1. Report Information - Report Title: Sugar Daily Report - Date: June 13, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 2. Market Review and Operation Suggestions Futures Market - SR509 closed at 5,647 yuan/ton, down 45 yuan or 0.79%, with an increase of 9,449 contracts in open interest [7]. - SR601 closed at 5,522 yuan/ton, down 36 yuan or 0.65%, with an increase of 2,038 contracts in open interest [7]. - US Sugar 07 closed at 16.42 cents/pound, down 0.06 cents or 0.36%, with a decrease of 25,132 contracts in open interest [7]. - US Sugar 10 closed at 16.81 cents/pound, down 0.04 cents or 0.24%, with an increase of 22,263 contracts in open interest [7]. Market Analysis - New York raw sugar futures weakened on Monday, with the main July contract down 0.36% to 16.42 cents/pound. London ICE white sugar futures' main August contract rose 1.1% to $472.80/ton. The main market pressure is the increasing production in Brazil. A survey by S&P showed that sugar production in the central - southern region of Brazil in the second half of May increased by 4.7% year - on - year. The market is waiting for Unica's production data [7]. - Zhengzhou sugar's main contract continued to decline to a new low. The decline was mainly due to the aggressive short - selling by speculative funds. The only weakness of the short side is the low and concentrated holding cost [8]. 3. Industry News - S&P Global Commodity Insights survey: In the second half of May, sugar cane crushing in the central - southern region of Brazil is expected to increase by 1.2% year - on - year to 45.91 million tons, sugar production is expected to increase by 4.7% to 2.839 million tons, ethanol production is expected to decrease by 5.6% to 2.005 billion liters, and the sugar - cane sugar ratio is expected to be 51.84% [9]. - Brazil's sugar exports in the first week of June were 783,197.58 tons, with a daily average of 156,639.52 tons, a 2% decrease compared to the daily average in June last year [9]. - India is expected to have a sugar production surplus for at least two consecutive years. With sufficient rainfall, farmers have expanded the sugar - cane planting area, and crop yields are expected to increase. India can increase exports in the 2025/26 season [9]. - In the 24/25 sugar - making season, Guangdong's cumulative sugar production was 654,500 tons, an increase of 122,800 tons year - on - year. As of the end of May, the cumulative sugar sales were 654,500 tons, an increase of 223,600 tons year - on - year, with an industrial inventory of 0 tons, a decrease of 100,800 tons year - on - year, and a sales - to - production ratio of 100%, an increase of 18.97% year - on - year [9]. - In the 24/25 sugar - making season, Xinjiang's final sugar production was 814,200 tons, an increase of 255,600 tons year - on - year. As of the end of May, the cumulative sugar sales were 618,800 tons, an increase of 231,400 tons year - on - year, with an industrial inventory of 195,400 tons, an increase of 24,200 tons year - on - year, and a sales - to - production ratio of 76%, an increase of 6.65% year - on - year [9][10]. 4. Data Overview - The report provides 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 holding positions of the top 20 seats of the Zhengzhou sugar main contract [11][13][16][20]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The reduction of gasoline prices in Brazil suppresses ethanol prices, increasing sugar supply through the sugar - ethanol ratio mechanism. Coupled with global production increase expectations and China's import pressure, the raw sugar price has broken through support levels, and sugar prices will remain weak in the short term [3][45][46]. - India and Thailand have a high certainty of production increase due to climate improvement and policy support, pushing the global sugar market into an oversupply cycle and putting pressure on international sugar prices [3][23][45]. - Domestically, one should be vigilant about the impact of the arrival rhythm of imported sugar on the basis. The core contradiction lies in the strengthening of the supply - demand relaxation pattern [3][45][46]. - The price differentiation between domestic production and sales areas continues. Low inventories in production areas support prices, while the arrival of processed sugar in sales areas and relatively low costs force price cuts [3][45][46]. - China's sugar production has reached a new high, and sales are differentiated, being suppressed by terminal consumption transformation and import expectations [3][45][46]. - In the short term, the Zhengzhou sugar futures price will continue to be under pressure and run weakly. One needs to closely monitor the arrival rhythm of imports and the impact of Northern Hemisphere weather on the supply - demand outlook. Future key variables include Brazil's weather and crushing progress, India's monsoon rain intensity, crude oil price trends, and China's import policy [3][45][46]. 3. Summary According to Relevant Catalogs 3.1 Global Supply - Demand Pattern Shifts from Shortage to Relaxation 3.1.1 Short - term Shortage Continues, Long - term Oversupply Expectations Strengthen - In the 2024/25 sugar season, the global sugar market continued its shortage pattern due to production cuts in India and Pakistan. The ISO's latest forecast shows a global sugar shortage of 5.47 million tons in the 2024/25 sugar season, an increase of 590,000 tons from the previous estimate, reaching the highest level in 9 years [8]. - In the 2025/26 sugar season, Brazil's bumper harvest and the production increase of major Asian producers will lead to a shift in global supply to oversupply, with significant downward pressure on sugar prices. Datagro predicts a supply surplus of 1.53 million tons in the 2025/26 sugar season, while StoneX is more optimistic, predicting a surplus of 3.74 million tons [9]. 3.1.2 Brazil's Supply Pressure Intensifies Global Oversupply Expectations - Brazil's sugar production has a strong expectation of a bumper harvest. The estimated sugar production in the central - southern region of Brazil in the 2025/26 sugar season is 39 - 42 million tons, at a historical high. The sugar - making ratio has risen to 51.14%, and sugar mills tend to produce sugar [10]. - The decline in ethanol prices in Brazil is a key factor in the weakening of raw sugar. The reduction of gasoline prices by Petrobras has weakened the competitiveness of ethanol as a fuel substitute, causing sugar mills to be more inclined to produce sugar [10]. 3.1.3 India and Thailand's Production Increase Pushes the Global Sugar Market to Oversupply - India's sugar production in the 2024/25 sugar season was only 26.1 million tons, a year - on - year decrease of 18.33%. In the 2025/26 sugar season, it is expected to rebound to 30 - 35 million tons, an increase of about 4 - 9 million tons compared to the 2024/25 season [21][22]. - Thailand's sugar production in the 2024/25 sugar season increased by 14.81% year - on - year to 10.04 million tons, and is expected to further increase to 11.5 million tons in the 2025/26 sugar season, a year - on - year increase of 14.5% [23]. 3.2 Domestic High - Inventory Digestion and Import Impact 3.2.1 National Sugar Production Reaches a New High, Sales Progress Differs - In the 2024/25 sugar season, the national sugar production is estimated to be 11.1 - 11.18 million tons, a year - on - year increase of 11.59 - 12.28%, reaching a new high for the season [25]. - Currently, the overall domestic sales progress is fast, but there is significant regional differentiation. As of the end of May, the national sugar sales rate was 72.69%, a year - on - year acceleration of 6.52 percentage points [26]. 3.2.2 Import Pressure is About to Materialize - The expected import volume will increase. After the price - fixing window opens, the procurement enthusiasm of processing plants is high, and it is expected that all licenses will be used up. After May, the concentrated arrival of price - fixed sugar will significantly increase market supply [41]. - Future processed sugar will face concentrated arrivals. It is estimated that 800,000 tons of processed sugar will arrive from June to August, and the arrival volume will be more concentrated from July to August [41]. 3.3 Summary - The reduction of gasoline prices in Brazil suppresses ethanol prices, increasing sugar supply through the sugar - ethanol ratio mechanism. Coupled with global production increase expectations and China's import pressure, the raw sugar price has broken through support levels, and sugar prices will remain weak in the short term [45][46]. - India and Thailand have a high certainty of production increase due to climate improvement and policy support, pushing the global sugar market into an oversupply cycle and putting pressure on international sugar prices [45][46]. - Domestically, one should be vigilant about the impact of the arrival rhythm of imported sugar on the basis. The core contradiction lies in the strengthening of the supply - demand relaxation pattern [45][46].

数据来源第三方(同花顺、wind)，观点仅供参考，市场有风险，投资需谨慎！ 研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 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。 白糖产业日报 2025-06-12 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5647 | -21 主力合约持仓量:白糖(日,手) | 367580 | 9449 | | | 仓单数量:白糖(日,张) | 29116 | -100 期货前20名持仓:净买单量:白 ...

市场快讯 -- 巴西制糖进程加速 郑糖盘中跌破支撑 5月29日,巴西甘蔗和生物能源行业协会(UNICA)在报告中表示,2025年5月上半月, 巴西中南部压榨进程同比下降(但降幅较上份双周报告相比有所收窄),期间共压榨 4232万吨甘蔗,制糖240.8万吨。而以上两组数据在2024/25榨季同期则达到4507万吨和 258.4万吨,同比分别下降6.09%与6.8%。从2025/25榨季至今的累计数据来看,当前巴西中 南部已累计压榨7671.4万吨甘蔗并生产出389.8万吨糖,同比分别下降20.24%和22.68%。 但在6月10日(周二)S&P Global Commodity Insights发布的一项对20位分析师的调查显示, 巴西中南部地区5月下半月甘蔗压榨量预计较上年同期增长1.2%,至4591万吨。这意味看 巴西食糖主产区在摆脱了降水犹动后,整体的食糖生产进程出现明显提速,且此轮预测 的追赶速度超出市场预期。在此消息的抗动下,全球食糖预期供应压力再度增加,登加 市场对印度和泰国2025/26榨李的食糖产量也均抱有增产预期,郑糖于今日上午跌破5700 元/吨支撑。 | | | | | UNICA:202 ...

Core Viewpoint - Guangxi Agricultural Investment Sugar Industry Group is implementing a comprehensive strategy to enhance sugar production efficiency and optimize the entire industry chain, achieving significant growth in sugarcane planting area and production volume for the 2024/25 season [1][3]. Group 1: Production and Financial Performance - The company has achieved a sugarcane planting area of 1.53 million acres and a sugar production volume of 862,200 tons for the 2024/25 season [1]. - A total of 3.462 billion yuan has been paid to sugarcane farmers, reflecting a commitment to supporting local agriculture [3]. - Guangxi Baoxuan Food Co., Ltd. has increased its sugarcane planting area to 260,000 acres, a 9.7% increase from the previous season [3]. Group 2: Technological Advancements - The company is leveraging digital management systems, including pest monitoring and data integration, to enhance agricultural efficiency and production quality [4]. - The establishment of a comprehensive information system supports the entire sugar production process, from planting to processing [4]. - The use of advanced technologies such as 5G and IoT is being integrated into the sugar production chain to improve operational efficiency [4]. Group 3: Quality and Brand Development - Guangxi Agricultural Investment Sugar Industry has maintained the top position in national sugar quality evaluations for 22 consecutive years, enhancing its brand reputation [5]. - The company has received various certifications, including the zero-carbon factory certificate and the Hong Kong quality certification, further solidifying its market position [5]. - Continuous investment in technological upgrades has led to improvements in production rates and operational safety [5]. Group 4: Future Strategies - The company aims to maximize the value of sugarcane by focusing on quality cultivation, efficient processing, and effective marketing strategies [5]. - Plans include promoting the integration of advanced technologies such as AI and big data into sugar production processes to ensure sustainable growth [5].

Core Points - The company is preparing for its annual shareholder meeting scheduled for June 19, 2025, with specific guidelines to ensure order and protect shareholder rights [1][2][4] - The meeting will include the review of the 2024 annual report and the board's work report, highlighting the company's performance and strategic direction [6][15] - The company reported a revenue of 32.497 billion yuan for 2024, a decrease of 1.86% year-on-year, with a net profit of 2.114 billion yuan [20][22] Meeting Guidelines - The meeting will have a designated management office to oversee procedures and maintain order [1] - Only authorized participants, including shareholders and company officials, will be allowed entry [1] - Shareholders must present identification for registration on the day of the meeting [1] Voting and Agenda - Voting will be conducted through both on-site and online methods [2][4] - The agenda includes the announcement of the meeting's commencement, review of key proposals, and the election of inspectors [4][5] Financial Performance - The company achieved a total revenue of 32.497 billion yuan in 2024, with a net profit of 2.114 billion yuan, reflecting a decrease in profitability [20][22] - The total assets at the end of 2024 were reported at 201.03 billion yuan, a decrease of 1.375 billion yuan from the beginning of the year [21] - The company's debt ratio improved to 41.48%, down from 44.90% at the beginning of the year [22] Board and Governance - The board of directors held nine meetings in 2024, addressing 51 major topics including strategic planning and investment [7] - The company emphasizes compliance and governance, with ongoing improvements to its internal control systems [12][14] ESG and Sustainability - The company has launched an ESG strategy with specific goals and measures to enhance its sustainability practices [11] - It received recognition for its ESG efforts, including awards for best practices in sustainable development [11]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On Monday, New York raw sugar futures rebounded, with the main July contract rising 1.27% to 16.70 cents per pound. London ICE white sugar futures' main August contract rose 1.5% to $472.40 per ton. The current market pressure is the increasing production in Brazil, and recent heavy rainfall in the central - southern Brazil may affect the crushing progress. After the sugar price rebounded from below the previous low, it's necessary to observe if a double - bottom pattern can form [6]. - Yesterday, the main contract of Zhengzhou sugar fluctuated weakly. The 09 contract closed at 5,717 yuan per ton, down 14 yuan or 0.24%, with an increase of 1,295 contracts in positions. The spot prices in domestic producing areas remained unchanged. Zhengzhou sugar did not follow the raw sugar's rebound and was weaker than expected. After the market closed, large speculative short - sellers continued to add positions tentatively, while hedging funds from spot seats continued to withdraw. The short - selling momentum of short - sellers to add positions and suppress prices weakened, and the possibility of a price rebound is relatively high [8]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **New York Raw Sugar and London ICE White Sugar**: The main July contract of New York raw sugar futures rose 1.27% to 16.70 cents per pound, and the main August contract of London ICE white sugar futures rose 1.5% to $472.40 per ton. The increasing production in Brazil is the main market pressure, and rainfall may affect the crushing progress. After the sugar price fell below the previous low and rebounded, observe for a possible double - bottom pattern [6]. - **Zhengzhou Sugar**: The 09 contract of Zhengzhou sugar closed at 5,717 yuan per ton, down 14 yuan or 0.24%, with an increase of 1,295 contracts in positions. Domestic spot prices were flat. Zhengzhou sugar did not follow the raw sugar's rebound. Speculative short - sellers added positions tentatively, and spot hedging funds withdrew. The downward momentum of short - sellers weakened, and a price rebound is more likely [8]. 3.2 Industry News - No relevant content provided 3.3 Data Overview - **24/25 Guangdong Sugar Production and Sales**: The cumulative sugar production in Guangdong in the 24/25 season was 654,500 tons, an increase of 122,800 tons year - on - year. As of the end of May, the cumulative sugar sales were 654,500 tons, an increase of 223,600 tons year - on - year; industrial inventory was 0 tons, a decrease of 100,800 tons year - on - year; the sales - to - production ratio was 100%, an increase of 18.97% year - on - year. In May, the single - month sugar sales in Guangdong were 3,900 tons [10]. - **24/25 Xinjiang Sugar Production and Sales**: The final sugar production in Xinjiang in the 24/25 season was 814,200 tons, an increase of 255,600 tons year - on - year. As of the end of May, the cumulative sugar sales were 618,800 tons, an increase of 231,400 tons year - on - year; the sales - to - production ratio was 76%, an increase of 6.65% year - on - year; industrial inventory was 195,400 tons, an increase of 24,200 tons year - on - year. In May, the single - month sugar sales in Xinjiang were 73,700 tons [10]. - **Brazilian Sugar Exports**: Brazil exported 2.2566 million tons of sugar in May, a year - on - year decrease of 19.6%. From April to May in the 2025/26 season, Brazil's cumulative sugar exports were 3.8092 million tons, a year - on - year decrease of 18.84%. As of the week of June 4, the number of ships waiting to load sugar at Brazilian ports was 90, the same as the previous week. The quantity of sugar waiting to be exported was 3.247 million tons, a 4% decrease from the previous week. The quantity of high - grade raw sugar (VHP) was 3.0373 million tons, a 3% decrease from the previous week. The quantity of sugar waiting to be exported at Santos Port decreased 7% from the previous week, and that at Paranagua Port decreased 11% [10].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000911 证券简称：广农糖业 公告编号：2025-039 广西农投糖业集团股份有限公司关于涉及诉讼事项的进展公告 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。 一、本次诉讼事项的基本情况 杜兴祥于2023年4月就相关合同纠纷案[案号：（2023）桂0110民初1556号、（2023）桂0110民初1557 号]分别对南宁糖业股份有限公司、南宁糖业股份有限公司香山糖厂、南宁南糖香山甘蔗种植有限责任 公司向广西壮族自治区南宁市武鸣区人民法院提起两起民事诉讼，并于2023年4月10日被立案受理(详情 请参阅公司于2023年4月29日在巨潮资讯网披露的《南宁糖业股份有限公司关于涉及诉讼事项的公告》 （公告编号：2023-027）)。 2024年6月，广西农投糖业集团股份有限公司（以下简称广农糖业或公司）收到广西壮族自治区南宁市 武鸣区人民法院送达的《民事判决书》[（2023）桂0110民初1556号、（2023）桂0110民初1557号](详情 请参阅公司于2024年6月8日在巨潮资讯网披露的《广西农投 ...

白糖产业日报 2025-06-10 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5717 | -17 主力合约持仓量:白糖(日,手) | 342526 | 1295 | | | 仓单数量:白糖(日,张) | 29443 | 0 期货前20名持仓:净买单量:白糖(日,手) | -27019 | -5633 | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ | 0 | 0 | | | | 现货市场 | | 4543 | -12 进口加工估算价(配额内):泰国糖(日,元/ | 4552 | -45 -59 | | 吨) | 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) | | | | | | 5774 | -15 进口泰糖估算价(配额外,50%关税)(日,元 | 5785 | | | /吨) | 现货价:白砂糖:昆明(日,元/吨) | 5900 | 0 现货价:白砂糖:南宁(日,元/吨) ...

转自：新华财经 晨雾漫过桂中丘陵，万亩蔗林翻涌青浪。督查员手持记录本穿梭其中，俯身拨开层层蔗叶，对叶片、叶心、蔗茎等关键部位抽丝剥茧，对照虫害防治标准， 细致核查甘蔗生长状态与防治成效。这看似寻常的田间抽查，正是广农糖业"嵌入式"监督的日常缩影。在这片甜蜜的土地上，广农糖业创新构建的"四廉驱 动"模式如春风化雨般浸润生产经营全链条，为企业高质量发展注入清风正气。 思想育廉：淬炼忠诚本色，筑牢信仰根基 在广农糖业托管企业博华公司运江镇芽村基地，一场别开生面的党课在蔗田边开讲。广农糖业党委委员、纪委书记满运明正结合甘蔗管护的"精耕细作"，向 党员干部阐释"廉洁从业如同甘蔗生长，根正才能苗壮、防虫（腐）才能丰收！"的道理。他指着身旁绿意盎然的蔗田说："我们施的每一分肥、防得每一次 虫，都要经得起阳光的检验；经手的每一笔原料款、农资款，必须清清白白！"朴素的话语掷地有声，廉洁之风浸润在场党员干部的心田。 多年来，广农糖业党委坚持把思想政治建设摆在首位，依托党委理论学习中心组、"三会一课"、专题研讨以及深入一线的"移动课堂"，持续深入学习党中央 关于全面从严治党、党风廉政建设和反腐败斗争的最新部署要求，深刻认识到清廉建 ...