Group 1: Report Overview - Report Name: Sugar Daily Report [1] - Date: September 11, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Futures Market Quotes - New York raw sugar futures continued to rebound on Monday. The main October contract closed up 1.34% at 15.84 cents per pound. The London ICE white sugar futures' main December contract closed up 1.24% at $463.60 per ton. The rebound of sugar prices is more of a technical retracement [7]. - Zhengzhou sugar's main contract oscillated at a low level. The 01 contract closed at 5,535 yuan per ton, up 14 yuan or 0.25%, with an increase of 581 contracts. Domestic spot prices in production areas remained flat, with Nanning sugar quoted at 5,940 yuan and Kunming sugar at 5,770 yuan [8]. Futures Contracts Details | Contract | Closing Price | Change | Change Rate | Open Interest | Increase/Decrease | | --- | --- | --- | --- | --- | --- | | SR601 | 5,535 yuan/ton | 14 yuan | 0.25% | 389,187 contracts | 581 contracts | | SR605 | 5,507 yuan/ton | 4 yuan | 0.07% | 36,793 contracts | 307 contracts | | US Sugar 10 | 15.84 cents/pound | 0.21 cents | 1.34% | 286,293 contracts | -22,382 contracts | | US Sugar 03 | 16.49 cents/pound | 0.23 cents | 1.41% | 351,758 contracts | 15,812 contracts | [7] Group 3: Industry News - The German Sugar Industry Association (WVZ) estimated that Germany's beet refined sugar production in the 2025/26 season will drop 4.9% to 4.4 million tons from 4.63 million tons in the previous season due to a 9.3% reduction in beet planting area to about 350,100 hectares. The average sugar content of beets may rise from 16.3% to 17.2% [9]. - Brazil exported 769,037.60 tons of sugar in the first week of September, with a daily average export volume of 153,807.52 tons, a 17% decrease from the daily average in September last year [9]. - The first sugar factory in Inner Mongolia is expected to start production around September 12. The sugar production in Inner Mongolia in the 2025/26 season may be adjusted downwards but is estimated to be over 700,000 tons. The first sugar factory in Xinjiang may postpone its start - up to around National Day. The sugar production in Xinjiang in the 2025/26 season is still expected to be around the record - high level of 800,000 tons [9][10] Group 4: Data Overview - The report provides multiple data charts, 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 Zhengzhou sugar contract, with data sources from Wind and the Research and Development Department of Jianxin Futures [12][14][16][19]

Group 1 - The core viewpoint of the article highlights the increasing trend of sugarcane imports in China and the exploration of international cooperation models in sugar production, particularly the "foreign planting + domestic processing" approach [1] - COFCO Sugar's Deputy General Manager, Hu Yueyang, emphasized the establishment of large-scale raw material bases in ASEAN countries, including Vietnam, by several sugar companies [1]

Group 1 - The core viewpoint of the article highlights the increasing trend of sugarcane imports by China and the exploration of international cooperation models in sugar production, particularly the "foreign sugarcane planting + domestic sugar production" approach [1] - Hu Yueyang, Deputy General Manager of COFCO Sugar Trade Department, emphasized the establishment of large-scale raw material bases in ASEAN countries, including Vietnam, by several sugar companies, including COFCO Sugar [1]

Group 1: Industry Overview - The sugarcane industry in China, particularly in Guangxi and Yunnan, is evolving towards a circular economy, aiming to maximize the value derived from sugarcane beyond traditional sugar production [1][2] - Guangxi's sugarcane waste, known as bagasse, is being transformed into high-value materials such as biomass porous carbon for supercapacitors, showcasing innovation in waste utilization [1] - The comprehensive utilization rate of bagasse in Guangxi has reached 100%, indicating a significant advancement in the value chain from paper production to high-end supercapacitor materials [1] Group 2: Company Innovations - Green Cycle New Materials (Yunnan) Co., Ltd. is converting bagasse into biodegradable tableware and packaging materials, expanding its market reach into medical supplies and pet litter [2] - Anqi Yeast (Cruz) Co., Ltd. processes sugar molasses into high-activity dry yeast and yeast extracts, consuming nearly 250,000 tons of molasses annually and exporting products to over 130 countries [2] - Baile Qibao Rum Company is utilizing sugar molasses as a key ingredient for rum production, with an expected annual output value of 500 million yuan from its circular economy industrial park project [3] Group 3: Economic Impact - The circular economy in Guangxi's sugar industry is projected to achieve an output value of 5.4 billion yuan in 2024, reflecting a year-on-year growth of 62.15% and accounting for 13.99% of the total sugarcane industry output [3]

Report Information - Report Title: Sugar Daily Report [1] - Date: September 8, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Industry Investment Rating - Not provided Core Viewpoints - On Thursday, New York raw sugar futures weakened significantly, with the主力 October contract down 2.06% to 15.70 cents per pound. The ICE white sugar futures主力 December contract in London fell 1.2% to $462.30 per ton. Favorable weather in Brazil for sugarcane harvesting and increased sugar production in Brazil, along with the weakening of oil prices, have negatively impacted sugar prices [7]. - The主力 contract of Zhengzhou sugar oscillated at a low level yesterday. The 01 contract closed at 5,523 yuan per ton, down 17 yuan or 0.31%, with an increase of 5,022 contracts in positions. Domestic spot sugar prices in production areas declined. Today, Zhengzhou sugar 01 continued to decline but showed low - level oscillation. The price is close to the cost lower limit of sugar mills in Guangxi and the previous low in June, providing some support. After the market, speculative funds continued to increase short positions, contributing to the decline [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market Conditions**: SR601 closed at 5,523 yuan per ton, down 17 yuan or 0.31%, with an increase of 5,022 contracts in positions; SR605 closed at 5,509 yuan per ton, down 9 yuan or 0.16%, with an increase of 1,351 contracts in positions. For US sugar, the 10 - month contract closed at 15.70 cents per pound, down 0.33 cents or 2.06%, with a decrease of 8,899 contracts in positions, and the 03 - month contract closed at 16.34 cents per pound, down 0.31 cents or 1.86%, with an increase of 10,478 contracts in positions [7]. 2. Industry News - In the 25/26 sugar - making season, the estimated sugar production in Inner Mongolia may be adjusted downward due to continuous heavy rainfall in August but is still expected to be over 700,000 tons, higher than the 663,500 tons in the 24/25 season. The start - up time of the first sugar mill in Inner Mongolia is expected to be around September 12. The start - up time of the first sugar mill in Xinjiang in the 25/26 season may be postponed to around National Day, and the estimated sugar production in Xinjiang remains around the record - high level of 800,000 tons [11]. - Brazil exported 3.744 million tons of sugar in August, a year - on - year decrease of 4.47%. From April to August in the 2025/26 crushing season, Brazil's cumulative sugar exports were 14.506 million tons, a year - on - year decrease of 6.84% [11]. - The chairman of the National Federation of Cooperative Sugar Factories in India (NFCSF) stated that the export parity price of white sugar should be $500 per ton, and that of raw sugar should be over $19 per ton [11]. - According to data from Brazilian shipping agency Williams, as of the week ending September 3, the number of ships waiting to load sugar at Brazilian ports was 87, up from 72 the previous week. The quantity of sugar waiting to be loaded at ports was 3.207 million tons, up from 2.7221 million tons the previous week [11]. 3. Data Overview - Multiple data charts are provided, including spot price trends, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position of the top 20 seats of the主力 contract of Zhengzhou sugar, with data sources from Wind and the research and development department of Jianxin Futures [12][14][16][19]

Core Insights - Brazil's exports to the US dropped significantly by 18.5% in August, amounting to a loss of over 600 million USD, affecting key products like sugar, iron ore, and aircraft [1] - In contrast, Brazil's exports to countries such as China, India, and Mexico surged, with the highest increase reaching 58% [1] - The shift in Brazil's export strategy raises questions about the effectiveness of US tariffs and suggests a potential change in the global trade landscape [1] Summary by Categories Export Performance - Brazil's exports to the US fell by 18.5% in August, equating to a decrease of over 600 million USD [1] - Key products impacted include sugar, iron ore, and aircraft, which were previously strong sellers in the US market [1] Market Shifts - Exports to China, India, and Mexico saw a significant increase, with the highest growth rate at 58% [1] - This indicates a strategic pivot by Brazil towards other markets in response to US tariffs [1] Global Trade Implications - The rapid adjustment in Brazil's export focus may signal a broader shift in global trade dynamics, potentially accelerating the "de-Americanization" of supply chains [1] - The ongoing tariff wars raise questions about who the real winners are, as high tariffs may isolate the US further [1]

Group 1 - The core viewpoint of the articles highlights the significant growth in China's sugar production, with a notable increase in output expected in the coming years [1][2] - According to data from the National Bureau of Statistics, China's refined sugar production in July 2025 is projected to reach 410,000 tons, representing a year-on-year increase of 64.7% [1] - For the period from January to July 2025, the cumulative production of refined sugar in China is reported to be 9.828 million tons, reflecting a cumulative growth of 6.8% [1] Group 2 - The listed companies in the sugar industry include Huazi Industrial (600191), Yuegui Co., Ltd. (000833), Guannong Co., Ltd. (600251), COFCO Sugar Industry (600737), Jinhui Industrial (002597), Guangnong Sugar Industry (000911), and Hainan Yedao (600238) [1] - The report by Zhiyan Consulting provides an analysis of the competitive landscape and development trends in the Chinese sugar industry from 2025 to 2031 [1]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The overall outlook for sugar prices remains bearish, with the downward potential of domestic sugar prices depending on the external market. If Brazil's sugar production continues to increase from August to October, the raw sugar price may decline further, potentially leading to new lows for domestic sugar prices. Otherwise, the raw sugar price may continue to fluctuate or rebound slightly, making the trend of domestic sugar prices more uncertain [9]. 3. Summary by Relevant Catalogs 3.1 Monthly Assessment and Strategy Recommendation - **Market Review** - External market: In August, the raw sugar price fluctuated. As of August 29, the closing price of the ICE raw sugar October contract was 16.34 cents per pound, down 0.01 cents per pound from the previous month, a decrease of 0.06%. The October - March spread of raw sugar remained volatile, at -0.64 cents per pound, down 0.01 cents per pound from the previous month. The October - March spread of London white sugar strengthened significantly, at $21.5 per ton, up $19.1 per ton from the previous month. The raw - white sugar spread strengthened to $132 per ton, up $25 per ton from the previous month [9]. - Domestic market: In August, the Zhengzhou sugar price declined. As of August 29, the closing price of the Zhengzhou sugar January contract was 5,604 yuan per ton, down 51 yuan per ton from the previous month, a decrease of 0.9%. The spot price in Guangxi was 5,930 yuan per ton, down 80 yuan per ton from the previous month. The basis strengthened to 326 yuan per ton, up 109 yuan per ton from the previous month. The January - May spread fluctuated at 37 yuan per ton, down 7 yuan per ton from the previous month. The profit from out - of - quota spot sugar imports fluctuated at 477 yuan per ton, down 75 yuan per ton from the previous month [9]. - **Industry News** - According to the latest UNICA data, the sugarcane crushing volume in the central - southern region of Brazil was 47.63 million tons, an increase of 3.6 million tons or 8.17% compared to the same period last year. The sugar - making ratio was 55%, an increase of 5.85 percentage points compared to the same period last year. The sugar production was 3.61 million tons, an increase of 500,000 tons or 15.96% compared to the same period last year. As of the end of August, the cumulative sales - to - production ratio in Guangxi was 89.04%, an increase of 0.62 percentage points year - on - year. In August, the single - month sugar sales were 260,200 tons, a decrease of 96,900 tons year - on - year, and the industrial inventory was 708,700 tons, a decrease of 16,100 tons year - on - year. In Yunnan, the cumulative sales - to - production ratio was 86.09%, a decrease of 0.83 percentage points year - on - year. In August, the single - month sugar sales were 130,900 tons, a decrease of 10,100 tons year - on - year, and the industrial inventory was 336,400 tons, an increase of 70,700 tons year - on - year [9]. - **Viewpoint and Strategy** - Domestically, due to the increase in import supply, the poor sales and production data in the main producing areas in August, and the expected increase in production in Guangxi in the new crushing season. Internationally, the sugar production in the central - southern region of Brazil increased significantly year - on - year in the first half of August. Both the domestic and international markets are bearish, and the overall view on sugar prices remains bearish. The downward potential depends on the external market. If Brazil's production continues to increase from August to October, the raw sugar price may decline further, and domestic sugar prices may reach new lows. Otherwise, the raw sugar price may continue to fluctuate or rebound slightly, and the trend of domestic sugar prices will be more complex [9]. - **Fundamental Assessment** - The data on August 29, 2025, showed that the basis was 326 yuan per ton, the January - May spread of Zhengzhou sugar was 37 yuan per ton, the production - sales area spread was -140 yuan per ton, the raw - white sugar spread was $132 per ton, the sugar - alcohol spread was 2.03 cents per pound, the in - quota cost for the October contract was 4,522 yuan per ton, and the out - of - quota cost for the October contract was 5,643 yuan per ton. The multi - empty scores for basis, spread, production - sales area spread, raw - white sugar spread, sugar - alcohol spread, and cost were -0.5, -0.5, 0, +0.5, 0, and -0.5 respectively. The summary is that the probability of the continued decline of Zhengzhou sugar prices is relatively high [10]. - **Trading Strategy Recommendation** - The recommended strategy is to short at high prices in a single - side trade, with a profit - loss ratio of 2:1, a recommended cycle of within 3 months, a core driving logic of high import supply pressure and expected production increase in the new crushing season, a recommended level of 3, and the first proposed time of August 16, 2025 [11]. 3.2 Spread Trend Review - The report presents multiple spread trend charts, including those for spot prices and basis, spot - to - spot spreads, domestic - international spreads, London white sugar monthly spreads, raw - white sugar spreads, raw sugar spot premiums, and sugar - alcohol ratios, which show the historical trends of various spreads over different time periods [17][20][25] 3.3 Domestic Market Situation - The report provides charts on national sugar production, import volume (including sugar, syrup, and pre - mixed powder), sales volume, and industrial inventory, showing the historical data of these indicators over different time periods [41][44][49][52] 3.4 International Market Situation - **CFTC Positions** - Charts show the historical trends of CFTC fund net positions and commercial net positions [57] - **Brazilian Central - Southern Production** - Charts show the bi - weekly and cumulative sugar production, cumulative sugar - making ratio from sugarcane, and cumulative sugarcane crushing volume in the central - southern region of Brazil [60] - **Indian Production** - Charts show the bi - weekly and cumulative sugar production in India [65] - **Thai Production** - Charts show the bi - weekly and cumulative sugar production in Thailand [68] - **Brazilian Shipment Volume** - Charts show the sugar inventory in the central - southern region of Brazil and the quantity of sugar awaiting shipment at Brazilian ports [71]

Report Title - Syrup Premix Restrictions May Be Relaxed, Zhengzhou Sugar Prices Weaken [1] Report Industry Investment Rating - Not provided Core Viewpoints - Internationally, as Brazil reaches its supply peak, global sugar inventories are expected to enter an accumulation phase. The ISO predicts a significantly smaller supply gap of 231,000 tons in the 2025/26 sugar season compared to 4.88 million tons in the current season. With high expectations for increased global sugar production, the US sugar price has fallen to a relatively low level, and further downward space is limited, but the breakthrough of key support levels should be monitored. [3] - Domestically, domestic sugar inventories are low, but a large amount of imported sugar has recently entered the market, becoming the mainstream supply. There are rumors of relaxing some restrictions under Company 1702, which may put slight pressure on sugar prices. Given the current low sugar prices, attention should be paid to key support levels. If the rumor is confirmed, the market may react. [3] - In terms of trading strategies, for the unilateral approach, considering the recent decline in foreign sugar prices, Zhengzhou sugar is expected to be weak, and short positions can be considered at high points within the range. For arbitrage, it is advisable to wait and see. For options, a strategy of selling call options can be considered. [4] Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Trading Strategies** - Unilateral: Short positions can be considered at high points within the range due to the expected weakness of Zhengzhou sugar following the decline in foreign sugar prices. [4] - Arbitrage: Wait and see. [4] - Options: Consider selling call options. [4] Chapter 2: Core Logic Analysis - **International Supply - Demand Pattern Changes in the 2025/26 Sugar Season** - Supply - demand balance: The ISO predicts a supply gap of 231,000 tons in the 2025/26 sugar season, a significant reduction from 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 exports of 63.89 million tons and import demand of 63.768 million tons. The ending inventory/consumption ratio is expected to drop to 50.95%, about 10% lower than six seasons ago. [6] - **Brazil's Sugar Production Situation** - **Bi - weekly sugar production in the central - southern region**: In the first half of August, the sugar - cane crushing volume in the central - southern region of Brazil was 47.63 million tons, an 8.17% year - on - year increase; the ATR of sugar - cane was 144.83 kg/ton, a decrease of 6.34 kg/ton; the sugar - making ratio was 55%, a 5.85% increase; ethanol production was 2.193 billion liters, a 5.21% year - on - year decrease; sugar production was 3.615 million tons, a 15.96% year - on - year increase. [10] - **Accumulated sugar production in the central - southern region**: As of the first half of August in the 2025/26 season, the accumulated sugar - cane crushing volume was 353.881 million tons, a 6.62% year - on - year decrease; the ATR of sugar - cane was 129.26 kg/ton, a decrease of 6.04 kg/ton; the accumulated sugar - making ratio was 52.51%, a 3.37% increase; ethanol production was 16.071 billion liters, an 11.12% year - on - year decrease; sugar production was 22.886 million tons, a 4.67% year - on - year decrease, and the year - on - year decline continued to narrow from 7.76% to 4.67%. [14] - **Sugar inventory**: Brazil's sugar inventory remains at a low level compared to the same period in previous years. [15] - **Sugar Production in Other Countries** - **Thailand**: In the 2024/25 season, sugar production was about 10.05 million tons, a year - on - year increase of 1.28 million tons. In the first six months of 2025, exports were 3.36 million tons, a year - on - year increase of 820,000 tons. The 2025/26 season is expected to see a slight increase in production. [16] - **India**: In the 2024/25 season, sugar production was about 26.1 million tons, a 17.6% year - on - year decrease. The ISMA predicts that in the 2025/26 season, total sugar production will reach 34.9 million tons. After meeting domestic consumption of 28.4 million tons, there will be a surplus of about 12 million tons (including 5.5 million tons of carry - over inventory). Even if 5 million tons of sugar is used for ethanol production, the net sugar production will still reach 29.9 million tons, with about 7 million tons carried over as ending inventory. About 2 million tons of sugar may be exported in this season. [21] - **Domestic Sugar Market Situation** - **Production**: In the 2024/25 season, the sales - to - production ratio was relatively high, and inventories remained at a low level compared to the same period. In the 2025/26 season, domestic sugar production is in an increasing cycle, and it is expected to recover and reach about 11 million tons (subject to weather conditions). [24] - **Import**: High import profits have led to strong import expectations. In July 2025, China imported 740,000 tons of sugar, a year - on - year increase of 318,200 tons. From January to July 2025, China imported 1.7778 million tons of sugar, a year - on - year increase of 53,900 tons or 3.12%. As of July in the 2024/25 season, China imported 3.2395 million tons of sugar, a year - on - year decrease of 344,300 tons or 9.61%. In July 2025, China imported 159,700 tons of syrup and sugar premix, a year - on - year decrease of 68,600 tons. From January to July 2025, the total import of syrup and sugar premix was 618,800 tons, a year - on - year decrease of 561,600 tons. As of July in the 2024/25 season, the total import was 1.258 million tons, a year - on - year decrease of 338,100 tons. [39] Chapter 3: Weekly Data Tracking - Not provided in a summarized form; mainly includes various data charts such as Brazil's central - southern region's sugar production, inventory, and domestic sugar import data. [41][47][56]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - This week, the price of the Zhengzhou Sugar 2601 contract decreased with a weekly decline of approximately 1.45%. The International Sugar Organization (ISO) predicts that the global sugar supply - demand gap in the 2025/26 season will be only 231,000 tons, significantly smaller than the revised value of 4.879 million tons in the 2024/25 season. This gap can be ignored before the new season starts. In China, the sugar sales data in Guangxi and Yunnan in August decreased year - on - year. However, as the downstream is in the stocking period for the Double Festivals, rigid demand is expected to support prices, and short - term sugar price declines may be limited. It is recommended to take a wait - and - see approach for the Zhengzhou Sugar 2601 contract in the short term [5]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract fell this week, with a weekly decline of about 1.45% [5]. - **Market Outlook**: The global sugar supply - demand gap in 2025/26 is expected to be 231,000 tons. In China, August sugar sales in Guangxi and Yunnan decreased year - on - year. Guangxi sold 260,200 tons in August, a year - on - year decrease of 96,900 tons, and Yunnan sold 130,900 tons, a year - on - year decrease of 10,100 tons. But the downstream's Double Festival stocking may support prices [5]. - **Trading Strategy**: It is recommended to take a short - term wait - and - see approach for the Zhengzhou Sugar 2601 contract [5]. - **Future Focus**: Domestic production and sales, and Double Festival stocking [5] 3.2 Futures and Spot Market - **US Sugar Market**: The price of the US Sugar October contract dropped this week, with a weekly decline of about 3.92%. As of August 26, 2025, the non - commercial net short position in raw sugar futures was 74,738 lots, an increase of 4,445 lots from the previous week. Long positions were 190,535 lots, a decrease of 2,556 lots, and short positions were 265,273 lots, an increase of 1,889 lots [11]. - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 16.8 cents per pound, an increase of 0.06 cents per pound from last week [15]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2601 contract decreased this week, with a weekly decline of about 1.45%. The top 20 net positions in sugar futures were - 44,496 lots, and the Zhengzhou sugar warehouse receipts were 12,476 [19][26]. - **Zhengzhou Sugar Futures Spread**: The 1 - 5 contract spread of Zhengzhou sugar futures was + 14 yuan/ton, and the spot - Zhengzhou sugar basis was + 447 yuan/ton [30]. - **Domestic Spot Market**: As of September 5, the sugar price in Liuzhou, Guangxi was 5,970 yuan/ton, and the spot price of sugar in Kunming, Yunnan was 5,835 yuan/ton [34]. - **Imported Sugar Cost and Profit**: This week, the estimated in - quota profit for Brazilian sugar was 1,527 yuan/ton, an increase of 79 yuan/ton from last week; the out - of - quota profit was 152 yuan/ton, an increase of 75 yuan/ton. The estimated in - quota profit for Thai sugar was 1,371 yuan/ton, an increase of 54 yuan/ton, and the out - of - quota profit was 173 yuan/ton, an increase of 82 yuan/ton [40]. 3.3 Industry Chain - **Supply Side - Production Increase**: As of the end of July 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% [44]. - **Supply Side - Industrial Inventory**: As of the end of July 2025, the national sugar industrial inventory in the 2024/25 sugar - making season was 1.61 million tons, a year - on - year decrease of 100,000 tons, or 5.8% [47]. - **Supply Side - Imported Sugar Quantity**: In July 2025, China's sugar imports were 740,000 tons, a year - on - year increase of 41.56% and a month - on - month increase of 320,000 tons. From January to July 2025, the cumulative sugar imports were 1.78 million tons, a year - on - year increase of 2.41% [52]. - **Demand Side - Faster Sales Rate**: As of the end of July, the cumulative national sugar sales were 9.5498 million tons, a year - on - year increase of 1.2984 million tons, or 15.73%. The cumulative sugar sales rate was 86.56%, 3.74 percentage points faster year - on - year [56]. - **Demand Side - Output of Finished Sugar and Soft Drinks**: In July 2025, China's monthly output of finished sugar was 410,000 tons, a year - on - year increase of 64.7%. The monthly output of soft drinks was 17.9663 million tons, a year - on - year increase of 4.7% [60]. 3.4 Option and Stock - Related Markets - **Option Market**: Information on the implied volatility of at - the - money options for sugar this week is presented in the report, but specific data is not described in the text [61]. - **Stock Market - Nanning Sugar Industry**: The report shows the price - earnings ratio chart of Nanning Sugar Industry, but specific data is not described in the text [65].