Group 1: Report Information - The report is a "Sugar Data Daily" by ITG Guomao Futures [3] Group 2: Core View - The current sugar market shows a pattern of "strong overseas, weak domestic". International sugar prices are dominated by Brazil's production increase and crude oil fluctuations, while the domestic market faces the dual pressures of processed sugar impact and weak demand. In the medium to long term, with a global surplus, the upside for sugar prices is limited. It is recommended to adopt a range - trading approach [4] Group 3: Domestic Sugar Price and Futures Data - On August 7, 2025, the spot price of sugar in Nanning Warehouse, Guangxi was 6030 yuan/ton, down 20 yuan; in Chenming, Yunnan it was 5830 yuan/ton, down 10 yuan; in Dali, Yunnan it was 5715 yuan/ton, down 10 yuan; in Rizhao, Shandong it was 6090 yuan/ton, unchanged [4] - SR09 was at 5667, down 16; SR01 was down 43; SR09 - 01 was 82, up 27 [4] Group 4: Exchange Rate and International Commodity Data - The RMB - US dollar exchange rate was 7.202, down 0.0050; the real - RMB exchange rate was 1.2818, up 0.0212; the rupee - RMB exchange rate was 0.084, down 0.0004 [4] - The ice raw sugar主力 was at 16.04, unchanged; the London white sugar主力 was at 573, up 3; the Brent crude oil主力 was at 66.96, unchanged [4]

Report Summary 1. Industry Investment Rating - No information provided on the report industry investment rating 2. Core Viewpoint - The sugar market is in a period of oscillation, with a trend strength of 0, indicating a neutral outlook [1][4] 3. Summary by Relevant Content 3.1. Fundamental Data - The raw sugar price is 16.03 cents/pound, down 0.01 from the previous period; the mainstream spot price is 5950 yuan/ton, down 20; the futures main contract price is 5667 yuan/ton, down 16. The 91 spread is 82 yuan/ton, up 27; the 15 spread is 42 yuan/ton, down 18; the mainstream spot basis is 283 yuan/ton, down 4 [1] 3.2. Macro and Industry News - High - frequency information shows that the sugar - cane crushing progress in the central - southern region of Brazil has accelerated; the monsoon rainfall in India is higher than the Long - Period Average (LPA); Brazil exported 336 million tons of sugar in June, a 5% year - on - year increase. China imported 42 million tons of sugar in June [1] 3.3. Domestic Market - CAOC predicts that the domestic sugar production in the 24/25 sugar - making season will be 1.116 billion tons, consumption will be 1.58 billion tons, and imports will be 500 million tons; in the 25/26 sugar - making season, production will be 1.12 billion tons, consumption will be 1.59 billion tons, and imports will be 500 million tons. As of the end of May in the 24/25 sugar - making season, the national sugar production was 1.116 billion tons (+120 million tons), cumulative sales were 811 million tons (+152 million tons), and the cumulative sales rate was 72.7%. As of the end of June, the cumulative sugar imports in the 24/25 sugar - making season were 251 million tons (-65 million tons) [2] 3.4. International Market - ISO predicts a global sugar supply shortage of 547 million tons in the 24/25 sugar - making season (previously 488 million tons). As of July 16 in the 25/26 sugar - making season, the cumulative sugar - cane crushing volume in the central - southern region of Brazil decreased by 9.6 percentage points year - on - year, with cumulative sugar production of 1.566 billion tons (-159 million tons), and the cumulative MIX was 51.02%, up 2.69 percentage points year - on - year. ISMA/NFCSF predicts that the total sugar production in India in the 25/26 sugar - making season will be 3.49 billion tons, up from 2.95 billion tons in the 24/25 sugar - making season (+540 million tons). The cumulative sugar production in Thailand in the 24/25 sugar - making season was 1.008 billion tons (+127 million tons) [3]

Group 1: Report Basic Information - Report Name: Sugar Daily Report [1] - Date: August 8, 2025 [2] - Industry: Sugar [1] Group 2: Market Quotes and Operation Suggestions - Futures Quotes: SR509 closed at 5667 yuan/ton, down 22 yuan or 0.39%, with a position of 161,306 contracts, a decrease of 11,214 contracts; SR601 closed at 5585 yuan/ton, down 42 yuan or 0.75%, with a position of 278,027 contracts, an increase of 15,743 contracts; US Sugar 10 closed at 16.04 cents/pound, down 0.05 cents or 0.31%, with a position of 387,802 contracts, an increase of 409 contracts; US Sugar 03 closed at 16.70 cents/pound, down 0.05 cents or 0.30%, with a position of 231,986 contracts, an increase of 1,333 contracts [7] - Market Analysis: New York raw sugar futures weakened on Wednesday. The fundamentals of raw sugar have been relatively calm recently. The improvement in Brazilian weather has led to an increase in sugar production, which has pressured sugar prices, but the expectation of a decline in the total volume still exists. The market has digested the strong expectation of an increase in production in the Northern Hemisphere. The main contract of Zhengzhou sugar continued to decline yesterday. The spot prices in domestic producing areas also fell. Today, Zhengzhou Sugar 09 continued to decline but showed resistance. Industrial funds on the 09 contract have shifted from short to long, while speculative funds are shorting the 01 contract. Currently, the basis is large, which is unfavorable for short positions. Attention should be paid to whether speculative funds will short technically [7][8] Group 3: Industry News - Brazil's Sugar Exports: Brazil exported 3.5937 million tons of sugar in July, a year-on-year decrease of 4.6%. From April to July in the 2025/26 sugar season, Brazil exported a total of 10.76 million tons of sugar, a year-on-year decrease of 7.64% [9] - Impact of Fertilizer Prices: Citigroup analysts warned that the rising fertilizer prices may affect the profitability of producers in the 2025/26 season, although the harvests of corn and sugarcane improved in July due to favorable weather conditions [9] - Guangxi's Sugar Production: In the 2024/25 sugar season, Guangxi crushed 48.5954 million tons of sugarcane, a year-on-year decrease of 2.5847 million tons; produced 6.465 million tons of mixed sugar, a year-on-year increase of 0.2836 million tons; the sugar production rate was 13.30%, a year-on-year increase of 1.22 percentage points. As of the end of July, Guangxi had sold 5.4961 million tons of sugar, a year-on-year increase of 0.3966 million tons; the sales rate was 85.01%, a year-on-year increase of 2.51 percentage points. In July, the single-month sugar sales volume was 0.3555 million tons, a year-on-year decrease of 0.2178 million tons; the industrial inventory was 0.9689 million tons, a year-on-year decrease of 0.113 million tons [9] - Yunnan's Sugar Production: In the 2024/2025 sugar season, Yunnan crushed 18.063 million tons of sugarcane (compared with 15.4494 million tons in the previous season), produced 2.4188 million tons of sugar (compared with 2.032 million tons in the previous season), with a sugar production rate of 13.39% (compared with 13.15% in the previous season), and produced 28,200 tons of alcohol (compared with 28,000 tons in the previous season). As of July 31, 2025, Yunnan had sold 1.9514 million tons of sugar, a year-on-year increase of 0.3262 million tons; the sales rate was 80.68%, a year-on-year increase of 0.7%. The monthly sugar sales volume in July was 200,300 tons, a year-on-year increase of 8,000 tons; the industrial inventory was 467,300 tons, a year-on-year increase of 60,600 tons [9] Group 4: Data Overview - Figures Included: Spot price trends, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading positions of the top 20 seats in the main contract of Zhengzhou sugar [11][13][15][17] - Trading Positions of Top 20 Seats: Detailed data on the trading positions of the top 20 seats in the main contract of Zhengzhou sugar are provided, including the changes in long and short positions of various futures companies [20]

白糖产业日报 2025-08-07 作上建议偏空交易为主。 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。 | 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) | 5667 | -16 主力合约持仓量:白糖(日,手) | 161306 | -11214 | | 期货市场 | 仓单数量:白糖(日,张) | 18615 | -187 期货前20名持仓:净买单量:白糖(日,手) | -18069 | -7033 | | | 有效仓单预报:白糖:小计(日,张) | 0 | 0 | | | | | 进口加 ...

行业 白糖日报 日期 2025 年 8 月 7 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635732 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 请阅读正文后的声明 ＃summary＃ 研究员：王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 每日报告 一、行情回顾与操作建议 | 表1：期货行情 | | | | | | | --- | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨 美分/磅） | 涨跌 | 涨跌幅 | 持仓量（ ...

Market Overview - As of August 5, the profit from producing white sugar in China using imported Brazilian raw sugar is approximately 1839 CNY/ton (within tariff quota, 15% tariff) or 642 CNY/ton (outside tariff quota, 50% tariff) [1] - The profit from producing white sugar in China using imported Thai raw sugar is about 1792 CNY/ton (within tariff quota, 15% tariff) or 582 CNY/ton (outside tariff quota, 50% tariff) [1] - Tereos, one of the world's largest sugar producers, reported a significant decline in quarterly profits due to low sugar prices impacting its core business and increased competition in its ethanol business due to a weaker dollar [1] Supply and Demand Dynamics - The sugar production in Brazil's central-southern region for the 25/26 season is expected to decrease year-on-year due to heavy rainfall in June, while sugar production in India and Thailand is projected to increase [2] - Domestic sugar sales data is strong, with sugar inventory in Guangxi estimated at around 800,000 tons [2] - There is uncertainty regarding future import levels, with expectations of 750,000 tons imported in July, followed by a gradual decrease in August, which may alleviate import pressure [2] Price Trends and Recommendations - Recent rapid adjustments in Zhengzhou sugar prices are primarily influenced by overall market corrections, but the current season is entering a consumption peak, suggesting strong cost support for domestic sugar prices [2] - The market is advised to consider buying on stabilization, with a reference support level for Zhengzhou sugar at 5500 CNY/ton [2] - International oil prices have declined, influenced by increased OPEC+ supply and concerns over weak global demand, which has led to a weak performance in Zhengzhou sugar futures [3] - The market lacks new fundamental themes, with attention on support around 5600 CNY/ton, and short-term trading is recommended [3]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The decline of Zhengzhou sugar may be nearing its end as the long - position funds are actively shifting to the 01 contract, causing the 9 - 1 spread to weaken. Currently, the basis is large, and there is certain support at the 5700 mark [8]. 3. Summary by Related Catalogs 3.1 Market Review and Operation Suggestions - **Futures Market Conditions**: SR509 closed at 5697 yuan/ton, down 24 yuan or 0.42%, with a position reduction of 20364 lots; SR601 closed at 5638 yuan/ton, up 12 yuan or 0.21%, with a position increase of 24152 lots; US Sugar 10 closed at 16.25 cents/pound, up 0.07 cents or 0.43%, with a position increase of 2539 lots; US Sugar 03 closed at 16.88 cents/pound, up 0.10 cents or 0.60%, with a position increase of 2476 lots [7]. - **Market Analysis**: New York raw sugar futures strengthened on Monday. The bearish production data of Brazil's central - southern region in the first half of July suppressed the raw sugar price, but concerns about the decline in Brazil's production still exist, and there is a high possibility of a reduction in beet sugar production in the EU. Zhengzhou sugar's decline was mainly due to the long - position funds' shift to the 01 contract [7][8]. 3.2 Industry News - **China - Guangxi**: In the 2024/25 sugar - crushing season, the cumulative cane crushing in Guangxi was 4859.54 million tons, a year - on - year decrease of 258.47 million tons; the output of blended sugar was 646.50 million tons, a year - on - year increase of 28.36 million tons; the sugar - making rate was 13.30%, a year - on - year increase of 1.22 percentage points. As of the end of July, the cumulative sugar sales were 549.61 million tons, a year - on - year increase of 39.66 million tons; the sales - to - production ratio was 85.01%, a year - on - year increase of 2.51 percentage points. In July, the single - month sugar sales were 35.55 million tons, a year - on - year decrease of 21.78 million tons; the industrial inventory was 96.89 million tons, a year - on - year decrease of 11.3 million tons [9]. - **China - Yunnan**: The 2024/2025 sugar - crushing season in Yunnan ended 5 days earlier than last year. The total cane crushing was 1806.30 million tons (compared with 1544.94 million tons in the previous season), the sugar output was 241.88 million tons (compared with 203.20 million tons in the previous season), the sugar - making rate was 13.39% (compared with 13.15% in the previous season), and the alcohol output was 2.82 million tons (compared with 2.80 million tons in the previous season). As of July 31, 2025, the cumulative sugar sales were 195.14 million tons, a year - on - year increase of 32.62 million tons; the sales - to - production ratio was 80.68%, a year - on - year increase of 0.7%; the monthly sugar sales were 20.03 million tons, a year - on - year increase of 0.8 million tons; the industrial inventory was 46.73 million tons, a year - on - year increase of 6.06 million tons [9]. - **Brazil**: In the first half of July, the cane crushing volume in the central - southern region of Brazil was 4982.3 million tons, a year - on - year increase of 641.1 million tons or 14.77%; the ATR of cane was 133.66 kg/ton, a year - on - year decrease of 9.79 kg/ton; the sugar - making ratio was 53.68%, a year - on - year increase of 3.79%; the ethanol output was 2.194 billion liters, a year - on - year increase of 0.051 billion liters or 2.36%; the sugar output was 3.406 million tons, a year - on - year increase of 0.446 million tons or 15.07% [9]. 3.3 Data Overview - The report presents multiple data charts, including spot price trends, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position data of the top 20 seats of the Zhengzhou sugar main contract [11][15][17].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The report focuses on the sugar market, covering price data, macro and industry news, and production, consumption, and import forecasts in domestic and international markets [1][2][3] Group 3: Summary Based on Related Content 1. Sugar Fundamental Data - The raw sugar price is 16.09 cents/pound, down 0.16 from the previous period; the mainstream spot price is 5990 yuan/ton, unchanged; the futures main contract price is 5697 yuan/ton, down 21 [1] - The 91 spread is 59 yuan/ton, down 23; the 15 spread is 64 yuan/ton, up 2; the mainstream spot basis is 293 yuan/ton, up 21 [1] 2. Macro and Industry News - High - frequency information shows that the sugarcane crushing progress in the central - southern region of Brazil has accelerated; India's monsoon precipitation is higher than the long - period average (LPA); Brazil exported 3.36 million tons of sugar in June, a 5% year - on - year increase; China imported 420,000 tons of sugar in June [1] 3. Domestic Market - CAOC predicts that the domestic sugar production in the 24/25 sugar - crushing season will be 11.16 million tons, consumption will be 15.8 million tons, and imports will be 5 million tons; in the 25/26 sugar - crushing season, production will be 11.2 million tons, consumption will be 15.9 million tons, and imports will be 5 million tons [2] - As of the end of May in the 24/25 sugar - crushing season, the national sugar production was 11.16 million tons (+1.2 million tons), cumulative sugar sales were 8.11 million tons (+1.52 million tons), and the cumulative sugar sales rate was 72.7% [2] - As of the end of June in the 24/25 sugar - crushing season, China's cumulative sugar imports were 2.51 million tons (-650,000 tons) [2] 4. International Market - ISO predicts a global sugar supply shortage of 5.47 million tons in the 24/25 sugar - crushing season (previously forecasted a shortage of 4.88 million tons) [3] - As of July 16 in the 25/26 sugar - crushing season, the cumulative sugarcane crushing volume in the central - southern region of Brazil decreased by 9.6 percentage points year - on - year, with cumulative sugar production of 15.66 million tons (-1.59 million tons), and the cumulative MIX was 51.02%, up 2.69 percentage points year - on - year [3] - As of May 15 in the 24/25 sugar - crushing season, India's sugar production was 25.74 million tons (-5.8 million tons) [3] - In the 24/25 sugar - crushing season, Thailand's cumulative sugar production was 10.08 million tons (+1.27 million tons) [3] 5. Sugar Trend Intensity - The sugar trend intensity is 0, indicating a neutral outlook [4]

（编辑 王雪儿） 证券日报网讯 广农糖业8月5日在互动平台回答投资者提问时表示，公司此次云鸥物流食糖仓储智能配 送中心二期扩容募投项目与公司制糖主业相关，服务于公司制糖板块的销售业务，致力于公司制糖业务 的发展。 ...

广农糖业（000911.SZ）8月5日在投资者互动平台表示，公司此次云鸥物流食糖仓储智能配送中心二期 扩容募投项目与公司制糖主业相关，服务于公司制糖板块的销售业务，致力于公司制糖业务的发展。 每经AI快讯，有投资者在投资者互动平台提问：请问定增项目对公司的非糖业务有什么促进作用？ （文章来源：每日经济新闻） ...