中粮糖业公告，2025年上半年营业收入117.67亿元，同比下降21.32%。净利润4.45亿元，同比下降 48.42%。基本每股收益0.2080元／股，同比下降48.43%。 ...

Group 1: Report Information - Report Name: Sugar Daily Report [1] - Date: August 27, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Investment Rating - No investment rating information provided. Group 3: Core Viewpoints - New York raw sugar futures weakened on Monday, with the main October contract down 0.55% to 16.39 cents per pound. The London ICE white sugar futures were closed. The relatively calm fundamentals of raw sugar, the increase in sugar production due to better weather in Brazil, and the strong production increase expectations in the Northern Hemisphere are suppressing sugar prices [7]. - Zhengzhou sugar's main contract tumbled yesterday. The 01 contract closed at 5,632 yuan per ton, down 53 yuan or 0.93%, with a reduction of 1,534 lots. The spot prices in domestic producing areas declined. The sharp drop in Zhengzhou sugar 01 in the afternoon was due to capital pressure, with no obvious changes in fundamentals. The pressure of imported sugar will gradually increase, suppressing domestic sugar prices [8]. Group 4: Summary by Section 1. Market Review and Operation Suggestions - **Futures Market Conditions**: SR509 closed at 5,678 yuan per ton, down 0.89% with a decrease of 3,568 lots; SR601 closed at 5,632 yuan per ton, down 0.93% with a decrease of 1,534 lots. The main October contract of New York raw sugar futures was down 0.55% to 16.39 cents per pound [7]. - **Analysis of Market Trends**: The relatively calm fundamentals of raw sugar, the increase in sugar production due to better weather in Brazil, and the strong production increase expectations in the Northern Hemisphere are suppressing sugar prices. The sharp drop in Zhengzhou sugar 01 in the afternoon was due to capital pressure, with no obvious changes in fundamentals [7][8]. 2. Industry News - **ICE Position Data**: As of the week ending August 19, the total open interest of ICE raw sugar futures + options was 1,038,222 contracts, a decrease of 2,291 contracts from the previous week. Speculative long positions decreased by 11,403 contracts to 179,365 contracts, and speculative short positions increased by 4,227 contracts to 310,352 contracts. The net speculative short position increased by 15,630 contracts to 130,987 contracts [9]. - **Inventory in Guangxi**: As of August 20, the inventory of sugar in third - party warehouses in Guangxi was about 770,000 tons, an increase of about 310,000 tons compared with the same period last year, slightly lower than the average level of the past five years. The inventory in August decreased by about 140,000 tons compared with July, and the destocking speed slowed down significantly [9]. - **Brazilian Port Shipping Data**: As of the week ending August 20, the number of ships waiting to load sugar at Brazilian ports was 70, down from 76 in the previous week. The quantity of sugar waiting to be shipped was 2.9169 million tons, a decrease of 401,000 tons or 12.08% from the previous week [9]. - **Syrup and Premixed Powder Imports in July**: In July, China imported 45,400 tons of syrup and white sugar premixed powder under tariff number 1702.90, a year - on - year decrease of 182,800 tons or 80.12%. The average CIF price was 3,373.30 yuan per ton, a decrease of 292.96 yuan per ton from the previous month and a year - on - year decrease of 294.70 yuan per ton, at a relatively low level in the same period of the past six years [9]. - **Weather Impact on Sugarcane**: Since mid - July, the light, temperature, and water conditions in most sugarcane areas in China have been well - matched, which is beneficial to the elongation of sugarcane stems. Affected by typhoons and monsoon troughs, some sugarcane areas have suffered from strong winds, heavy rains, waterlogging, and lodging disasters, affecting the normal growth of sugarcane. It is expected that the overall meteorological conditions in Guangxi in the next 30 days will be favorable for sugarcane stem elongation, but field management and pest control need to be strengthened [9]. 3. Data Overview - The report provides multiple charts including spot 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 holding positions of the top 20 seats of Zhengzhou sugar's main contract, with data sources from Wind and the Research and Development Department of Jianxin Futures [11][15][18].

Group 1 - The core viewpoint of the article highlights the significant increase in China's sugar imports, with a reported quantity of 420,000 tons in June 2025, representing a year-on-year growth of 1434.9% and an import value of 203 million USD, which is a year-on-year increase of 1058.7% [1][2] Group 2 - The companies mentioned in the article include COFCO Sugar Industry (600737) and Guangnong Sugar Industry (000911) [1] - The data regarding sugar imports is sourced from the General Administration of Customs of China and compiled by Zhiyan Consulting [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Internationally, as Brazil reaches its supply peak, the global sugar inventory is expected to enter a stockpiling phase. The actual sugar production in Brazil is currently lower than expected, and the final output remains uncertain. The external sugar price is expected to move sideways. Domestically, the production and sales of domestic sugar are progressing rapidly, and the inventory is low. However, a large amount of imported sugar is entering the domestic market. The domestic sugar price is greatly affected by the international sugar price, and the Zhengzhou sugar price is expected to follow the trend of external sugar [11]. - In the short - term, the Zhengzhou sugar price is greatly affected by the international market and is expected to follow the trend of external sugar, with prices fluctuating slightly within a range. For arbitrage, it is recommended to wait and see. For options, a strategy of selling relatively out - of - the - money wide straddles can be considered [12][13][14]. Summary by Directory Part 1: Data Analysis - **Futures Market**: SR09 closed at 5,678, down 42 (-0.73%); SR01 closed at 5,632, down 56 (-0.98%); SR05 closed at 5,599, down 47 (-0.83%). The trading volume of SR01 increased by 78,039, and its open interest decreased by 1,534 [5]. - **Spot Market**: The spot prices in different regions such as Liuzhou, Kunming, and Wuhan were reported. The price in Nanning decreased by 20 yuan/ton, while others remained unchanged. The basis in different regions ranged from 227 to 692 yuan/ton [5]. - **Inter - monthly Spread**: The SR5 - SR01 spread was - 33, up 9; the SR09 - SR5 spread was 79, up 5; the SR09 - SR01 spread was 46, up 14 [5]. - **Import Profit**: The quota - free and in - quota import prices from Brazil and Thailand were calculated, along with their spreads to the Liuzhou and Rizhao spot prices and the futures price [5]. Part 2: Market Judgment - **Important Information**: - Brazil exported 281.39 million tons of sugar and molasses in the first four weeks of August 2025, a 0.27% increase from the same period last year. The daily average export volume was 17.58 million tons [7]. - The quotes of processing sugar in various regions such as Liaoning, Hebei, and Shandong remained unchanged, with general trading volume [8]. - As of the week ending August 19, the total open interest of ICE raw sugar futures + options was 1,038,222 contracts, a decrease of 2,291 from the previous week. Speculative long positions decreased by 11,403, short positions increased by 4,227, and the net short position increased by 15,630 [10]. - **Logical Analysis**: - Internationally, Brazil is in the supply peak, but the actual sugar production is lower than expected due to low cane crushing volume and sugar content. The external sugar price is expected to move sideways [11]. - Domestically, the production and sales of domestic sugar are fast, and the inventory is low. However, a large amount of imported sugar is arriving, and the Zhengzhou sugar price is expected to follow the external sugar price [11]. - **Trading Strategy**: - Unilateral: The Zhengzhou sugar price is expected to follow the external sugar price and fluctuate slightly in the short - term [12]. - Arbitrage: Wait and see [13]. - Options: Consider selling relatively out - of - the - money wide straddles [14]. Part 3: Relevant Attachments - Multiple figures are provided, including those related to Guangxi monthly inventory, Yunnan monthly inventory, new industrial inventory, domestic sugar cumulative sales rate, sugar basis, and futures spreads, with data sources from Galaxy Futures and WIND [15][19][24][25][28][30].

Core Viewpoint - The news highlights the participation of ASEAN media representatives and foreign influencers in a visit to Guangxi, China, focusing on local industries such as sugar and paper pulp production, showcasing investment opportunities and regional economic development [2][4][6]. Group 1: Sugar Industry - The Guangxi Chongzuo Dongya Sugar Industry Co., Ltd. is a joint venture established by Thailand's Two Yi Group and five state-owned sugar factories in Chongzuo City [2][4]. - The visit aims to promote collaboration and investment in the sugar sector, emphasizing the potential for growth in the region [2][4]. Group 2: Paper Pulp Industry - Guangxi Chongzuo Lee Man Pulp Products Co., Ltd. is part of the Lee Man Group, founded in Hong Kong in 1976, and exports its products directly to ASEAN countries such as Vietnam, Thailand, and Malaysia [6][9]. - The company imports wood chips from Vietnam as part of its raw material sourcing strategy, indicating a cross-border supply chain [6][9].

Group 1: Company Overview - Dongya Sugar Industry Group, established in 1993, operates in sugar production, biomass power generation, yeast, fertilizers, animal feed, agricultural technology, and trade, forming a comprehensive circular economy in the sugar industry [1] - The company is located in Chongzuo, known as "China's Sugar Capital," and has a total sugarcane crushing capacity of 8.2 million tons and a sugar production target of 1.05 million tons for the 2024/2025 crushing season [1] - Dongya Sugar Industry has over 100,000 sugarcane farmers closely linked to its operations, with a total payment of approximately 4.2 billion RMB for sugarcane purchases [1] Group 2: Investment and Projects - The company has invested 2.148 billion RMB in a circular economy project that utilizes sugarcane bagasse for biomass power generation, supplying approximately 150 million kWh of clean electricity to the public grid annually [2] - Dongya Sugar Industry is exploring a new model of sugar industry cooperation by combining sugarcane cultivation in Vietnam with sugar production in Chongzuo, aiming for resource and advantage complementarity [2] - The company has established several vocational education institutions in collaboration with Thai and Chinese educational entities to promote cross-border talent development in the sugar industry [2] Group 3: Industry Context - Liwen Group, established in 1976, has developed into an international enterprise with an integrated packaging paper and pulp production chain, with a new facility in Chongzuo set to produce 1.1 million tons of pulp and paper annually [3] - The Chongzuo Liwen facility exports high-end paper products to ASEAN countries and imports wood chips from Vietnam as raw materials [3] - The industry is responding to China's dual carbon strategy by implementing biomass energy systems and creating a green low-carbon management system throughout the production lifecycle [3]

大宗商品研究所 农产品研发报告 白糖日报 2025 年 8 月 25 日 联系方式： 白糖日报 liuqiannan_qh@china stock.com.cn | 期货盘面 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,720 | -6 | -0.10% | 6,005 | -145 | 14,926 | -3217 | | SR01 | | 5,688 | 18 | 0.32% | 133,089 | -2405 | 367,664 | 5745 | | SR05 | | 5,646 | 15 | 0.27% | 3,371 | 24 | 28,556 | 250 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日照 | 西安 | | 今日报价 | | 6030 | 5905 | 6230 | 5970 | ...

Report Overview - Report Name: Sugar Industry Weekly Report - Report Date: August 24, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The domestic sugar market has shown a strong trend recently, trading on the low carry - over inventory of domestic sugar and the expected reduction in production in Guangxi in the new crushing season. The market is less responsive to the increase in imported sugar and syrup in July. The downward pressure on the market is insufficient, and it may trade on the reduction in production in Brazil and the lower - than - expected production in India and Thailand in the future. In the short term, SR2601 shows strong momentum and may have a significant - scale market trend [4]. 3. Summary by Directory Market Information Domestic Market - Spot quotes: The platform quote of intermediaries in Nanning is 6,000 yuan/ton, and the quote of intermediaries in Kunming is 5,770 - 5,940 yuan/ton. In July, China imported 744,300 tons of sugar, a month - on - month increase of 75.29% and a year - on - year increase of 76.44%, with 644,400 tons from Brazil. In July, China imported 159,700 tons of syrup and premixed powder, a year - on - year decrease of 68,600 tons but a continued month - on - month increase, reaching a new high for the year [3]. International Market - The price of Zhengzhou sugar futures has maintained a volatile and slightly stronger pattern. In Brazil, due to continuous drought, the sugar content of sugarcane is at a historically low level, and the sugar - making ratio remains high because the ethanol - to - sugar price ratio is low. In India, although local sources expect a significant increase in production, meteorological monitoring shows that the cumulative rainfall in Uttar Pradesh and Tamil Nadu is low, and the final production may be lower than expected [4]. Sugar Futures and Spot Price and Spread Futures - As of August 25, 2025, the closing prices and price changes of various sugar futures contracts are provided, such as SR01 at 5,670 yuan with a 0% change, SR03 at 5,648 yuan with a 0% change, etc. The price spreads between different contracts are also given, like SR01 - 05 at 39 yuan with no change [5]. Spot - As of August 22, 2025, the spot prices and price changes in different regions are presented, including Nanning at 5,960 yuan with no change, and the price spreads between regions, such as the Nanning - Liuzhou spread at 10 yuan with no change [6]. Basis - As of August 22, 2025, the basis and its changes between Nanning, Kunming and different futures contracts are provided, for example, the Nanning - SR01 basis is 300 yuan with a decrease of 16 yuan [7]. Other Information - Brazil's foreign trade secretariat export data shows that in the first week of August, 1.094 million tons of sugar were exported, with an average daily export of 182,300 tons, a 2% increase compared to August of the previous year. India plans to allow sugar exports in the new crushing season starting in October as the sugarcane crop is expected to have a good harvest. Unica data shows that in late July, the central - southern region of Brazil crushed 50.217 million tons of sugarcane, a 2.66% year - on - year decrease, and produced 3.614 million tons of sugar, a 0.8% year - on - year decrease, with a sugar - making ratio of 54.1% (50.32% in the same period last year). As of August 1, India's sugarcane planting area reached 5.731 million hectares, slightly higher than 5.568 million hectares in the same period last year [9].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The international raw sugar price is in a low - level oscillation. Asian major sugar - producing countries have a good production outlook with a loose global supply expectation, but there are concerns about the sugar content of Brazilian sugarcane in the 2025/26 season and signs of improved demand. In the domestic market, the profit window for out - of - quota imports is open, with a significant increase in sugar imports in July, which is the highest in the same period in the past decade, and the peak period will last until August and September. Beet sugar will start to be squeezed in September, increasing the supply. The demand is expected to increase due to the upcoming Double - Festival stocking. The inventory pressure of domestic sugar is not large currently, but the de - stocking process has slowed down. The new - season production is expected to be at a high level in the past four years. Overall, the domestic sugar price is supported by the Double - Festival stocking expectation and low inventory pressure, showing a pattern of strong domestic and weak foreign markets. However, factors such as increased imports, upcoming northern sugar mill openings, and high new - season production expectations will limit the upward space of the price. The operation suggestion is to wait and see [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main sugar futures contract is 5688 yuan/ton, with a ring - to - ring increase of 15 yuan/ton. The main contract's open interest is 367,664 hands, with a change of 5,745 hands. The number of sugar warehouse receipts is 15,385, with a decrease of 170. The net long position of the top 20 futures holders is - 16,517 hands. The effective warehouse receipt forecast is 1, with no change. The estimated import processing price of Brazilian sugar within the quota is 4,540 yuan/ton, a decrease of 23 yuan/ton; the estimated price of Thai sugar within the quota is also 4,540 yuan/ton, a decrease of 23 yuan/ton. The estimated price of imported Brazilian sugar outside the quota (50% tariff) is 5,769 yuan/ton, a decrease of 30 yuan/ton; the estimated price of imported Thai sugar outside the quota (50% tariff) is 5,755 yuan/ton [2]. 3.2现货市场 - The spot price of white sugar in Kunming is 5,860 yuan/ton, an increase of 5 yuan/ton; in Nanning, it is 5,970 yuan/ton, with no change; in Liuzhou, it is 6,030 yuan/ton, with no change [2]. 3.3 Upstream Situation - The national sugar - crop sown area is 1,480 thousand hectares, an increase of 60 thousand hectares. The sown area of sugarcane in Guangxi is 835.09 thousand hectares, a decrease of 12.86 thousand hectares [2]. 3.4 Industry Situation - The national cumulative sugar production is 1,116.21 million tons, an increase of 5.49 million tons; the cumulative sugar sales volume is 811.38 million tons, an increase of 86.92 million tons. The national industrial sugar inventory is 304.83 million tons, a decrease of 81.43 million tons. The national sugar sales rate is 72.69%, an increase of 7.47 percentage points. The monthly sugar import volume is 740,000 tons, an increase of 320,000 tons. The total sugar export volume from Brazil is 359.37 million tons, an increase of 23.47 million tons. The price difference between imported Brazilian sugar and the current Liuzhou sugar price within the quota is 1,330 yuan/ton, an increase of 29 yuan/ton; the price difference between imported Thai sugar and Liuzhou sugar within the quota is also 1,330 yuan/ton, an increase of 29 yuan/ton. The price difference between imported Brazilian sugar and the current Liuzhou sugar price outside the quota (50% tariff) is 101 yuan/ton, an increase of 36 yuan/ton; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) is 115 yuan/ton, an increase of 73 yuan/ton [2]. 3.5下游情况 - The cumulative year - on - year growth rate of refined sugar production is 16.7%, an increase of 2.6 percentage points. The cumulative year - on - year growth rate of soft drink production is 2.9%, a decrease of 0.1 percentage point [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 8.16%, an increase of 0.15 percentage points; the implied volatility of at - the - money put options is also 8.16%, an increase of 0.15 percentage points. The 20 - day historical volatility of sugar is 7.54%, a decrease of 1.29 percentage points; the 60 - day historical volatility is 6.13%, a decrease of 0.18 percentage points [2]. 3.7 Industry News - A survey of 10 traders and analysts shows that the sugar production in the central - southern region of Brazil in the 2025/26 season is expected to be 39.7 million tons, lower than the February forecast of 41.6 million tons and the previous year's 40.2 million tons [2].

8月25日，中粮糖业盘中上涨7.64%，截至09:55，报16.06元/股，成交7.33亿元，换手率2.26%，总市值 343.5亿元。 截至3月31日，中粮糖业股东户数10.68万，人均流通股2.0万股。 2025年1月-3月，中粮糖业实现营业收入50.37亿元，同比减少35.52%；归属净利润1.77亿元，同比减少 59.81%。 资料显示，中粮糖业控股股份有限公司位于新疆昌吉州昌吉市大西渠镇区玉堂村丘54栋1层W101，公司 的主营业务是食糖产业，同时也经营番茄加工业务，拥有全产业链运营模式，包括国内外制糖、进口及 港口炼糖、国内贸易、仓储物流等。公司在国内运营13家制糖企业，年产糖70万吨，在海外运营澳大利 亚昆士兰州的Tully糖业，年产原糖30万吨，同时是我国最大的食糖进口贸易商之一，拥有150万吨/年的 炼糖能力，贸销业务年经营量300万吨，占全国消费总量的20%。 ...