Group 1 - The core viewpoint of the article is that Yuegui Co., Ltd. (SZ 000833) expects a significant increase in net profit for the third quarter of 2025, projecting a range of 420 million to 470 million yuan, which represents a year-on-year growth of 86.87% to 109.11% [1] - The main reasons for the profit increase include ongoing cost reduction and efficiency improvement efforts, which have effectively lowered product costs, along with a year-on-year rise in the prices of major ore products [1] - As of the report date, the market capitalization of Yuegui Co., Ltd. is 10.8 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Yuegui Co., Ltd. is as follows: mining industry accounts for 39.59%, sugar production for 21.46%, paper industry for 14.59%, chemical industry for 13.66%, and other industries for 9.72% [1]

Group 1 - The core point of the article is that COFCO Sugar Industry (SH 600737) announced the convening of its 20th meeting of the 10th board of directors on October 13, 2025, via communication voting, which included the proposal to hold the third extraordinary shareholders' meeting in 2025 [1] - For the fiscal year 2024, COFCO Sugar's revenue composition is as follows: industrial segment accounts for 70.43%, trading segment for 28.93%, other businesses for 0.46%, and agriculture for 0.18% [1] - As of the report date, COFCO Sugar's market capitalization is 34.6 billion yuan [1]

| 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) -26 主力合约持仓量:白糖(日,手) | 5470 | | | 390023 | 4187 | | | 仓单数量:白糖(日,张) -186 期货前20名持仓:净买单量:白糖(日,手) | 8681 | | | -75264 | 209 | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ | 0 | 0 | | | | | 吨) 现货市场 | -37 进口加工估算价(配额内):泰国糖(日,元/ | 4426 | | | 4446 | -38 -50 | | | 进口巴糖估算价(配额外,50%关税)(日,元 吨) -49 进口泰糖估算价(配额外,50%关税)(日,元 | | | | | | | | | 5621 | | | 5647 | | | /吨) | 现货价:白砂糖:昆明(日,元/吨) -10 现货价:白砂糖:南宁(日,元/吨) /吨) ...

Group 1 - The current spot price of white sugar in Guangxi is 5679 CNY/ton, with a slight increase of 7 CNY/ton [1] - The price range for Guangxi Sugar Group is adjusted to 5780-5860 CNY/ton, with mixed changes of 10-20 CNY/ton [1] - In Yunnan, the price range is 5690-5740 CNY/ton, while the main processing sugar factories maintain a price range of 5860-6050 CNY/ton [1] Group 2 - The national white sugar price list shows various prices, with food-grade sugar in Hubei priced at 6500 CNY/ton and industrial-grade sugar in Jiangsu and Anhui at 3000 CNY/ton [2] - The main futures contract for white sugar closed at 5489 CNY/ton, with a decrease of 0.51% and a trading volume of 56,988 contracts [2] Group 3 - In Inner Mongolia, 8 sugar factories have started production for the 2025/26 crushing season, with a delay of over ten days due to recent heavy rainfall affecting sugar beet quality [3] - The estimated sugar production in Inner Mongolia for the 2025/26 season is around 650,000 to 680,000 tons, remaining stable compared to the previous season [3] Group 4 - In Brazil's central-south region, sugar production in the first half of September increased significantly by 15.72% year-on-year to 3.622 million tons, with the sugar-to-ethanol ratio rising by 5.75% to 53.49% [4] Group 5 - The impact of recent typhoons on Guangxi's sugarcane production is significant, with areas like Chongzuo assessing damage and recovery [5] - Typhoon "Maidam" has severely affected the sugarcane in Zhanjiang, with overall damage reported to be worse than last year's Typhoon "Mojia" [5] - Despite the damage from typhoons, the increase in sugarcane planting area and overseas supply pressure may limit short-term price increases for sugar [5]

Report Investment Rating - The report maintains a bearish outlook on the sugar industry [1][9][10] Core View - The sugar market is under pressure due to high yields in Brazil and expected production increases in the Northern Hemisphere. The overall recommendation is to continue shorting on rallies in the fourth quarter [9][10][11] Summary by Section 1. Monthly Assessment and Strategy Recommendation - **Market Review**: In September, the ICE raw sugar March contract price fell to 16.6 cents per pound, a 2.24% decline. The Zhengzhou sugar January contract price dropped to 5493 yuan per ton, a 1.98% decrease. Various spreads and basis also showed different trends [9] - **Industry News**: In the first half of September, Brazil's central - southern region had a 6.94% year - on - year increase in cane crushing to 4597.3 million tons and a 15.72% increase in sugar production to 362.2 million tons. As of October 8, the number of vessels waiting to load sugar at Brazilian ports increased to 83, and the waiting sugar volume rose to 360.81 million tons [9] - **View and Strategy**: The sugar production data from Brazil in the first half of September was bearish but in line with expectations. With the new 2025/26 sugar - crushing season starting and expected production increases in the Northern Hemisphere, a bearish view is maintained, and shorting on rallies in the fourth quarter is recommended [9] - **Fundamental Assessment**: The basis weakened slightly, the monthly spread was weak, the production - sales area spread fluctuated, the raw - white sugar spread changed little, the raw sugar production advantage expanded slightly, and the high valuation of the futures market was somewhat corrected. The overall recommendation is to short on rallies in the fourth quarter [10] - **Trading Strategy**: A single - side shorting on rallies strategy is recommended with a profit - loss ratio of 2:1 within 3 months. The core driving logic is the large import supply pressure and expected production increase in the new season [11] 2. Spread Trend Review - The report presents multiple spread trend charts, including spot price and basis, spot - to - spot spreads, domestic - foreign spreads, raw - white sugar spreads, raw sugar spot premiums and discounts, and sugar - alcohol price ratios, showing the historical trends of these spreads from 2021 to 2025 [17][20][25] 3. Domestic Market Situation - **Production**: The report shows the monthly and cumulative sugar production in China from 20/21 to 24/25 [41] - **Imports**: Data on monthly and annual cumulative imports of sugar, syrup, and premixes in China from 20/21 to 24/25 are presented [44] - **Sales**: The monthly sugar sales volume and cumulative sales progress in China from 20/21 to 24/25 are shown [49] - **Inventory**: The monthly industrial inventory in China and the inventory in Guangxi's three - party warehouses from 20/21 to 24/25 are presented [52] 4. International Market Situation - **Brazilian Central - Southern Production**: Charts show the bi - weekly and cumulative sugar production, cumulative cane - to - sugar ratio, and cumulative cane crushing volume in Brazil's central - southern region from 21/22 to 25/26 [57] - **Indian Production**: The bi - weekly and cumulative sugar production in India from 20/21 to 24/25 are presented [62] - **Thai Production**: The bi - weekly and cumulative sugar production in Thailand from 20/21 to 24/25 are shown [65] - **Brazilian Shipment**: Charts show the sugar inventory in Brazil's central - southern region and the sugar volume waiting to be shipped at Brazilian ports from 21/22 to 25/26 [68]

证券日报网讯广农糖业（000911）10月10日在互动平台回答投资者提问时表示，截至9月30日公司股东 人数为3.41万户。 ...

白糖市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 瑞达期货研究院 「2025.10.10」 关 注 微信客 服 号 添加客服 业务咨询 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 行情展望：巴西对外贸易秘书处公布的出口数据显示，巴西9月份出口食糖324.58 万吨，环比减少49.32万吨，同比减少16.3%。巴西2025/26榨季（4月-次年3月） 以来，截至2025年9月巴西糖累计出口1775万吨，同比减少8.73%，巴西出口糖环 比减少，受国际糖价下跌及需求疲软等多重因素影响，显示出当前巴西糖出口正面 临较大压力。国内市场:受台风"麦德姆"带来强降雨影响，广西部分甘蔗出现倒 伏等情况，产量或带来影响。不过北方甜菜产区糖厂陆续开机生产，加之9月关税 配额外原糖预报到港数量为46万吨，供应将逐渐增加。 交易策略：操作上，建议郑糖2601合约短期偏空对待。 未来关注因素： 「 周度要点小结」 行情回顾：本周郑糖2601合约价格微涨，周度涨幅约0.05%。 1、国内产销情况 2、新季产量 3 「 期现市场情况」 本周美糖市场 图1、 ...

Core Viewpoint - The white sugar futures market experienced a slight decline, with the main contract dropping by 0.38% to close at 5496.00 yuan, following a rapid decrease that saw it hit a low of 5490.00 yuan [1][2]. Group 1: Market Analysis - Nanhua Futures indicates that the short-term upward momentum for sugar prices is limited due to the impact of recent typhoons on sugarcane production in Guangxi, despite an increase in planting area and overseas supply pressure [3]. - Guotou Anxin Futures emphasizes the importance of monitoring weather conditions and sugarcane growth, noting that production data from Brazil remains bearish, with an increase in sugar output year-on-year [4]. - Zhongcai Futures forecasts a period of price fluctuations for sugar, citing early sales in the current crushing season and low industrial inventory levels, while also highlighting the pressure from international markets and the need to observe raw sugar price trends [5].

Core Insights - The report indicates that China's sugar imports in August 2025 reached 830,000 tons, representing a year-on-year increase of 7.5%, while the import value was $35.6 million, showing a year-on-year decrease of 7% [1]. Group 1: Company Overview - Listed companies in the sugar industry include COFCO Sugar Holdings (600737) and Guangnong Sugar Industry (000911) [1]. Group 2: Market Analysis - The report titled "2025-2031 China Sugar Industry Market Panorama Assessment and Investment Prospect Planning" was published by Zhiyan Consulting, a leading industry consulting firm in China [2]. - Zhiyan Consulting has been deeply engaged in industry research for over a decade, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [2].

行业 白糖日报 日期 2025 年 10 月 10 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 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 | 涨跌幅 | 持仓量（张） | 增减 | | SR601 | 5528 | 38 | 0.69% | 373744 | -14293 | | SR605 | 5492 | 42 | 0.77% | 64062 | -1687 | | 美糖 03 | 16.60 | 0.15 | 0.91% | 464803 | -2953 | | 美糖 05 | 16.14 | 0.15 | 0.94% | 1 ...