Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The report focuses on the sugar market, covering price data, macro and industry news, and production, consumption, and import forecasts in domestic and international markets [1][2][3] Group 3: Summary Based on Related Content 1. Sugar Fundamental Data - The raw sugar price is 16.09 cents/pound, down 0.16 from the previous period; the mainstream spot price is 5990 yuan/ton, unchanged; the futures main contract price is 5697 yuan/ton, down 21 [1] - The 91 spread is 59 yuan/ton, down 23; the 15 spread is 64 yuan/ton, up 2; the mainstream spot basis is 293 yuan/ton, up 21 [1] 2. Macro and Industry News - High - frequency information shows that the sugarcane crushing progress in the central - southern region of Brazil has accelerated; India's monsoon precipitation is higher than the long - period average (LPA); Brazil exported 3.36 million tons of sugar in June, a 5% year - on - year increase; China imported 420,000 tons of sugar in June [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; in the 25/26 sugar - crushing season, production will be 11.2 million tons, consumption will be 15.9 million tons, and imports will be 5 million tons [2] - As of the end of May in the 24/25 sugar - crushing season, the national sugar production was 11.16 million tons (+1.2 million tons), cumulative sugar sales were 8.11 million tons (+1.52 million tons), and the cumulative sugar sales rate was 72.7% [2] - As of the end of June in the 24/25 sugar - crushing season, China's cumulative sugar imports were 2.51 million tons (-650,000 tons) [2] 4. International Market - ISO predicts a global sugar supply shortage of 5.47 million tons in the 24/25 sugar - crushing season (previously forecasted a shortage of 4.88 million tons) [3] - As of July 16 in the 25/26 sugar - crushing season, the cumulative sugarcane crushing volume in the central - southern region of Brazil decreased by 9.6 percentage points year - on - year, with cumulative sugar production of 15.66 million tons (-1.59 million tons), and the cumulative MIX was 51.02%, up 2.69 percentage points year - on - year [3] - As of May 15 in the 24/25 sugar - crushing season, India's sugar production was 25.74 million tons (-5.8 million tons) [3] - In the 24/25 sugar - crushing season, Thailand's cumulative sugar production was 10.08 million tons (+1.27 million tons) [3] 5. Sugar Trend Intensity - The sugar trend intensity is 0, indicating a neutral outlook [4]

Report Information - Report Name: Sugar Daily Report - Date: August 5, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The downward drive in the sugar market is not strong currently, despite the bearish production data from the first half of July in the central - southern region of Brazil, as concerns about the decline in Brazilian sugar production still remain [7] - The recent decline of Zhengzhou sugar is mainly due to the pressure of concentrated supply of processed sugar. However, considering the rapid decline in futures prices and the large basis, this round of decline may be nearing its end [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: On Friday, New York raw sugar futures weakened. The main October contract closed 0.92% lower at 16.20 cents per pound. London ICE white sugar futures' main October contract closed 0.6% lower at $465.00 per ton. In the domestic market, the main contract of Zhengzhou sugar fell slightly. The SR509 contract closed at 5,718 yuan per ton, down 44 yuan or 0.76%, with a reduction of 25,642 positions. The SR601 contract closed at 5,636 yuan per ton, down 3 yuan or 0.05%, with an increase of 12,592 positions. The No. 10 contract of US sugar closed at 16.20 cents per pound, down 0.15 cents or 0.92%, with a reduction of 3,169 positions. The No. 03 contract of US sugar closed at 16.80 cents per pound, down 0.17 cents or 1.00%, with an increase of 1,384 positions [7] - **Spot Market**: Domestic spot sugar prices in production areas declined. The price of Nanning sugar was reported at 6,010 yuan, and that of Kunming sugar was 5,820 yuan [8] 3.2 Industry News - **Brazil**: In the first half of July 2025, the sugar - cane crushing volume in the central - southern region of Brazil was 49.823 million tons, a year - on - year increase of 14.77%. The sugar production ratio was 53.68%, an increase of 3.79 percentage points compared to the same period last year. The sugar production was 3.406 million tons, a year - on - year increase of 15.07%. From the start of the 2025/26 sugar - crushing season until the first half of July, the cumulative sugar - cane crushing volume was 256.14 million tons, a year - on - year decrease of 9.61%. The cumulative sugar production was 15.655 million tons, a year - on - year decrease of 9.22% [9] - **India**: The Indian Sugar Mills Association (ISMA) predicted that the total sugar production in the 2025/26 sugar - crushing season will increase by 18% to about 34.9 million metric tons, compared with 29.5 million metric tons in the 2024/25 season. The estimated total sugar - cane planting area in the 2025/26 season is about 5.724 million hectares, slightly higher than the 5.711 million hectares in the 2024/25 season [9] 3.3 Data Overview - Various data charts are presented, including the SR9 - 1 spread, Brazilian raw sugar import profit, spot price trends, 2509 contract basis, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position data of the top 20 seats of the main contract of Zhengzhou sugar [13][15][20][23] - The total trading volume of the top 20 members in the main contract of Zhengzhou sugar was 216,510 lots, a decrease of 33,087 lots. The total long - position volume was 153,878 lots, a decrease of 13,283 lots, and the total short - position volume was 144,032 lots, a decrease of 15,158 lots [23]

Core Viewpoint - The announcement details the profit distribution plan for COFCO Sugar Holdings Co., Ltd., which includes a cash dividend of RMB 0.41 per share for the fiscal year ending 2024, approved at the annual general meeting on June 19, 2025 [2][3][4]. Distribution Plan - The distribution is based on a total share capital of 2,138,848,228 shares, resulting in a total cash dividend payout of RMB 876,927,773.48 [4]. - The distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration date [3]. Implementation Details - The cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited, with shareholders who have completed designated transactions able to receive their dividends on the payment date [5]. - The company will not issue bonus shares or increase share capital as part of this distribution [6]. Taxation Information - Individual shareholders holding shares for over one year will be exempt from personal income tax on the dividend, while those holding for one year or less will have tax withheld upon the sale of shares [8]. - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied, resulting in a net cash dividend of RMB 0.369 per share [9]. - Hong Kong investors will also receive a net cash dividend of RMB 0.369 per share after a 10% withholding tax [10]. - Other institutional investors will receive the full cash dividend of RMB 0.41 per share without tax withholding [10]. Contact Information - For inquiries regarding the profit distribution plan, shareholders can contact the company's board office at 010-85631055 [11].

证券代码：600737 证券简称：中粮糖业 公告编号：2025-018 中粮糖业控股股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次利润分配以方案实施前的公司总股本2,138,848,228股为基数，每股派发现金红利 ，共计派发现金红利876,927,773.48元。 三、 相关日期 ? 每股分配比例 A 股每股现金红利0.41元 ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/8/12 | － | 2025/8/13 | 2025/8/13 | | ? 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经中粮糖业控股股份有限公司（以下简称公司）2025 年 6 月 19 日的2024 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（ ...

Report Industry Investment Rating - No relevant information provided Core View of the Report - Last week, Zhengzhou sugar prices dropped significantly, erasing the gains of the past month. Due to increased imports, the domestic sugar sales volume in July is expected to decline compared to last year, and the profit from out-of-quota imports still exists but faces shrinkage risks. Without further support for price increases, sugar prices dropped sharply. Overseas, influenced by the expected increase in production in India and Thailand and the increase in Brazil's production in early July, raw sugar prices also trended downward. In the short term, the price decline of SR2509 shows no sign of stopping and may further approach the previous low [4]. Summary by Related Catalogs Market Information Domestic Market - The spot price in Nanning is 6050 yuan/ton, and in Kunming, it is 5840 - 5960 yuan/ton. In May, China imported 6.42 tons of syrup and premixed powder, a year-on-year decrease of 15.07 tons. In June 2025, China imported 42 tons of sugar, a significant year-on-year increase [3]. International Market - Brazil exported 2.3447 million tons of sugar in the first three weeks of July, with a daily average export of 167,500 tons, a 2% increase compared to June last year. India plans to allow sugar exports in the new crushing season starting in October as the sugarcane crop is expected to have a good harvest. Unica data shows that in early July, the central - southern region of Brazil crushed 49.823 million tons of sugarcane, a year-on-year increase of 14.77%, produced 3.406 million tons of sugar, a year-on-year increase of 14.07%, and the sugar - making ratio was 53.68%, compared to 50.11% last year. ISMA predicts that India's sugar production in the 25/26 season will recover to 34.9 million tons due to the increase in planting areas in Maharashtra and Karnataka [9]. Sugar Futures and Spot Prices and Spreads Sugar Futures Weekly Price and Spread - As of August 4, 2025, the closing prices and spreads of various sugar futures contracts are as follows: SR01 is 5620 yuan/ton with 0% change; SR03 is 5595 yuan/ton with 0% change; SR05 is 5570 yuan/ton with 0% change; SR07 is 5571 yuan/ton with 0% change; SR09 is 5733 yuan/ton with 0% change; SR11 is 5653 yuan/ton with 0% change; SB is 16.2 with 0% change; W is 465 with 0% change. The spreads between different contracts are also provided [5]. Sugar Spot Weekly Price and Spread - As of August 1, 2025, the spot prices in Nanning, Liuzhou, Kunming, Zhanjiang, Rizhao, and Urumqi and their spreads are presented. For example, the price in Nanning is 5990 yuan/ton, down 40 yuan; the price in Liuzhou is 5980 yuan/ton, down 40 yuan; the price in Kunming is 5810 yuan/ton, down 30 yuan [6]. Sugar Weekly Basis - As of August 1, 2025, the basis and its changes between Nanning and Kunming and various sugar futures contracts are given. For example, the basis of Nanning - SR01 is 410, up 66; the basis of Kunming - SR01 is 260, up 46 [7][10]. Sugar Weekly Import Price Change - As of July 31, 2025, the in - quota and out - of - quota import prices of Brazilian and Thai sugar and their weekly changes are provided, along with the price differences between domestic locations and imported sugar [11].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - International factors such as good production prospects in major Asian sugar - producing countries, strong production signs in Brazil, and a weak US employment report have put pressure on raw sugar prices. Domestically, the opening of the extra - quota profit window has released import pressure. Although the demand side has some support due to the hot summer and the need for food and beverage industries to stock up, overall, the weakening of the outer - market price drags down the domestic sugar price, and with the continuous opening of the import profit window and strengthened import expectations, the short - term trend is a weak and volatile one [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the futures main contract for sugar is 5718 yuan/ton, down 15 yuan; the main contract position is 205,423 hands, down 25,642 hands; the warehouse receipt quantity is 19,373 sheets, down 70 sheets; the import processing estimated price for Brazilian sugar (within quota) is 4466 yuan/ton, down 14 yuan; for Thai sugar (within quota) is 4542 yuan/ton, down 14 yuan; the import estimated price for Brazilian sugar (outside quota, 50% tariff) and Thai sugar (outside quota, 50% tariff) are both down 18 yuan [2]. 3.2现货市场 - The spot price of white sugar in Kunming is 5865 yuan/ton, down 15 yuan; in Nanning is 6030 yuan/ton, unchanged; in Liuzhou is 6080 yuan/ton, up 50 yuan [2]. 3.3 Upstream Situation - The national sugar - crop sowing area is 1480 thousand hectares, up 60 thousand hectares; the sowing area of sugar - cane in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares [2]. 3.4 Industry Situation - The national cumulative sugar production is 1116.21 million tons, up 5.49 million tons; the cumulative sugar sales volume is 811.38 million tons, up 86.92 million tons; the national industrial sugar inventory is 304.83 million tons, down 81.43 million tons; the national sugar sales rate is 72.69%, up 7.47 percentage points; the monthly sugar import volume is 420,000 tons, up 70,000 tons; the monthly Brazilian sugar export volume is 335.9 million tons, up 110.24 million tons [2]. 3.5 Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, up 2.6 percentage points; the cumulative year - on - year growth rate of soft - drink production is 2.9%, down 0.1 percentage point [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 5.86%, down 2.08 percentage points; the implied volatility of at - the - money put options for sugar is 5.86%, down 2.08 percentage points; the 20 - day historical volatility of sugar is 6.22%, up 0.05 percentage points; the 60 - day historical volatility of sugar is 7.05%, down 0.03 percentage points [2]. 3.7 Industry News - In the first half of July, the sugar production in the central - southern region of Brazil increased by 15% year - on - year to 341 million tons; the Pakistani government has ordered the import of 200,000 tons of sugar to stabilize domestic prices and relieve the burden on consumers [2].

1、截至2025年5月底，2024/25年制糖期（以下简称"本制糖期"）食糖生产已全部结束。本制糖期全国共生产 食糖1116.21万吨，同比增加119.89万吨，增幅12.03%。 （利空） 进口： 1、据海关总署公布的数据显示，2025年6月份我国进口食糖42万吨，同比增加39.23万吨。2025年1-6月份我 国进口食糖105.08万吨，同比减少25.12万吨，降幅19.29%。2024/25榨季截至6月，我国进口食糖251.26万 吨，同比下降64.93万吨，降幅20.54%。（利空） 2、据海关总署数据，2025年5月份我国进口糖浆和预混粉(含税则号1702.90、2106.906)合计6.43万吨，同比 减少15.06万吨。 2025年1-5月，累计进口19.03万吨，同比减少53.99万吨，降幅73.94%。2024/25榨季截至 5月，全国累计进口170290项下三类商品共82.32万吨，同比减少32.23万吨，降幅28.13%。 （利多） 白糖产业周报 ——持续回落 2025/08/03 边舒扬（投资咨询证号：Z0012647 ） 投资咨询业务资格：证监许可【2011】1290号 国内市场 供 ...

Core Insights - Mauritania's government has signed a $446 million public-private partnership agreement to establish a sugar industry project in the Foum Gleita region of Gorgol province [1] - The project aims to enhance food security and achieve self-sufficiency in sugar production, with a contract duration of 30 years and production expected to commence within three years [1] - The initiative will utilize 17,000 hectares of agricultural land and secure water resources from a dam, initially providing 500 million cubic meters, potentially increasing to 1.1 billion cubic meters for long-term sustainability [1] Economic Impact - The project is expected to save foreign exchange expenditures on sugar imports and promote overall agricultural development and industrialization [1] - The involvement of a contractor alliance, including the Sudan Badri Group, will leverage Brazilian expertise in sugarcane cultivation and processing to ensure quality [1] - The project is projected to create numerous job opportunities, significantly improving the living standards of local residents [1] Domestic Consumption - Following the signing of the first phase agreement, the domestic sugar consumption self-sufficiency rate is anticipated to reach 63%, which is crucial for reducing import dependency [1]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The market has high expectations for increased sugar production in the 25/26 sugar - cane crushing season in India and Thailand, which suppresses sugar prices. Brazil's overall production progress was lower than the historical average, causing concerns about potential production cuts. However, data in early July showed an acceleration in production and a significant increase in the sugar - making ratio. In the domestic market, the opening of the profit window for out - of - quota imports led to a rapid decline in futures prices to close this window [4]. 3. Summaries by Relevant Content 3.1 Price Forecast and Risk Management Strategies - **Price Forecast**: The predicted monthly price range for sugar is 5600 - 6000, with a current 20 - day rolling volatility of 4.40% and a 3 - year historical percentile of 2.2% [3]. - **Risk Management Strategies**: - **Inventory Management**: For enterprises with high finished - product inventories worried about price drops, they can short Zhengzhou sugar futures (SR2509) at 5800 - 5850 with a 50% hedging ratio and sell call options (SR509C5800) at 15 - 20 with a 50% hedging ratio [3]. - **Procurement Management**: For enterprises with low procurement inventories aiming to lock in procurement costs, they can buy Zhengzhou sugar futures (SR2509) at 5650 - 5700 with a 50% hedging ratio and sell put options (SR509P5700) at 20 - 30 with a 75% hedging ratio [3]. 3.2 Core Contradictions - The high expectation of increased production in India and Thailand in the 25/26 season suppresses sugar prices, while concerns about Brazil's production cuts cause price fluctuations. The opening of the domestic out - of - quota import profit window leads to a decline in futures prices [4]. 3.3利多解读 (Positive Factors) - As of the end of June, Guangxi's cumulative sugar sales reached 514.06 million tons, a year - on - year increase of 61.44 million tons, with a sales - to - production ratio of 79.51%, up 6.29 percentage points year - on - year. Industrial inventory was 132.44 million tons, a year - on - year decrease of 33.08 million tons [5]. - India's NFCSF predicts that the ending sugar inventory in the 2024/25 season will be between 4.8 - 5 million tons, sufficient for domestic consumption from October to November 2025 [5]. - China has suspended imports of Thai syrup and premixed powder [5]. - From the beginning of the 2025/26 season to mid - July, Brazil's central - southern region had a cumulative cane crushing volume of 256.14 million tons, a year - on - year decrease of 9.61%; sugar production was 15.655 million tons, a year - on - year decrease of 9.22% [5]. - In June, the import of syrup and premixed powder was 115,500 tons, a year - on - year decrease of 103,500 tons [7]. - Brazil has increased the mandatory blending ratio of ethanol in gasoline from 27% to 30% and biodiesel in diesel from 14% to 15% [7]. - Coca - Cola plans to re - use sugar as a beverage additive in the US, and PepsiCo may follow suit if there is market demand [8]. 3.4利空解读 (Negative Factors) - In the 2024/25 season, Guangxi's cumulative cane crushing volume was 48.5954 million tons, a year - on - year decrease of 2.5847 million tons, but sugar production was 6.465 million tons, a year - on - year increase of 283,600 tons [8]. - Analysis firm JOB predicts a 5% increase in Brazil's sugar production to 46 million tons in the 25/26 season [8]. - Thailand's sugar production in the 24/25 season is expected to reach 10.39 million tons [8]. - India's monsoon arrived 3 - 4 days earlier than usual, and it is expected that the 25/26 season will see a strong recovery in sugar production, reaching about 35 million tons [8]. - In June, sugar imports were 424,600 tons, a year - on - year increase of 397,000 tons, and the out - of - quota import profit window is open [9]. - In the first half of July, Brazil's central - southern region had a cane crushing volume of 49.823 million tons, a year - on - year increase of 14.77%; sugar production was 3.406 million tons, a year - on - year increase of 15.07% [9]. 3.5 Market Data - **Basis and Price Changes**: - On July 31, 2025, the basis between Nanning and SR01 was 395, with a daily increase of 11 and a weekly increase of 13; the basis between Kunming and SR01 was 260, with a daily increase of 11 and a weekly increase of 18 [10]. - On August 1, 2025, the closing price of SR01 was 5620, with a daily decline of 0.62% and a weekly decline of 1.51% [10]. - **Spot Prices and Regional Spreads**: - On July 29, 2025, the spot price in Nanning was 6050, with no daily or weekly change; the price in Kunming was 5915, with a weekly decrease of 5 [11]. - **Import Price Changes**: - On August 1, 2025, the in - quota import price from Brazil was 4494, with a daily increase of 36 and a weekly increase of 12; the out - of - quota price was 5710, with a daily increase of 48 and a weekly increase of 17 [12].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - This week, the price of Zhengzhou Sugar 2509 contract decreased by about 2.43%. Internationally, the rainy season has brought good production prospects for major Asian sugar - producing countries, and strong production signs in Brazil have cast a shadow of loose supply on the raw sugar market. However, the lower - than - expected ATR in Brazil's central - southern region and potential demand from countries like Pakistan, the Philippines, and Iran provide some support. Domestically, the price difference between domestic and international markets has opened the profit window for out - of - quota imports, releasing import pressure. On the demand side, the hot summer has led to increased demand for food and beverage industries, and the seasonal consumption of cold drinks has recovered, supporting the price. Overall, the sugar market is expected to fluctuate due to the combination of peak domestic demand and increased imports and expected global supply [6]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Key Points Summary - Future factors to watch include consumption and exports of Brazilian and Indian sugar. International sugar market: The rainy season in Asia and strong production in Brazil lead to a supply - loose expectation, but lower ATR in Brazil's central - southern region and potential demand support prices. Domestic sugar market: The opening of the out - of - quota profit window releases import pressure, and the peak consumption season provides support. The overall market is expected to fluctuate [6]. 3.2 Futures and Spot Market - **Futures Market**: - The price of the ICE US Sugar 10 - month contract fluctuated this week, with a weekly increase of about 0.43%. As of July 22, 2025, the non - commercial long - position of ICE No. 11 sugar decreased by 2.65% month - on - month to 198,761 contracts, and the non - commercial short - position increased by 0.86% month - on - month to 258,490 contracts. The non - commercial net position was - 59,729 contracts, a decrease of 14.65% month - on - month [8]. - The net position of the top 20 in Zhengzhou sugar futures this week was 3,472 contracts, and the number of Zhengzhou sugar warehouse receipts was 19,443 [21]. - **Spot Market**: - As of August 1, the sugar price in Liuzhou, Guangxi was 6,100 yuan/ton, and the spot price of sugar in Kunming, Yunnan was 5,900 yuan/ton [25]. - As of July 29, 2025, the estimated import processing price (out - of - quota, 50% tariff) of Brazilian sugar was 5,761 yuan/ton, a month - on - month increase of 0.89%; the in - quota price was 4,533 yuan/ton, a month - on - month increase of 0.87%. The estimated import processing price (out - of - quota, 50% tariff) of Thai sugar was 5,828 yuan/ton, a month - on - month increase of 0.88%; the in - quota price was 4,585 yuan/ton, a month - on - month increase of 0.88% [28]. - As of last week, the in - quota profit of imported Brazilian sugar was 1,427 yuan/ton, a decrease of 2.26% from the previous week; the out - of - quota profit was 199 yuan/ton, a decrease of 18.44% from the previous week. The in - quota profit of imported Thai sugar was 1,375 yuan/ton, a decrease of 2.41% from the previous week; the out - of - quota profit was 132 yuan/ton, a decrease of 25.42% from the previous week [34]. 3.3 Industry Chain Situation - **Supply Side**: - By the end of May 2025, the 2024/25 sugar - making season had ended. The total sugar production in China was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [38]. - As of May 30, 2025, the industrial inventory was 3.0483 million tons, a year - on - year decrease of 322,100 tons [42]. - In June 2025, China imported 420,000 tons of sugar, a significant year - on - year increase. From January to June 2025, the cumulative sugar imports were 1.04 million tons, a year - on - year decrease of 19.7% [46]. - **Demand Side**: - As of May 31, 2025, the cumulative sugar sales in China were 8.1138 million tons, a month - on - month increase of 12.00%, and the sugar sales ratio was 72.69%, a month - on - month increase of 11.45% [50]. - As of June 30, 2025, the monthly output of refined sugar was 337,000 tons, a month - on - month decrease of 10.61%, and the monthly output of soft drinks was 1.84285 million tons, a month - on - month increase of 14.24% [55]. 3.4 Option Market - Information about the implied volatility of at - the - money options for sugar this week is presented in the chart of the implied volatility of the underlying of the Sugar 2509 contract, but specific data is not described in text [56]. 3.5 Sugar Futures - Stock Correlation Market - The chart of the price - to - earnings ratio of Nanning Sugar Industry is provided, but specific data is not described in text [60].