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]

Core Insights - The Chinese sugar industry is experiencing significant growth in imports, with a notable increase in both quantity and value [1][2]. Group 1: Import Data - In July 2025, China's sugar imports reached 740,000 tons, representing a year-on-year increase of 76.4% [1]. - The import value for the same period was $329 million, which is a 49.4% increase compared to the previous year [1]. Group 2: Companies Involved - The listed companies in the sugar industry include COFCO Sugar Holdings (600737) and Guangnong Sugar Industry (000911) [1]. Group 3: Market Research - The data is sourced from the General Administration of Customs of China and compiled by Zhiyan Consulting, which specializes in industry research and consulting services [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The international sugar market is under pressure due to increased supply expectations, with the global supply gap in the 2025/26 season expected to be only 231,000 tons. The domestic sugar market faces import pressure as the profit window for out - of - quota imports remains open, and the import volume in July reached a ten - year high for the same period. With the upcoming beet sugar harvest in September and a high expected new - season production, sugar prices are likely to be suppressed. It is recommended to hold short positions and set stop - losses [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the sugar futures main contract was 5,562 yuan/ton, down 37 yuan; the main contract position was 362,219 lots, up 5,943 lots; the warehouse receipt quantity was 12,782 sheets, down 420 sheets; the net long position of the top 20 futures holders was - 25,523 lots [2]. 3.2现货市场 - The in - quota import processing estimated prices for Brazilian and Thai sugar were 4,478 yuan/ton and 4,462 yuan/ton respectively, both down 40 yuan; the out - of - quota (50% tariff) import estimated prices were 5,689 yuan/ton and 5,668 yuan/ton respectively. The spot prices of white sugar in Kunming, Nanning, and Liuzhou were 5,850 yuan/ton, 5,900 yuan/ton, and 5,990 yuan/ton respectively, with no change [2]. 3.3 Upstream Situation - The national sugar - crop sown area was 1,480 thousand hectares, an increase of 60 thousand hectares; the sown area of sugar - cane in Guangxi was 835.09 thousand hectares, a decrease of 12.86 thousand hectares [2]. 3.4 Industry Situation - The national cumulative sugar production was 1,116.21 million tons, an increase of 5.49 million tons; the cumulative sugar sales volume was 811.38 million tons, an increase of 86.92 million tons; the national industrial sugar inventory was 304.83 million tons, a decrease of 81.43 million tons; the national sugar sales rate was 72.69%, an increase of 7.47 percentage points; the monthly sugar import volume was 740,000 tons, an increase of 320,000 tons; the monthly total sugar exports from Brazil were 3.5937 million tons, an increase of 0.2347 million tons [2]. 3.5 Downstream Situation - The monthly output of refined sugar was 41 million tons, an increase of 7.3 million tons; the monthly output of soft drinks was 1,796.6 million tons, a decrease of 46.2 million tons [2]. 3.6 Option Market - The implied volatility of at - the - money call and put options for sugar was 8.76%, an increase of 0.08 percentage points; the 20 - day historical volatility was 6.82%, an increase of 0.01 percentage points; the 60 - day historical volatility was 6.4%, a decrease of 0.01 percentage points [2]. 3.7 Industry News - The International Sugar Organization (ISO) predicted a global supply gap of only 231,000 tons for the 2025/26 season. The ICE sugar October contract fell 1.22% on Tuesday, and the sugar 2601 contract fell 0.59% on Wednesday. The production prospects in major Asian sugar - producing countries are good, and Brazil's sugar production increased in the first half of August, leading to a looser global supply expectation and weaker prices [2].

Core Viewpoint - The company is actively engaged in a comprehensive campaign to manage sugarcane cultivation and equipment maintenance amid high temperatures, emphasizing the importance of production efficiency and quality assurance. Group 1: Agricultural Management - Employees are diligently working in the sugarcane fields, measuring plant height and checking for pest damage to ensure optimal sugar quality for the upcoming season [1][7] - The agricultural team is focused on collecting detailed field data to support better guidance for farmers in managing weeds and leaves [1] Group 2: Equipment Maintenance - The maintenance and technical improvement work in the production workshop is ongoing, with workers engaged in various tasks such as tightening equipment and welding [3] - Workers are meticulously checking equipment parameters and connections to prevent any potential issues [3][5] Group 3: Safety and Quality Assurance - The company prioritizes safety as a critical aspect of its operations, implementing a comprehensive safety management system to ensure that maintenance work proceeds safely and efficiently [5] - The cleanliness of production equipment is emphasized, as it directly impacts production efficiency and sugar quality [5] Group 4: Company Culture and Commitment - Employees are dedicated to their roles, contributing to the company's high-quality development through hard work and commitment [8] - The collective effort of the workforce is seen as a driving force for the company's growth and success [8]

Group 1 - The chairman of Yuegui Co., Ltd., Liu Fuhua, has submitted his resignation due to retirement, effective immediately upon delivery of the resignation report to the board [1] - After his resignation, Liu Fuhua will no longer hold any positions within the company, including chairman, legal representative, and committee roles [1] - As of the report, Yuegui Co., Ltd. has a market capitalization of 11.8 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Yuegui Co., Ltd. is as follows: mining industry accounts 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]

Group 1 - Domestic sugar prices experienced a slight decline, with Guangxi Liuzhou's first-grade white sugar price at 6000 CNY/ton, down 30 CNY/ton week-on-week, and Yunnan Kunming's first-grade white sugar price at 5825 CNY/ton, also down 30 CNY/ton [1] - As of September 1, 2023, the futures market saw the main white sugar contract closing at 5609.00 CNY/ton, with a daily increase of 0.16%, reaching a high of 5612.00 CNY/ton and a low of 5589.00 CNY/ton, with a trading volume of 140,109 lots [1] - The cost of imported sugar from Brazil is significantly lower than domestic prices, with quota-in sugar at 4552 CNY/ton (15% tariff) being 1448 CNY/ton cheaper than Guangxi sugar, and quota-out sugar at 5786 CNY/ton (50% tariff) being 214 CNY/ton cheaper [2] Group 2 - The Brazilian sugar industry reported an increase in sugarcane crushing volume to 4,763 million tons in the first half of August, up 8.17% year-on-year, and sugar production increased to 361.5 million tons, up 15.96% year-on-year [2] - Current domestic supply remains relatively ample, with weak delivery willingness for the September contract affecting the January contract's performance, leading to a downward trend in spot prices [3]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - **Soft Commodity Sector - Sugar**: The production rhythm in Brazil has improved in the first half of August, with a significant year - on - year increase in sugar production, which is bearish for raw sugar. However, concerns about weather and domestic consumption improvement provide support. In China, import pressure is being realized, but the low inventory pressure of sugar - making enterprises and the warming up of transactions limit the downside space of the 2601 contract [3]. - **Soft Commodity Sector - Pulp**: The pulp industry chain shows few positive signs. Supply pressure remains, and demand improvement is limited. The price has no strong upward drive, but the low valuation provides some support [4]. - **Soft Commodity Sector - Cotton**: The external market is in a long - short game, and the domestic market is affected by rumors of state reserve sales. Short - term prices are expected to fluctuate and consolidate [6]. - **Fresh Fruit Sector - Apple**: The opening price of early - maturing apples has increased year - on - year, and concerns about the excellent fruit rate support the futures price [7]. - **Fresh Fruit Sector - Jujube**: The inventory of jujubes is being depleted, and the market is moving towards the peak season. The futures price of the 2601 contract is affected by multiple factors, and investors can adopt different strategies according to their risk preferences [8]. 3. Summary by Directory 3.1 First Part: Sector Strategy Recommendation - **Fresh Fruit Futures**: For Apple 2510, the recommended strategy is to wait and see or take a short - term long position due to the increase in the opening price of early - maturing apples and concerns about the excellent fruit rate. The support range is 7700 - 7800, and the pressure range is 8500 - 8600. For Jujube 2601, the recommended strategy is to reduce long positions as the commodity sentiment is strong and the third - quarter is the production - forming period, which is prone to weather premium. The support range is 11000 - 11200, and the pressure range is 11500 - 12000 [17]. - **Soft Commodity Futures**: For Sugar 2601, the recommended strategy is to reduce short positions as the estimated production in Brazil is lowered, and the downside space of the futures price is limited. The support range is 5530 - 5550, and the pressure range is 5630 - 5650. For Pulp 2511, the recommended strategy is to be bearish in the range because the coniferous pulp price is below the cost, but the supply pressure remains, and the price of finished paper is low. The support range is 4900 - 5000, and the pressure range is 5200 - 5300. For Cotton 2601, the recommended strategy is to return to a wait - and - see state as the Fed's interest - rate cut expectation and the rumor of state reserve sales lead to short - term price fluctuations [17]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamental Information**: In July, China's fresh apple export volume was about 53,600 tons, a month - on - month increase of 44.59% and a year - on - year decrease of 18.39%. The estimated national apple production is expected to decrease by 2.03% according to one survey and increase by 2.35% according to another [18]. - **Spot Market Situation**: The mainstream transaction price in the Shandong production area is stable. In the northwest production area, the early - maturing Fuji is priced high, and the quality is good, with active procurement by merchants. In the sales area, the arrival of goods has increased significantly, and the price is stable [19][20]. 3.2.2 Jujube Market The temperature in the main jujube - producing areas in Xinjiang has decreased slightly, and some areas have experienced light rain. The daily arrival of goods in the sales area has decreased. The price of high - quality jujubes is strong, and the price of ordinary jujubes is stable. The sample - point physical inventory has decreased [21]. 3.2.3 Sugar Market The ISO reports that the 2025/26 sugar season will have a supply gap of only 23,100 tons. Brazil's sugar production in the first half of August has increased significantly year - on - year. In China, the spot price of sugar in different regions is reported [24][25]. 3.2.4 Pulp Market The price of imported radiata pine has been reduced by $20 per ton, while most suppliers keep the price of coniferous pulp unchanged. Suzano has increased the price of broad - leaf pulp for September orders [27]. 3.2.5 Cotton Market In July 2025, Vietnam's textile and clothing exports and yarn exports have increased. Argentina's cotton exports have decreased in July, and the cumulative exports in the 2024/25 season have decreased year - on - year [28]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review The daily closing prices, price changes, and price change rates of Apple 2510, Jujube 2601, Sugar 2601, Pulp 2511, and Cotton 2601 are reported [29][30]. 3.3.2 Spot Market Review The spot prices, month - on - month changes, and year - on - year changes of apple, jujube, sugar, pulp, and cotton are reported [32]. 3.4 Fourth Part: Basis Situation There is no specific text description about the basis situation, only figure references are provided [43][44][46]. 3.5 Fifth Part: Inter - month Spread Situation The inter - month spreads of apple, jujube, sugar, and cotton are in a state of oscillation. The recommended strategy is to wait and see [49]. 3.6 Sixth Part: Futures Positioning Situation There is no specific text description, only figure references are provided [56][57][59]. 3.7 Seventh Part: Futures Warehouse Receipt Situation The warehouse receipt quantities, month - on - month changes, and year - on - year changes of apple, jujube, sugar, pulp, and cotton are reported [76]. 3.8 Eighth Part: Option - related Data There is no specific text description, only figure references are provided [78][80][81].