Core Viewpoint - Guangxi is the largest sugar production area in China, producing approximately 6 million tons annually, accounting for over 60% of the national output. The local government aims to enhance the integration of futures and spot markets to promote the sugar industry and regional economic development [1] Group 1: Market Background - In 2024, domestic sugar prices fluctuated, with the average sales price for sugar enterprises dropping from 6,561 yuan/ton to 6,075 yuan/ton. The total sugar production for the 2024/2025 season is expected to be 11.15 million tons, an increase of about 1.19 million tons from the previous season [2] - The sugar market is influenced by various factors, including low carryover stocks and tight processing sugar sources, leading to strong spot prices initially. However, international market changes have introduced uncertainties, with expectations of increased domestic sugar imports and production, posing risks to future sugar prices [2] Group 2: Implementation Process - In January 2025, a major sugar enterprise in Guangxi adopted a hybrid trading model to lock in production profits amid concerns of falling sugar prices. This model integrated off-market options into their spot trading [3] Group 3: Business Model - The enterprise signed a spot purchase contract with a trading company, embedding structured off-market options into the contract while monitoring futures contract closing prices to confirm transaction volumes [4] Group 4: Pricing Scheme - The contract activates when the Zhengzhou sugar 2505 contract exceeds 5,920 yuan/ton, with a validity of 70 days and a base transaction volume of 50 tons per day. The pricing mechanism allows for premium sales compared to market prices, providing a safety margin against price drops [5] Group 5: Effectiveness Evaluation - The enterprise successfully achieved premium sales, with the 2505 contract price ranging from 5,821 to 6,198 yuan/ton, and a final closing price of 6,170 yuan/ton. The average sales price was approximately 50 yuan/ton higher than the market price during the same period [6] Group 6: Risk Management and Training - The hybrid trading model simplifies the use of options for sugar enterprises, addressing challenges such as lack of expertise and management constraints. It enhances revenue while providing a safety margin against price risks [8] - Training sessions and workshops have been conducted to improve risk management awareness among enterprises, covering market trends, price volatility, and risk assessment methods [11] Group 7: Market Development - The introduction of short-term options in February 2023 is expected to significantly boost hybrid trading, allowing for better alignment with enterprises' short-term turnover needs and reducing costs associated with traditional options [12]

| | 付至蔗农手中。 | | --- | --- | | | 4、公司是否考虑并购重组？ | | | 答：并购重组事宜需综合多方因素决策，并非公司单方面可决 | | | 定。当出现合适机会时，公司将秉持审慎原则进行研判，视情况择 | | | 机考虑相关事项，并严格按照规定履行信息披露义务。 | | | 5、公司围绕"一根甘蔗"吃干榨尽拓展产业链，大力发展附加 | | | 值高的增量项目如何实现的？ | | | 答：公司通过燃烧甘蔗渣提供蒸汽及电力，发展循环经济、实 | | | 现资源综合利用。同时，将蔗渣浆用于生产一次性环保纸杯、餐盘 | | | 等纸浆模塑制品，有效提高了蔗渣的产业化利用量，实现了甘蔗渣 | | | 从废弃物到高附加值环保产品的转变。 | | | 6、公司是否考虑通过期货等工具提高公司的经营业绩？ | | | 答：公司作为国有企业，对食糖在期货市场的投放比例受相关 | | | 规定限制。公司将密切关注期货市场动态，结合实际情况，择机运 | | | 用期货等工具进行操作。 | | 关于本次活动是否涉及应披 | 本次活动不涉及未公开披露的重大信息 | | 露重大信息的说明 | | | 活动过程 ...

期货热点追踪 印度泰国增产在即！糖厂利润遭挤压，糖价冲高即拐点？ 相关链接 ...

行业 白糖日报 日期 2025 年 5 月 22 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＃ 每日报告 一、行情回顾与操作建议 菲律宾糖业监管局(SRA)表示，尽管受到厄尔尼诺引发的干早挑战，2024-2025 作物年度的糖产量预计将比之前的预估增加近 5%。根据最新数据，食糖产量 目前预计将达到 183.7 万吨，高于 ...

Group 1: Industry Overview - The Indian Sugar and Bioenergy Manufacturers Association (ISMA) predicts that sugar consumption in India may decline to approximately 28 million tons in the 2024-25 fiscal year [1] - As of mid-May, India's sugar production reached 25.744 million tons, with 533 sugar mills having completed their crushing operations [1] - In the third week of May 2025, Brazil exported a total of 919,200 tons of white sugar, a significant decrease from 2.8076 million tons in the same period last year, with an average daily shipment of 83,600 tons, down 37.5% year-on-year [1] Group 2: Market Insights - According to Everbright Futures, raw sugar prices have weakened slightly due to smooth harvesting progress, with a bearish outlook unless macroeconomic factors provide support [2] - Guotou Anxin Futures notes that favorable weather conditions in Brazil in May are expected to boost sugarcane and sugar production, while domestic sugar and syrup imports have significantly decreased, leading to a quicker sales pace and lighter inventory pressure [3] - The recent increase in rainfall in Guangxi has alleviated the water shortage for sugarcane, suggesting that drought conditions will not significantly impact sugarcane growth [3]

投资咨询业务资格:证监会许可【2012】31号 ITC国贸期货 巴西中南部4月下半月甘蔗压榨量同比提升，制糖比维持高位,25/26榨季预期产糖量或达4200万吨,全球供应宽松格局强 // 化。前期ICE原糖跌至18美分/磅以下触发国内买船,近月采购量超百万吨,预计6月中下旬起进口糖将陆续到港,三季度供 结 应压力增加。巴西配额外进口成本降至5980元/吨,与国内现货价差缩窄至150元/吨,进口利润修复刺激后续采购。1-3月 糖浆及预拌粉进口24.2万吨（折糖约15. 6万吨）,低价替代品持续挤占国产糖消费空间。综上所述,郑糖维持震荡偏弱。 | | | 巴西糖配额外进口利润 --- 2019 -- 2020 ----- 2021 23/24 - 19/20 ------ 20/21 ------ 21/22 ------- 22/23 - 24/25 2400 800 2023 -- 2022 2024 1600 600 800 400 -800 200 -1600 -2400 0 12月 11月 5月 10月 1月 2月 3月 4月 6月 7月 8月 9月 郑糖9-1月差 柳州-09基差 - SR1909-S ...

需求疲软引发警报，印度糖消费量预测大降，供需新格局，白糖价格走势能否迎来转机？ 相关链接 期货热点追踪 ...

二 〇 二 五 年 度 2025 年 05 月 20 日 白糖：9 月合约定价的锚点 周小球 投资咨询从业资格号：Z0001891 zhouxiaoqiu@gtjas.com 报告导读： 国际市场方面，市场处于强现实弱预期格局。驱动方面，24/25 榨季全球市场市场供应短期量较大， 现实仍偏强；25/26 榨季全球食糖市场维持增产累库的预期，预期偏弱。估值方面，虽然纽约原糖价格已 经自高位明显下跌，但是相对其他主要农产品价格估值依然偏高。 国内市场方面，定价锚点切换至配额外进口成本。CAOC 预计 24/25 榨季中国食糖市场产销差为 465 万吨，25/26 榨季为 470 万吨。无论是 24/25 榨季，还是 25/26 榨季，即使配额内进口量持平，基于政 策上收紧糖浆和预拌粉进口的情况下，市场都需要配额外进口量来填补供应缺口，定价锚点切换至配额外 进口成本。 SR2509 合约先交易预期，后交易现实。对于 SR2509 合约而言，由于距离交割仍有较长的时间，上 市至今 SR2509 合约主要是预期定价为主，且随着时间的推移，价格与配额外进口成本联动更加紧密。不 过，随时 SR2509 合约日趋临近交割， ...

专题报告 2025-05-19 白糖：5 月可能是糖价的转折点 农产品研究员 从业资格号：F03116327 交易咨询号：Z0019233 13352843071 yangzeyuan@wkqh.cn 报告要点： 原糖 5 月合约在交割前大幅下跌，叠加巴西中南部开始新榨季生产，外盘价差结构开始走弱， 或意味着国际市场供应最紧张的阶段已经过去。国内方面，虽然当前产销情况良好，整个 4 月 贸易商做多基差，大量采购现货并在盘面上卖出套保，使得 4 月产销率创新高。但随着盘面价 格下跌，价格更具竞争力的基差糖流入市场。另一方面，外盘价格下跌后进口利润窗口打开， 未来进口供应将陆续增加，5 月可能是糖价从强变弱的转折点。 农产品研究 | 白糖 国际市场供应最紧张的阶段已经过去 在北半球主产国中，泰国早在 4 月 8 日就已经全部收榨。据 Ocsb 数据显示，泰国 2024/25 榨 季累计食糖产量为 1005 万吨，同比上年度增产 128 万吨，但产量低于此前 1050 万吨的市场预 期。印度方面，虽然目前尚未完全收榨，但生产也接近尾声。据 ISMA 数据显示，4 月 15 日至 30 日印度产糖量仅 26.5 万吨 ...

行业 白糖日报 日期 2025 年 5 月 19 日 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 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 ＃summary＃ 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 ...