白糖产业日报 2025-12-15 | 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) -7 主力合约持仓量:白糖(日,手) | 5207 | 429498 | 12559 | | 期货市场 | 仓单数量:白糖(日,张) 0 期货前20名持仓:净买单量:白糖(日,手) | 611 | -68126 | -4157 | | | 有效仓单预报:白糖:小计(日,张) 0 | 1490 | | | | | 进口加工估算价(配额内):巴西糖(日,元/ 53 进口加工估算价(配额内):泰国糖(日,元/ | 4163 | 4184 | 52 | | 现货市场 | 吨) 进口巴糖估算价(配额外,50%关税)(日,元 吨) | | | 69 | | | 69 进口泰糖估算价(配额外,50%关税)(日,元 | 5277 | 5306 | | | | /吨) 云南昆明白糖现货价格(日,元/吨) 0 广西南宁白糖现货价格(日,元/吨) /吨) | 5295 | 5360 | -10 | | | 广 ...

2026 年度资源品策略报告 光期研究 2026 年度资源品策略报告 光大期货研究所 2025 年 12 月 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 | 白糖：全球供应充裕 价格重心继续小幅下移 3 | | --- | | 棉花：需求有韧性，价格有支撑 24 | | 尿素：过往已矣，静待政策东风 44 | | 纯碱玻璃：筑底路漫漫，底部何所依？ 61 | 2026 年度资源品策略报告 白糖：全球供应充裕 价格重心继续小幅下移 资源品研究总监：张笑金 年报摘要： ⚫ 2025 年行情回顾 2025 年受全球进入到丰产周期抑制，原糖期价震荡下行，全年期价 跌幅 21.62%。郑糖期价先升后降，全年主力合约期价波动区间在 5330- 6200 元/吨，全年跌幅 9.41%。 ⚫ 2026 年市场分析逻辑 2025/26 榨季全球食糖供应充裕；消费方面表现平平；库存端因巴西、 印度乙醇政策的推进，食糖库存并未因甘蔗丰产而显现过大的压力；变 数在于巴西 2026/27 榨季的产量增幅问题。 价格方面因总供应充裕，原糖价格预计仍以中低价位运行为主，上 方压力来自于印度出口边界 19-2 ...

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - The report analyzes the impact of recent weather conditions on sugarcane production in major sugar - producing regions around the world, indicating that current weather in most areas is conducive to sugarcane growth, sugar accumulation, harvesting, and pressing [1][2][3][5] 3. Summary by Relevant Catalogs 3.1 China - In December, southern China enters the concentrated sugar - cane crushing period. Sunny weather is beneficial for sugar accumulation and cane cutting and transportation. As of November 27, 21 sugar mills in Guangxi have started crushing, 36 less than the same period last year, with a daily crushing capacity of 150,000 tons, a decrease of 316,000 tons year - on - year. The current dry weather in Guangxi and Yunnan is favorable for sugar accumulation [1] - In Guangxi and Yunnan, recent low precipitation and suitable temperatures are conducive to sugar accumulation in sugarcane [15][19] 3.2 Brazil - The central - southern region of Brazil is in the late stage of sugar - cane crushing. It requires sunny and less - rainy weather, large diurnal temperature differences for sugar conversion and accumulation. Affected by La Nina, overall precipitation is low, but there has been some precipitation recently, and soil moisture has recovered to some extent. However, the current low soil moisture is not conducive to the jointing of new - season sugarcane [2] - The central - southern sugar - cane producing area in Brazil has had some precipitation recently, and soil moisture has recovered [34] 3.3 India - Indian sugarcane is in the technological maturity stage, the final stage of sugar accumulation, and is about to enter the prime sugar - pressing window. The monsoon rains have basically subsided, and the overall sunny weather is conducive to sugar accumulation, cutting, and pressing [3] - After the monsoon, the recent sunny weather in India is favorable for sugar - cane pressing [42] 3.4 Thailand - Thai sugarcane is in the technological maturity stage, the final stage of sugar accumulation, and is about to enter the prime sugar - pressing window. The rainy season has passed, and the dry and sunny weather is conducive to sugar accumulation [5] - The current sunny weather in Thailand is beneficial for sugar - cane sugar accumulation [53] 3.5 Global Sugar - Cane Production and Distribution - China's southern sugar - cane planting area is relatively stable, while northern beet planting area is determined by farmers based on planting income. Guangxi is China's largest sugar - producing area, accounting for over 60%, and Chongzuo is the sugar capital, accounting for 9% of the national sugar - cane area [65] - Brazil has the largest sugar - cane planting area globally. About 50% - 60% of its sugar - cane is used for ethanol production, and its sugar output depends on the profit ratio of sugar and ethanol. It is also the world's largest sugar exporter, with exports accounting for 75% - 80% of its output [67] - India is the world's second - largest sugar producer, and its output is highly variable due to natural factors. It is also the world's largest sugar consumer, and its output determines whether it exports sugar [67] - Thailand is usually the world's second - largest sugar exporter after Brazil. Although its output is around 10 million tons, its exports account for 70% - 85% of its output [67] 3.6 Sugar - Cane Growth Cycle and Conditions - The growth cycle of sugar - cane includes germination, seedling, tillering - elongation, maturity, and harvest stages, each with specific temperature, precipitation, and light requirements [60]

白糖市场2026年年报 白糖：潮生自有回落处 江阔终归海样深 ——2025年白糖市场回顾与2026年展望 方正中期期货研究院 农产品团队 王亮亮 Z0017427 ➢ 摘要： 2025 年底随着我国南方蔗糖厂开榨，国内新糖供应递增，叠加年内糖进口放量， 国内糖期现货价格齐跌。目前郑糖主力合约技术层面仍处于下行通道，各月份合约 也形成了近强远弱的反向市场格局，体现出市场对于后市价格的悲观预期。 2026 年全球食糖供应宽松格局持续，国际糖价预计仍将偏弱运行。目前巴西榨 季进入尾声，一季度关注印度及泰国糖开榨产量及出口落地情况。市场预计新榨季 两国糖增产，并且印度将糖出口配额上调至 150 万吨，但印度糖目前出口倒挂，关 注印度政府是否会采取出口补贴等手段完成其出口任务。2026 年一季度斋月备货也 正值巴西停榨的窗口期，往年来看这一阶段国际糖价易涨难跌，预计 2026 年一季度 国际原糖价格同样有望止跌反弹，而印度如果此时增加糖的出口或将限制糖价的涨 幅。目前来看，巴西糖生产情况较为乐观，弱拉尼娜背景下巴西甘蔗减产的概率不 大，2026 年巴西糖仍有望增产，并且巴西玉米乙醇成本低于甘蔗乙醇，巴西政府提 升乙醇强 ...

Core Viewpoint - The company is strategically selling idle assets to enhance resource integration, focus on core business, and improve liquidity, with total transaction amounts reaching 46.5 million yuan [2][4]. Group 1: Asset Sales - The company plans to sell the Huazi Hotel and its associated marketing building to Baotou Grassland Sugar Industry for 29.1 million yuan [2][5]. - Additionally, the company intends to sell an office building, warehouse, and related land use rights to Inner Mongolia Maibinli Supermarket for 17.4 million yuan [2][4]. - The total amount from both transactions is 46.5 million yuan [2]. Group 2: Financial Details - The office building and warehouse have a book value of 378.36 million yuan, with the sale price to Inner Mongolia Maibinli representing a premium of 359.88% over the book value [3]. - The Huazi Hotel and marketing building have a book value of 1,487.01 million yuan, with the sale price representing a premium of 95.69% over the book value [5]. - The assessed value of the assets sold to Inner Mongolia Maibinli is 1,522.46 million yuan, while the assessed value of the Huazi Hotel and marketing building is 2,312.7 million yuan [3][5]. Group 3: Strategic Rationale - The company aims to divest non-core assets to enhance liquidity and operational efficiency, as the Huazi Hotel has been non-operational since 2018 [4][5]. - The transactions are expected to positively impact the company's current financial performance, pending final audit confirmation [5].

Core Viewpoint - The company, Huazi Industrial (600191.SH), plans to sell its hotel and associated marketing building to Baotou Grassland Sugar Industry Group for a transaction amount of RMB 29.10 million, aiming to divest non-core assets and enhance liquidity and operational efficiency [1] Group 1 - The sale involves the Huazi Hotel, which has not been operational since 2018 and has been used minimally for temporary accommodations for visiting clients [1] - The decision to sell is part of the company's strategy to rationally allocate resources and focus on its core business [1] - The transaction is expected to improve the company's asset operation efficiency and financial flexibility [1]

短线延续弱势 ，建议观望 白糖周报 2025/12/13 13352843071 yangzeyuan@wkqh.cn 从业资格号：F03116327 交易咨询号：Z0019233 杨泽元（农产品组） CONTENTS 目录 01 周度评估及策略推荐 03 国内市场情况 02 价差走势回顾 04 国际市场情况 01 周度评估及策略推荐 周度评估及策略推荐 ◆ 市场回顾：外盘方面，本周原糖价格反弹，截至周五ICE原糖3月合约收盘价报15.1美分/磅，较之前一周上涨0.28美分/磅，涨幅1.89%；价 差方面，原糖3-5月差报0.41美分/磅，较之前一周持平；伦敦白糖3-5月差报3.2美元/吨，较之前一周上涨0.5美元/吨；3月合约原白价差报 96美元/吨，较之前一周下跌3美元/吨。国内方面，本周郑糖价格震荡，截至周五郑糖5月合约收盘价报5214元/吨，较之前一周下跌19元/吨， 跌幅0.36%。广西现货报5340元/吨，较之前一周下跌20元/吨；基差报51元/吨，较之前一周上涨1元/吨；1-5价差报106元/吨，较之前一周 上涨36元/吨；配额外现货进口利润报518元/吨，较之前一周下跌69元/吨。 ◆ 行业消 ...

目录 | 第一章综合分析与交易策略 | 2 | | --- | --- | | 第二章核心逻辑分析 | 4 | | 第三章周度数据追踪 | 9 | GALAXYFUTURES 1 综合分析与交易策略 白糖周报：北半球开榨 国内供应压力将增加 研究员：刘倩楠 期货从业证号：F3013727 投资咨询证号：Z0014425 【逻辑分析】 国际方面，巴西甘蔗预计将逐渐进入收榨阶段，且生产乙醇更有优势，因此近期制糖比出现明显下降，巴西中南部累计产糖量为3917.9万吨，较去年 同期增加80万吨，增产预计正在兑现。目前巴西糖进入收榨阶段，巴西糖供应压力将逐渐缓解，近期国际糖价有筑底迹象，预计价格在低位震荡。 国内市场，短期国内糖厂进入开榨高峰，新榨季产量增加，后期供应销售压力将逐渐增加，但是考虑国内收紧糖浆和预拌粉的进口，且国内糖生产成 本也较高，对盘面价格有一定支撑。短期价格可能仍将有所走弱，但是预计空间不大。 【交易策略】 1.单边：巴西榨季临近收尾供应端压力缓解，近期国际糖价有筑底迹象，短期预计震荡略偏强。国内市场虽然有进口糖量超预期且糖厂开榨，销售压 力增加，但是考虑国内白糖生产成本较高且目前盘面价格已经比较低 ...

银先生口中的"划算账"，源于博宣公司本榨季为推广机械化收获制定的一整套扶持措施。榨季以来，博宣公司认真贯彻自治区《加快提升糖料蔗机械化收 获水平三年行动方案（2025—2027年）》精神，对照目标任务科学谋划，确保完成榨季目标任务。针对以往蔗农担心的机收成本高、费用不透明等问题， 博宣公司统筹蔗区机收服务方资源，执行透明化作业费标准，联合机收每吨不超过100元，分步式机收每吨不超过120元，让农户心里有底。 更实在的是"真金白银"的补贴。博宣公司对采用切段式联合机收的种植户，按进厂净重给予每吨20元的直接补贴。同时，为调动服务方积极性，对提供分 步式机收的作业方给予每吨10元的作业费补贴。"这一系列举措，目标就是让农户觉得机收划算、省事、靠得住。"博宣公司副总经理胡顺介绍。 （来源：广西农投糖业集团股份有限公司） 冬日的八桂大地，蔗香阵阵。在来宾市武宣县金鸡乡鱼步村的连片蔗田里，四台大型收割机正开足马力，齐头并进。伴随着规律轰鸣，粗壮的甘蔗被迅速 切割、剥叶、切段，随即经由传送臂装入同步跟进的运输车中。不到两小时，一片蔗田便收获完毕。"用机器收，快多了！公司保证机收甘蔗24小时内进 厂，还有补贴拿，真是省力又 ...

瑞达期货研究院 「2025.12.12」 白糖市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 「 周度要点小结」 行情回顾：本周郑糖2601合约价格下跌，周度跌幅约0.36%。 行情展望：巴西航运机构Williams发布的数据显示，截至12月10日当周巴西港口等 待装运食糖的船只数量为44艘，此前一周为53艘。港口等待装运的食糖数量为 151.31万吨，此前一周182.6万吨下降17.14%。当周等待装运出口的食糖船只数量 减少。国内市场，目前加工糖、甜菜糖报价相对稳定，广西新糖陆续到达销区，市 场成交不佳的情况下，三种糖源竞争市场，对价格产生不利影响。截至目前不完全 统计，25/26榨季广西已开榨糖厂66家，同比减少5家；日榨甘蔗产能53.75万吨， 同比减少2.9万吨，下周预计将有4家糖厂开榨。云南开榨糖厂已达26家，同比增加 9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，缺乏利多驱动，预计后市糖价低位震荡运行为主。 未来关 ...