Core Viewpoint - Guangnong Sugar Industry (000911) announced that its controlling shareholder, Guangxi Rural Investment Group Co., Ltd. (referred to as "Rural Investment Group"), has pledged 50.06 million shares, representing 32.67% of its holdings and 12.49% of the company's total share capital [1] Summary by Category - **Share Pledge Details** - Rural Investment Group has pledged a total of 50.06 million shares, which is 32.67% of its total holdings [1] - As of the announcement date, the cumulative pledged shares by Rural Investment Group amount to 70.06 million shares, accounting for 45.74% of its total shareholdings [1]

Group 1: Report Overview - Report Title: Sugar Daily Report, September 24, 2025 [1][2] - Researcher: Liu Qiannan [4] Group 2: Data Analysis Futures Market - SR09: Closed at 5,478, up 45 (0.83%), with a trading volume of 666 (up 107) and an open interest of 2,422 (up 131) [5] - SR01: Closed at 5,497, up 53 (0.97%), with a trading volume of 287,568 (up 65,357) and an open interest of 439,006 (down 35,005) [5] - SR05: Closed at 5,464, up 53 (0.98%), with a trading volume of 21,828 (down 1,603) and an open interest of 63,973 (down 1,542) [5] Spot Market - Spot prices in different regions: Liuzhou at 5,890, Kunming at 5,905, Wuhan at 6,080, Nanning at 5,780, Bayuquan at 6,015, Rizhao at 5,900, and Xi'an at 6,270, with no change [5] - Basis: Liuzhou at 393, Kunming at 408, Wuhan at 583, Nanning at 283, Bayuquan at 518, Rizhao at 403, and Xi'an at 773 [5] Inter - month Spreads - SR5 - SR01 spread at - 33 (no change), SR09 - SR5 spread at 14 (down 8), SR09 - SR01 spread at - 19 (down 8) [5] Import Profits - Brazilian imports: ICE主力 at 16.16, premium at 0.06, freight at 41.50, in - quota price at 4,440, out - of - quota price at 5,655, spread with Liuzhou at 235, spread with Rizhao at 245, and spread with the futures market at - 158 [5] - Thai imports: ICE主力 at 16.16, premium at 0.89, freight at 18.00, in - quota price at 4,399, out - of - quota price at 5,600, spread with Liuzhou at 290, spread with Rizhao at 300, and spread with the futures market at - 103 [5] Group 3: Market Outlook Important Information - StoneX predicts Brazil's central - southern region's sugar production in 2026/27 to reach 42.1 million tons, a 5.7% year - on - year increase, and cane crushing volume to reach 620.5 million tons, a 3.6% increase [7] - The global sugar market in 2025/26 is expected to have a surplus of 2.77 million tons, with estimated production of 197.5 million tons and consumption of 194.7 million tons [7] - Thailand's sugar production in 2025/26 is expected to be 11.4 million tons, compared to 10 million tons in 2024/25; India's is expected to be 32.3 million tons, compared to 26.1 million tons in 2024/25 [7] - Inner Mongolia Hefeng Agriculture started sugar - beet processing, expecting to process 680,000 tons; Xinjiang Luxiang Sugar Industry's 2025/2026 production season officially began [8][10] - Super - typhoon Huajiacha brought wind and rain to eastern and coastal Guangxi, with different levels of precipitation and wind in different periods [9] Logical Analysis - Internationally, Brazil is at its supply peak, and global inventories are accumulating. The latest data shows a high sugar - making ratio and increased sugar production in Brazil, which has a negative impact on prices, but low - price sugar has strong support [11] - Domestically, China's sugar imports in August remained high, domestic sugar inventories are low, and the sales - to - production ratio is high. The domestic market is affected by international sugar prices. Low prices and low domestic inventories make it difficult for Zhengzhou sugar prices to fall further. The typhoon in Guangdong and Guangxi may support Zhengzhou sugar prices [11] Trading Strategies - Single - side: International sugar is expected to fluctuate at a low level, and Zhengzhou sugar is expected to be slightly stronger in the short term due to international sugar rebound and weather effects [12] - Arbitrage: Hold off on trading [13] - Options: Hold off on trading [14] Group 4: Related Attachments - Figures include Guangxi and Yunnan's monthly sugar inventories, production - sales ratios, Liuzhou's sugar spot price, price spreads between regions and contracts, and basis of different contract months [17][18][22][26][27][29]

Core Insights - The company has upgraded its sugar production facility to achieve an annual production capacity of 20,000 tons of pharmaceutical-grade sugar [2] - Future production capacity will depend on market demand and pricing for pharmaceutical sugar [2] - The company has not yet entered the market for injectable-grade sugar, which is considered a niche product [2]

数据来源第三方(同花顺、wind)，观点仅供参考，市场有风险，投资需谨慎！ 明显利好驱动，预计震荡偏弱。操作上，建议观望为主。 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 免责声明 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 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 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 白糖产业日报 2025-09-23 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:白糖(日,元/吨) | 5444 | -8 主力合约持仓量:白糖(日,手) | 474011 | 17181 | | 期货市场 | 仓单数量:白糖(日,张) | 1 ...

Core Points - The company held its second extraordinary general meeting of shareholders on September 22, 2025, with no resolutions being rejected [2][3] - The meeting was conducted in compliance with the Company Law and the Articles of Association, utilizing a combination of on-site and online voting [2][11] Meeting Details - The meeting took place at the Zhaotai International Center in Beijing, with a total of 1,135 shareholders and representatives participating, holding 1,108,290,197 shares, which is 51.8171% of the total voting shares [14][12] - The meeting was chaired by Mr. Zhao Wei, a member of the board of directors, and all board members and supervisors attended [3][15] Resolutions Passed - The following resolutions were approved: 1. Proposal to abolish the Supervisory Board and repeal the "Rules for Supervisory Meetings" [3][18] 2. Proposal to amend the Articles of Association [4][18] 3. Proposal to amend the "Rules for Shareholder Meetings" [4][18] 4. Proposal to amend the "Rules for Board Meetings" [4][18] 5. Proposal to amend the "Independent Director Work System" [4][18] 6. Proposal to amend the "Implementation Rules for Cumulative Voting" [4][18] 7. Proposal to amend the "Management Measures for Independent Director Allowances" [4][18] Legal Verification - The meeting was witnessed by Beijing Anli Law Firm, which confirmed that the procedures for convening and holding the meeting complied with relevant laws and regulations [6][19] - The legal opinion stated that the qualifications of attendees and the voting procedures were valid and effective [19][11]

1. Report Information - Report Title: Sugar Daily Report [1] - Date: September 23, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 2. Market Review and Operation Suggestions Futures Market Quotes | Contract | Closing Price | Change | Change Rate | Open Interest | Increase/Decrease | | --- | --- | --- | --- | --- | --- | | SR601 | 5452 yuan/ton | -8 yuan | -0.15% | 456830 lots | 6523 lots | | SR605 | 5432 yuan/ton | -11 yuan | -0.20% | 58239 lots | 1083 lots | | US Sugar 10 | 15.50 cents/lb | 0.12 cents | 0.78% | 112092 lots | -10332 lots | | US Sugar 03 | 16.18 cents/lb | 0.08 cents | 0.50% | 452014 lots | 3167 lots | [7] Market Performance - On Friday, the New York raw sugar futures fluctuated and rebounded. The主力 March contract closed up 0.5% at 16.18 cents/lb. The London ICE white sugar futures主力 December contract closed up 0.2% at $455.70/ton. The Brazilian sugar industry organization UNICA's report for the second half of August showed that sugarcane crushing volume and sugar production continued to rise, while the sugar production ratio decreased month-on-month but increased year-on-year. The raw sugar price is at a low level, and further decline is difficult [7]. - Yesterday, the main contract of Zhengzhou sugar weakened. The 01 contract closed at 5452 yuan/ton, down 8 yuan or 0.15%, with an increase of 6523 lots in positions. The spot prices in domestic producing areas dropped significantly. The price of Nanning sugar was 5870 yuan, and that of Kunming sugar was 5730 yuan. Today, the rhythm of Zhengzhou sugar was contrary to that of raw sugar, showing an obvious weakening trend, mainly due to the price cut of the remaining inventory of southern sugar mills to clear the stock, which led to a sharp drop in the spot price. After the market, speculative short sellers continued to increase their positions and push down the price, and the large open interest is worthy of attention [8]. 3. Industry News Dairy and Beverage Production - In August 2025, China's dairy product output was 2.555 million tons, a year-on-year decrease of 1.3%. From January to August 2025, the cumulative dairy product output was 19.134 million tons, a year-on-year decrease of 1%. In August 2025, China's beverage output was 17.758 million tons, a year-on-year increase of 0.5%. From January to August 2025, the cumulative beverage output was 128.761 million tons, a year-on-year increase of 2.5% [9]. Import of Syrup and Premixed Powder - In August 2025, China's total imports of syrup and premixed powder were 115,500 tons, a year-on-year decrease of 155,700 tons. From January to August 2025, the total imports were 737,800 tons, a year-on-year decrease of 713,300 tons. As of the end of August in the 24/25 sugar season, the total imports were 1.3769 million tons, a year-on-year decrease of 490,500 tons [9]. Brazilian Sugarcane Industry - According to data from the Brazilian Sugarcane Industry Association (Unica), in the second half of August, the sugarcane crushing volume in the central-southern region of Brazil was 50.061 million tons, a year-on-year increase of 10.68%. There were 257 factories in operation during this period, including 237 sugarcane processing plants, 10 corn ethanol plants, and 10 flexible plants, compared with 261 factories in the same period last year (241 sugarcane processing plants, 9 corn ethanol plants, and 11 flexible plants). The sugar production of sugar mills in the second half of August was 3.872 million tons, a year-on-year increase of 18.21%. The ethanol production decreased by 1.85% year-on-year to 2.42 billion liters. The sugar production ratio of sugar mills was 54.2%, compared with 48.78% in the same period of the previous sugar season. The sugar yield per ton of sugarcane (ATR) decreased by 3.87% year-on-year to 149.79 kg/ton. As of August 31 in the 25/26 sugar season (April 2025 - March 2026), the cumulative sugarcane crushing volume in the central-southern region was 403.942 million tons, a year-on-year decrease of 4.78%. The cumulative sugar production was 26.758 million tons, a year-on-year decrease of 1.92%. The cumulative ethanol production was 18.482 billion liters, a year-on-year decrease of 10.05%. The sugar production ratio of sugar mills was 52.76%, compared with 49.09% in the same period of the previous sugar season [9]. 4. Data Overview - The report includes various data charts, such as the spot price trend, basis of the 2509 contract, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position data of the top 20 seats of the main contract of Zhengzhou sugar [11][15][18]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View of the Report The report focuses on the sugar market, highlighting the need to monitor the impact of Super Typhoon "Hagasha" on sugar - cane growing areas. It also presents various data on the supply and demand of sugar in domestic and international markets, as well as changes in production, sales, and exports [1][2][3]. 3. Summary According to Relevant Catalogs 3.1 Fundamentals Tracking - The current price of raw sugar is 15.85 cents per pound, with a year - on - year decrease of 0.33. The mainstream spot price is 5850 yuan per ton, down 60 yuan year - on - year, and the futures main contract price is 5452 yuan per ton, down 9 yuan year - on - year [1]. - The 15 spread is 20 yuan per ton, up 5 yuan year - on - year, and the 59 spread is - 23 yuan per ton, unchanged year - on - year. The mainstream spot basis is 398 yuan per ton, down 51 yuan year - on - year [1]. 3.2 Macro and Industry News - High - frequency information indicates the need to pay attention to the impact of Super Typhoon "Hagasha" on sugar - producing areas. In Brazil, sugar production in the second half of August increased by 18% year - on - year, while exports decreased, with 374 tons exported in August, a 5% year - on - year reduction, and 359 tons in July, also a 5% year - on - year reduction [1]. - Conab lowered the forecast for Brazil's sugar production in the 25/26 season to 44.5 million tons from the previous 45.9 million tons. China imported 830,000 tons of sugar in August, an increase of 60,000 tons [1]. 3.3 Domestic Market - CAOC predicts that in the 24/25 season, China's sugar production will be 11.16 million tons, consumption 15.8 million tons, and imports 5 million tons. In the 25/26 season, production is expected to be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons [2]. - As of the end of May in the 24/25 season, China produced 11.16 million tons of sugar, an increase of 1.2 million tons, and sold 8.11 million tons, an increase of 1.52 million tons, with a cumulative sales rate of 72.7%. As of the end of August, the cumulative sugar imports in the 24/25 season were 4.08 million tons, a decrease of 270,000 tons [2]. - In the 25/26 season, the market anticipates 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 230,000 tons in the 25/26 season and 4.88 million tons in the 24/25 season [3]. - As of September 1 in the 25/26 season, the cumulative sugar - cane crushing volume in the central - southern region of Brazil decreased by 4.8 percentage points year - on - year, with cumulative sugar production of 26.76 million tons, a decrease of 520,000 tons, and the cumulative MIX at 52.76%, an increase of 3.67 percentage points year - on - year [3]. - ISMA/NFCSF predicts that India's total sugar production in the 25/26 season will be 34.9 million tons, up from 29.5 million tons in the 24/25 season. Thailand's cumulative sugar production in the 24/25 season was 10.08 million tons, an increase of 1.27 million tons [3]. 3.5 Trend Intensity - The trend intensity of sugar is 0, indicating a neutral sentiment, with the value ranging from - 2 (most bearish) to 2 (most bullish) [4].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Internationally, Brazil is in the peak supply period, and global inventories are gradually accumulating. Although the recent increase in Brazilian sugar production has a negative impact on prices, considering that international sugar prices have fallen to a low level and most of the negative factors have been realized, the low - price sugar has strong support below, and it is expected to fluctuate at a low level in the short term [10]. - In the domestic market, the import volume of sugar in China remained high in August, while the inventory of domestic sugar is low and the sales - to - production ratio is high. Affected by the trend of foreign sugar, both foreign and domestic sugar prices are at a low level. With low domestic sugar inventory and a firm basis, Zhengzhou sugar is expected to oscillate within a range and rebound in the short term [10]. Summary by Directory Part 1: Data Analysis - **Futures Market**: SR09 closed at 5,455, down 14 (-0.26%); SR01 at 5,452, down 9 (-0.16%); SR05 at 5,432, down 14 (-0.26%). The trading volume of SR09 was 535, a decrease of 52; SR01 was 185,371, a decrease of 40,117; SR05 was 15,434, a decrease of 7,294. The open interest of SR09 increased by 264 to 2,042; SR01 increased by 6,523 to 456,830; SR05 increased by 1,083 to 58,239 [5]. - **Spot Market**: The spot prices of sugar in Liuzhou, Kunming, Wuhan, Nanning, Bayuquan, Rizhao, and Xi'an were 5,900, 5,905, 6,090, 5,800, 6,015, 5,930, and 6,280 respectively, with price drops of -40, -25, -35, -30, 0, -20, and -30. The corresponding basis was 448, 453, 638, 348, 563, 478, and 828 [5]. - **Monthly Spread**: The SR5 - SR01 spread was -20, down 5; the SR09 - SR5 spread was 23, unchanged; the SR09 - SR01 spread was 3, down 5 [5]. - **Import Profit**: For Brazilian imports, with an ICE主力 of 16.18, a premium of 0.06, and a freight of 41.50, the in - quota price was 4,449, the out - of - quota price was 5,666, the difference from the Liuzhou price was 234, the difference from the Rizhao price was 264, and the difference from the futures price was -214. For Thai imports, with an ICE主力 of 16.18, a premium of 0.89, and a freight of 18.00, the in - quota price was 4,407, the out - of - quota price was 5,611, the difference from the Liuzhou price was 289, the difference from the Rizhao price was 319, and the difference from the futures price was -159 [5]. Part 2: Market Judgment - **Important Information**: As of the week ending September 16, the total open interest of ICE raw sugar futures + options was 1,021,095 contracts, a decrease of 86,473 from the previous week. Speculative long positions were 165,809 contracts, an increase of 1,119 from the previous week; speculative short positions were 316,860 contracts, a decrease of 30,438 from the previous week; speculative net short positions were 151,051 contracts, a decrease of 31,557 from the previous week [7]. - India's sugar exports this year are expected to be less than 800,000 tons, unable to meet the quota of 1 million tons. So far, about 750,000 tons of export contracts have been signed and about 720,000 tons have been actually exported. It is estimated that the total export volume in the 2024 - 2025 season will be about 775,000 tons [7]. - On September 17, 2025, Hulunbuir Angel Shengtong Sugar Industry started production, marking the official start of the 2025/2026 sugar - making season, 5 days later than the same period last year. It is expected to process about 1 million tons of beets. Due to more rain in the fall, the actual start - up time was 10 days later than planned. Currently, the new - sugar prices of white sugar and rock sugar in Inner Mongolia are 5,700 yuan/ton and 5,730 yuan/ton respectively. Heifeng Agriculture is expected to start production today, 3 days later than last year. Inner Mongolia Lingyunhai Tianshan Sugar Factory is expected to start production on September 25 to produce rock sugar, and Zhangbei and Qianqi Sugar Factories are expected to start production on September 28 to produce rock sugar and white sugar respectively. If they start as scheduled, the start - up time will be significantly earlier than last year [7][9]. - **Trading Strategies**: For unilateral trading, foreign sugar prices are at a low level and are expected to fluctuate at a low level in the short term. Zhengzhou sugar prices are also at a low level, and the downward space is limited. For arbitrage and options, it is recommended to wait and see [11][12][13]. Part 3: Relevant Attachments - The part mainly includes multiple charts such as Guangxi and Yunnan monthly inventory, Guangxi and Yunnan sales - to - production ratio trends, Liuzhou white sugar spot price, and various sugar price spreads and basis charts, with data sources from Galaxy Futures and WIND [14][17][21]

Report Information - Report Name: Sugar Daily Report - Date: September 22, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - On Thursday, New York raw sugar futures fluctuated weakly. The increase in production pressure led to the decline of raw sugar. Zhengzhou sugar was generally weaker than raw sugar, and the sharp decline at 5500 was mainly due to the efforts of speculative short - sellers. Whether they can continue to increase positions and drive down prices in the future is worthy of attention. India's sugar export in the new season may suppress global sugar prices [6][7][8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market Conditions**: The main contract of New York raw sugar futures, the October contract, closed down 0.84% to 15.41 cents per pound. The December contract of London ICE white sugar futures closed down 1% to $454.60 per ton. The SR601 contract of Zhengzhou sugar closed at 5461 yuan per ton, down 35 yuan or 0.64%, with an increase of 17,853 positions. Domestic spot prices in production areas declined, with the price in Nanning at 5930 yuan and that in Kunming at 5760 yuan [7][8]. 3.2 Industry News - **Brazilian Sugar Production**: In the second half of August, the central - southern region of Brazil crushed 50.061 million tons of sugarcane, a year - on - year increase of 10.68%. Sugar production was 3.872 million tons, a year - on - year increase of 18.21%. Ethanol production decreased by 1.85% year - on - year to 2.42 billion liters. As of August 31, in the 2025/26 season, the cumulative sugarcane crushing was 403.942 million tons, a year - on - year decrease of 4.78%; cumulative sugar production was 26.758 million tons, a year - on - year decrease of 1.92%; cumulative ethanol production was 18.482 billion liters, a year - on - year decrease of 10.05% [9]. - **Indian Sugar Export**: India, the world's second - largest sugar producer, is expected to have sufficient surplus sugar stocks to allow sugar exports in the new season starting on October 1. Indian exports may suppress global sugar prices [9]. 3.3 Data Overview - Multiple data charts are presented, including spot trends, contract basis, price spreads, import profits, exchange warehouse receipts, exchange rate, and the trading and holding positions of the top 20 seats of the main contract of Zhengzhou sugar [12][14][19][21].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Due to the high import volume in China in August and the significant year - on - year increase in sugar production in the central - southern region of Brazil in August, the Zhengzhou sugar futures price broke through the support level and declined. The general direction of the sugar price remains bearish. However, considering the abnormal surge in short - term positions and trading volume, there is a possibility of a short - term rebound, so cautious trading is recommended [9]. 3. Summary According to the Directory 3.1. Weekly Assessment and Strategy Recommendation - **Market Review**: - **External Market**: The price of raw sugar declined this week. As of Friday, the closing price of the ICE raw sugar March contract was 16.18 cents per pound, a decrease of 0.35 cents per pound or 2.12% from the previous week. The raw sugar 3 - 5 spread fluctuated at 0.41 cents per pound, up 0.01 cents per pound from the previous week. The London white sugar 3 - 5 spread weakened to 0.4 dollars per ton, down 0.4 dollars per ton from the previous week. The raw - white spread of the March contract fluctuated at 93 dollars per ton, up 2 dollars per ton from the previous week [9]. - **Domestic Market**: The price of Zhengzhou sugar declined this week. As of Friday, the closing price of the Zhengzhou sugar January contract was 5461 yuan per ton, a decrease of 79 yuan per ton or 1.43% from the previous week. The spot price in Guangxi was 5840 yuan per ton, down 60 yuan per ton from the previous week. The basis fluctuated at 379 yuan per ton, up 19 yuan per ton from the previous week. The 1 - 5 spread fluctuated at 15 yuan per ton, down 8 yuan per ton from the previous week. The profit from spot imports after quota increased to 426 yuan per ton, up 30 yuan per ton from the previous week [9]. - **Industry News**: - In the second half of August, the cane crushing volume in the central - southern region of Brazil was 50.06 million tons, a year - on - year increase of 10.68%. The sugar production in this region was 3.87 million tons, a year - on - year increase of 18.21% [9]. - In August 2025, China imported 830,000 tons of sugar, an increase of 62,700 tons year - on - year. From January to August 2025, China imported 2.612 million tons of sugar, an increase of 121,000 tons year - on - year [9]. - **View and Strategy**: The general direction of the sugar price remains bearish. But due to the abnormal surge in short - term positions and trading volume, there may be a short - term rebound. It is recommended to trade cautiously. The trading strategy is to short at high prices, with a profit - loss ratio of 2:1, a recommended cycle within 3 months, and the core driving logic being high import supply pressure and the expectation of increased production in the new crushing season. The recommendation level is 3, and it was first proposed on August 16, 2025 [9][11]. 3.2. Spread Trend Review - The report presents multiple spread trend charts, including spot price and basis, spot - to - spot spreads, domestic - foreign spreads, raw - white spreads, raw sugar spot premiums and discounts, and sugar - alcohol price ratio fluctuations. These charts cover various time periods from 2021 to 2026, showing the trends of different spreads such as the basis between Guangxi Nanning spot and Zhengzhou sugar futures, the spreads between different contract months of Zhengzhou sugar, and the spreads between raw sugar and white sugar [17][20][25]. 3.3. Domestic Market Situation - **Production**: The report shows the monthly and cumulative sugar production in China from 20/21 to 24/25 [41]. - **Imports**: It presents the monthly and annual cumulative import volumes of sugar, syrup, and premixed powder in China from 2021 to 2025 [44]. - **Sales**: The monthly and cumulative sugar sales volumes and sales progress in China from 20/21 to 24/25 are shown [49]. - **Industrial Inventory**: The monthly industrial inventory in China from 2021 to 2025 and the inventory in Guangxi's three - party warehouses are presented [52]. 3.4. International Market Situation - **Brazil Central - Southern Production**: The report shows the bi - weekly and cumulative sugar production, the cumulative cane - to - sugar ratio, and the cumulative cane crushing volume in the central - southern region of Brazil from 21/22 to 25/26 [57]. - **India Production**: The bi - weekly and cumulative sugar production in India from 20/21 to 24/25 are presented [62]. - **Thailand Production**: The bi - weekly and cumulative sugar production in Thailand from 20/21 to 24/25 are shown [65]. - **Brazil Shipment**: The sugar inventory in the central - southern region of Brazil and the quantity of sugar waiting to be shipped at Brazilian ports from 21/22 to 25/26 are presented [68].