Group 1 - The company Guangnong Sugar Industry announced the resignation of its Vice General Manager, Pan Wenxin, due to work changes [2] - Pan Wenxin will no longer hold any position within the company following his resignation [2]

Report Industry Investment Rating - Not provided Core View - The SR2501 contract is less than 2 months away from the delivery month, showing a premium over the 03 contract. It's stronger than the overseas market due to high old - sugar prices, cost support, and expected future import increases leading to a near - strong and far - weak pattern. The 25/26 season is expected to be a bumper harvest, and the contango of far - month contracts may widen as the crushing progresses. Import pressure may increase unless quota issuance is reduced or imports are restricted [5] Summary by Relevant Catalogs Market Information Domestic Market - Spot prices: Nanning is 5750 yuan/ton, and Kunming is 5580 - 5740 yuan/ton [3] - China imported 550,000 tons of sugar in September, 150,000 tons more year - on - year. The cumulative import in the 24/25 season was 4.63 million tons, 120,000 tons less year - on - year [3] - The 25/26 season's national sugar production is estimated to increase to 1.17 million tons, with Guangxi at 680,000 tons, Yunnan at 260,000 tons, Guangdong at 60,000 tons, Inner Mongolia at 70,000 tons, and Xinjiang at 75,000 tons [3] - Zhanjiang sugar mills in the 25/26 season are expected to start crushing in late November. The first sugar mill in the 24/25 season started on November 30. The sugar cane purchase price in Guangdong may drop by 10 - 20 yuan/ton, and production is expected to fall from 654,500 tons to about 600,000 tons [3] International Market - Brazil exported 4.205 million tons of sugar in October, with a daily average of 191,100 tons, a 13% increase from the previous month [4] - In the first half of October, Brazil's central - southern region crushed 3.4037 million tons of sugar cane, a 0.3% year - on - year increase. Sugar production reached 248,400 tons, a 1.25% increase. Ethanol production was 2.013 billion liters, a 1.17% decrease. The proportion of sugar cane used for sugar production was 48.24%, higher than 47.33% last year [4] - ISMA estimates India's sugar production in the 25/26 season to be 3.435 million tons (including ethanol), with 340,000 tons for ethanol [4] Price and Spread Information Futures - On November 10, 2025, the closing prices and spreads of SR contracts (SR01, SR03, etc.) are provided, with no price changes on that day [6] Spot - On October 30, 2025, spot prices in Nanning, Liuzhou, etc., and their price changes and spreads are presented [8] Basis - On November 10, 2025, the basis and its changes between Nanning, Kunming and SR contracts are given [9][11] Import Price - On November 6, 2025, the quota - in and quota - out import prices from Brazil and Thailand, and their price changes, as well as the spreads with domestic prices are shown [12]

Report Industry Investment Rating - Not provided Core Viewpoints - The overall market lacks significant driving factors, and sugar prices are expected to remain low in the short term. Attention should be paid to the import data for October [2]. - The supply pressure of Brazilian sugar is still evident, but as the current crushing season nears its end, exports are expected to decline seasonally. With strong expected production increases in India and Thailand, the rebound of raw sugar prices is weak. The domestic market is less affected by the decline due to import quotas and policies. Guangxi sugar mills are mainly focused on inventory reduction, and the new crushing season is mostly expected to start in mid - to late November, with a possible delay, which provides some sales opportunities for old sugar [2]. Summary by Directory Futures Market - The closing price of the sugar futures main contract is 5,475 yuan/ton, and the main contract position is 373,243 lots, an increase of 1,282 lots. The number of warehouse receipts is 7,663, and the net long position of the top 20 futures holders is - 56,451 lots, an increase of 2,007 lots. The total effective warehouse receipt forecast is 1,305, a decrease of 281. The estimated import - processing price of Brazilian sugar within the quota is 3,967 yuan/ton, and that of Thai sugar is 4,023 yuan/ton, an increase of 15 yuan/ton. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,022 yuan/ton, and that of Thai sugar is 5,095 yuan/ton, an increase of 19 yuan/ton [2]. 现货市场 - The spot price of white sugar in Kunming is 5,650 yuan/ton, in Nanning is 5,760 yuan/ton, an increase of 10 yuan/ton, and in Liuzhou is 5,730 yuan/ton, a decrease of 30 yuan/ton [2]. Upstream Situation - The national sugar - crop sown area is 1,480 thousand hectares, and the sown area of sugarcane in Guangxi is 1,116.21 thousand hectares. The cumulative national sugar production is 835.09 million tons, a decrease of 12.86 million tons, and the cumulative national sugar sales volume is 999.98 million tons, an increase of 44.98 million tons [2]. Industry Situation - The monthly import volume of sugar is - 280,000 tons, and the total monthly sugar exports from Brazil are 420.5 million tons, an increase of 95.92 million tons. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,560 yuan/ton, and that of Thai sugar is 1,504 yuan/ton, a decrease of 18 yuan/ton. The price difference outside the quota (50% tariff) for Brazilian sugar is 505 yuan/ton, and for Thai sugar is 432 yuan/ton, a decrease of 22 yuan/ton [2]. Downstream Situation - The monthly output of refined sugar is 53.91 million tons, and the monthly output of soft drinks is 1,591.7 million tons, a decrease of 184.1 million tons [2]. Option Market - The implied volatility of at - the - money call options for sugar is 7.5%, an increase of 0.07%, and that of at - the - money put options is 7.51%, an increase of 0.01%. The 20 - day historical volatility is 7.34%, a decrease of 0.2%, and the 60 - day historical volatility is 6.82%, a decrease of 0.15% [2]. Industry News - According to data from Brazilian shipping agency Williams, as of the week ending November 5, the number of ships waiting to load sugar at Brazilian ports was 81, down from 86 the previous week. The quantity of sugar waiting to be loaded at ports was 3.0598 billion tons, up from 2.9933 billion tons the previous week. Three sugar mills in Yunnan have started crushing, one more than the same period last year. Brazil exported 420.5 million tons of sugar in October, a year - on - year increase of 13%. Since the 2025/26 crushing season (April - March of the following year) until October 2025, Brazil's cumulative sugar exports were 21.9568 billion tons, a year - on - year decrease of 5.27% [2].

尽管提高出口配额有助于缓解国内供应过剩压力，但全球市场供应量的增加可能进一步冲击基准价格。 受产量上升及印尼、中国等主要进口国需求疲软影响，纽约期货市场糖价今年已累计下跌27%。 印度糖业协会近期敦促政府，允许当地糖厂出口200万吨糖以避免国内过剩，并在2026年4月全球最大产 糖国巴西新糖上市前完成出口。 新德里官员曾在今年9月表示，根据行业预测，印度在2025-2026财年存在扩大出口的空间。回顾历史， 该国曾在2022-2023财年因晚雨导致产量下降、国内供应紧张而出台了出口配额管制。 据知情人士透露，印度食品部或于近期就该提案作出决定，因讨论内容涉及内部事务，相关人士要求匿 名。此次拟议的出口配额将较2024-25年度的100万吨有所提升。 印度食品部未立即回应置评请求。 因担忧糖季丰收导致供应过剩，印度正考虑一项提案——允许糖厂在2025-26年度出口150万吨糖。 ...

Group 1 - Guangnong Sugar Industry announced the resignation of Vice General Manager Pan Wenxin due to work changes, effective November 10, 2025, after which he will no longer hold any position in the company [1] - For the first half of 2025, Guangnong Sugar's revenue composition was 83.51% from industrial operations and 16.49% from logistics, trade, and other activities [1] - As of the report date, Guangnong Sugar's market capitalization was 3.2 billion yuan [1]

Core Viewpoint - Sugar futures market shows a strong performance with the main contract rising by 0.46% to 5475.00 CNY/ton as of November 10 [1] News Summary - On November 6, Indian officials indicated that the sugar export quota for the new fiscal year may be increased to 2 million tons due to a decrease in sugar available for ethanol production, leading to a surplus of exportable sugar [2] - On November 7, the cost of imported sugar from Brazil under the quota was 3903 CNY/ton (with a 15% tariff), which is 1857 CNY/ton lower than the price in Guangxi; outside the quota, the cost was 4954 CNY/ton (with a 50% tariff), 806 CNY/ton lower than Guangxi prices [2] - On November 7, the price of first-grade white sugar in Liuzhou, Guangxi was 5760 CNY/ton, unchanged week-on-week; in Kunming, Yunnan, it was 5650 CNY/ton, down 60 CNY/ton week-on-week [2] Institutional Views - Zhongcai Futures suggests that short-term spot prices may stabilize and rise slightly due to the increase in futures prices, but overall trading activity remains average; medium to long-term factors such as increased global and domestic supply and adjustments in import policies may limit sugar price increases [3] - Shenyin Wanguo Futures notes that the global sugar market is entering a phase of inventory accumulation with increased sugar supply from Brazil; while the sugar production ratio has slightly decreased, it remains high; recent declines in Brazilian oil prices have led to lower ethanol prices, causing a downward shift in white sugar prices [3] - The domestic market is influenced by the increase in import profits, which may weigh on Zheng sugar prices; however, as the new crushing season approaches, cost support may help stabilize prices; market sentiment driven by rumors has already been reflected in the futures market, with expectations of a range-bound trading pattern for Zheng sugar in the short term [3]

（来源：沐甜科技） 来源：沐甜科技 产业动态 1、巴西：巴西10月出口糖和糖蜜420.49万吨，较2024年10月的372.94万吨增加47.55万吨，增幅 12.75%。日均出口量为19.11万吨，较2024年10月的16.95万吨增加2.16万吨。 2、巴基斯坦：11月6日，巴基斯坦联邦政府宣布全国所有糖厂将于2025年11月15日正式开榨。 市场分析： ICE原糖03合约下跌9个点，收于14.13美分/磅；伦敦白糖03合约下跌1.9美元，收于405.9美元/吨。北半 球即将开榨，增产将由预期转变为现实计价。ISMA公布新榨季估产，预计总产量3435万吨，乙醇分流 340万吨，净产量3095万吨，增产明显。巴西10月出口糖420.49万吨，同比增幅12.75%，创下2012年以 来的出口新高，巴西出口价跌至贴水0.46美分，现实压力压制原糖价格。原糖在北半球新榨季开榨下， 弱势延续，14美分附近弱势调整。 郑糖01合约夜盘上涨10元/吨，收于5467元/吨。10月底云南首家甘蔗糖厂开榨，标志着市场进入新榨季 供应期，广西糖厂预计将于11月中旬开榨，供应转宽。现货方面，广西集团报价为5690至5740元/吨 ...

Group 1: Fiji's Economic and Trade Opportunities - Fiji is celebrating the 50th anniversary of diplomatic relations with China and the 170th anniversary of Chinese arrival in Fiji, highlighting the importance of cultural and economic ties [1][8] - The participation in the China International Import Expo (CIIE) has allowed Fiji to showcase its products, including coffee, turmeric, and mineral water, to a larger audience [8][10] - The trade volume between China and Fiji is projected to reach approximately $534 million in 2024, reflecting a year-on-year increase of 1.5% [10] Group 2: Agricultural Products and Market Potential - Bula Coffee, founded by Luke Fryett, aims to commercialize previously wasted coffee beans in Fiji, targeting the Chinese market for potential sales [2][4] - Turmeric, known as Fiji's "golden crop," has gained international recognition, especially during the pandemic when its exports remained stable [4][5] - Fiji's mineral water is already well-known in China, with companies like Vaiwai seeking to expand their distribution networks [5][10] Group 3: Fisheries and Economic Contributions - The fishing industry is a key economic pillar for Fiji, with significant contributions from Chinese enterprises in areas such as fish processing and export [7][10] - Fiji's tuna products are highly valued both locally and internationally, enhancing the country's export revenue [5][7] Group 4: Small and Medium Enterprises (SMEs) and E-commerce - SMEs form the backbone of Fiji's economy, with many participating in the CIIE to access the Chinese market [10] - E-commerce is emerging as a vital channel for Fijian businesses, allowing them to reach Chinese consumers without the need for physical stores [10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - International sugar market: Brazil's sugar production is strong, and the sugar production in the northern hemisphere, especially in India, is expected to increase significantly, with a possible rise in exports that could drag down sugar prices. However, Brazil's strong export data in October provides support to the market and may limit price declines [5]. - Domestic sugar market: The domestic sugar market is oscillating at a low level, supported by cost expectations and stricter policies on the control of syrup and pre - mixed powder. Currently, the Zhengzhou sugar futures price is slightly undervalued compared to the spot price and cost, but it is still higher than the dynamic cost of out - of - quota imported sugar. The upcoming start of sugar production in southern China may bring phased supply pressure [5]. 3. Summary According to Relevant Catalogs 3.1 This Week's Market Spot and Spread Data Tracking and Display - **Spot price and basis in production areas**: The spot market mainly trades sugar from the 2024/25 crushing season, with relatively high prices. Newly - listed beet sugar is slightly cheaper than old sugar, and trading volume is low. Attention should be paid to the listing rhythm and price changes of new sugar in Guangxi [11]. - **Inter - month spreads**: The 1 - 5 spread is expected to oscillate weakly in the short term [4]. - **Domestic and foreign spreads**: Due to low import costs, the processing profit margin of out - of - quota imported sugar is evident, and the in - quota import profit is substantial, exceeding 1,000 yuan [18]. 3.2 Overview of Key Market Data 3.2.1 International Market - **Brazil**: Brazil's sugar production decreased on a two - week basis, but the sugar - to - cane ratio is high, and the cumulative sugar production exceeds market expectations. In October, Brazil's sugar exports increased significantly, but the appreciation of the real is unfavorable for exports. Thailand and India are about to start production, and expected production increases will bring pressure to the market [22][28][31]. 3.2.2 Domestic Market - **Production and consumption expectations**: China's sugar production is expected to increase, and consumption is expected to rise slightly. The October supply - demand report made no adjustments, but the impact of typhoons in southern sugar - cane producing areas from September to October should be noted [35][37]. - **Production and sales data in Guangxi and Yunnan**: The production and sales data in Guangxi and Yunnan are turning bearish. The destocking speed in Yunnan has slowed down, and the import volume of sugar in China has increased, with the September import volume still expected to be higher year - on - year [39][41]. - **Import of syrup and pre - mixed powder**: Due to stricter policy control, the import of syrup and pre - mixed powder in China is expected to decrease [43]. - **Downstream demand**: Downstream demand is not bad but not outstanding either, and the downstream market lacks sufficient stimulation [46][49].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Views of the Report - Internationally, the sugar production in major global producing areas is increasing. Brazil's sugar production is at a historically high level, and India may export more sugar than expected, leading to a weak fundamental situation for raw sugar with a downward long - term trend [3]. - In the domestic market, short - term sugar production is expected to increase, and international sugar prices have dropped significantly. Although the supply and sales pressure is increasing, the tightening of syrup and premix imports and high previous pricing costs support the domestic sugar price. So, the Zhengzhou sugar price is expected to fluctuate in the short term. In the long run, it will be affected by the international market and is expected to be weak, but the downward space is relatively limited due to policy support [4]. Group 3: Summary According to Relevant Catalogs Chapter 1: Comprehensive Analysis and Trading Strategies Core Logic - International sugar prices are weak due to high production in Brazil and potential high - volume exports from India. Domestic sugar prices are affected by both international factors and domestic policies, with short - term fluctuations and long - term weakness [3][4]. Trading Strategies - Unilateral: International sugar prices have ended the rebound and resumed the downward trend. Domestic sugar prices are expected to fluctuate, so it is recommended to operate within the range, selling high and covering low [5]. - Arbitrage: Short US raw sugar and long domestic Zhengzhou sugar [5]. - Options: Sell out - of - the - money call options [5]. Chapter 2: Core Logic Analysis International Supply - Demand Pattern Changes - In the 2025/26 sugar season, the global sugar supply - demand gap is significantly narrowing. ISO predicts a 23.1 - million - ton supply gap, while Czarnikow predicts a 740 - million - ton supply surplus [11]. Brazil - Sugar production is expected to remain high at 4502 million tons in the 2025/26 season, slightly higher than the previous estimate [12]. - In the first half of October 2025, the bi - weekly sugar - making ratio in the central - southern region decreased by 3 percentage points to 48.24%, and ethanol production showed a mixed trend [14]. - As of October 16, 2025, the cumulative sugar production in the central - southern region increased by 0.89% year - on - year, and the ethanol price center of gravity is expected to decline due to the gasoline price cut [23]. - As of the first half of October, the sugar inventory in the central - southern region increased by 18.2% year - on - year, and the export volume in October increased by 12.8% year - on - year [28]. Thailand - The new sugar season is expected to see a slight increase in production, and the export volume is expected to increase by 100 million tons [32]. India - The ISMA estimates the 2025/26 sugar season's total production at 3435 million tons, and the net production (excluding ethanol use) at 3095 million tons. India is capable of exporting nearly 200 million tons of sugar [41]. - As of July 2025, the 24/25 cumulative net export volume was 75.08 million tons. The November 2025 domestic sales quota decreased by 20 million tons year - on - year [41]. Domestic Market - Sugar mills in Inner Mongolia and Xinjiang have mostly started production. Rainfall may increase beet yield but reduce sugar content. Yunnan's sugar mills may start production in mid - November [42]. - Import profits are relatively high. For example, the in - quota profit from Brazil is 1750 yuan/ton, and the out - of - quota profit is over 600 yuan/ton [47]. - In September 2025, China imported 55 million tons of sugar, a year - on - year increase of 14.63 million tons. The import of syrup and premix decreased significantly. The predicted out - of - quota raw sugar arrival in October is 11.9 million tons [53]. Chapter 3: Weekly Data Tracking - Data on Brazil's central - southern region includes cumulative cane crushing volume, sugar production, bi - weekly sugar - making ratio, etc. [23][55]. - Data on India includes double - week cumulative sugar production, domestic sales quota, and export volume [41]. - Domestic data includes sugar production progress, import volume of sugar, syrup, and premix [42][53].