证券代码：000911 证券简称：广农糖业 | | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | 投资者关系活动类别 | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | | 1.总经理：刘宁先生 2.总会计师：黄毅先生 | | 活动参与人员 | 3.董事会秘书：滕正朋先生 | | | 4.独立董事：王彦沣女士 | | | 5.线上参与公司2024年度网上业绩说明会的投资者 | | 时间 | 2025年5月13日（星期二）15:30-16:30 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动平台 | | 形式 | 线上问答 公司于2025年5月13日举办2024年度业绩说明会，公司管理层针 | | | 对投资者提问进行了回答： 1.目前还有多少可售白糖？ | | | 答:尊敬的投资者您好，截止到4月底剩余可售白糖12万吨左 | | | 右。谢谢。 | | | 2.公司的非糖业务营收情况如何？未来有什么规划吗？ | | 交流内容及具体问答记录 | 答:尊敬的投 ...

行业 白糖日报 日期 2025 年 5 月 13 日 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 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＃ 昨日，郑糖主力合约反弹。09 合约收盘 5885 元/吨，上涨 45 元或 0.77%，减 仓 8936 张。国内产区现货价报价提升，昆明糖报价 5960 元，南宁糖报价 6130 元。今天郑糖跟随原糖节奏反弹，涨幅相对较小，主 ...

大宗商品研究所 农产品研发报告 白糖日报 2025 年 5 月 12 日 白糖日报 第一部分 数据分析 收盘价 涨跌 涨跌幅 成交量 增减幅 持仓量 增减幅 5,885 4 6 0.76% 189,669 29.10% 308,154 -2.82% 5,970 4 8 0.81% 23,237 26.75% 34,835 -4.33% 6,060 1 3 0.21% 777 -4.78% 7,207 -8.46% 柳州 昆明 湛江 南宁 鲅鱼圈 日照 西安 6220 6000 6190 6155 6300 6270 6550 1 0 1 5 0 2 0 0 -20 1 0 160 -60 130 9 5 240 210 490 SR05-SR07 价差 涨跌 SR05-SR09 价差 涨跌 SR07-SR09 价差 涨跌 -90 3 5 175 -33 8 5 2 国别 ICE主力 升贴水 运费 配额内价格 配额外价格 与柳州价差 与日照价差 与盘面价差 巴西进口 17.82 0.16 3 7 4733 6058 162 212.00 -88 泰国进口 17.82 0.8 1 8 4716 6036 184 ...

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The global sugar market's expected bumper harvest in the new season puts pressure on sugar prices [6] - Internationally, Brazil's increased sugar - making ratio and sugar production in the new season drag down the market, but low inventory and tight short - term trade flow support international sugar prices. The raw sugar is expected to fluctuate. Domestically, the fast production and sales speed and early inventory reduction lead to the Zhengzhou sugar price following the cost of sugar sources to fill the gap. The Zhengzhou sugar is expected to fluctuate in the short term [3][4] - The raw sugar is affected by Brazil's expected bumper harvest and shows a weak trend, while the Zhengzhou sugar is stronger than the raw sugar due to high production - sales ratio and low inventory [4] Group 3: Summary by Relevant Catalogs 1. Comprehensive Analysis and Trading Strategies Comprehensive Analysis - Internationally, Brazil's sugar - making ratio and sugar production in the new season are higher than last year, dragging down the market. Low inventory and tight short - term trade flow support international sugar prices. The raw sugar is expected to fluctuate, and attention should be paid to Brazil's production progress. Domestically, the production and sales speed is fast, and inventory reduction is advanced. With the tightening of syrup import policies, how to fill the production - demand gap becomes the focus. The Zhengzhou sugar price is expected to follow the cost of sugar sources to fill the gap. The previous market concerns about drought in Guangxi have cooled down after recent rainfall, and attention should be paid to the growth of sugarcane in the new season [3] Logic Analysis - The raw sugar is affected by Brazil's expected bumper harvest and shows a weak trend. The current sugar - making ratio is at a relatively high level in the same period. Considering the buying support below, the raw sugar is expected to fluctuate. In contrast, the high production - sales ratio and low inventory in China drive the Zhengzhou sugar to be stronger than the raw sugar. The Zhengzhou sugar is expected to fluctuate in the short term. Attention should be paid to the weather in the main production area of Guangxi [4] Trading Strategies - Unilateral: Take a wait - and - see attitude towards fluctuations - Arbitrage: Wait and see - Options: Out - of - the - money ratio spread options [4] 2. Core Logic Analysis - The expected bumper harvest in the global sugar market in the new season puts pressure on sugar prices. The raw sugar is affected by Brazil's expected bumper harvest and shows a weak trend, while the Zhengzhou sugar is stronger than the raw sugar due to high production - sales ratio and low inventory [4][6] 3. Weekly Data Tracking Global Sugar Production Data - Brazil: In the 25/26 season as of the first half of April, sugar production increased slightly year - on - year. In April, exports decreased year - on - year but were still at a high level. As of the week of May 7, the number of ships waiting to load sugar in Brazilian ports increased, and the quantity of sugar waiting to be shipped also increased slightly [9][19][21] - India: In the 24/25 season, sugar factory production is approaching the end. The All India Sugar Trade Association (AISTA) expects the 2024/25 season's sugar production to decline by 19% to 25.8 million tons. As of April 30, 2025, the number of sugar factories in production decreased, and sugar production decreased by 18.33% year - on - year [22][24] - Thailand: As of April 1, 2025, Thailand has basically completed the sugar harvest. Cumulative sugar production increased by 15% year - on - year. Exports in January increased by 16.6% year - on - year, but the cumulative exports from October last year to January this year were the lowest in the past three seasons. The weakening demand from Indonesia suppresses the premium of Thai sugar. Due to the sharp decline in cassava prices, farmers are more inclined to plant sugarcane, and it is expected that Thailand's sugar production may reach a seven - year high in the 2025/26 season [28] Domestic Sugar Production and Sales Data - As of the end of April in the 2024/25 season, except for 15 sugar factories in Yunnan, other sugar factories in China have stopped production. Cumulative sugar production increased by 11.59% year - on - year, cumulative sales increased by 26.07% year - on - year, the sales ratio accelerated by 7.49% year - on - year, and industrial inventory decreased by 344,800 tons year - on - year. In April, single - month production decreased by 5.65% year - on - year, and sales increased by 23.40% year - on - year, reaching the highest level in the same period in the past 12 seasons [29] Import Data - Imported sugar: In March 2025, China imported 70,000 tons of sugar, a year - on - year increase of 59,300 tons. From January to March 2025, China imported 149,200 tons of sugar, a year - on - year decrease of 1.054 million tons, a decline of 87.60%. As of March in the 2024/25 season, China imported 1.6109 million tons of sugar, a year - on - year decrease of 1.4522 million tons, a decline of 47.41% [31] - Imported syrup & pre - mixed powder: As of March 2025, the cumulative import was 130,200 tons, a year - on - year decrease of 195,500 tons, a decline of 60.02% [32]

【基本面跟踪】 白糖基本面数据 | | 价格 | 同比 | | 价差 | 同比 | | --- | --- | --- | --- | --- | --- | | 原糖价格（美分/磅） | 17.82 | 0.3 | 59 价差（元/吨） | 208 | 15 | | 主流现货价格（元/吨） | 6150 | 20 | 15 价差（元/吨） | 104 | 9 | | 期货主力价格（元/吨） | 5839 | 26 | 主流现货基差（元/吨） | 311 | -6 | 2025 年 05 月 12 日 白糖：阶段性企稳 周小球 投资咨询从业资格号：Z0001891 zhouxiaoqiu@gtjas.com 资料来源：同花顺，国泰君安期货研究 【宏观及行业新闻】 高频信息：原油上涨以及给出加工利润提振原糖价格；巴西压榨进度同比略微加快；USDA 预计 25/26 榨季巴西产量增长 2%；截至 4 月底，印度 24/25 榨季产糖 2569 万吨；巴西 3 月出口 185 万吨，同比减少 30.7%。中国 1-3 月常规进口、糖浆和预拌粉进口大幅下降。 国内市场：CAOC 预计 24/25 榨季国内食糖产量为 ...

二 〇 二 五 年 度 2025 年 05 月 11 日 白糖：区间整理为主 周小球 投资咨询从业资格号：Z0001891 zhouxiaoqiu@gtht.com 报告导读： （1）本周市场回顾 国际市场方面，美元指数 100.42（前值 100.04），美元兑巴西雷亚尔 5.65（前值 5.64），WTI 原油 价格 61.06 美元/桶（+4.59%），纽约原糖活跃合约价格 17.82 美分/磅（+3.18%）。截至 5 月 6 日，基金 多单减少 3757 手，基金空单增加 19504 手，净多单同比减少 23261 手至 11269 手，净多单大幅减少。 UNICA 数据显示，截至 4 月 16 日，25/26 榨季巴西中南部累计产糖 73 万吨，同比增加 1 万吨。 ISMA/NFCSF 数据显示，截至 4 月 30 日，24/25 榨季印度产糖 2570 万吨，同比减少 577 万吨。OCSB 数 据显示，截至 4 月 9 日，24/25 榨季泰国产糖 1005 万吨，同比增加 131 万吨。 国内市场方面，广西集团现货报价 6150 元/吨，环比上周下跌 40 元/吨；郑糖主力报 5839 元 ...

帮助蔗农铺设灌溉水管。陈振浪 摄 "我们坚持将抗旱保苗与转作风紧密结合，结合实际情况制定'一地一策'抗旱方案。"广农集团所属广农糖业相关负责人介绍。此外，广农糖业还以"糖业先锋 ·网格管理筑牢第一车间"行动为载体，建立了党委指挥部、支部攻坚队、党员责任田的三级联动机制，各党支部划分"抗旱责任区"，严格落实"定人、定 岗、定责"要求，动态监测新植蔗出苗率和宿根，建立旱情日报制度，党员领导干部带头，深入蔗区一线，与蔗农并肩作战，精准帮扶蔗农灌溉抗旱，全力 保障甘蔗生产稳定。（劳艳燕、袁利群） 转自：新华财经 近来，广西旱情不断蔓延，甘蔗生长面临严峻考验。为应对旱情，广西农村投资集团有限公司党委启动"抗旱保苗"攻坚行动，紧急安排抗旱专项资金近2000 万元，组织灌溉蔗区32.6万亩，有效缓解干旱对甘蔗生长造成的不利影响。 旱情就是命令，保苗就是责任。面对秋冬春连旱这一严峻挑战，广农集团党委迅速反应，将抗旱工作作为春耕生产、服务群众的首要任务，集团领导班子率 先垂范，深入蔗区田间地头，实地调研旱情对甘蔗生长和蔗农生产生活的影响，现场指挥协调抗旱工作。各级公司党员干部们积极协调各方资源，组织打井 队为缺水地区打井取水、 ...

Core Viewpoint - The article analyzes the strategies used by upstream companies in the sugar industry to hedge against price volatility through options, focusing on the effectiveness of different strategies during the 2023-2024 sugar market fluctuations [1][18]. Strategy Comparison - Sugar options have nonlinear profit and loss characteristics, providing companies with more strategies for risk management and enhancing operational stability [2]. - In 2023, the average daily trading volume of sugar options was 180,000 contracts, with an open interest of 420,000 contracts, indicating sufficient market size for hedging needs [2]. - Sugar prices experienced significant fluctuations, with a low of 5,500 yuan/ton and a high of 7,202 yuan/ton, prompting upstream companies to effectively utilize options to enhance profits [2]. Strategy Analysis - The article compares two main options strategies: covered call writing and protective put buying, focusing on their effectiveness in different market conditions [3]. - Covered call writing allows investors to enhance returns while holding long positions in sugar by selling corresponding call options, which can lower holding costs [4][6]. - Protective put buying serves as insurance against price declines, allowing companies to hedge against losses while still benefiting from potential price increases [9][10]. Experimental Setup and Parameters - The study uses market data from January 2023 to October 2024, during which sugar prices fluctuated from 5,500 yuan/ton to 7,200 yuan/ton, providing a complete bull-bear market cycle for analysis [12]. - The volatility index (VIX) for sugar showed significant fluctuations, with a minimum of 8 and a maximum of 24, indicating a representative market dynamic for strategy comparison [12]. Results Analysis - The performance of four strategies was evaluated, with the protective put strategy ranking first due to its effective risk management in both rising and falling markets [14]. - The covered call writing strategy performed poorly in rising markets, highlighting the importance of volatility and market conditions in strategy selection [15][16]. Conclusion - The article concludes that upstream companies in the sugar industry can effectively use options for hedging against price volatility, emphasizing the importance of market conditions and volatility in strategy selection [18].

Group 1: Sugar Market Dynamics - As of April 30, 2025, Hainan has cumulatively sold 15,200 tons of sugar, with sales of 5,400 tons this month, a decrease of 24,800 tons compared to the same period last season [1] - The sales-to-production ratio is 27.59%, down by 26.17 percentage points [1] - The sales tax-inclusive factory price ranges from 5,431 to 6,547 RMB per ton, with sugar inventory at 39,900 tons, an increase of 550 tons compared to the same period last season [1] Group 2: Cotton Market Dynamics - ICE cotton prices fell by 0.63%, closing at 67.4 cents per pound, while CF509 rose by 0.9%, closing at 12,900 RMB per ton [1] - The main contract positions decreased by 10,843 lots to 576,600 lots [1] - The cotton arrival price in Xinjiang is 13,839 RMB per ton, down by 7 RMB from the previous day, and the China Cotton Price Index 3128B is at 14,113 RMB per ton, down by 70 RMB from the previous day [1] Group 3: Market Sentiment and Future Outlook - The Federal Reserve's May meeting maintained the current interest rate, leading to a slight adjustment in the market's June rate cut expectations, which has put pressure on cotton prices [1] - Domestic cotton futures prices have slightly increased due to positive macroeconomic news, boosting market sentiment [1] - The fundamental drivers remain relatively weak, with attention on upcoming weather changes, and short-term expectations indicate continued range-bound trading [1]

Core Viewpoint - The Guangxi Zhuang Autonomous Region is focusing on addressing bottlenecks in the sugar industry through enhanced supervision and support for technological upgrades, ensuring the sustainable development of the sugarcane sector [1][2][3]. Group 1: Industry Development and Supervision - The local government is actively monitoring key technological upgrades in sugar production to identify and resolve challenges faced by sugar enterprises [2]. - The region's political supervision has intensified, with actions taken to support the development of agricultural parks and address corruption in infrastructure projects related to the sugar industry [3][4]. - The Guangxi region has seen an increase in sugarcane planting area by 110,000 acres for the 2024/25 sugar season, indicating a positive trend in the sugarcane industry [6][15]. Group 2: Financial Support and Subsidies - There was a significant delay in the disbursement of subsidies for sugarcane seeds and farming methods, amounting to 1.21 billion yuan across 11 cities, which affected farmers' motivation [5]. - Following the intervention of the supervisory bodies, all overdue subsidies were paid out by the end of August last year, benefiting 1.15 million households involved in sugarcane farming [5][6]. - The implementation of financial support has encouraged farmers to increase their sugarcane cultivation, with many expressing gratitude for timely subsidies that have improved their livelihoods [4][6]. Group 3: Technological Advancements - The introduction of smart irrigation and fertilization systems has significantly improved sugarcane yields, with irrigated fields producing up to 8 tons per acre compared to only 4 tons for rain-fed fields [8]. - The establishment of a mechanized harvesting station has reduced costs for farmers, demonstrating the benefits of technological integration in sugarcane production [10][11]. - The local government is promoting the mechanization of sugarcane production, with a total of 323 sugarcane harvesters and 101 mechanized harvesting stations currently operational in the region [11]. Group 4: Addressing Corruption and Governance - The local authorities are committed to tackling corruption within the sugar industry, with significant actions taken against officials involved in malpractice related to water conservancy projects [12][14]. - A comprehensive approach combining investigation, correction, and governance is being implemented to ensure accountability and enhance the integrity of the sugar industry [12][13]. - The establishment of a three-party coordination mechanism among farmers, sugar industry departments, and local authorities aims to improve the management of subsidies and enhance transparency [14].