Core Viewpoint - The company has effectively utilized its raised funds in accordance with regulatory requirements, with no instances of mismanagement or violation of fund usage guidelines [7][9]. Fund Utilization Summary - As of December 31, 2024, the raised funds in various branches of Agricultural Bank of China and Industrial and Commercial Bank of China have been fully utilized, and the special accounts for these funds have been closed [1]. - The actual investment amount from self-raised funds prior to the non-public offering was RMB 275.45 million [2]. - There are no instances of using idle raised funds to temporarily supplement working capital as of December 31, 2024 [3]. - The company has not engaged in cash management or investment in related products with idle raised funds as of December 31, 2024 [4]. Changes in Fund Utilization - In October 2020, the company approved a change in the use of raised funds, reallocating RMB 88.53 million from certain projects to others, including RMB 20 million to Xinjiang Sifang Industrial Co., Ltd. and RMB 68.53 million to Beihai Sugar Industry [5]. - In February 2022, the company terminated certain investment projects and permanently supplemented working capital with the remaining raised funds amounting to RMB 86.4 million [6]. - In December 2023, the company announced the completion of certain projects and the termination of others, reallocating RMB 46.73 million to permanently supplement working capital [6]. Compliance and Audit Reports - The board of directors believes that the company has disclosed the storage and actual usage of raised funds in a timely, truthful, accurate, and complete manner, complying with regulatory requirements [7]. - The audit report from Tianzhi International Accounting Firm confirms the pre-investment of raised funds [2]. - The special report on the storage and usage of raised funds reflects the company's compliance with relevant regulations [8]. - The sponsor institution, CITIC Jian Investment Securities, has verified that the company's usage of raised funds aligns with regulatory requirements and does not harm shareholder interests [9]. Additional Information - The company does not have instances of multiple financings with separate fund utilization in the same year [10].

Report Industry Investment Rating - The investment rating for the sugar industry is "Range-bound" [1] Core Viewpoints - The sugar market shows a range-bound trend. In the international market, factors such as the US imposing reciprocal tariffs, market trading of recession expectations, low inventory in Brazil, lower-than-expected production in India, and reduced exports from Brazil and China have an impact on the market. In the domestic market, there are differences between production, consumption, and imports, and the global sugar supply is expected to be in shortfall [1][2] Summary by Relevant Catalogs Fundamental Tracking - The raw sugar price is 17.81 cents per pound, with a year-on-year increase of 0.09 cents; the mainstream spot price is 6,150 yuan per ton, up 20 yuan year-on-year; the futures main contract price is 5,936 yuan per ton, up 52 yuan year-on-year. The 59 spread is 172 yuan per ton, down 7 yuan year-on-year; the 15 spread is 104 yuan per ton, up 9 yuan year-on-year; the mainstream spot basis is 214 yuan per ton, down 32 yuan year-on-year [1] Macro and Industry News - High-frequency information indicates that the US imposing reciprocal tariffs, market trading of recession expectations have put pressure on raw sugar. In Brazil, with low inventory, India's production is lower than expected, and precipitation in the Brazilian production area in Q1 is low. The NFCSF has lowered India's sugar production forecast for the 24/25 season from 26.5 million tons to 25.9 million tons. Brazil exported 1.85 million tons in March, a year-on-year decrease of 30.7%. China's imports of regular sugar, syrup, and premixed powder from January to February have significantly declined [1] Domestic Market - CAOC expects domestic sugar production of 11 million tons, consumption of 15.8 million tons, and imports of 5 million tons in the 24/25 season. As of the end of March, the national sugar production in the 24/25 season was 10.75 million tons (+1.17 million tons), cumulative sugar sales were 6 million tons (+1.26 million tons), and the cumulative sugar sales rate was 55.8%. China imported 80,000 tons of sugar from January to February (-1.11 million tons) [2] International Market - ISO expects a global sugar supply shortage of 4.88 million tons in the 24/25 season (previously a shortage of 2.51 million tons). As of March 31, the cumulative sugarcane crushing volume in the central-southern region of Brazil in the 24/25 season decreased by 4.98 percentage points year-on-year, with cumulative sugar production of 40.17 million tons (-2.25 million tons), and the cumulative MIX decreased by 0.82 percentage points year-on-year. As of March 31, India's sugar production in the 24/25 season was 24.85 million tons (-5.4 million tons). As of April 1, Thailand's cumulative sugar production in the 24/25 season was 10.04 million tons (+1.3 million tons) [2] Trend Intensity - The trend intensity of sugar is 0, indicating a neutral outlook [3]

本报记者 马宇薇 老牌糖企的"新东家"来了。 4月15日，盛泰创发与滨海创发（深圳）贸易有限公司（以下简称"滨海创发"，系盛泰创发控股股东）、李延永、张文 国、滨州中裕食品有限公司（以下简称"中裕食品"）的全资子公司滨州中裕科技投资发展有限公司（以下简称"中裕科技投 资"）签署增资协议，中裕科技投资以13亿元现金对价，取得华资实业控股股东盛泰创发55%股权，从而间接持有华资实业 29.9%股份，导致华资实业实控人变更。 4月17日，包头华资实业股份有限公司（以下简称"华资实业"）披露简式权益变动报告书，宣布公司实际控制人（以下简 称"实控人"）将变更。 公司迎来新实控人 不同于传统的股权收购，华资实业此次实控人变更采用增资路径。 具体来看，4月14日，华资实业收到公司控股股东海南盛泰创发实业有限公司（以下简称"盛泰创发"）的通知，获悉盛泰 创发正在筹划引入战略投资者增加注册资本，该事项可能导致公司实控人变更，公司股票于4月15日起停牌。 2024年，华资实业如期建成年产2万吨黄原胶项目并顺利试产，公司实业基础得到进一步夯实，多元化经营取得新的突 破。 山东卓创资讯股份有限公司分析师牛哲在接受《证券日报》记者采 ...

产业筑基，甘蔗地里生出"共富经" 转自：新华财经 四月，春雨润泽，石榴花现蕾，在八桂大地的沃土之上，新绿的蔗苗破土竞发，广西儿女们忙着耕 耘……近年来，广农糖业以党建为引领、科技创新为驱动，将制糖主业深度融入乡村振兴当中，在甜蜜 赋能边疆发展的特色道路上稳步向前。 党建引领，把稳民族团结"方向盘" 在多个少数民族聚居的蔗区，广农糖业将党组织建在产业链上，探索"3+3"模式夯实团结根基。通过构 建"片区+乡镇+村屯"三级糖业先锋网格体系，为周边村镇提供甘蔗生产全周期一体化服务；依托党建 联盟搭建"支部+乡镇政府+村级党组织"三元协同结对帮扶模式，不断织密起民族团结的"连心网"。 三年来，在助农种蔗、道路修缮、助农抗旱等实践活动和突击行动中，党员先锋队与壮、瑶、苗等各族 群众协同作战，共完成农村道路修缮4333.25公里，低洼石头地改良面积约5.4万亩，维修基地水电108 个，惠及796个村镇。 "甘蔗甜，歌更甜，我们就像石榴籽一样紧紧抱在一起。"正如在博庆公司举办的蔗区大规模甘蔗丰收节 广场舞大赛，毛南族的蔗农感慨道："活动不仅是一次丰收的庆祝，更是160个村委、4800名各族群众同 台联欢，展现少数民族地区文 ...

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - ICE raw sugar futures dropped on Friday, with a 4% decline in the weekly line, due to concerns about US tariff policies triggering a global economic recession [4] - From January to February 2025, China's cumulative sugar imports were 80,000 tons, a year - on - year decrease of 1.11 million tons, and the cumulative exports of syrup and premixed powder were 109,200 tons, a year - on - year decrease of 59,100 tons [3] 3. Summary by Relevant Catalogs Domestic Market - Spot quotes: The platform quote of middlemen in Nanning is 6,200 yuan/ton, and that in Kunming is 5,970 - 6,080 yuan/ton [3] - Market information: From January to February 2025, China's cumulative sugar imports decreased by 1.11 million tons year - on - year, and the cumulative exports of syrup and premixed powder decreased by 59,100 tons year - on - year [3] International Market - ICE raw sugar futures fell on Friday, with a 4% decline in the weekly line, due to concerns about US tariff policies causing a global economic recession [4] - As of March 31, 113 sugar mills in India were in the 24/25 crushing season, crushing 265.326 million tons of sugarcane and producing 24.85 million tons of sugar, compared with 203 mills in the same period last year, which crushed 298.104 million tons of sugarcane and produced 30.25 million tons of sugar [5] Sugar Futures Weekly Price and Spreads - SR01 closed at 5,718 with a - 0.21% change; SR03 at 5,689 with a - 0.16% change; SR05 at 6,056 with a - 0.49% change; SR07 at 5,978 with a - 0.32% change; SR09 at 5,918 with a - 0.42% change; SR11 at 5,793 with a - 0.31% change; SB at 17.83 with a 0% change; W at 503.1 with a 0% change [6] Sugar Spot Weekly Price and Spreads - Nanning's price was 6,180 yuan/ton with a - 80 yuan change; Liuzhou's was 6,160 yuan/ton with a - 90 yuan change; Kunming's was 5,960 yuan/ton with a - 60 yuan change; Zhanjiang's was 6,100 yuan/ton with a - 80 yuan change; Rizhao's was 6,280 yuan/ton with a - 70 yuan change; Urumqi's was 6,000 yuan/ton with a 0 yuan change [7] Sugar Weekly Basis - The basis of Nanning - SR01 was 462 with a 37 change; Nanning - SR03 was 491 with a 36 change; Nanning - SR05 was 124 with a - 9 change; Nanning - SR07 was 202 with a 31 change; Nanning - SR09 was 262 with a 6 change; Kunming - SR01 was 242 with a 27 change; Kunming - SR03 was 271 with a 26 change; Kunming - SR05 was - 96 with a - 19 change; Kunming - SR07 was - 18 with a 21 change; Kunming - SR09 was 42 with a - 4 change [8] Brazil Market - As of April 2, the number of ships waiting to transport sugar at Brazilian ports was 36 (last week was 38), and the sugar waiting to be transported was 1.4227 million tons (last week was 1.5554 million tons) [10] - In the first week of April in Brazil, 236,600 tons of sugar were exported, with an average daily export of 59,100 tons, a 31% decrease compared with the average daily export in March last year [10] - Brazil's industry organization Orplana predicted that the sugarcane output in the central - southern region in the 25/26 crushing season would be 605 - 618 million tons, lower than 630 - 640 million tons in the previous season [10] Sugar Weekly Import Price Changes - The in - quota price of Brazilian imports was 5,068 yuan/ton with a - 243 yuan change, and the out - of - quota price was 6,458 yuan/ton with a - 317 yuan change; the in - quota price of Thai imports was 4,992 yuan/ton with a - 311 yuan change, and the out - of - quota price was 6,360 yuan/ton with a - 405 yuan change [11]

Market Overview - Domestic sugar futures (Zheng sugar) experienced a high-level adjustment, with a weekly decline of 103 CNY/ton, or -1.66%, closing at 6086 CNY/ton[4] - International raw sugar (New York sugar) saw a weekly drop of 1.1 cents, or -5.81%, ending at 17.83 cents/pound due to weak demand and adverse weather conditions in Brazil[4] Production and Sales - For the 2023/24 sugar production period, total sugar output reached 10.748 million tons, an increase of 1.175 million tons year-on-year[7] - Cumulative sugar sales amounted to 5.9958 million tons, up 1.2613 million tons year-on-year, with a sales rate of 55.79%, reflecting a 6.33% increase[7] Import Dynamics - Current import profits for Brazilian raw sugar are at -247.16 CNY/ton, while Thai white sugar stands at -129.81 CNY/ton, indicating reduced profitability for imports[8] Market Sentiment and Price Trends - The sentiment in the raw sugar market is negative due to concerns over demand and the impact of tariff policies, leading to a price drop below 18 cents[25] - Short-term expectations suggest a potential rebound in raw sugar prices if tariff conditions improve, but demand remains weak above 19 cents[25] Domestic Sugar Market Outlook - Domestic sugar prices are expected to be influenced by the tightening of syrup policies and the need to fill production gaps, with potential upward pressure on prices as Brazilian supplies remain uncertain[26]

1. Report Information - Report Title: Sugar Monthly Report [1] - Date: April 1, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [4] 2. Industry Investment Rating - Not provided in the report 3. Core Viewpoints - From the fundamental situation of raw sugar, the bullish factors include the early harvest in India's main producing area of Maharashtra, the end of Brazil's 24/25 sugar - crushing season with decreasing exports later, and the appreciation of the Brazilian real (though its sustainability is to be observed). The bearish factor is India's 100 - million - ton sugar export, which the market has digested. After the digestion of previous bearish factors, bullish factors support the price rebound, and raw sugar is oscillating strongly [8]. - Raw sugar has some support for domestic sugar prices, but after the Spring Festival, it is the off - season for consumption, so the upward momentum of sugar prices is insufficient [8]. - The drought in Guangxi is notable. Mtian Technology's latest forecast is that the final sugarcane output in Guangxi in the 24/25 sugar - crushing season will be lower than last season's 5118 million tons, possibly even below 5000 million tons, and the sugar output may only increase by 20 - 30 million tons compared with last season's 618 million tons [8]. - Another influencing factor is the import policy of syrup and pre - mixed powder. Thailand may negotiate with the Chinese government, and there is a possibility of the import of this part being liberalized in the future [8]. 4. Summary by Directory 4.1 Futures Market Review - In March, the raw sugar index replicated the February trend, rising and then falling. Technically, on the weekly chart, it rebounded under pressure from the 60 - week moving average, and on the monthly chart, it fell after rising to the middle Bollinger Band, with the same K - line pattern as in February. The Zhengzhou sugar index was significantly stronger than raw sugar, showing a continuous upward trend. Technically, on the weekly chart, it rebounded and broke through the 6000 mark and then the 60 - week moving average, and on the monthly chart, it broke through the middle Bollinger Band and reached the 40 - month moving average [14]. 4.2 Spot Market Conditions - In March, the spot price of sugar rebounded significantly. The spot price of Nanning sugar of Guangxi Nanhua Group rose from 6040 yuan/ton at the beginning of the month to 6130 yuan/ton at the end, an increase of 90 yuan/ton; the price of Kunming sugar in Yunnan rose from 5905 yuan/ton to 5975 yuan/ton, an increase of 70 yuan/ton; the price of processed sugar in Rizhao, Shandong rose from 6115 yuan/ton to 6210 yuan/ton, an increase of 95 yuan/ton. - In March, the number of Zhengzhou sugar warehouse receipts plus valid forecasts decreased. At the beginning of the month, there were 28325, and at the end of the month, it decreased to 27430. Among them, the registered warehouse receipts decreased from 24454 to 27410, and the valid forecasts decreased from 3871 to 20 [18]. 4.3 Futures Market Structure Analysis - In March, the futures and spot prices rose simultaneously, but the spot price increase was slightly slower than that of futures, causing the basis to shrink. The basis of the 2505 contract against the Nanning spot was 103 yuan/ton at the beginning of the month and 51 yuan/ton at the end. The basis of the 2509 contract was 230 yuan/ton at the beginning of the month and 152 yuan/ton at the end. - In March, the main 5 - month contract and the secondary main 9 - month contract of Zhengzhou sugar rose simultaneously. Speculative long - position funds shifted to the far - month contract, resulting in the 5 - month contract being weaker and the 9 - month contract being stronger. The spread between them was 127 yuan/ton at the beginning of the month and 101 yuan/ton at the end [21]. - In March, the inter - month spread between the London white sugar futures and the New York raw sugar futures' main contracts changed little. The inter - market spread in July - August was 112 US dollars/ton at the end of the month. The current spread is slightly profitable for raw sugar processing enterprises. As of March 25, the net long position of hedge funds and large speculators in raw sugar reached 52042 contracts, a significant increase from the beginning of the month. Meanwhile, the total open interest in raw sugar futures decreased significantly to 898876 contracts [22]. 4.4 Production and Sales Situation - As of the end of February 2025, in the 2024/25 sugar - making season, the national sugar production was 971.61 million tons, a year - on - year increase of 176.82 million tons, or 22.25%. The single - month sugar production in February was 222.33 million tons, a year - on - year increase of 14.3 million tons, and the February production was at a very high level compared with the same period in previous years [29]. - As of the end of February 2025, the national cumulative sugar sales in this sugar - making season were 475.16 million tons, a year - on - year increase of 97.31 million tons, or 25.75%; the cumulative sugar sales rate was 48.9%, a year - on - year increase of 1.36 percentage points. The single - month sugar sales in February were 101.66 million tons, a year - on - year increase of 35.52 million tons. The February sales volume was at a relatively high level compared with the same period in previous years, but it declined significantly month - on - month due to the post - Spring Festival consumption off - season [31]. - At the end of February 2025, the national sugar industrial inventory was 496.45 million tons, a year - on - year increase of 79.51 million tons, and it was at a relatively high level in the past five years [33]. 4.5 Import and Export Situation - In February 2025, the sugar import volume was 2 million tons, a year - on - year decrease of 47 million tons. As of the end of February, the cumulative sugar import volume in this sugar - making season was 154 million tons, a year - on - year decrease of 151 million tons. - From January to February, the total import volume of syrup and pre - mixed powder was 10.92 million tons, a year - on - year decrease of 5.91 million tons. As of the end of February in the 24/25 sugar - crushing season, the total import volume of syrup and pre - mixed powder was 74.83 million tons, a year - on - year increase of 16.48 million tons. After the national policy tightened, the import volume of syrup and pre - mixed powder decreased significantly but did not reach zero [37]. - In March, both the domestic and foreign markets showed an upward trend, but in the second half of the month, raw sugar declined while Zhengzhou sugar remained strong. At the beginning of March, the processing profit of Brazilian quota - free raw sugar was around 752 yuan/ton, and the processing profit of out - of - quota raw sugar was around - 721 yuan/ton. At the end of March, the processing profit of Brazilian quota - free raw sugar was 967 yuan/ton, and the processing profit of out - of - quota raw sugar was about - 465 yuan/ton [37][38]. 4.6 Overseas Main Producing Countries' Production Situation - According to the data of the Brazilian Sugarcane Industry Association (Unica), in the first half of March, the sugarcane crushing volume in the central - southern region of Brazil was 182.8 million tons, a year - on - year decrease of 17.81%; the sugar production was 5.2 million tons, a year - on - year decrease of 19.1%; the ethanol production increased by 20.43% year - on - year to 4.42 billion liters. Sugar mills used 30.12% of the sugarcane for sugar production, compared with 27.59% in the same period of the previous season. As of March 16 in the 24/25 sugar - crushing season, the cumulative sugarcane crushing volume in the central - southern region was 6.17285 billion tons, a year - on - year decrease of 4.94%; the cumulative sugar production was 3998.3 million tons, a year - on - year decrease of 5.34%; the cumulative ethanol production was 344.24 billion liters, a year - on - year increase of 4.11%; sugar mills used 48.09% of the sugarcane for sugar production, compared with 48.96% in the same period of the previous season. In the first half of March, 19 new factories started crushing, with a total of 37 factories in operation (including 22 sugarcane processing factories, 10 corn ethanol production factories, and 5 flexible factories), compared with 41 in the same period last year [45]. - The industry intelligence director of the Brazilian Sugarcane Industry Association (UNICA) said that sugar mills began to resume crushing operations in March. At least 19 more sugar mills will start crushing in the second half of the month, but this plan may be adjusted according to the climate and operating conditions in each sugarcane - producing area [46]. - Recently, the port logistics in Brazil has gradually eased. As of the week of March 5, the number of ships waiting to load sugar at Brazilian ports was 39, compared with 43 in the previous week. The quantity of sugar waiting to be loaded at ports was 127.2 million tons, compared with 122.74 million tons in the previous week. Among the total sugar waiting for export in that week, the quantity of high - grade raw sugar (VHP) was 113.85 million tons. According to the data released by Williams, the quantity of sugar waiting for export at Santos Port was 53.51 million tons, and at Paranaguá Port was 37.81 million tons [48]. - According to the data of the Indian Sugar and Bioenergy Manufacturers Association (ISMA), as of March 31, 2025, in the 24/25 sugar - crushing season, India's cumulative sugar production was 2476.1 million tons. Currently, 95 sugar mills are still in operation, and production in the main sugar - producing states continues. The cumulative sugar production in Uttar Pradesh was 875 million tons, and 48 sugar mills are still in operation. Due to the increase in sugarcane yield per unit area and supply, these sugar mills are expected to operate until mid - to - late April 2025. In addition, according to the data of ISMA, the sugar yield rate improved in the second half of the season, leading to an increase in sugar production. Among the 200 sugar mills in Maharashtra, only 6 have not finished harvesting, and the cumulative sugar production is 800.06 million tons. The sugar production in Karnataka is 395.5 million tons, and only two sugar mills have not finished harvesting [49]. 4.7 Exchange Rate Factors - In March, the US dollar index declined significantly. The exchange rates of the Brazilian real and the Thai baht against the US dollar appreciated. At the end of the month, the US dollar - to - real exchange rate was 5.7416, compared with 5.7908 at the beginning of the month; the US dollar - to - baht exchange rate was 33.6956 at the end of the month, compared with 33.9856 at the beginning of the month [54]. 4.8 Future Market Forecast - From the fundamental situation of raw sugar, the bullish factor of India's production cut has been fully digested by the market, but the raw sugar price still followed the rising - then - falling trend in February. The market is hesitant to push up the price mainly because the new sugar - crushing season in Brazil is approaching. Although the previous drought may have affected the output, there has been some rainfall in the central - southern region of Brazil recently, and the possibility of increased production suppresses the raw sugar price. The future new - season sugar - crushing situation in Brazil needs to be observed [55]. - For the domestic sugar market, according to the February production and sales data, both sugar production and sales increased significantly, and the industrial inventory is at a relatively high level. The downstream food and beverage industry is in poor operating condition and is resistant to sugar price increases. The import volume in the first two months of the year dropped sharply, and the import policy for syrup and pre - mixed powder was confirmed to be tightened again, leaving sales space for domestic sugar. Zhengzhou sugar is stronger than raw sugar. If there is no obvious bearish pressure from Brazil, Zhengzhou sugar may continue to strengthen [55].

当前，在做优做强传统蔗糖产业的基础上，广西正加快培育糖业循环经济产业链。为推动资源的高效利 用、废弃物的减量化与资源化，广西凤糖深入实施创新驱动发展战略，目前已形成了糖、纸、肥、酒及 甘蔗多元高值化综合利用等多条蔗糖循环经济产业链，推动一二三产业融合发展，让企业增效、农民增 收、产业增值。 数据显示，2023年，光明糖业食糖销量近300万吨，食糖贸易量占全国第二，覆盖长三角、华北、华 中、华南、西部、东北等主要食糖消费区域，建立了以上海为中心、辐射全国的市场网络。 在距离凤山糖厂60多公里的鹿寨纸厂，庞大的原料堆场堆着一座三四层楼高的"蔗渣山"，工作人员正在 对蔗渣进行喷淋发酵作业。 "偏黄绿色的蔗渣是新榨季糖厂开榨后运过来的，偏棕黑色的这些是前几年留下的蔗渣。"广西凤糖生化 股份有限公司副总裁林斌说，糖厂是季节性生产，每年12月开工到次年4月停机，但是纸厂因为有稳定 的蔗渣供应和仓储可以实现全年生产。 据介绍，目前广西凤糖鹿寨纸业公司漂白蔗渣浆的产能近6万吨风干浆，蔗渣利用率为100%。作为再生 植物纤维，蔗渣浆特别适合作为纸模餐具的原料浆。尤其是近年来，国内纸模餐具需求和产能持续扩 大，使用蔗渣浆能减少木 ...

国内榨季进入尾声 预计短期糖价以震荡运行为主 一、行情回顾 昨日夜盘白糖2505主力合约下跌0.30%。 二、基本面汇总 2025年3月第3周，共计13个工作日，巴西累计装出白糖117.84万吨，去年3月为267.57万吨。日均装 运量为9.06万吨/日，较去年3月的13.38万吨/日减少32.24%。 3月25日，我国进口巴西原糖（升水0.70）加工后成本约为5170元/吨（关税配额内，15%关税）或 6628元/吨（关税配额外，50%关税）；我国进口泰国原糖（升水1.08）加工后成本约为5089元/吨（关 税配额内，15%关税）或6523元/吨（关税配额外，50%关税）。 据泰国海关数据显示，2025年2月泰国出口糖75.9万吨，同比增加58%；2024/25榨季截至25年2月泰 国累计出口糖173.88万吨，同比增加16.2%。 三、机构观点 银河期货：国际方面，考虑到当前巴西糖库存处于历史低位，叠加印度新榨季预期减少、糖价坚 挺，泰国增产低于预期，阶段性贸易流偏紧预计对原糖有所支撑。原糖短期维持偏强走势，后续还是要 关注巴西新榨季降雨对糖产预期的影响。国内方面，春节后进入传统消费淡季、消费维持刚需。2 ...

根据美国商品期货交易委员会（CFTC）补充报告的数据，截至3月18日当周投机者将原糖净空头持 仓减少了27817手，至65120手。 机构观点 新世纪期货： 供应相对宽松 白糖市场开始面临压力 消息面 据不完全统计，截至3月21日广西已有70家糖厂已收榨，目前仅有4家糖厂未收榨，本榨季开榨糖厂 总数的95%已经收榨，榨季生产进入尾声。 3月24日，我国以进口巴西原糖为原料生产的白糖其销售利润约为1357元/吨（关税配额内，15%关 税）或-132元/吨（关税配额外，50%关税）；我国以进口泰国原糖为原料生产的白糖其销售利润约1438 元/吨（关税配额内，15%关税）或-27元/吨（关税配额外，50%关税）。 华联期货： 国内增产的压力有所消化，国产糖销量较好，糖浆进口限制政策也利多郑糖。后期市场的交易重心 转向消费与进口情况。不过中长期看国际市场的食糖供应依然较为充足，美糖上方仍面临一定压力，国 内供应也较为充足，今天冲高回落，说明市场开始面临压力。操作上建议多单注意减仓或止盈，郑糖 2505参考支撑位5950元/吨。 ICE糖连续上攻20美分整数位未果，美元指数企稳转强也给商品带来一定压力；郑糖也止住了连创 ...