Core Viewpoint - The Hongli Low Volatility ETF (512890) has shown strong performance and investor interest, with significant net inflows and a solid historical return since its inception in December 2018 [1][5][12]. Fund Performance - The Hongli Low Volatility ETF (512890) recorded a price of 1.176 CNY, reflecting a 0.43% increase, with a trading volume of 2.66 billion CNY, making it the top performer among similar ETFs [3][6]. - Since its establishment, the fund has achieved a return of 133.84%, significantly outperforming its benchmark and ranking 77th among 502 products [12]. Fund Inflows - The fund has attracted substantial capital, with net inflows of 7.9 billion CNY over the last 5 trading days, 4.7 billion CNY over the last 20 days, and 53 billion CNY over the last 60 days, indicating strong investor confidence [1][8]. Holdings Performance - The top ten holdings of the Hongli Low Volatility ETF exhibited mixed performance, with notable movements including a 2.03% increase in Nanjing Bank and a 1.46% decrease in COFCO Sugar [4][10]. Regulatory Environment - The China Securities Regulatory Commission (CSRC) is promoting long-term capital investment strategies and enhancing market stability, which supports the growth of equity public funds and index investment [11]. - The new "National Nine Articles" policy clarifies requirements for listed companies regarding market capitalization management and dividend distribution, further supporting the low volatility dividend strategy [11].

Group 1 - The upcoming "2025 Futures Service Rural Revitalization and 'Insurance + Futures' Conference" will be held in Zhanjiang, Guangdong on December 19, focusing on the financial support needed for rural revitalization and the construction of a strong agricultural nation [1] - The conference is organized by Futures Daily, the "Insurance + Futures + N" Innovation Alliance, and the Industry Service Alliance, highlighting the importance of a robust rural financial service system as emphasized in the 20th National Congress report [1] Group 2 - Zhanjiang is a significant sugarcane production base in China, and the local sugar industry faces challenges such as price volatility and natural disasters, which impact farmers' income and industry stability [2] - The "Insurance + Futures" model helps transfer market risks from farmers to broader financial markets, ensuring basic income for agricultural producers and promoting sustainable development of local specialty agriculture [2] Group 3 - Guangfa Futures has been implementing the "Insurance + Futures" project in Xuwen County, Zhanjiang since 2023, with a projected guarantee scale of 23,700 tons of white sugar by 2025, utilizing various financial tools for risk management [3] - China Pacific Insurance's Guangdong branch has tailored insurance solutions for the sugar industry, including a rapid compensation of 3.79 million yuan due to typhoon-related production losses, demonstrating effective financial service [3] Group 4 - Increased farmer participation in the "Insurance + Futures" model is attributed to a diversified premium source structure, significantly lowering participation costs and enhancing risk management awareness among farmers [4] - Jining Group has developed a dual-driven model of "industry empowerment + financial hedging," integrating "Insurance + Futures" into its agricultural system, which connects farmers' interests with corporate development [4] Group 5 - The conference theme is "Innovation Leading, Serving 'Three Rural' Chapters," aiming to gather government leaders, industry experts, financial institutions, and industry representatives to discuss the role of futures markets and "Insurance + Futures" in agricultural development [5] - The agenda includes discussions on the achievements and future directions of the "Insurance + Futures" model over the past decade, featuring expert presentations from renowned scholars and industry professionals [5] Group 6 - The afternoon session will focus on the sugar industry, analyzing the operation of the sugar futures market and risk management practices, aiming to explore how financial tools can support the transformation and upgrading of the sugar industry [6] - The conference is expected to be a platform for exchanging ideas, gathering experiences, and building consensus on financial services for rural revitalization and high-quality industrial development [6]

来源：沐甜科技 品种：白糖SR 单位：张 日期： 2025-12-17每张仓单=1手合约*10吨/手=10吨仓库编号仓库简称年度等 级品牌仓单数量当日增减有效预报升贴水0103藁城永安25261雪181060小计181014900407柳州桂糖000小 计0000409云南广大00-140小计0000414浙江甘泽00150小计0000415营口港务000小计0000428中储河南 00100小计0000434广西贵港000小计0000436营口北方（厂库）000小计0000437日照凌云海(厂库)000小 计0000438广东北部湾000小计0000445中粮糖业(厂库)000小计0000447星光糖业(厂库)0060小计0000450 冀盛物流25261佰惠生430060小计430000452云南陆航00-100小计0000454云鸥物流000小计0000455云南 英茂（厂库）00-100小计0000456新宁糖业（厂库）0040小计0000458荣桂扶绥000小计0000459柳兴制糖 （厂库）000小计0000460云南紫辰00-150小计0000461五矿钦州000小计0000462五矿合浦000 ...

作为农业产业化国家重点龙头企业，金岭集团探索出了一条"产业赋能+金融对冲"双轮驱动的"保险＋期 货"特色合作模式。该模式将"保险+期货"深度融入其"公司+基地+农户"的产业体系，把蔗农利益与企业 发展紧密相连，形成了"订单农业为基础、保险期货为保障、全周期服务为支撑"的发展格局。特别 是"保底收购+二次结算"的方式，消除了蔗农的种植担忧。同时，金岭集团借助期货市场进行套期保 值，锁定经营利润，实现了企业与农户风险共担、利益共享。这一模式构建起"蔗农安心种植、企业放 心收购、金融强力兜底"的良性循环：农户获得稳定收益后，更愿意投入良种和先进技术，从而提升甘 蔗单产和糖分含量；企业则可集中资源，专注于加工升级和市场开拓，推动全产业链效率提升。 在湛江这片热土上，"保险+期货"的探索与实践已取得显著成效。作为本次会议的协办方，广发期货、 中国太保（601601）产险广东分公司及广东金岭糖业集团有限公司（下称金岭集团）以"保险＋期货"为 抓手，为湛江市白糖产业的稳健发展作出了突出贡献。 其中，广发期货聚焦全国糖料蔗核心产区——湛江市徐闻县，自2023年起连续深入推进糖料蔗"保险 +期货"项目。2025年，该项目保障白 ...

白糖：11月下半月巴西中南部生产数据点评 数据点评 11月下半月巴西中南部的生产数据偏中性。本榨季的生产已经进入尾声，甘蔗压榨量和产糖量呈季节性下滑，后期压榨量 将逐渐减少。市场的关注点转向下榨季的产量预估，进入雨季后巴西中南部主产区的降雨偏少，不利于甘蔗的生长，明年巴西 的甘蔗单产可能继续下降。12月巴西中南部主产区降雨量有所增加，关注后续降雨情况和甘蔗长势。另外，由于糖醇比价大幅 回调,预计下榨季的制糖比也将下降,明年巴西的产糖量将有所减少。 具体来看，11月下半月，巴西中南部地区甘蔗入榨量为1599.3万吨，同比减少21.08%; 甘蔗ATR为133.78千克/屯燕，同比 增加6.8%;制糖比为35.52%,同比减少9.12个百分点；产乙醇11.85亿升，同比减少1.32%;产糖量为72.4万吨,同比减少 32.94%。 安如泰山 信守承诺 2025/26榨季截至11月底，巴西中南部地区累计入榨量为59226.6万吨，同比下降1.92%; 甘蔗AIR为138.33千克/屯燕、同比 下降2.5%; 累计制糖比为51.12%，同比增加2.78个百分点；累计产乙醇295.34亿升，同比下降5.43%; 累计产 ...

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！ 比增加10家，糖厂开榨数量过半。总体上，新榨季压榨渐入高峰，供应持续增加，现货价格走弱，缺乏利 白糖产业日报 2025-12-17 | 项目类别 | 数据指标 最新 | | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:白糖(日,元/吨) | 5139 | 6 主力合约持仓量:白糖(日,手) | 487935 | 6509 | | 期货市场 | 仓单数量:白糖(日,张) | 611 | 0 期货前20名持仓:净买单量:白糖(日,手) | -81558 | -2553 | | | 有效仓单预报:白糖:小计(日,张) | 1490 | 0 | | | | | 进口加工估算价(配额内):巴西糖(日,元/ 吨) 进口巴糖估算价(配额外,50%关税)(日,元 | 4094 | -33 进口加工估算价(配额内):泰国糖(日,元/ 吨) | 4116 | -33 | | 现货市场 | | 5188 | -43 进口泰糖估算价(配额外,50%关税)(日, ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 消息方面，巴西12月前两周出口糖和糖蜜160.08万吨，较去年同期的116.29万吨增加43.79万吨，增幅 37.65%；日均出口量为16.01万吨。2024年12月，巴西糖出口量为283.37万吨，日均出口量为13.49万 吨。现货报价方面，广西新糖报价5310~5410元/吨，下调20~30元/吨；云南制糖集团新糖报价 5180~5300元/吨，下调20~30元/吨；加工糖厂主流报价区间为5670~5900元/吨，部分下调30~40元/吨。 原糖方面，并无新驱动，北半球两大主产国正常生产，印度暂时并无新增出口施压糖价，仍以区间行情 对待。国内现货价格继续下调，市场情绪脆弱，盘面大幅下行后产业承压，悲观情绪下，暂无止跌迹 象，仍需时间释放情绪。保持空头思路，但避免低位追空。 白糖： 消息方面，巴西12月前两周出口糖和糖蜜160.08万吨，较去年同期的116.29万吨增加43.79万吨，增幅 37.65%；日均出口量为16.01万吨。2024年12月，巴西糖出口量为283.37万吨，日均出口量为13.49万 吨。现货报价方面，广西新糖报价53 ...

（来源：沐甜科技） 郑糖05合约夜盘下跌1元/吨，收于5132元/吨。现货方面，广西集团报价为5310至5410元/吨，云南集团 报价为5180至5300元/吨，加工糖厂报价为5670至5900元/吨，糖厂下调20-30元不等，市场随采随用。现 货价格不断下调，01产业接货和交货意愿均偏低，低价下的现货市场活力不足。郑糖日盘增仓下行，净 空头席位加仓明显，昨日主力合约增仓近5.2万手，低点不断下破，最低触及5124，反应增产压力，关 注加速下破后的市场情绪。 05合约日内参考区间 5100-5160 2、巴西：11月下半月，巴西中南部地区甘蔗入榨量为1599万吨，同比减少21.08%；产糖量为72.4万 吨，同比减少32.94%。截至11月下半月，巴西中南部地区累计甘蔗入榨量为5.92亿吨，同比下降 1.92%；制糖比为51.12%，较去年同期的48.34%增加2.78%；产糖量为3990.4万吨，同比增幅为1.13%。 市场分析： ICE原糖03合约下跌8个点，收于14.85美分/磅；伦敦白糖03合约下跌2.4美元，收于423.8美元/吨。巴西 进入榨季末期，丰产充分计价。昨夜公布11月下半月生产数据，双周 ...

| 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) | 5133 | -74 主力合约持仓量:白糖(日,手) | 481426 | 51928 | | | 仓单数量:白糖(日,张) | 611 | 0 期货前20名持仓:净买单量:白糖(日,手) | -79005 | -10879 | | | 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/ | 1490 | 0 | | | | 现货市场 | | 4127 | -36 进口加工估算价(配额内):泰国糖(日,元/ | 4149 | -35 | | 吨) | 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) -46 进口泰糖估算价(配额外,50%关税)(日,元 | | | | | | 5231 | | 5260 | -46 | | /吨) | 云南昆明白糖现货价格(日,元/吨) | 5260 | /吨) -35 广西南宁白糖现货价格(日,元/吨) | 5340 | ...

行业 白糖日报 日期 2025 年 12 月 16 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 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/磅） | 涨跌 | 涨跌幅 | 持仓量（张） | 增减 | | SR601 | 5291 | | -43 | -0.81% | 122984 | -20351 | | SR605 | 5207 | | -21 | -0.40% | 429498 | 12559 | | 美糖 03 | 15.10 | | 0.25 | 1.68% | 446856 | -6145 | | 美糖 05 | 14.69 | | 0.22 | 1.52% | 195972 | -172 | 021-60635732 y ...