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].

Group 1 - The company will hold a performance briefing on September 18, 2025, from 09:00 to 10:00 to discuss its 2025 semi-annual report and address investor concerns [2][3][4] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][5] - Investors can submit questions from September 11 to September 17, 2025, through the Roadshow Center website or via the company's email [2][5][6] Group 2 - Key personnel attending the briefing include Chairman Li Minghua, General Manager Zhao Wei, Independent Director Zhang Weihua, Chief Accountant Ma Hongbo, and Board Secretary Yang Jing [4] - After the briefing, investors can access the main content and details of the event through the Shanghai Stock Exchange Roadshow Center [7]

Group 1 - The core point of the article is that Yuegui Co., Ltd. announced the establishment of a wholly-owned subsidiary, Guangdong Yuegui Jingyuan Mining Co., Ltd., with a registered capital of 100 million RMB to support its strategic transformation and operational needs [1] - The board meeting of Guangxi Yuegui Guangye Holdings Co., Ltd. took place on September 4, 2025, where the investment proposal was approved [1] - For the first half of 2025, the revenue composition of Yuegui Co., Ltd. was as follows: mining industry accounted for 39.59%, sugar production for 21.46%, paper industry for 14.59%, chemical industry for 13.66%, and other sectors for 9.72% [1]

Core Insights - The event "Sharing New Opportunities, Hand in Hand Towards the Future - 2025 Overseas Media Visit to Guangxi" successfully concluded, highlighting the strengthened ties between ASEAN countries and China through media engagement [1][12] - The visit involved nearly 30 mainstream media reporters and online influencers from ASEAN countries, who explored the vibrant and open Guangxi region [1] Group 1: Cooperation and Innovation - The city of Chongzuo, located on the China-Vietnam border, serves as a crucial hub for regional cooperation, being China's largest sugar production base and the first cross-border tourism cooperation zone [3] - A joint venture sugar company in Chongzuo has established a circular industrial chain, producing 1.05 million tons of sugar in the 2024/2025 season and investing 2.1 billion yuan in a circular economy project [4] - The company is also collaborating with educational institutions in China and ASEAN countries to establish vocational colleges, promoting cross-border talent development [4][5] Group 2: Educational Collaboration - The Liuzhou Railway Vocational and Technical College has become a training base for railway projects in ASEAN countries, having trained over 270 local employees for the Malaysia East Coast Railway project [5] - The college collaborates with Malaysia, Vietnam, and Thailand to establish "craftsman colleges" and rail transit training centers, enhancing technical output and standard co-construction [5] Group 3: Historical Context and Future Vision - The visit coincides with the 80th anniversary of the victory in the Chinese People's Anti-Japanese War, serving as a reminder of shared historical experiences and the importance of peace [7][8] - The event emphasized the significance of mutual respect, trust, and benefit in cooperation, with future collaborations focusing on innovation and digital integration [12] Group 4: Technological Advancements - The China-ASEAN Artificial Intelligence Innovation Center in Nanning is developing a comprehensive platform for AI applications, including smart ports and cross-border logistics [9] - The smart border port in Youyi Pass has achieved 24-hour unmanned customs clearance, significantly increasing daily import volumes and reducing clearance times from one week to three days [10] - Companies like SAIC-GM-Wuling are implementing integrated strategies in ASEAN markets, achieving over 37% market share in Indonesia for their electric vehicles [9]

Group 1 - Brazil's exports of sugar in August 2023 totaled 3,744,042.89 tons, representing a year-on-year decrease of 5% [1] - The average daily export volume for sugar was 178,287.76 tons, which remained relatively stable compared to the previous year [1]

1. Report Information - Report Title: Sugar Daily Report - Date: September 5, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 2. Investment Rating - No investment rating information provided in the report. 3. Core View - The sugar market is facing downward pressure. In the international market, the good weather in Brazil is conducive to sugarcane harvesting, and the increase in Brazilian sugar production suppresses sugar prices. The decline in oil prices also has a negative impact on sugar prices. In the domestic market, the increase in imported sugar and syrup premixes, the upcoming listing of new - season beet sugar in Xinjiang in September, and the weak demand from downstream food and beverage enterprises all contribute to the downward trend of sugar prices. Additionally, the shift of speculative funds from long to short and the potential for further short - position increases exacerbate the decline [7][8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - **International Market**: On Wednesday, New York raw sugar futures weakened slightly. The主力 October contract closed down 0.62% at 16.05 cents per pound, and the London ICE white sugar futures'主力 October contract closed down 1.3% at $484.40 per ton. The good weather in Brazil is favorable for sugarcane harvesting, and the large - scale production of Brazilian sugar suppresses sugar prices. The decline in oil prices also has a negative impact on sugar prices [7]. - **Domestic Market**: The domestic Zhengzhou sugar futures'主力 contract continued to weaken. The SR601 contract closed at 5,533 yuan per ton, down 36 yuan or 0.65%, with an increase of 7,114 positions. The spot prices in domestic production areas declined. The fundamental negative factors include the increase in imported sugar and syrup premixes, the upcoming listing of new - season beet sugar in Xinjiang in September, and the insufficient demand from downstream food and beverage enterprises. After - market analysis shows that speculative funds have shifted from long to short and may further increase short positions, accelerating the price decline [8]. 4.2 Industry News - **India**: The chairman of the National Federation of Cooperative Sugar Factories (NFCSF) in India 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 [9]. - **Brazil**: As of August 16 in the 25/26 sugar - crushing season, the ethanol inventory in the central - southern region was 5.52 billion liters, a 15.6% increase from the previous month but a 29.5% decrease compared to the same period in 2024. In terms of inventory structure, 58.7% is hydrous ethanol and 41.3% is anhydrous ethanol. The ethanol inventory in São Paulo, the largest production and consumption state, was 2.92 billion liters, a 16.8% increase from the previous month and a 30.3% decrease year - on - year. In July 2025, the Brazilian fuel market showed a continuous decline in ethanol consumption and a slight recovery in gasoline demand. The sales volume of hydrous ethanol in July was 1.65 billion liters, a 6.1% decrease year - on - year and a 0.3% decrease from the previous month; the gasoline sales volume was 3.78 billion liters, a 0.8% increase year - on - year and a 3% increase from the previous month. From the cumulative data, the ethanol consumption in the first seven months of 2025 was 12.23 billion liters, a 2.2% decrease compared to the same period in 2024; the cumulative gasoline sales volume was 26.06 billion liters, a 3.5% increase year - on - year. As of the week of August 27, the number of ships waiting to load sugar at Brazilian ports was 72, up from 70 in the previous week. The quantity of sugar waiting to be shipped was 2.7221 million tons, down from 2.9169 million tons in the previous week [9]. 4.3 Data Overview - **Futures Market Data**: The report provides data on futures contracts such as SR601, SR605, US Sugar 10, and US Sugar 03, including closing prices, price changes, price change percentages, open interest, and changes in open interest [7]. - **Position Data**: The report shows the trading volume and position data of the top 20 members in the SR605 contract on September 4, 2025, including trading volume, long - position quantity, and short - position quantity and their changes [25].

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年9月5日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 白糖： 1、基本面：ISO:预计25/26年度全球食糖供应缺口为23.1万吨，比之前预计缺口大幅减少。Conab： 巴西中南部25/26榨季糖产量预计4060万吨，比之前预估下调3.1%。2025年7月底，24/25年度本期 制糖全国累计产糖1116.21万吨；全国累计销糖954.98万吨；销糖率85.6%。2025年7月中国进口食 糖74万吨，同比增加32万吨；进口糖浆及预混粉等三项合计15.98万吨，同比减少6.85万吨。中性。 2、基差：柳州现货5980，基差447（01合约），升水期货；偏多。 3、库存：截至7月 ...

Group 1 - The company will hold a half-year performance briefing on September 18, 2025, from 09:00 to 10:00 [2][3] - The briefing will be conducted in an interactive online format at the Shanghai Stock Exchange Roadshow Center [2][3] - Key company personnel attending the briefing include Chairman Li Minghua, General Manager Zhao Wei, Independent Director Zhang Weihua, Chief Accountant Ma Hongbo, and Board Secretary Yang Jing [2] Group 2 - Investors can submit questions for the briefing from September 11 to September 17, 2025, by logging into the Shanghai Stock Exchange Roadshow Center or via the company's email [3] - After the briefing, investors can view the event's details and main content on the Shanghai Stock Exchange Roadshow Center [3]