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 ...

证券代码：600737 证券简称：中粮糖业 公告编号：2025-029 中粮糖业控股股份有限公司 2025年第二次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年9月22日 (二)股东大会召开的地点：北京市朝阳区朝阳门南大街10号兆泰国际中心A座11层中糖公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (一)非累积投票议案 1、议案名称：关于取消公司监事会并废止《监事会议事规则》的议案 审议结果：通过 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事赵玮先生主持。会议采用现场记名投票与网络投票相结合的表决 方式，会议的召集、召开及表决方式符合《公司法》及《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 二、议案审议情况 表决情况： ■ 2、议案名称：关于修订《公司章程》的议案 审议结果：通 ...

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].

Group 1 - The core viewpoint of the article highlights the significant growth in China's sugar production, with a projected output of 37.7 million tons in May 2025, representing a year-on-year increase of 59.1% [1] - From January to May 2025, the cumulative sugar production in China reached 906.6 million tons, showing a cumulative growth of 4.9% [1] Group 2 - The article references several listed companies in the sugar industry, including 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 data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, which is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and consulting services [1]

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - This week, the price of the Zhengzhou Sugar 2601 contract decreased with a weekly decline of about 1.43%. Internationally, in the second half of August 2025, sugar production data in southern Brazil generally met expectations, and the sugar production progress accelerated. Domestically, in August 2025, China's sugar imports increased both month - on - month and year - on - year. With the Mid - Autumn Festival stocking mostly completed, northern sugar mills about to start production, and a slight expected increase in sugar production in the new season, the spot price is weakening steadily. There is no obvious positive driving force in the short term, so it is expected to fluctuate weakly. It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5]. 3. Summary According to the Directory 3.1 Week - on - Week Key Points Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract decreased this week, with a weekly decline of about 1.43% [5]. - **Market Outlook**: In Brazil, in the second half of August 2025, 50.06 million tons of sugarcane were crushed, a year - on - year increase of 10.686%, and 3.87 million tons of sugar were produced, a year - on - year increase of 18.21%. In China, in August 2025, sugar imports were 830,000 tons, a month - on - month increase of 90,000 tons or 12.16%, and a year - on - year increase of 7.5%. With the end of Mid - Autumn Festival stocking, northern sugar mills about to start production, and a slight expected increase in new - season sugar production, the market is expected to fluctuate weakly [5]. - **Trading Strategy**: It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5]. - **Future Focus**: Domestic production and sales, and new - season output [6]. 3.2 Futures and Spot Market - **ICE US Sugar**: The price of the US Sugar March contract decreased this week, with a weekly decline of about 2.42%. As of September 9, 2025, the non - commercial net short position of raw sugar futures was 139,610 lots, an increase of 53,805 lots from the previous week. Long positions decreased by 14,220 lots to 170,080 lots, and short positions increased by 39,585 lots to 309,690 lots [12]. - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 16.15 cents per pound, a decrease of 0.19 cents per pound from last week [16]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2601 contract decreased this week, with a weekly decline of about 1.43%. The net position of the top 20 futures holders was - 73,276 lots, and the number of Zhengzhou Sugar warehouse receipts was 10,364 [17][24]. - **Zhengzhou Sugar Futures Spread and Basis**: The spread between the 1 - 5 contracts of Zhengzhou Sugar futures was + 15 yuan per ton, and the spot - Zhengzhou Sugar basis was + 479 yuan per ton [29]. - **Spot Market Price**: As of September 19, the price of sugar in Liuzhou, Guangxi was 5,940 yuan per ton, and the spot price of sugar in Kunming, Yunnan was 5,850 yuan per ton [36]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,527 yuan per ton, a decrease of 45 yuan per ton from last week; the estimated profit outside the quota was 143 yuan per ton, a decrease of 61 yuan per ton from last week. The estimated profit of Thai sugar within the quota was 1,381 yuan per ton, an increase of 1 yuan per ton from last week; the estimated profit outside the quota was 197 yuan per ton, a decrease of 1 yuan per ton from last week [42]. 3.3 Industry Chain Situation - **Supply - Production**: As of the end of August 2025, the total sugar production in the 2024/25 sugar - making season in China was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03% [45]. - **Supply - Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a month - on - month decrease of 450,000 tons or 27.91%, and a year - on - year increase of 60,100 tons or 5.45% [48]. - **Supply - Import Volume**: In August 2025, China's sugar imports were 830,000 tons, a year - on - year increase of 15% and a month - on - month increase of 90,000 tons. From January to August 2025, the cumulative sugar imports were 2.61 million tons, a year - on - year increase of 4.15% [52]. - **Demand - Sales Rate**: As of the end of August 2025, all sugar mills in the 2024/25 sugar - pressing season had stopped production. The total sugar production in this sugar - making season was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03%. The cumulative sugar sales were 9.9998 million tons, a year - on - year increase of 1.1388 million tons, and the cumulative sugar sales rate was 89.59%, 0.65 percentage points faster than the same period last year [56]. - **Demand - Production of Finished Sugar and Soft Drinks**: In August 2025, China's monthly production of finished sugar was 454,100 tons, a year - on - year increase of 49.3%. The monthly production of soft drinks was 17.7578 million tons, a year - on - year increase of 0.5% [60]. 3.4 Option and Stock - Related Markets - **Option Market**: Information about the implied volatility of at - the - money options for sugar this week is presented, but no specific data is given in the summary part [61]. - **Stock Market - Nanning Sugar Industry**: A chart of the price - earnings ratio of Nanning Sugar Industry is provided, but no specific data is summarized [66].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - International market: Brazil is in the supply peak, and the global inventory is entering the accumulation phase. Although the recent increase in Brazilian sugar production has a bearish impact on the price, considering the current low international sugar price and the fact that the bearish factors have basically materialized, and the Brazilian ethanol - to - sugar price has reached 16.14 cents per pound, there is strong support for low - price sugar, and it is expected to fluctuate at a low level in the short term [4]. - Domestic market: In August, China's sugar imports remained high, domestic sugar inventory was low, and the sales - to - production ratio was high. The domestic market is greatly affected by the trend of foreign sugar. Both foreign and Zhengzhou sugar are at low levels, and domestic sugar inventory is low with a firm basis. It is expected that Zhengzhou sugar will likely fluctuate within a range and rebound in the short term [4]. 3. Summary According to the Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Trading Strategies** - **Single - side trading**: The foreign sugar price has fallen to a low level and is expected to fluctuate at a low level in the short term. The Zhengzhou sugar price has also fallen to a low level, with limited downward space. However, if Zhengzhou sugar increases in positions and breaks through the previous low, it is recommended to wait and see [4]. - **Arbitrage**: Wait and see [4]. - **Options**: Wait and see [4]. Chapter 2: Core Logic Analysis - **International Supply - Demand Pattern Change** - In the 2025/26 sugar - crushing season, the global sugar supply gap will be significantly reduced to 231,000 tons compared with 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 the 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 an export volume of 63.89 million tons and an 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]. - **Brazilian Sugar Production Situation** - **Double - week situation in the second half of August**: In the second half of August, the sugar - making ratio in the central - southern region of Brazil increased. The cane crushing volume was 50.061 million tons, a year - on - year increase of 10.68%; the sugar - making ratio was 54.2%, a year - on - year increase of 5.42%; the sugar production was 3.872 million tons, a year - on - year increase of 18.21% [10]. - **Accumulated situation by the second half of August**: The accumulated cane crushing volume was 403.942 million tons, a year - on - year decrease of 4.78%; the accumulated sugar - making ratio was 52.76%, a year - on - year increase of 3.67%; the accumulated sugar production was 26.759 million tons, a year - on - year decrease of 1.92%, and the year - on - year decline continued to narrow. The Brazilian ethanol - to - sugar price has reached 16.14 cents per pound, providing strong support for the raw sugar price [17]. - **Situation in Other Countries** - **Thailand**: In the 2024/25 sugar - crushing season, the sugar production was 10.05 million tons (a year - on - year increase of 1.28 million tons), and exports from January to June 2025 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 [20]. - **India**: In the 2024/25 sugar - crushing season, the sugar production was about 26.1 million tons, a year - on - year decrease of 17.6%. The 2025/26 season is expected to have a restorative increase in production, with an estimated total production of 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 are used for ethanol production, the net sugar production will still reach 29.9 million tons, and about 7 million tons will be carried over as ending inventory. This season may export about 2 million tons of sugar [23]. - **Domestic Sugar Market Situation** - **Domestic sugar production in the 2025/26 season**: The domestic sugar is in an increasing production cycle, with an expected production of about 11 million tons. The first sugar factory in Inner Mongolia started production on September 8, 4 days earlier than the previous year. The estimated sugar production in Inner Mongolia in the 2025/26 season is 700,000 - 750,000 tons. In Yunnan, about 51 - 52 sugar factories are expected to start production in the 2025/26 season, with the first factory likely to start in mid - to - late October if there are no special circumstances [27]. - **Import situation**: The import profit is rising, driving a strong import expectation. In August 2025, China imported 830,000 tons of sugar, a year - on - year increase of 62,700 tons. From January to August 2025, the cumulative import was 2.6121 million tons, a year - on - year increase of 121,000 tons, or 4.86%. As of August in the 2024/25 sugar - crushing season, the cumulative import was 4.0739 million tons, a year - on - year decrease of 277,200 tons, or 6.37% [38]. Chapter 3: Weekly Data Tracking - Not provided in the given content, only some data charts are presented, and no specific analysis or summary content is available.