Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - International supply is expected to be loose, suppressing raw sugar prices, but short - term support exists due to Pakistan's import plan and reduced sugar production in Brazil's central - southern region in late June [2]. - In China, there is a divergence in price trends between domestic and foreign markets. The opening of the profit window for out - of - quota imports will release import pressure and suppress sugar prices. However, the summer consumption peak and the demand for food and beverage inventory replenishment provide some support for sugar prices [2]. - Recently, the domestic white sugar price fluctuates repeatedly following raw sugar, but shows stronger performance than the foreign market due to rising domestic demand. In the later period, with both supply and demand being strong, price fluctuations will intensify. Attention should be paid to the arrival of imported sugar and summer consumption [2]. 3) Summary by Related Catalogs Futures Market - The closing price of the main sugar futures contract is 5817 yuan/ton, with a daily increase of 7 yuan; the main contract's open interest is 327,581 hands, with a change of 17,613 hands [2]. - The number of sugar warehouse receipts is 22,716, and the effective warehouse receipt forecast is 0, a decrease of 106 [2]. - The net long position of the top 20 futures holders is - 22,354 hands [2]. 现货市场 - The estimated import price of Brazilian sugar within the quota is 4410 yuan/ton, a decrease of 70 yuan; the estimated import price of Thai sugar within the quota is 4539 yuan/ton, a decrease of 90 yuan [2]. - The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5600 yuan/ton, a decrease of 90 yuan; the estimated import price of Thai sugar outside the quota (50% tariff) is 5769 yuan/ton [2]. - The spot prices of white sugar in Kunming, Nanning, and Liuzhou are 5905 yuan/ton, 6060 yuan/ton, and 6140 yuan/ton respectively, with no daily change [2]. Upstream Situation - The national sugar - crop sown area is 1480 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]. - The national cumulative sugar production is 11.1621 million tons, an increase of 54,900 tons; the cumulative sugar sales volume is 8.1138 million tons, an increase of 869,200 tons [2]. - The national industrial sugar inventory is 3.0483 million tons, a decrease of 814,300 tons; the national sugar sales rate is 72.69%, an increase of 7.47 percentage points [2]. - The monthly import volume of sugar is 350,000 tons, an increase of 220,000 tons; Brazil's monthly sugar export volume is 3.359 million tons, an increase of 1.1024 million tons [2]. Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1543 yuan/ton, an increase of 84 yuan; the price difference between imported Thai sugar and Liuzhou sugar within the quota is 1414 yuan/ton, an increase of 85 yuan [2]. - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is 353 yuan/ton, an increase of 105 yuan; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) is 184 yuan/ton, an increase of 105 yuan [2]. Downstream Situation - 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 3%, a decrease of 0.9 percentage points [2]. Option Market - The implied volatility of at - the - money call and put options for sugar is 7.55%, a decrease of 3.45 percentage points [2]. - The 20 - day historical volatility of sugar is 6.58%, a decrease of 0.03 percentage points; the 60 - day historical volatility is 7.55%, a decrease of 0.04 percentage points [2]. Industry News - The US Department of Agriculture's latest supply - demand report shows that the US sugar production in the 2025/26 sugar - making season starting in October is 9.19 million short tons, a decrease of 59,000 short tons from last month's estimate due to the decline in beet sugar production. Sugar consumption is expected to be reduced by 165,000 short tons to 12.16 million short tons [2].

白糖数据日报 | 1 | | | 农产品中心 | 期货从业资格证号 | | 投资咨询证号 | 2025/7/14 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 谢威 | F03087820 | | Z0019508 | | | 团白 | | 地区 | 2025/7/11 | 涨跌值 | 升贴水 | 与2509基差 | 涨跌值 | | 报糖 | 广西 | 南宁仓库 | 6140 | 10 | 0 | 330 | 5 | | 吨价现 | | 昆明 | 5905 | 10 | -100 | 195 | 5 | | 〜ご覧 | 云南 | 大理 | 5800 | 10 | -140 | 130 | 5 | | 元集 | 山东 | 日照 | 6135 | 0 | 100 | 225 | -5 | | 数 盘 | | SR09 | 5810 | 5 | SR09-01 | 181 | 8 | | 据 面 | | SR01 | 5629 | -3 | | | | | हि | 人民币兑美元 | 7. 1945 | -0. 0020 | ice原糖主力 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 广西农投糖业集团股份有限公司（以下简称公司）近日接到控股股东广西 农村投资集团有限公司（以下简称农投集团）的通知，获悉农投集团将其所持 有的公司部分股份解除质押。具体事项如下： 一、本次解除质押基本情况 是否为控 证券代码：000911 证券简称：广农糖业 公告编号：2025-045 广西农投糖业集团股份有限公司 关于控股股东部分股份解除质押的公告 | | | 本次解除质 | | 占其所 | 占公司 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 股股东或 | | | | 质押起 | | | 质押解 | | | | | 股东名称 | 押股份数量 | | 持股份 | | 总股本 | | | | | 质权 | | 人 | | | | | | | | | | | | | | | 第一大股 | | | | 始日 | | | 除日 | | | | | | （股） | | 比例 | 比例 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The import supply pressure of sugar may increase in the second half of the year. If the external market price does not rebound significantly, the Zhengzhou sugar price is likely to continue to decline. [2][4] - The current domestic sugar price spread structure is contradictory. The 9 - 1 spread of Zhengzhou sugar has a positive spread, while the 7 - 9 spread has a reverse spread, which is contrary to the theoretical situation. [15] 3. Summary by Related Catalogs 3.1 Import Supply Pressure - Since mid - May, the international sugar price has continued to decline. The price of ICE raw sugar October contract has weakened from over 18 cents per pound, and the July contract once fell below 15 cents per pound. The low delivery price and small quantity indicate insufficient actual demand. [4] - With the decline of the external market price, China's out - of - quota import cost has dropped from around 6200 yuan per ton to about 5600 yuan per ton. Currently, China is in the best import profit window in the past 5 years, with the out - of - quota spot import profit exceeding 600 yuan per ton and the out - of - quota import profit on the futures market exceeding 100 yuan per ton. The import supply is likely to increase in the second half of the year. [4] - In June, Brazil exported 3360000 tons of sugar, an increase of 1100000 tons from May and 160000 tons from last year. The sugar exported to China in June was 760000 tons, an increase of 240000 tons from May and 320000 tons from last year. The supply of processed sugar in the spot market has increased recently. [5] 3.2 Domestic Price Spread Structure - As of the end of May 2025, the 2024/25 sugar - making season has ended. The national sugar production was 11.1621 million tons, a year - on - year increase of 1.1989 million tons, or 12.03%. The cumulative sugar sales were 8.1138 million tons, a year - on - year increase of 1.521 million tons, or 23.07%. The cumulative sugar sales rate was 72.69%, 6.52 percentage points faster than the same period last year. The industrial inventory was 3048300 tons, a year - on - year decrease of 322100 tons. [14] - If the import supply increases as expected in the second half of the year, the basis between the spot and futures prices may return, and it is more likely that the spot price will return to the futures price. [15] - The monthly spread structure of the futures market is contradictory. The 9 - 1 spread of Zhengzhou sugar has a positive spread, the 7 - 9 spread has a reverse spread, and the 1 - 5 spread fluctuates around 50 yuan per ton. The valuation of the September contract of Zhengzhou sugar is relatively high compared with other contracts. [15]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - In the domestic market, the previous rebound of Zhengzhou sugar caused by capital games has ended, and the market has turned to consolidation. The main short - position has reversed to a net long - position, which may support the sugar price to rebound further if the long - position increases. The domestic market is influenced by macro anti - involution and shows a bullish trend. The spot market has improved with rising prices. The upcoming June production and sales data is expected to increase slightly year - on - year. Low inventory still supports prices, but attention should be paid to the price changes of processed sugar. The operating range is expected to be between 5700 - 5850 yuan/ton. - In the international market, the raw sugar market has calmed down after significant fluctuations. The international market is still pressured by Brazil's large supply, but the market is not optimistic about Brazil's sugar production in the second half of June, with an expected year - on - year decline of 9.8% to 295,000 tons. Purchases from Pakistan and the Philippines in the international market may limit the downside of international sugar prices [59]. 3. Summary by Directory 3.1 Sugar Market Analysis - **Futures Price Trends**: Zhengzhou sugar futures rebounded slightly this week, with a weekly increase of 0.71%. ICE sugar futures fluctuated slightly, with a weekly decline of 0.67% [9]. - **Spot Price and Basis Trends**: No specific data on price and basis trends are described in the provided text. - **National Production and Sales Situation**: In the 2024/25 sugar - making season, the cumulative sugar sales rate in May was 72.69%, 6.52 percentage points faster than the same period last year [18]. - **Sugar Import Situation**: In May, 350,000 tons of sugar were imported, an increase of 320,000 tons year - on - year. Based on the ICE sugar October contract price of 16.5 cents/pound, the in - quota import cost from Brazil was 4539 yuan/ton, and the out - of - quota import cost was 5769 yuan/ton; the in - quota import cost from Thailand was 4580 yuan/ton, and the out - quota import cost was 5822 yuan/ton [22]. - **Domestic Industrial Inventory**: In the 2024/25 sugar - making season, the industrial inventory in May was 3.0483 million tons, a decrease of 322,100 tons compared with the same period last year [25]. - **Zhengzhou Commodity Exchange Warehouse Receipts and Effective Forecasts**: This week, the total number of Zhengzhou sugar warehouse receipts and forecasts was 23,040, a decrease of 480 compared with the previous week. The number of warehouse receipts was 22,934, and the effective forecast was 106 [33]. - **Brazilian Production Progress**: In the first half of June, the cumulative crushing volume was 164 million tons, a year - on - year decrease of 14.33%, and the sugar production was 9.404 million tons, a year - on - year decrease of 14.63% [37]. - **Brazilian Bi - weekly Sugar - Making Ratio**: The bi - weekly cumulative sugar - making ratio from sugarcane in the central - southern region of Brazil was 50.45%, compared with 48.33% in the same period last year [39]. - **Brazilian Monthly Sugar Exports**: Brazil's sugar exports in June were 3.359 million tons, a year - on - year increase of 5.24% [45]. - **International Main Production Area Weather Conditions**: There was little rainfall in the main production areas of Brazil, which was beneficial for sugarcane crushing. India had abundant precipitation due to the influence of the monsoon [53][55]. 3.2后市展望 (Market Outlook) - **Domestic Market**: The domestic sugar market is expected to operate in the range of 5700 - 5850 yuan/ton. Attention should be paid to the price changes of processed sugar [59]. - **International Market**: The raw sugar market is expected to have limited downside due to purchases from Pakistan and the Philippines, despite pressure from Brazil's supply [59]. - **Operation Suggestion**: Short - term trading is recommended [60].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - This week, the price of Zhengzhou Sugar 2509 contract decreased by about 0.4%. Domestically, the price trend is different from that abroad. The opening of the profit window for out - of - quota imports will release import pressure and suppress sugar prices. However, the summer consumption peak and the restocking demand of the food and beverage industry provide some support. Internationally, the good supply prospects of major sugar - producing countries in Asia and the year - on - year increase in Brazil's exports suppress the raw sugar price, but Pakistan's plan to import 500,000 tons and the decrease in sugar production in the central - southern region of Brazil in late June provide short - term support. Overall, the domestic sugar price fluctuates with the raw sugar price, but the domestic demand recovery makes it stronger than the foreign market. In the later stage, both supply and demand are strong, and price fluctuations will intensify. [5] - It is recommended to wait and see for the Zhengzhou Sugar 2509 contract. Future factors to focus on include consumption and the exports of Brazilian and Indian sugar. [5] 3. Summary According to the Directory 3.1. Week - on - Week Summary - Zhengzhou Sugar 2509 contract price decreased by about 0.4% this week. Internationally, the supply is expected to be loose, but there is short - term support. Domestically, the import pressure will be released, but the demand provides support. The domestic sugar price fluctuates with the raw sugar price and is stronger than the foreign market. Later, both supply and demand will be strong, and price fluctuations will intensify. [5] - It is recommended to wait and see for the Zhengzhou Sugar 2509 contract. Future factors to focus on are consumption and the exports of Brazilian and Indian sugar. [5] 3.2. Futures and Spot Market - **Futures Market** - The price of the US Sugar 10 - month contract decreased by about 0.67% this week. As of July 9, 2025, the non - commercial net position of ICE raw sugar remained unchanged from the previous period, and the futures settlement price of NYBOT No. 11 sugar increased by 2.67% month - on - month. [8] - The international raw sugar spot price increased. As of July 4, 2025, the international spot price of raw sugar was 16.72 cents per pound, a month - on - month increase of 4.57%. [11] - This week, the top 20 net positions in the white sugar futures were - 19,355 lots, and the Zhengzhou Sugar warehouse receipts were 22,744. [17] - **Spot Market** - As of July 11, the sugar price in Liuzhou, Guangxi was 6,120 yuan per ton, and the spot price of sugar in Kunming, Yunnan was 5,895 yuan per ton. [21] - As of July 8, 2025, the estimated in - quota import price index of Brazilian sugar was 4,457 yuan per ton, a month - on - month decrease of 0.67%; the estimated out - of - quota import price index of Brazilian sugar was 5,662 yuan per ton, a month - on - month decrease of 0.68%. The estimated out - of - quota import processing price of Thai sugar (50% tariff) was 5,715 yuan per ton, a month - on - month decrease of 0.68%; the estimated in - quota import processing price of Thai sugar was 4,498 yuan per ton, a month - on - month decrease of 0.66%. [23] - As of last week, the in - quota profit of imported Brazilian sugar was 1,476 yuan per ton, a week - on - week increase of 1.93%; the out - of - quota profit of imported Brazilian sugar was 271 yuan per ton, a week - on - week increase of 15.81%. The in - quota profit of imported Thai sugar was 1,435 yuan per ton, a week - on - week increase of 1.99%; the out - of - quota profit of imported Thai sugar was 218 yuan per ton, a week - on - week increase of 20.44%. [28] 3.3. Industry Chain Situation - **Supply Side** - As of the end of May 2025, the 2024/25 sugar - making season had ended. The national sugar production was 11.1621 million tons, a year - on - year increase of 1.1989 million tons, or 12.03%. [32] - As of May 30, 2025, the industrial inventory was 3.0483 million tons, a year - on - year decrease of 322,100 tons. [36] - In May 2025, China imported 350,000 tons of sugar, a significant increase of 220,000 tons from April and a surge of 1954.9% year - on - year. However, from January to May 2025, the cumulative sugar imports were only 630,000 tons, a year - on - year decrease of 50.1%. [40] - **Demand Side** - The cumulative national sugar sales were 8.1138 million tons, a year - on - year increase of 1.521 million tons, or 23.07%. The cumulative sugar sales rate was 72.69%, 6.52 percentage points faster than the same period last year. [44] - From January to May 2025, the cumulative output of refined sugar was 9.066 million tons, a year - on - year increase of 4.9%. The cumulative output of soft drinks was 74.6 million tons, a year - on - year increase of 25.19%. [49] 3.4. Option and Stock Market - **Option Market** - The implied volatility of at - the - money options for white sugar this week is presented in the chart of the implied volatility of the underlying of the Zhengzhou Sugar 2509 contract, but specific data is not given in the text. [50] - **Stock Market** - The chart of the price - to - earnings ratio of Nanning Sugar Industry is provided, but specific data is not given in the text. [55]

Group 1 - The Kenyan government has announced a temporary closure of all sugar factories in the western highlands and lowlands for three months starting from July 11 [1]

Core Insights - The sugar production in Guangxi for the 2024-2025 season is projected to reach 6.465 million tons, an increase of 283,600 tons year-on-year, with the sugarcane planting area expanding to 11.35 million acres, up by 110,000 acres, reflecting ongoing technological innovation and transformation in the sugar industry [1] - China is a significant producer and consumer of sugar, with an annual production of approximately 10 million tons, accounting for 5.6% of global output, while the consumption ranges from 15 to 16 million tons, indicating a supply gap that needs to be filled through imports [1] - Guangxi, as the largest sugarcane planting base and main sugar production area in China, contributes around 60% of the national sugarcane planting area and sugar production, playing a crucial role in ensuring national sugar supply security [1] Industry Transformation - Historically, the sugar industry's profits were concentrated in the crude processing of "white sugar," characterized by a short industrial chain and low added value. Guangxi is breaking this dependency by developing deep processing of sugarcane and comprehensive utilization of by-products, leading to a diversified development of the sugar industry [2] - The utilization rates of sugarcane by-products in Guangxi have reached 100% for bagasse, molasses, and filter mud, while the comprehensive utilization rate of cane leaves has surpassed 40%, indicating a shift from a raw material-oriented approach to a full-chain value enhancement [2] - The sugar industry in Guangxi is not limited to agriculture but is integrated into regional economic planning, promoting deep collaboration among agriculture, industry, culture, tourism, and technology [2] Cultural and Economic Integration - Guangxi is leveraging its "sugar culture" to develop cultural tourism projects, such as establishing "Sugar Museums" and "Cane Harvest Festivals," attracting urban tourists to experience sugar production, thereby enhancing the emotional value and outreach of traditional sugar industry [3] - The region's proximity to Vietnam provides a natural advantage for cross-border agricultural cooperation, with Guangxi actively promoting a new cross-border model of "Vietnamese sugarcane planting + Guangxi sugar processing," effectively alleviating domestic sugar supply tensions and enhancing regional integration [3] - The quantity of sugarcane imported from Vietnam is expected to nearly double in the 2024-2025 season, reflecting Guangxi's proactive integration into international agricultural division of labor under the RCEP framework [3] High-Quality Development - The high-quality development of Guangxi's sugar industry represents a significant exploration of the modern agricultural path characterized by "technology + green + integration," transitioning from a "sweet economy" to a "strong industry" [4] - This transformation not only boosts farmers' income and rural revitalization but also provides a "Guangxi model" for agricultural transformation across the country, positioning sugarcane as a source of innovation for the future sugar industry [4]

Report Industry Investment Rating - No information provided Core Viewpoint - The report provides an overview of the sugar market, including price data, macro and industry news, and supply - demand forecasts for domestic and international markets [1][2] Summary by Relevant Catalog 1. Fundamental Tracking - The price of raw sugar is 16.15 cents per pound, with a year - on - year decrease of 0.1; the mainstream spot price is 6040 yuan per ton, down 10 yuan year - on - year; the futures main contract price is 5747 yuan per ton, down 7 yuan year - on - year [1] - The 91 spread is 158 yuan per ton, up 2 yuan year - on - year; the 15 spread is 45 yuan per ton, down 2 yuan year - on - year; the mainstream spot basis is 293 yuan per ton, down 3 yuan year - on - year [1] 2. Macro and Industry News - Pakistan has approved the import of 500,000 tons of sugar; the MIX in the central - southern region of Brazil has increased significantly year - on - year; the monsoon precipitation in India is higher than the long - period average (LPA) [1] - Brazil exported 3.36 million tons of sugar in June, a 5% year - on - year increase; China imported 350,000 tons of sugar in May [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; for the 25/26 season, production will 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, the national sugar production was 11.16 million tons (+1.2 million tons), cumulative sales were 8.11 million tons (+1.52 million tons), and the cumulative sales rate was 72.7% [2] - As of the end of May in the 24/25 season, China imported 2.1 million tons of sugar (-1.04 million tons) [2] 4. International Market - ISO predicts a global sugar supply shortage of 5.47 million tons in the 24/25 season (previously 4.88 million tons) [2] - As of June 16 in the 25/26 season, the cumulative sugarcane crushing volume in the central - southern region of Brazil decreased by 14 percentage points year - on - year, and the cumulative sugar production was 9.4 million tons (-1.61 million tons), with the cumulative MIX up 2.12 percentage points year - on - year [2] - As of May 15 in the 24/25 season, India's sugar production was 25.74 million tons (-5.8 million tons) [2] - In the 24/25 season, Thailand's cumulative sugar production was 10.08 million tons (+1.27 million tons) [2] 5. Trend Intensity - The trend intensity of sugar is 0, with a range of [-2, 2], indicating a neutral view [3]

Core Viewpoint - The company is currently involved in a legal dispute with Guangxi Siyuan Agricultural Development Co., Ltd., with significant financial implications for its future profits [1][2][3]. Group 1: Legal Proceedings - The lawsuit initiated by Guangxi Siyuan against the company and its subsidiary, Dongjiang Sugar Factory, began in April 2019, with a counterclaim filed by the company in August 2019 [2]. - The case has gone through multiple court rulings, with the latest judgment being a second-instance decision that has upheld certain aspects of the previous rulings while modifying others [4]. - The total amount involved in the litigation includes 4.5621 million yuan for the original lawsuit and 15.2055 million yuan for the counterclaim [1]. Group 2: Financial Impact - The company has recognized a provision for expected liabilities of 4.5621 million yuan in accordance with accounting standards, and an additional provision of 1.4332 million yuan has been made, which is expected to reduce the company's total profit for 2025 by approximately 1.4332 million yuan [1][6]. - The ongoing litigation and its outcomes present uncertainties regarding the company's future profits, and the company plans to apply for a retrial of the case [1][6]. Group 3: Court Rulings - The recent court ruling includes various financial obligations for the company, such as compensating Guangxi Siyuan for losses related to unharvested sugarcane and other damages, totaling significant amounts [4]. - Specific amounts ordered for compensation include 85,200.57 yuan for unharvested sugarcane, 1,346,682 yuan for other damages, and 8,515,166 yuan for production shortfalls [4].