million tons [11]. - **Brazilian Sugar Production** - **Expected High - Level Production** - According to CONAB data, Brazil's sugar production in the 2025/26 season is expected to be 44.5 million tons. Based on the current bi - weekly sugar production, it may increase by about 1 million tons compared to 2024, reaching around 45.12 million tons [12]. - **Seasonal Decline in the Bi - weekly Sugar - Making Ratio in Central - Southern Brazil** - In the second half of September, the sugar - making ratio in central - southern Brazil was 51.17%, significantly lower than the 53.49% in the first half of September. The sugar production 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%. The average TRS was 157.48 kg/ton, a year - on - year decrease of 1.78%, and the problem of low sugar content in sugarcane still exists [14]. - **Year - on - Year Increase in Sugar Production in Central - Southern Brazil in This Crushing Season** - As of the second half of September 2025/26, the cumulative sugar production in central - southern Brazil was 33.524 million tons, a year - on - year increase of 0.84%. The cumulative sugar - making ratio was 52.68%, much higher than 48.84% in the same period last year. The ethanol - to - sugar price in Brazil has dropped to 15.26 cents/pound, and due to the recent decline in crude oil prices, the ethanol price has also weakened [23]. - **Significant Increase in Brazilian Sugar Inventory** - As of the second half of September, the sugar inventory in central - southern Brazil was 11.7067 million tons, a year - on - year increase of 19.8%. In September, the sugar export volume was 3.2444 million tons, a month - on - month decrease of 13.3% and a year - on - year decrease of 16.35%. From April to September in the 2025/26 crushing season, the cumulative sugar export volume was 17.737 million tons, a year - on - year decrease of 7.9%, but still at a high level compared to previous years [24]. - **Sugar Production in Other Countries** - **Thailand** - In the 24/25 crushing season, Thailand's sugar production was 10.05 million tons (a year - on - year increase of 1.28 million tons), and the export volume from January to August 2025 was 3.36 million tons, a year - on - year increase of 1.04 million tons. The 25/26 crushing season is expected to have a slight increase in production [27]. - **India** - In the 24/25 crushing season, India's sugar production was about 26.1 million tons, a year - on - year decrease of 17.6%. In July, the net sugar export was - 80,000 tons, and the domestic sugar sales quota in October was 2.4 million tons, a year - on - year decrease of 150,000 tons [31][33]. - **Domestic Market Situation** - **Sugar Mill Operations in Inner Mongolia and Xinjiang** - As of now, 11 sugar mills in Inner Mongolia and 13 sugar mills in Xinjiang have started operations in the 25/26 sugar - making season, and the remaining mills are expected to start soon [37]. - **High Import Profit and Strong Import Expectations** - The increase in import profit has led to strong import expectations [38]. - **Continuous Increase in Imports with a Record - High in August** - In August 2025, China imported 830,000 tons of sugar, a year - on - year increase of 62,700 tons. From January to August, the cumulative import volume was 2.6121 million tons, a year - on - year increase of 121,000 tons or 4.86%. In July, the import volume of syrup and white sugar premix was 159,700 tons, a year - on - year decrease of 68,600 tons. The actual arrival of out - of - quota raw sugar in August was 489,400 tons, and the expected arrival in September was 304,300 tons [50]. Chapter 3: Weekly Data Tracking No specific summary content can be extracted from the given data. The data mainly includes various charts and graphs related to the sugar market, such as the cumulative sugar production, sugar - making ratio, and export volume in Brazil, as well as the import volume in China.

Core Viewpoint - Guangnong Sugar Industry (000911) emphasizes the importance of market value management, which is integrated into the evaluation system of the company and its controlling shareholder [1] Group 1: Company Overview - Guangnong Sugar Industry is a publicly listed company controlled by local state-owned assets [1] - The company faces challenges in development due to historical burdens, leading to a gap between actual performance and development goals [1] Group 2: Strategic Initiatives - The company has implemented a "6+1" strategy aimed at addressing various issues it encounters [1]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - This week, the price of the Zhengzhou sugar 2601 contract dropped with a weekly decline of about 1.53%. Brazilian sugar production increased in mid - late September 2025, but the decline in the sugar - making ratio eased market concerns. However, due to overall production increase, the rebound of raw sugar prices was weak. Domestic spot prices continued to fall, demand was in a seasonal decline, and the sugar sales progress was expected to slow down. The futures price was gradually supported by cost and was expected to fluctuate. Attention should be paid to the release of September imported sugar data. It is recommended to wait and see for the Zhengzhou sugar 2601 contract in the short term. Future factors to watch include domestic production and sales and new - season production estimates [5][6][7] 3. Summary by Relevant Catalogs 3.1 Week - to - Week Highlights - **Market Review**: The price of the Zhengzhou sugar 2601 contract decreased by about 1.53% this week [5] - **Market Outlook**: In mid - late September 2025, the central - southern region of Brazil crushed 40.86 million tons of sugarcane, a year - on - year increase of 5.18%, and produced 3.14 million tons of sugar, a year - on - year increase of 10.76%. The sugar - making ratio was 51.17%, higher than 47.73% in the same period last year. Domestic spot prices dropped, demand was seasonally weak, and sugar sales were expected to slow down. The futures price was supported by cost and was expected to fluctuate [5] - **Trading Strategy**: It is recommended to wait and see for the Zhengzhou sugar 2601 contract in the short term [6] - **Future Focus**: Domestic production and sales, new - season production estimates [7] 3.2 Futures and Spot Market - **Futures Market**: The price of the ICE US sugar March contract dropped by about 1.35% this week. As of September 23, 2025, the non - commercial net short position of raw sugar futures was 125,628 lots, an increase of 19,284 lots from the previous week. The long position was 173,035 lots, a decrease of 2,211 lots from the previous week, and the short position was 298,663 lots, an increase of 17,073 lots from the previous week. The price of the Zhengzhou sugar 2601 contract decreased by about 1.53% this week. The net position of the top 20 in the Zhengzhou sugar futures was - 73,648 lots, and the Zhengzhou sugar warehouse receipts were 8,418 lots. The spread between the Zhengzhou sugar futures 1 - 5 contracts was + 35 yuan/ton, and the spot - Zhengzhou sugar basis was + 378 yuan/ton [13][20][30] - **Spot Market**: As of October 17, the price of Liuzhou sugar in Guangxi was 5,810 yuan/ton, Nanning sugar in Guangxi was 5,790 yuan/ton, and Kunming sugar in Yunnan was 5,820 yuan/ton. The estimated profit of Brazilian sugar within the quota was 1,427 yuan/ton, an increase of 57 yuan/ton from the previous week; the estimated profit outside the quota was 37 yuan/ton, an increase of 47 yuan/ton from the previous week. The estimated profit of Thai sugar within the quota was 1,198 yuan/ton, a decrease of 60 yuan/ton from the previous week; the estimated profit outside the quota was 10 yuan/ton, a decrease of 54 yuan/ton from the previous week [34][40] 3.3 Industry Chain - **Supply Side**: As of the end of September 2025, the national sugar production in the 2024/25 sugar - making season was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03%. As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a month - on - month decrease of 450,000 tons or 27.91%, and a year - on - year increase of 60,100 tons or 5.45%. In August 2025, China's sugar imports were 830,000 tons, a year - on - year increase of 15% and a month - on - month increase of 90,000 tons. From January to August 2025, the cumulative sugar imports were 2.61 million tons, a year - on - year increase of 4.15% [43][46][50] - **Demand Side**: As of the end of August 2025, the total sugar production in the 2024/25 sugar - making season was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03%. The cumulative sugar sales were 9.9998 million tons, a year - on - year increase of 1.1388 million tons, and the cumulative sugar sales rate was 89.59%, a year - on - year increase of 0.65 percentage points. In August 2025, China's monthly production of refined sugar was 454,100 tons, a year - on - year increase of 49.3%, and the monthly production of soft drinks was 17.7578 million tons, a year - on - year increase of 0.5% [54][58] 3.4 Options and Stock Market - **Options Market**: The implied volatility of at - the - money options for white sugar this week is presented in the report, but no specific data is mentioned [59] - **Stock Market**: The report shows the price - to - earnings ratio of Nanning Sugar Industry, but no specific analysis or data conclusions are provided [63]

Core Insights - The Chinese sugar import volume in April 2025 reached 130,000 tons, marking a year-on-year increase of 148.5% [1] - The import value for the same period was $6.6 million, reflecting a year-on-year growth of 104.3% [1] Company Overview - Companies involved in the sugar industry include COFCO Sugar (600737) and Guangnong Sugar (000911) [1] Market Research - The report titled "2025-2031 China Sugar Industry Market Panorama Assessment and Investment Prospect Planning" was released by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For the sugar market, technical buying increased after a sharp decline in ICE raw sugar, showing signs of stabilization. However, global sugar production is expected to be high, and the downward potential of raw sugar has weakened. In the domestic market, Zhengzhou sugar was driven down by the macro - environment and the decline in raw sugar, with short - term technical rebounds but limited by supply - demand pressure [3]. - In the pulp market, the price of hardwood pulp is strong, while the price of softwood pulp is weak. The supply of wood pulp is high, and although there was a reduction in production by some pulp mills, the impact is not obvious. The demand for wood pulp is supported by the increase in the production of finished paper during the peak season, but the price increase of finished paper is weak, and the upward drive for pulp is limited [4]. - Regarding double - offset paper, the expectation of peak - season demand may support the price, but due to the high production capacity, the seasonal improvement may not lead to a significant price increase, and it is expected to be weak in the medium term [7]. - In the cotton market, the US cotton harvest is progressing steadily, and the domestic Xinjiang cotton harvest is also in progress. The market is under pressure from supply and consumption concerns, and the price is expected to be weak and volatile [8]. - For apples, the new - season apple harvest has a time lag and quality concerns, and the short - term futures price may be supported [10]. - In the jujube market, the inventory has decreased slightly. The futures price is at a high premium to the spot price, and investors are advised to short at high prices [13]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Fresh Fruit Futures Strategy** - Apple 2601: Adopt a bullish approach, with a support range of 7500 - 7600 and a pressure range of 9000 - 9200, due to the expected difference in the new - season harvest and the value of taking delivery [21]. - Jujube 2601: Short at high prices, with a support range of 10500 - 11000 and a pressure range of 11500 - 12000, as the overall commodity sentiment is strong and attention is on weather - related price premiums [21]. - **Soft Commodity Futures Strategy** - Sugar 2601: Temporarily wait and see, with a support range of 5270 - 5300 and a pressure range of 5480 - 5500, as technical buying has increased and sentiment has improved [21]. - Pulp 2511: Short within the range, with a support range of 4700 - 4800 and a pressure range of 5100 - 5200, because the short - term valuation is not high, but supply is high and the price of domestic finished paper is weak [21]. - Double - offset paper 2601: Short on rebounds, with a support range of 4100 - 4200 and a pressure range of 4400 - 4500, as the approaching peak season supports the price, but the supply is elastic [21]. - Cotton 2601: Hold short positions cautiously, with a support range of 12800 - 13000 and a pressure range of 13600 - 13700, due to the approaching new - cotton listing and concerns about Sino - US trade relations [21]. 3.2 Second Part: Market News Changes - **Apple Market** - **Fundamental Information**: In August 2025, the export volume of fresh apples was about 68,400 tons, a month - on - month increase of 27.59% and a year - on - year decrease of 17.57%. As of September 25, the national apple cold - storage inventory was 147,900 tons, a week - on - week decrease of 60,200 tons and a year - on - year decrease of 30,700 tons [22]. - **Spot Market**: In the Shandong production area, the inventory apple market is stable, and the new - season late - maturing Fuji has a delayed listing due to weather. In the Shaanxi production area, red apples are scarce, and the listing time is also postponed. The sales area market is stable [22][23][24]. - **Jujube Market**: The physical inventory of 36 sample points this week is 9167 tons, a week - on - week decrease of 36 tons, a decrease of 0.39% and a year - on - year increase of 93.89%. Attention is on the circulation of old - season jujubes and price changes before the new - season harvest [25]. - **Sugar Market**: In September, the average productivity of sugarcane in the central - southern region of Brazil was 71.9 tons per hectare, higher than the same period last year. Pakistan plans to purchase up to 100,000 tons of sugar on the international market, but the possibility of a deal seems to be decreasing [27]. - **Pulp Market**: Chinese traders counter - offered to import NBSK at $650 per ton, but sellers refused to reduce prices. A European supplier sold NBSK at $650 per ton, lower than the market level. A major Brazilian supplier will increase the price of South American bleached hardwood pulp to the Asian market by $20 per ton [30]. - **Double - offset Paper Market**: In different regions such as Shandong, Guangdong, Beijing, and Tianjin, the price of double - offset paper is relatively stable. The supply is relatively loose as some production lines resume production after the holiday, and the demand shows no sign of improvement [31][32]. - **Cotton Market**: In September 2025, Bangladesh's clothing export volume decreased year - on - year and month - on - month. In August, Vietnam's cotton textile production increased year - on - year and month - on - month, while clothing production decreased. As of October 13, the cotton harvest progress in Xinjiang was about 53.2%. Brazil's cotton production is expected to be adjusted slightly [33]. 3.3 Third Part: Market Review - **Futures Market Review**: The closing prices of apple 2601, jujube 2601, sugar 2601, pulp 2511, and cotton 2601 are 8665, 11105, 5403, 4856, and 13270 respectively, with daily changes of 0.01%, - 0.05%, 0.11%, 0.21%, and 0.04% [34]. - **Spot Market Review**: The spot prices of apple, jujube, sugar, pulp, double - offset paper, and cotton are 3.75 yuan per catty, 9.40 yuan per kilogram, 5790 yuan per ton, 5550 yuan (Shandong Silver Star), 4450 yuan (Sun Tianyang - Tianjin), and 14674 yuan per ton respectively, with corresponding changes [40]. 3.4 Fourth Part: Basis Situation No specific summarized content provided, only relevant charts are mentioned, such as the basis of apple 1 - month, jujube main contract, etc. 3.5 Fifth Part: Inter - monthly Spread Situation - For apples, the 10 - 1 spread is 535, with a month - on - month change of - 1 and a year - on - year change of - 97, expected to fluctuate repeatedly, and the recommended strategy is to wait and see. - For jujubes, the 9 - 1 spread is 315, with a month - on - month change of 295 and a year - on - year change of - 55, expected to fluctuate within a range, and the recommended strategy is to wait and see. - For sugar, the 1 - 5 spread is 32, with a month - on - month change of 5 and a year - on - year change of 15, expected to fluctuate, and the recommended strategy is to wait and see. - For cotton, the 1 - 5 spread is - 60, with a month - on - month change of - 5 and a year - on - year change of 25, expected to fluctuate within a range, and the recommended strategy is to wait and see temporarily [59]. 3.6 Sixth Part: Futures Positioning Situation No specific summarized content provided, only relevant charts about the top 20 long and short positions, trading volume, and net long and short changes of various varieties are mentioned. 3.7 Seventh Part: Futures Warehouse Receipt Situation - The warehouse receipt volumes of apple, jujube, sugar, pulp, and cotton are 0, 0, 8438, 227676, and 2773 respectively, with corresponding month - on - month and year - on - year changes [85]. 3.8 Eighth Part: Option - related Data No specific summarized content provided, only relevant charts about option trading volume, open interest, put - call ratio, and historical volatility of apple, sugar, and cotton are mentioned.

Report Information - Report Title: Sugar Daily Report [1] - Date: October 16, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Industry Investment Rating - Not provided Core Viewpoints - New York raw sugar futures rebounded slightly, but the sugar price is still considered weak after breaking through the support level and rebounding without a significant breakthrough [7] - Zhengzhou sugar futures followed the raw sugar to rebound, but the amplitude was small, with weak spot prices and cautious long - position holders [8] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market Quotes**: SR601 closed at 5403 yuan/ton, up 3 yuan or 0.06%, with a position of 433,188 contracts, an increase of 11,032 contracts; SR605 closed at 5371 yuan/ton, down 3 yuan or - 0.06%, with a position of 80,846 contracts, an increase of 4,544 contracts; US sugar 03 closed at 15.87 cents/pound, up 0.26 cents or 1.67%, with a position of 468,073 contracts, an increase of 5,674 contracts; US sugar 05 closed at 15.36 cents/pound, up 0.20 cents or 1.32%, with a position of 141,836 contracts, an increase of 2,493 contracts [7] - **Zhengzhou Sugar Main Contract**: The main contract of Zhengzhou sugar fell sharply below the 5400 - yuan mark. The 01 contract closed at 5397 yuan/ton, down 77 yuan or 1.41%, with an increase in positions of 32,133 contracts. Domestic spot prices in production areas were lowered, with Nanning sugar quoted at 5800 yuan/ton and Kunming sugar at 5690 yuan/ton [8] 2. Industry News - **Brazilian Sugarcane Data**: According to the Brazilian Sugarcane Technology Center (CTC), the average sugarcane yield per hectare in the central - southern region this season decreased by 6.5% compared to the previous season. From April to September in the 2025/26 crushing season, the average yield was 77.7 tons per hectare, a decrease of 5.5 tons from the previous season. The sugarcane quality (measured by ATR) decreased by 0.8% [9] - **Sugar Factory Startup in Inner Mongolia**: As of now, 11 sugar mills in Inner Mongolia have started operation in the 2025/26 sugar - making season, and the last one is expected to start tomorrow. The white sugar price of Inner Mongolia Lingyunhai in the 2025/26 sugar - making season is 5850 yuan/ton, and the soft sugar price is 5950 yuan/ton [9] - **Indian Sugar Exports**: India exported 775,000 tons of sugar in the 2024 - 25 market year (October 2024 to September 2025). The largest export destination was Djibouti, with an export volume of 146,000 tons, followed by Somalia with 135,000 tons and Sri Lanka with 134,000 tons [9] 3. Data Overview - **Data Graphs**: The report presents multiple data graphs, including spot price trends, contract basis, price spreads, import profits, warehouse receipts, exchange rates, and trading positions of the top 20 seats of the main contract of Zhengzhou sugar, with data sources from Wind, Zhengshang Institute, and Jianxin Futures Research and Development Department [12][14][16]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Globally, the production increase in major sugar-producing areas is being realized. Brazil is at its supply peak, with a significant increase in sugar production recently. The cumulative sugar production is almost the same as last year, and it is expected to reach a historically high level. With the recent decline in crude oil prices, the support from ethanol for sugar has weakened, leading to a bearish fundamental outlook for raw sugar. The main contract has fallen below the previous low, indicating a downward trend for raw sugar [10]. - In the domestic market, the supply mainly comes from imported sugar, and considering the weak price of foreign sugar recently, Zhengzhou sugar is expected to follow the trend of the international market in the short term [10]. 3. Summary by Sections 3.1 Data Analysis - **Futures Data**: SR05 closed at 5,389 with a gain of 3 (0.06%), SR01 at 5,403 with a gain of 6 (0.11%), and SR09 at 5,371 with a gain of 1 (0.02%). The trading volume of SR05 was 846 (a decrease of 698), SR01 was 164,189 (a decrease of 164,719), and SR09 was 18,783 (a decrease of 17,030). The open interest of SR05 was 6,287 (an increase of 225), SR01 was 433,188 (an increase of 11,032), and SR09 was 80,846 (an increase of 4,544) [3]. - **Spot Prices**: In different regions, the spot prices of sugar were as follows: 5,840 in Liuzhou, 5,905 in Kunming, 6,060 in Wuhan, 5,790 in Nanning, 6,015 in Bayuquan, 5,880 in Rizhao, and 6,240 in Xi'an. The price changes were -10 in Liuzhou, -10 in Kunming, 0 in Wuhan, -20 in Nanning, 0 in Bayuquan, 0 in Rizhao, and -40 in Xi'an [3]. - **Monthly Spreads**: SR5 - SR01 spread was -32 (a decrease of 5), SR09 - SR5 spread was 18 (an increase of 2), and SR09 - SR01 spread was -14 (a decrease of 3) [3]. - **Import Profits**: For Brazilian imports, the ICE main contract was 15.87, with a premium of (0.30), freight of 43.25, in - quota price of 4,228, out - of - quota price of 5,509, a spread of 331 compared to Liuzhou, 371 compared to Rizhao, and - 106 compared to the futures price. For Thai imports, the ICE main contract was 15.87, with a premium of 0.89, freight of 18.00, in - quota price of 4,349, out - of - quota price of 5,536, a spread of 304 compared to Liuzhou, 344 compared to Rizhao, and - 133 compared to the futures price [3]. 3.2 Market Analysis - **Important Information**: - According to the Brazilian Sugarcane Technology Center (CTC), the average sugarcane yield per hectare in the central - southern region this season decreased by 6.5% compared to the previous season. From April to September 2025/26, the average yield was 77.7 tons per hectare, 5.5 tons less than the previous season. The sugar quality (measured by ATR) dropped by 0.8% [5]. - Pakistan invited international bids to purchase up to 100,000 tons of white sugar, but as of October 14, no deal had been reported [6]. - Typhoons affected Yingmao Sugar's cane fields, causing an estimated 126,000 mu of sugarcane to be damaged, including 108,300 mu of lodging, 14,000 mu of flooding, and 3,700 mu of mudslides and landslides [9]. - **Logic Analysis**: - Internationally, the global major sugar - producing areas are seeing an increase in production. Brazil is at its supply peak, and with the decline in crude oil prices, the support from ethanol for sugar has weakened, leading to a bearish outlook for raw sugar [10]. - Domestically, the supply mainly comes from imported sugar, and Zhengzhou sugar is expected to follow the international market trend in the short term [10]. - **Trading Strategies**: - **Unilateral**: The international sugar price has broken through the previous low, with a bearish long - term trend. After a short - term sharp decline, a rebound is expected. The domestic market is expected to follow the international market and experience short - term fluctuations [15]. - **Arbitrage**: Hold a wait - and - see attitude [15]. - **Options**: Hold a wait - and - see attitude [15]. 3.3 Related Attachments The report includes multiple charts showing information such as monthly inventories in Guangxi and Yunnan, cumulative sales - to - production ratios in Guangxi and Yunnan, spot prices in Liuzhou, price spreads between regions, and various sugar basis and spreads [13][17][21][27][30][32]