Report Industry Investment Ratings - Sugar in the agricultural, forestry, and livestock sector is rated as "Oscillating" [1] - Rubber series in the energy and chemical sector: natural rubber, 20 - grade rubber, and synthetic rubber are rated as "Oscillating" for natural rubber and 20 - grade rubber, and "Oscillating and Bullish" for synthetic rubber [5] Core Views - For sugar, the external market saw ICE raw sugar rise due to geopolitical conflicts boosting oil prices and affecting Brazil's new - season sugar - making ratio. The domestic market had a significant decline in Zhengzhou sugar due to the weak performance of the agricultural product sector and weak domestic reality, but recovered some losses at night. The short - term market is in a long - short game between weak reality and strong expectations, and the market is expected to oscillate [1] - For rubber series, natural rubber followed the overall decline of commodities and is under pressure from the start of tapping in Yunnan and Laos. The downstream tire factory's operation is stable, and the short - term fundamentals are neutral to weak. Synthetic rubber's BR fell slightly and then rose due to geopolitical news. The supply of butadiene supports its price, but downstream acceptance is limited. The short - term trend may be volatile due to the unpredictability of the war situation [5] Summary by Related Catalogs Sugar Market Information - SR605 contract closed at 5343 yuan/ton yesterday with a daily decline of 1.17%, and 5398 yuan/ton at night; SR609 contract closed at 5470 yuan/ton with a daily decline of 1.21%, and 5427 yuan/ton at night [1] - ICE raw sugar's main contract was 14.82 cents/pound yesterday with a daily increase of 2.42% [1] - Guangxi's white sugar spot transaction price was 5377 yuan/ton, down 34 yuan/ton; Guangxi sugar - making group's quotation range was 5390 - 5490 yuan/ton, down 20 - 30 yuan/ton; Yunnan sugar - making group's quotation was 5270 - 5320 yuan/ton, down 20 yuan/ton; the mainstream quotation range of processing sugar mills was 5670 - 5880 yuan/ton, mostly down 20 - 30 yuan/ton [1] - As of March 15, 2026, India's 2025/26 sugar - making season sugar production reached 26.214 million tons, a year - on - year increase of 2.49 million tons, a year - on - year increase of about 10.5% [1] - In January - February 2026, China's sugar imports were 280,000 tons and 240,000 tons respectively, a year - on - year increase of 217,000 tons and 223,900 tons respectively. From January to February 2026, China's cumulative sugar imports were 520,000 tons, a year - on - year increase of 440,900 tons. As of the end of February in the 2025/26 sugar - making season, China's cumulative sugar imports were 2.2826 million tons, a year - on - year increase of 741,700 tons [1] - Thailand's sugar - making industry recently called for the promotion of E20 ethanol gasoline to strengthen energy security [1] - Zhengzhou Commodity Exchange's white sugar warehouse receipts were 16,342 yesterday, with a daily increase of 0 [1] Market Logic - External market: ICE raw sugar rose. Geopolitical conflicts in overseas areas strengthened oil prices, which affected Brazil's new - season sugar - making ratio and boosted sugar prices. As the main sugar - making countries in the Northern Hemisphere are approaching the end of the sugar - making season, the market's attention is turning to Brazil in the Southern Hemisphere. Short - term macro and event disturbances still exist, and the technical side shows a strong trend [1] - Domestic market: Zhengzhou sugar dropped significantly yesterday. The weak performance of the agricultural product sector and the weak domestic reality pressure caused the main contract to quickly break through the integer mark, and then stabilized near MA20. The significant increase in domestic sugar imports in January and February and the expected domestic production increase in this sugar - making season have been basically achieved. The current domestic supply - demand structure is relatively loose. The obvious signal of long - position funds leaving the market is the main reason for the sharp decline. However, at night, affected by the external market, Zhengzhou sugar recovered some losses. In the short term, Zhengzhou sugar is still in a long - short game between weak reality and strong expectations, and the market is expected to oscillate [1] Trading Strategy - Temporarily wait and see, and pay attention to the support near 5350 [1] Rubber Series Market Information - As of March 18, the closing price of the RU main contract was 16,400 yuan/ton, with a daily decline of 2.38%; the closing price of the NR main contract was 13,105 yuan/ton, with a daily decline of 2.71%; the closing price of the BR main contract was 15,260 yuan/ton, with a daily decline of 1.74% [5] - Yesterday, the price of Thai raw material glue was 73.5 Thai baht/kg (0.5/1%), the price of cup rubber was 58.5 Thai baht/kg (0/0%), and the price of Yunnan rubber blocks was 13,500 yuan/ton (0/0%) [5] - As of March 15, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 677,600 tons, a decrease of 2,800 tons from the previous period, a decrease of 0.42%. The bonded area inventory was 121,300 tons, an increase of 1.43%; the general trade inventory was 556,300 tons, a decrease of 0.81%. The inbound rate of Qingdao's natural rubber sample bonded warehouses increased by 1.71 percentage points, and the outbound rate increased by 1.71 percentage points; the inbound rate of general trade warehouses increased by 1.37 percentage points, and the outbound rate increased by 2.22 percentage points [5] - Yesterday, the price of whole latex was 16,250 yuan/ton, - 400/-2.4%; the price of 20 - grade Thai standard was 1,980 US dollars/ton, - 35/-1.74%, equivalent to 13,644 yuan/ton in RMB; the price of 20 - grade Thai mixed rubber was 15,300 yuan/ton, - 300/-1.92% [5] - Yesterday, the price difference between the RU and NR main contracts was 3,250 yuan/ton, a contraction of 80 yuan/ton from the previous day; the price difference between the mixed standard rubber and the RU main contract was - 1,100 yuan/ton, a contraction of 100 yuan/ton from the previous day [5] - Yesterday, the delivery price in the central Shandong region was 14,700 - 14,900 yuan/ton, and the ex - tank self - pick - up price in East China was about 15,000 - 15,100 yuan/ton [5] - Yesterday, the market prices of butadiene rubber and styrene - butadiene rubber fell. The price of Daqing BR9000 in the Shandong market dropped 200 yuan/ton to 15,300 yuan/ton, and the price of Qilu styrene - butadiene 1502 in the Shandong market dropped 100 yuan/ton to 15,700 yuan/ton [5] Market Logic - Natural rubber: Natural rubber followed the overall decline of commodities yesterday and oscillated at night. The start of tapping in Yunnan and Laos put pressure on rubber prices. The operation of downstream tire factories was stable, and the impact of geopolitics was relatively limited. In the short term, the fundamentals of natural rubber are neutral to weak, and the technical side slightly broke through the lower edge of the channel. Recently, pay attention to whether the trend of synthetic rubber can boost natural rubber again [5] - Synthetic rubber: BR fell slightly yesterday and then rose again at night due to geopolitical news. The reduction in butadiene supply supported its price, but the actual acceptance of downstream enterprises was limited, and there were frequent news of enterprise production cuts, and poor transactions restricted the butadiene price. Affected by high raw material prices, the production loss of butadiene rubber continued, and there were more unplanned shutdowns. In the short term, due to the overseas situation, merchants still have a mentality of hoarding and bullishness. However, the unpredictability of the war situation may make its trend more volatile, and high - level wide - range oscillations may still be the norm in the near future [5] Trading Strategy - For RU and NR, pay attention to the support near M60; hold BR long positions in the short term [5]

Report Industry Investment Ratings - The investment ratings for different sectors are as follows: sugar is rated as "oscillating" [1]; jujube is rated as "oscillating" [3]; rubber series (including natural rubber and synthetic rubber) are rated as "oscillating" [4]. Core Views - The report analyzes the market conditions of sugar, jujube and rubber series, including price trends, important information and market logic, and provides corresponding trading strategies [1][3][4]. Summary by Related Catalogs Sugar - **行情复盘**: SR605 contract closed at 5472 yuan/ton yesterday with a daily increase of 0.46%, and closed at 5428 yuan/ton at night; SR609 contract closed at 5501 yuan/ton with a daily increase of 0.33%, and closed at 5455 yuan/ton at night [1]. - **重要资讯**: ICE raw sugar main contract was 14.18 cents/pound yesterday with a daily decrease of 1.60%; Guangxi white sugar spot transaction price was 5426 yuan/ton, unchanged; 2025/26 sugar season in India, as of March 12, 2026, 154 sugar mills in Maharashtra state had stopped squeezing, 56 were still operating; as of March 15, the remaining operating sugar mills in India were 173, 27 less than the same period last year; Zhengshang Institute's white sugar warehouse receipts were 16342 yesterday, unchanged from the previous day [1]. - **市场逻辑**: Overseas, ICE raw sugar weakened yesterday, affected by the decline in oil prices; domestically, Zheng sugar was strong yesterday but fell significantly at night. The domestic 25/26 sugar season's high - yield expectation is gradually being realized, and the domestic sugar supply - demand situation is neutral to bearish, but affected by geopolitical conflicts and capital rotation, the market anticipates cost increase and supply tightening, and there is strong support at the bottom [1]. - **交易策略**: Take profit on long positions in batches, and pay attention to the activity range of 5350 - 5500 for SR605 [1]. Jujube - **行情复盘**: CJ605 contract closed at 9070 yuan/ton yesterday with a daily decrease of 0.27%; CJ609 contract closed at 9445 yuan/ton with a daily decrease of 0.21% [3]. - **重要资讯**: Last week, the physical inventory of 36 sample points was 11700 tons, 117 tons less than last week, a decrease of 0.99% month - on - month and an increase of 7.39% year - on - year; yesterday, the wholesale price of Hebei special - grade jujube was 9.21 yuan/kg, unchanged from the previous day; yesterday, the number of arrival vehicles at Guangdong Ruyifang Market was 2, 1 less than the previous day; yesterday, jujube warehouse receipts were 4027, unchanged from the previous day [3]. - **市场逻辑**: The jujube trees in Xinjiang are still in the dormant stage, and there is a lack of supply - side news. Downstream merchants restock as needed, and prices are stable. The jujube futures price has been oscillating strongly recently. The current jujube fundamentals have limited trading information, and supply pressure is the main factor suppressing prices. Technically, the CJ605 contract is in an upward channel but is under obvious pressure above [3]. - **交易策略**: Short at high prices; enterprises can consider selling hedging operations [3]. Rubber Series Natural Rubber - **行情复盘**: As of March 16, the main contract of RU closed at 16870 yuan/ton with a daily increase of 0.63%; the main contract of NR closed at 13495 yuan/ton with a daily increase of 1.31% [4]. - **重要资讯**: Yesterday, the price of Thai raw material glue was 72.3 baht/kg, cup glue was 58.2 baht/kg; as of March 15, 2026, the total inventory of natural rubber in Qingdao was 67.76 tons, a decrease of 0.28 tons from the previous period, a decrease of 0.42%; the price of whole latex was 16700 yuan/ton, 20 - grade Thai standard was 2020 US dollars/ton, equivalent to 13950 yuan/ton; the price difference between RU and NR main contracts was 3375 yuan/ton, 70 yuan/ton less than the previous day [4]. - **市场逻辑**: Overseas production areas are gradually entering the shutdown period, and the initial production in Yunnan is limited, so there is still support on the supply side. The overall inventory of natural rubber has decreased slightly, and the inventory inflection point may be approaching, but the de - stocking speed is relatively slow. Geopolitical situation overseas is the most uncertain factor affecting the overall operation of commodities. Technically, natural rubber is still in an upward channel [4]. - **交易策略**: Hold long positions in RU and NR in the short - term [4]. Synthetic Rubber - **行情复盘**: The main contract of BR closed at 15700 yuan/ton yesterday with a daily decrease of 0.16% [4]. - **重要资讯**: Yesterday, the delivery price in the central Shandong area was 15000 - 15100 yuan/ton, and the ex - tank self - pick - up price in East China was about 15350 - 15500 yuan/ton; the price of butadiene rubber was stable, and the price of styrene - butadiene rubber in the Shandong market decreased [4]. - **市场逻辑**: BR was oscillating at a high level yesterday. The news of butadiene exports supports the price, but downstream acceptance is limited, and poor trading restricts the upward trend. Affected by high raw material prices, some private butadiene rubber suppliers have reduced production. Due to the overseas situation, merchants are reluctant to sell and are bullish, but the unpredictable war situation may make the price fluctuate widely at a high level [4]. - **交易策略**: Consider taking partial profit on long positions in BR [4].

Report Investment Ratings - The investment ratings for the sugar, jujube, and rubber sectors are all "oscillating" [1][3][4] Core Views - For the sugar market, short - term macro factors' impact on sugar may weaken. Multiple international organizations are lowering the expected supply surplus of the 2025/26 sugar season. The main contract of Zhengzhou sugar has resistance above, and attention should be paid to the support below [1] - The domestic jujube spot market is gradually recovering, but after the post - festival replenishment, the demand will enter a slack season. The jujube futures price still faces strong resistance to rise, and a bearish view is recommended in the medium - to - long term [3] - For the rubber market, natural rubber is in a short - term oscillating state due to limited supply news from Southeast Asian producing areas, domestic post - festival inventory build - up, and weak terminal demand. Synthetic rubber may see a weakening of the overall upward momentum of the energy - chemical sector after the initial market sentiment shock, and new news is needed for further upward movement [4] Summary by Directory Sugar Market Review - SR605 contract closed at 5321 yuan/ton yesterday, with a daily decline of 0.45%, and closed at 5306 yuan/ton at night. SR609 contract closed at 5332 yuan/ton, with a daily decline of 0.39%, and closed at 5321 yuan/ton at night [1] Important Information - The spot price of white sugar in Guangxi was 5314 yuan/ton yesterday, a decrease of 2 yuan/ton. The price range of Guangxi sugar - making groups was 5310 - 5390 yuan/ton, with individual prices down 10 yuan/ton. The price range of Yunnan sugar - making groups was 5160 - 5220 yuan/ton, with the price unchanged. The mainstream price range of processing sugar mills was 5590 - 5900 yuan/ton, with individual prices down 10 yuan/ton [1] - Czarnikow predicts that the global sugar market will have a surplus of 6.7 million tons in the 2025/26 season, 0.7 million tons less than the previous forecast. The global sugar production is expected to be 184.4 million tons, 2.3 million tons less than the previous forecast [1] - The ISO predicts that the global sugar production in the 2025/26 season will be 181.29 million tons, a decrease of 0.48 million tons from the previous forecast; the consumption will be 180.07 million tons, a decrease of 0.07 million tons; the supply surplus will be 1.22 million tons, a decrease of 0.41 million tons [1] - As of February 28, 2025/26 season, India's cumulative cane crushing volume reached 260.896 million tons, an increase of 22.119 million tons year - on - year; the cumulative sugar production (excluding ethanol diversion) was 24.63 million tons, an increase of 2.625 million tons year - on - year; the average sugar yield was 9.44%, an increase of 0.13% year - on - year [1] - Yesterday, the number of white sugar warehouse receipts on the Zhengzhou Commodity Exchange was 14,461, with a daily increase of 0 [1] Market Logic - Zhengzhou sugar oscillated yesterday, and was strong first and then weak at night. The short - term impact of macro factors on sugar may weaken. Multiple international organizations are lowering the expected supply surplus of the 2025/26 sugar season, mainly due to the actual sugar - making performance in India and Thailand and the potential El Niño threat. The short - term upward pattern of Zhengzhou sugar was damaged last night, and there is still resistance above the main contract [1] Trading Strategy - For the SR605 contract, pay attention to the support at the 5300 mark today. If it breaks through smoothly, short - selling can be considered [1] Jujube Market Review - The CJ605 contract closed at 8895 yuan/ton yesterday, with a daily increase of 0.62%. The CJ609 contract closed at 9170 yuan/ton, with a daily increase of 0.66% [3] Important Information - The physical inventory of 36 sample points last week was 11,852 tons, with a month - on - month decrease of 0.00% [3] - The wholesale price of special - grade jujubes in Hebei yesterday was 9.19 yuan/kg, with a daily increase of 0 yuan/kg [3] - The number of arrival vehicles at the Guangdong Ruyifang market yesterday was 1, a decrease of 1 compared with the previous day [3] - The number of jujube warehouse receipts yesterday was 3869, with a daily increase of 0 [3] Market Logic - The domestic jujube spot market is gradually recovering, but there is no new news in terms of fundamentals. After the post - festival replenishment, the demand will enter a slack season. Coupled with inventory pressure, the jujube futures price still faces strong resistance to rise. From a technical perspective, the CJ605 contract still has a bearish atmosphere in the medium - to - long - term, and it is expected to find support at the previous historical low in the future [3] Trading Strategy - Short - sell the CJ605 contract on rallies [3] Rubber Market Review - As of March 3, the closing price of the RU main contract was 16,835 yuan/ton, with a daily decline of 2.38%. The closing price of the NR main contract was 13,500 yuan/ton, with a daily decline of 2.67%. The closing price of the BR main contract was 13,530 yuan/ton, with a daily increase of 0.48% [4] Important Information - Thailand's Makha Bucha Day was yesterday, a public holiday, and there was no raw material price information [4] - As of March 1, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 679,900 tons, a month - on - month increase of 12,200 tons, an increase of 1.82%. The bonded area inventory was 118,100 tons, an increase of 6.52%; the general trade inventory was 561,800 tons, an increase of 0.89%. The inbound rate of the sample bonded warehouses for natural rubber in Qingdao decreased by 6.75 percentage points, and the outbound rate decreased by 2.39 percentage points; the inbound rate of general trade warehouses decreased by 8.75 percentage points, and the outbound rate decreased by 0.02 percentage points [4] - The price of whole latex yesterday was 16,700 yuan/ton, a decrease of 350 yuan or 2.05%. The price of 20 - grade Thai standard rubber was 2035 US dollars/ton, a decrease of 30 US dollars or 1.45%, equivalent to 14,059 yuan/ton in RMB. The price of 20 - grade Thai mixed rubber was 15,730 yuan/ton, a decrease of 220 yuan or 1.38% [4] - The price difference between the RU and NR main contracts yesterday was 3335 yuan/ton, a decrease of 40 yuan/ton compared with the previous day. The price difference between the mixed standard rubber and the RU main contract was - 1105 yuan/ton, a decrease of 190 yuan/ton compared with the previous day [4] - The delivery price of butadiene in the central Shandong region yesterday was 11,100 - 11,400 yuan/ton, and the ex - tank self - pick - up price in East China was about 10,600 - 10,900 yuan/ton [4] - The market prices of butadiene rubber and styrene - butadiene rubber rose yesterday. The price of Daqing BR9000 in the Shandong market rose 250 yuan/ton to 13,050 yuan/ton, and the price of Qilu styrene - butadiene 1502 in the Shandong market rose 300 yuan/ton to 13,600 yuan/ton [4] Market Logic - Natural rubber fell from a high yesterday and continued to decline at night. Due to the off - season of rubber supply in Southeast Asian producing areas, there is limited news on the supply side. On the contrary, the post - festival inventory build - up trend in China continues, and the downstream's acceptance of high - priced raw materials is limited, indicating that the terminal demand is not optimistic. There are also reports that tire factory overseas export orders are blocked due to geopolitical conflicts. Natural rubber has quietly declined under the rhythm of "buying the expectation, selling the reality" and will be in an oscillating state in the short term [4] - Synthetic rubber (BR) was in high - level consolidation yesterday. The blockade of the Strait of Hormuz due to the Middle East geopolitical conflict has led to an expected reduction in crude oil supply. In the short term, attention should be paid to whether domestic cracking units will reduce their load defensively. The market has different views on the sustainability of this conflict, and new news is needed for BR to continue to strengthen. In the short term, after the initial market sentiment shock, the overall upward momentum of the energy - chemical sector may weaken, and the development of the event needs to be continuously monitored [4] Trading Strategy - Temporarily observe the RU and NR contracts and pay attention to the technical support below. It is recommended to take profits on BR long positions [4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For the sugar industry, the external market of raw sugar may maintain a range - bound shock, and the domestic Zhengzhou sugar shows a weak trend. It is recommended to adopt a high - selling and low - buying strategy, and long - term short positions of SR605 should continue to be held, focusing on the 5100 - 5230 activity range [1] - For the rubber industry, natural rubber has no obvious unilateral driving force in the short term, and attention should be paid to whether the BR trend can boost it. Synthetic rubber is expected to have a short - term strong consolidation, and it is recommended to focus on the support near the lower moving average in the short term and adopt a low - buying strategy in the medium and long term [5] 3. Summaries According to Relevant Catalogs Sugar Market Review - On the previous day, the closing price of SR605 contract was 5144 yuan/ton, with a daily decline of 0.75%, and the night - session closed at 5138 yuan/ton; the closing price of SR609 contract was 5161 yuan/ton, with a daily decline of 0.75%, and the night - session closed at 5158 yuan/ton [1] Key Information - The spot transaction price of Guangxi white sugar was 5238 yuan/ton, down 45 yuan/ton; the quotation range of Guangxi sugar - making groups was 5270 - 5360 yuan/ton, with an overall reduction of 10 - 20 yuan/ton; the quotation of Yunnan sugar - making groups was 5120 - 5160 yuan/ton, down 20 - 30 yuan/ton; the mainstream quotation range of processing sugar mills was 5700 - 5820 yuan/ton, with individual reductions of 20 - 30 yuan/ton [1] - In December 2025, the average yield of sugarcane in the central and southern regions of Brazil was 73.4 tons/hectare, a year - on - year increase of 26.6%. The cumulative yield per unit area in the 2025/26 sugar - crushing season (from April to December) was 74.7 tons/hectare, a decrease of 4.6% compared with the same period of the previous season [1] - The cabinet of Punjab in India approved a direct subsidy of 685 rupees/ton (equivalent to 52.38 yuan/ton) for sugarcane farmers in the 2025/26 sugar - crushing season [1] - As of January 17, 2026, the cumulative sugarcane crushing volume in Thailand was 29.2643 million tons, a decrease of 5.6156 million tons or 16.09% compared with the same period last year; the sugar content of sugarcane was 11.95%, an increase of 0.08% compared with the same period last year; the sugar production rate was 9.790%, a decrease of 0.024% compared with the same period last year; the sugar production was 2.8651 million tons, a decrease of 0.5581 million tons or 16.3% compared with the same period last year [1] - The number of white sugar warehouse receipts on the Zhengzhou Commodity Exchange was 14,421, a day - on - day decrease of 18 [1] Market Logic - In the external market, raw sugar rebounded slightly. Affected by the expected supply pressure of Thailand and India, the external sugar price has repeatedly failed to stabilize above 15 cents/pound recently, and the short - term may maintain a range - bound shock [1] - In the domestic market, Zhengzhou sugar continued to be weak, and the decline slowed down in the night session. The domestic white sugar market is currently calm, and there is no unexpected news. Technically, the recent trend of Zhengzhou sugar is weak [1] Trading Strategy - Long - term short positions of SR605 should continue to be held, focusing on the 5100 - 5230 activity range [1] Rubber Market Review - As of January 21, the closing price of the RU2605 contract was 15,745 yuan/ton, with a daily increase of 0.80%; the closing price of the NR2603 contract was 12,615 yuan/ton, with a daily increase of 0.52%; the closing price of the BR2603 contract was 11,915 yuan/ton, with a daily increase of 2.85% [5] Key Information - The price of raw material glue in Thailand was 57.2 Thai baht/kg, and the price of cup rubber was 52.1 Thai baht/kg; the price of Yunnan rubber blocks was 13,200 yuan/ton [5] - As of January 18, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 584,900 tons, a month - on - month increase of 16,700 tons or 2.94%. The bonded area inventory was 99,500 tons, an increase of 6.42%; the general trade inventory was 485,400 tons, an increase of 2.26% [5] - The price of full - latex was 15,500 yuan/ton; the price of 20 - grade Thai standard was 1,890 US dollars/ton, equivalent to 13,233 yuan/ton; the price of 20 - grade Thai mixed rubber was 14,800 yuan/ton [5] - The price difference between the RU and NR main contracts was 3,130 yuan/ton, a month - on - month expansion of 60 yuan/ton; the price difference between the mixed standard rubber and the RU main contract was - 945 yuan/ton, a month - on - month expansion of 75 yuan/ton [5] - The delivery price of butadiene in the central Shandong region was around 9,650 - 9,750 yuan/ton, and the ex - tank self - pick - up price in East China was around 9,300 - 9,400 yuan/ton [5] - The market prices of cis - butadiene rubber and styrene - butadiene rubber increased. The price of Daqing BR9000 in the Shandong market increased by 100 to 11,650 yuan/ton, and the price of Qilu styrene - butadiene 1502 in the Shandong market increased by 100 yuan/ton to 12,000 yuan/ton [5] Market Logic - Natural rubber: It rebounded slightly, and the market sentiment improved slightly. The raw material prices overseas stopped falling and rebounded, but considering the seasonal inventory accumulation trend and the lackluster demand, there is no obvious unilateral driving force. Attention should be paid to whether the BR trend can boost it [5] - Synthetic rubber: The domestic available spot supply of butadiene is limited, and there are continuous export transaction news. It still has strong cost support for cis - butadiene rubber. The short - term supply pressure of cis - butadiene rubber is difficult to ease, and the short - term bearish sentiment of traders has subsided. The short - term disk may be in a strong consolidation [5] Trading Strategy - The rubber series should pay attention to the support near the lower moving average in the short term, and the medium - and long - term strategy should be based on low - buying [5]

Group 1: Sugar (Agriculture, Livestock, and Forestry) Report Industry Investment Rating - Sugar: Oscillating [1] Core View - The overseas sugar market lacks breakthrough momentum, with supply pressure in the far - term. The domestic sugar market has limited trading information, and the market is likely to be range - bound in the near future [1] Summary by Directory Market Review - On the previous day, the closing price of SR605 contract was 5,299 yuan/ton, with a daily increase of 0.88%, and the night - session closed at 5,280 yuan/ton; the closing price of SR609 contract was 5,304 yuan/ton, with a daily increase of 0.72%, and the night - session closed at 5,291 yuan/ton [1] Important Information - The spot price of white sugar in Guangxi was 5,320 yuan/ton, up 16 yuan/ton; the quotation range of Guangxi sugar - making groups was 5,320 - 5,380 yuan/ton, with some prices up 10 - 20 yuan/ton; the quotation of Yunnan sugar - making groups was 5,190 - 5,240 yuan/ton, up 10 yuan/ton; the mainstream quotation range of processing sugar mills was 5,750 - 5,900 yuan/ton, with only a few up 10 yuan/ton [1] - As of the first half of December in the 2025/26 sugar - crushing season, the cumulative sugar - cane crushing volume in the central - southern region of Brazil was 598.186 million tons, a year - on - year decrease of 14.489 million tons or 2.36%; the ATR of sugar cane was 138.38 kg/ton, a decrease of 3.14 kg/ton compared with the same period last year; the cumulative sugar - making ratio was 50.91%, an increase of 2.72% compared with the same period last year; the cumulative ethanol production was 30.275 billion liters, a year - on - year decrease of 1.717 billion liters or 5.37%; the cumulative sugar production was 40.158 million tons, an increase of 0.343 million tons or 0.86% compared with the same period last year [1] - As of January 7, 2026, in the 2025/26 sugar - crushing season, the cumulative sugar - cane crushing volume in Thailand was 16.9782 million tons, a decrease of 5.765 million tons or 25.35% compared with the same period last year; the sugar content of sugar cane was 11.54%, a decrease of 0.08% compared with the same period last year; the sugar production rate was 9.017%, a decrease of 0.209% compared with the same period last year; the sugar production was 1.5309 million tons, a decrease of 0.5673 million tons or 27.03% compared with the same period last year [1] - The number of white sugar warehouse receipts on the Zhengzhou Commodity Exchange the previous day was 9,739, a daily increase of 240 [1] Market Logic - Overseas: The ICE raw sugar fell again the previous day. Although the sugar - making volume in Brazil decreased year - on - year in the first half of December, as it is at the end of the sugar - crushing season, the data has limited impact on the market. The market is currently focusing on the production in the Northern Hemisphere, and the overseas sugar market lacks breakthrough momentum. The far - term supply pressure remains, and the market is likely to oscillate [1] - Domestic: The Zhengzhou sugar market strengthened the previous day and slightly declined in the night - session. There is limited trading information in the domestic sugar market. Technically, there is strong resistance at the 5,300 integer mark. Without new driving forces, it is difficult for the market to have a continuous unilateral trend, and it is likely to be range - bound in the near future [1] Trading Strategy - Hold existing short positions in SR605 and pay attention to the performance in the 5,300 - 5,315 pressure range; those not yet in the market can try short positions against the upper - pressure range; consider a double - selling strategy for options [1] Group 2: Rubber (Energy and Chemical Industry) Report Industry Investment Rating - Rubber series: Oscillating; Synthetic rubber: Oscillating with a slight upward trend [5] Core View - The fundamentals of natural rubber are mixed, and the market is mainly affected by macro funds. The upstream price of synthetic rubber is strong, but there is supply pressure. The market is expected to oscillate with a slight upward trend [5] Summary by Directory Market Review - As of January 14, the closing price of the RU2605 contract was 16,160 yuan/ton, with a daily increase of 1.16%; the closing price of the NR2603 contract was 13,015 yuan/ton, with a daily increase of 1.36%; the closing price of the BR2603 contract was 12,250 yuan/ton, with a daily increase of 2.08% [5] Important Information - The price of raw material latex in Thailand the previous day was 58 Thai baht/kg (0.5/0.87%), and the price of cup lump was 52.8 Thai baht/kg (0.3/0.57%); the price of Yunnan rubber blocks was 13,200 yuan/ton (0/0%) [5] - As of January 11, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 568,200 tons, a month - on - month increase of 19,800 tons or 3.62%. The bonded - area inventory was 93,500 tons, an increase of 6.14%; the general - trade inventory was 474,700 tons, an increase of 3.13%. The inbound rate of the sample bonded warehouses for natural rubber in Qingdao decreased by 1.64 percentage points, and the outbound rate increased by 1.97 percentage points; the inbound rate of general - trade warehouses decreased by 0.33 percentage points, and the outbound rate increased by 0.33 percentage points [5] - The capacity utilization rate of China's semi - steel tire sample enterprises this week was 63.78%, a month - on - month decrease of 2.75 percentage points and a year - on - year decrease of 13.97 percentage points; the capacity utilization rate of full - steel tire sample enterprises was 55.50%, a month - on - month decrease of 2.43 percentage points and a year - on - year decrease of 3.37 percentage points [5] - The price of whole - latex the previous day was 15,850 yuan/ton (150/0.96%); the price of 20 - grade Thai standard rubber was 1,935 US dollars/ton (25/1.31%), equivalent to 13,568 yuan/ton in RMB; the price of 20 - grade Thai mixed rubber was 15,150 yuan/ton (100/0.66%) [5] - The price difference between the RU and NR main contracts the previous day was 3,145 yuan/ton, a month - on - month increase of 10 yuan/ton; the price difference between the mixed standard rubber and the RU main contract was - 1,010 yuan/ton, a month - on - month increase of 85 yuan/ton [5] - The delivery price of butadiene in the central Shandong region the previous day was around 9,700 - 9,900 yuan/ton, and the ex - tank self - pick - up price in East China was around 9,400 - 9,500 yuan/ton [5] - The market prices of cis - polybutadiene rubber and styrene - butadiene rubber increased the previous day. The price of Daqing BR9000 in the Shandong market increased by 100 to 12,000 yuan/ton, and the price of Qilu styrene - butadiene 1502 in the Shandong market increased by 100 yuan/ton to 12,250 yuan/ton [5] Market Logic - Natural rubber: The natural rubber market rose and then fell again the previous day, showing a wide - range and slightly upward oscillating trend. Technically, the market is in a consolidation state. Currently, the overseas raw material prices are firm, but the inventory in Qingdao is still increasing. In the short term, the fundamentals of natural rubber are mixed, and the overall change is limited. The market is mainly affected by macro funds [5] - Synthetic rubber: The upstream butadiene price has been strong recently, and the rumor of export transactions of domestic butadiene resources has boosted the bullish sentiment. However, the current spot supply of cis - polybutadiene rubber is sufficient, and the supply pressure makes it difficult for actual transactions to follow up. Technically, the BR futures price is still in an upward channel, and attention should be paid to the resistance near the previous high. In the near future, attention should be paid to the impact of the overseas situation on the energy and chemical sector, and the market is expected to oscillate with a slight upward trend [5] Trading Strategy - The RU main contract should focus on the 15,750 - 16,400 activity range; the NR contract should focus on the 12,700 - 13,300 activity range; the activity range of the BR contract has moved up to 12,100 - 12,600. Adopt a short - term low - buying strategy [5]

1. Report's Industry Investment Ratings - Sugar: Oscillation [1] - Red dates: Oscillation [4] - Rubber series: Oscillation [5] 2. Core Views of the Report - Sugar market has supply pressure in both domestic and overseas markets in the medium and long term, with the external market lacking breakthrough momentum and the internal market affected by the overall commodity sector and the external market, and it's not recommended for non - participants to chase the rising market [1] - Red dates' short - term price is oscillating strongly, but there are still insufficient positive factors in the medium and long term, and the market may not have much room for a significant rebound [4] - Natural rubber may enter a consolidation phase recently, and synthetic rubber has mixed long and short factors, and there is pressure on the upper side of the market [5] 3. Summary by Related Catalogs Sugar - **Market Review**: On Friday, the closing price of SR605 contract was 5,288 yuan/ton, with a daily increase of 0.17%, and the night - session closing price was 5,284 yuan/ton; the closing price of SR609 contract was 5,299 yuan/ton, with a daily increase of 0.17%, and the night - session closing price was 5,297 yuan/ton [1] - **Important Information**: On Friday, the spot price of white sugar in Guangxi was 5,321 yuan/ton, up 6 yuan/ton; as of January 7, the quantity of sugar waiting to be shipped at Brazilian ports was 158.23 million tons, a week - on - week increase of 16.53 million tons, or 11.66%; in the 2025/26 sugar - making season as of January 7, Thailand's cumulative sugarcane crushing volume decreased by 25.35%, sugar production decreased by 27.03% year - on - year; on Friday, the number of white sugar warehouse receipts on the Zhengzhou Commodity Exchange was 6,005, unchanged from the previous day [1] - **Market Logic**: The external market is mainly concerned about the output in the Northern Hemisphere, lacking breakthrough momentum, and is expected to oscillate in a range; the domestic market is affected by the overall commodity sector and the external market, and the market sentiment is neutral to strong, but there is still supply pressure [1] - **Trading Strategy**: Hold the previous short positions of SR605, pay attention to the performance of the pressure range of 5,300 - 5,315; wait for short - selling opportunities for non - participants; consider the double - selling strategy for options [1] Red Dates - **Market Review**: On Friday, the closing price of CJ605 contract was 9,150 yuan/ton, with a daily increase of 0.83%; the closing price of CJ609 contract was 9,310 yuan/ton, with a daily increase of 0.76% [4] - **Important Information**: This week, the physical inventory of 36 sample points was 15,300 tons, a week - on - week decrease of 2.23% and a year - on - year increase of 41.27%; last week, the daily average arrival volume at the Guangdong Ruyifang Market increased by 0.8 carriages, and the price decreased by 0.2 yuan/kg; on the previous day, the wholesale price of Hebei special - grade red dates was 9.52 yuan/kg, unchanged from the previous day; on the previous day, the number of arrival vehicles at the Guangdong Ruyifang Market decreased by 1; on Friday, the number of red date warehouse receipts increased by 260 to 2,523 [4] - **Market Logic**: The short - term price of red dates is oscillating strongly. As the negative supply factors are gradually digested, the market focuses on the pre - holiday stocking demand. However, there are still insufficient positive factors in the medium and long term [4] - **Trading Strategy**: Short CJ605 contract on rallies [4] Rubber Series - **Market Review**: As of January 9, the closing price of RU2605 contract was 16,030 yuan/ton, with a daily decrease of 0.56%; the closing price of NR2602 contract was 12,950 yuan/ton, with a daily decrease of 0.88%; the closing price of BR2602 contract was 12,015 yuan/ton, with a daily decrease of 1.48% [5] - **Important Information**: On Friday, the price of Thai raw material glue was 56 Thai baht/kg, and the price of cup rubber was 52.2 Thai baht/kg; as of January 4, the general trade inventory of natural rubber samples in Qingdao increased by 16,900 tons to 460,300 tons, an increase of 3.80% compared with the previous period; the total inventory of bonded and general trade in Qingdao increased by 23,500 tons to 548,300 tons, an increase of 4.48% compared with the previous period; this week, the capacity utilization rate of China's semi - steel tire and full - steel tire sample enterprises decreased both week - on - week and year - on - year [5] - **Market Logic**: Natural rubber first rose and then fell last week. Supply is expected to decrease next week, demand is expected to recover but may be restricted by inventory, and inventory has continued to accumulate recently; synthetic rubber's BR main contract continued to strengthen last week. The price of raw material butadiene is expected to remain firm, and there are mixed long and short factors [5] - **Trading Strategy**: Pay attention to the activity range of 15,750 - 16,400 for RU, 12,700 - 13,300 for NR, and 11,900 - 12,400 for BR; consider taking profit and leaving the market for the previous long positions of the rubber series [6]

Group 1: Investment Ratings - There is no information provided regarding the industry investment rating in the given reports [1][3][4] Group 2: Core Views - **Sugar**: In the short - term, the price of raw sugar may be difficult to break through the oscillation range due to intertwined long and short factors, and the domestic sugar price is expected to oscillate in a low range because of supply pressure despite the start of the Spring Festival stocking market [1] - **Red Dates**: The red date futures price is under pressure. In the short - term, it may oscillate, and the medium - to - long - term price center may move down due to lack of positive expectations after the stocking season [3] - **Rubber**: The upward movement of natural rubber is blocked, with resistance above in the short - term. The price of synthetic rubber is supported by cost, but high - price transactions are difficult, and some early long positions can be closed for profit [4] Group 3: Summary by Variety Sugar - **Market Review**: SR605 contract closed at 5279 yuan/ton yesterday with a daily decline of 0.04%, and the night session closed at 5279 yuan/ton; SR609 contract closed at 5290 yuan/ton with a daily decline of 0.06%, and the night session closed at 5292 yuan/ton [1] - **Important Information**: The spot price of sugar in Guangxi increased by 1 yuan/ton to 5315 yuan/ton; the sugar production in India's Maharashtra increased; Brazil's sugar export in December 2025 increased by 7.94 tons compared to 2024; Yunnan's sugar production in the 2025/26 season as of December increased by 6.54 tons year - on - year; in Guangxi, the sugar production in the 2025/26 season decreased year - on - year; the sugar warehouse receipts in Zhengzhou Commodity Exchange remained unchanged [1] - **Trading Strategy**: Hold the previous short positions of SR605 and pay attention to the performance in the 5300 - 5315 pressure range; wait for short - selling opportunities for non - participants; consider the double - selling strategy for options [1] Red Dates - **Market Review**: CJ605 contract closed at 9075 yuan/ton yesterday with a daily decline of 0.82%; CJ609 contract closed at 9240 yuan/ton with a daily decline of 0.96% [3] - **Important Information**: The physical inventory of 36 red date sample points decreased by 349 tons week - on - week; the price of Hebei's special - grade red dates decreased by 0.04 yuan/kg; the number of arrival vehicles in Guangdong Ruyifang Market increased by 6; the red date warehouse receipts remained unchanged [3] - **Trading Strategy**: Hold the long - term short positions of CJ605 contract; short - sell at high levels for non - participants [3] Rubber - **Market Review**: RU2605 contract closed at 16120 yuan/ton with a daily decline of 0.37%; NR2603 contract closed at 13065 yuan/ton with a daily decline of 0.65%; BR2602 contract closed at 12195 yuan/ton with a daily increase of 0.33% [4] - **Important Information**: The prices of Thai rubber raw materials increased; the inventory of natural rubber in Qingdao increased; the average weekly prices of Shanghai full - latex, 20 - standard Thai rubber in Qingdao and 20 - mixed Thai rubber in Qingdao increased; the capacity utilization rates of China's semi - steel and full - steel tire sample enterprises decreased; the price of butadiene increased, and the ex - factory price of high - cis butadiene rubber increased [4] - **Trading Strategy**: Pay attention to the activity ranges of RU (15750 - 16400), NR (12700 - 13300) and BR (11900 - 12400); consider closing early long positions of rubber series for profit [4]

Group 1: Investment Ratings - The investment ratings for the sugar sector in the agricultural, forestry, livestock group is "sideways"; for the rubber series in the energy and chemical sector, it's "sideways" for natural rubber and synthetic rubber, with synthetic rubber showing a "sideways with a slight upward bias" [1][4] Group 2: Core Views - For sugar, externally, the ICE raw sugar price increase has been limited by the short - term trading range due to a lack of information and long - term supply pressure. Domestically, although the Zhengzhou sugar price is slightly stronger with the support of the overall commodity market and the start of the Spring Festival stocking, the increasing supply from Guangxi may drag down the price. The short - term upward trend may lack continuous momentum [1] - For rubber, natural rubber is supported by rising overseas raw material prices and positive market sentiment despite increasing domestic inventories. The short - term upward trend has resistance. Synthetic rubber is supported by rising raw material prices, but high - price transactions are difficult due to downstream price - pressing. The upward trend also has challenges [4] Group 3: Summary by Category Sugar - **Market Review**: On January 8, SR605 closed at 5281 yuan/ton with a daily increase of 0.42%, and its night - session closed at 5286 yuan/ton; SR609 closed at 5293 yuan/ton with a daily increase of 0.34%, and its night - session closed at 5299 yuan/ton [1] - **Important News**: The spot price of Guangxi sugar increased by 17 yuan/ton to 5314 yuan/ton. As of January 5, 2026, in India's Maharashtra state, 195 sugar mills were in operation, 4 less than the same period last season, but the sugar output reached 532.27 tons. Bihar state plans to expand sugarcane planting. In Yunnan, the sugar output as of the end of December 2025/26 season was 39.23 tons, an increase of 6.54 tons year - on - year. In Guangxi, 73 sugar mills were in operation as of December 31, 2025/26 season, 1 less than the same period last year, and the sugar output decreased by 80.95 tons year - on - year [1] - **Market Logic**: Externally, the raw sugar market is calm, and the price is in a sideways range. Domestically, the overall commodity market supports the Zhengzhou sugar price, but the increasing supply from Guangxi may limit the upward movement [1] - **Trading Strategy**: Hold the previous short positions in SR605 and observe the performance in the 5300 - 5315 pressure range. Those not yet in the market should wait for short - selling opportunities. Consider the double - selling strategy for options [1] Rubber - **Market Review**: On January 8, RU2605 closed at 16180 yuan/ton with a daily increase of 0.81%; NR2602 closed at 13150 yuan/ton with a daily increase of 1.08%; BR2602 closed at 12155 yuan/ton with a daily increase of 2.75% [4] - **Important News**: The raw material prices in Thailand increased slightly. As of January 4, 2026, the natural rubber inventory in Qingdao increased. The prices of some rubber products, such as whole - latex and 20 - grade Thai standard rubber, also increased. The price of butadiene rose, and the prices of synthetic rubbers such as cis - butadiene rubber and styrene - butadiene rubber increased [4] - **Market Logic**: Natural rubber is supported by cost and market sentiment, but there is resistance in the short - term upward trend. Synthetic rubber is supported by cost, but high - price transactions are difficult [4] - **Trading Strategy**: The pressure ranges for RU, NR, and BR are 16400 - 16500, 13300 - 13400, and 12200 - 12400 respectively. Consider partial profit - taking for previous long positions, and stop - profit and exit when facing strong pressure or a change in market sentiment. Those not yet in the market are recommended to wait and see [4]

Report Industry Investment Ratings - The report does not provide an overall industry investment rating. However, for specific products, the ratings are as follows: - White sugar: Oscillating [1] - Red dates: Weak and oscillating [4] - Rubber series: Natural rubber oscillating and strengthening, synthetic rubber oscillating and strengthening [5] Core Views - The global sugar market is facing supply pressure in the medium to long term due to increased sugar production in India and the expected high - yield season in Brazil. The domestic sugar market may oscillate at a low level, mainly influenced by the external market and domestic sugar association data [1]. - The inventory of red dates is in the seasonal destocking period, but the total inventory is still at a historical high. The market is turning its attention to demand, but there are still insufficient positive factors in the medium to long term, and the futures price is expected to oscillate in the low - level range [4]. - For natural rubber, the cost is supported by the firm overseas raw material prices, but the slow de - stocking of finished products and the increase in inventory in Qingdao suppress the bullish sentiment. For synthetic rubber, the price of butadiene drives the price of cis - butadiene rubber up [5]. Summary by Product White Sugar - **Market Quotes**: On the previous day, the closing price of SR605 contract was 525 yuan/ton, with a daily increase of 0.11%, and the night - session closing price was 5248 yuan/ton; the closing price of SR609 contract was 5269 yuan/ton, with a daily increase of 0.06, and the night - session closing price was 5260 yuan/ton [1]. - **Important Information**: The spot price of white sugar in Guangxi increased by 2 yuan/ton to 5282 yuan/ton; the quotation range of Guangxi sugar - making groups decreased by 10 - 20 yuan/ton to 5280 - 5360 yuan/ton; the quotation of Yunnan sugar - making groups decreased by 10 yuan/ton to 5110 - 5200 yuan/ton; the mainstream quotation range of processing sugar factories decreased by 10 yuan/ton to 5750 - 5900 yuan/ton. As of December 31, 2025, India's sugar production in the 2025/26 crushing season reached 11.897 million tons, a nearly 25% increase from the same period last year. As of January 1, 2026, 195 sugar factories in Maharashtra, India, had started crushing, with a sugar production of 4920000 tons and an average sugar yield of 8.75%. As of December 29, 2025, Thailand's cumulative sugarcane crushing volume decreased by 19.27% year - on - year, and sugar production decreased by 18.83% year - on - year. The number of white sugar warehouse receipts on the Zhengzhou Commodity Exchange increased by 823 to 6005 [1]. - **Market Logic**: The external market is worried about the long - term supply pressure of international sugar sources. The overall fundamentals of the domestic and foreign sugar markets are still bearish, except for the unexpected decrease in Thailand's new - season sugar production. The domestic market has resistance to decline at low levels, and the spot trading is relatively dull, but the inquiring enthusiasm has increased. The short - term trend mainly depends on the external market and domestic sugar association data [1]. - **Trading Strategy**: Hold and wait for the short position of SR605 contract [1]. Red Dates - **Market Quotes**: On the previous day, the closing price of CJ605 contract was 8965 yuan/ton, with a daily decrease of 0.61%; the closing price of CJ605 contract was 9205 yuan/ton, with a daily decrease of 0.27% [4]. - **Important Information**: The physical inventory of 36 sample points decreased by 210 tons week - on - week to 15898 tons. The wholesale price of special - grade red dates in Hebei decreased by 0.06 yuan/kg to 9.46 yuan/kg. The number of arriving vehicles at the Guangdong Ruyifang market decreased by 1 vehicle to 7 vehicles. The number of red date warehouse receipts decreased by 18 to 2102 [4]. - **Market Logic**: The inventory of red dates is in the seasonal destocking period, but the total inventory is still at a historical high. After the supply negative factors are gradually digested, the market focuses on demand. The futures price has support near the previous low, but there are insufficient positive factors in the medium to long term, and it is difficult to have a large - scale rebound [4]. - **Trading Strategy**: Hold the short position of CJ605 contract [4]. Rubber Series - **Market Quotes**: As of January 5, the closing price of RU2605 contract was 15790 yuan/ton, with a daily increase of 1.19%; the closing price of NR2602 contract was 12805 yuan/ton, with a daily increase of 1.19%; the closing price of BR2602 contract was 11645 yuan/ton, with a daily increase of 1.09% [5]. - **Important Information**: The price of raw material glue in Thailand was 54.7 Thai baht/kg, and the price of cup rubber was 51.3 Thai baht/kg. The price of Hainan glue for making whole milk and concentrated latex was 15000 yuan/ton. As of January 4, 2026, the general trade inventory of natural rubber samples in Qingdao increased by 1.69 million tons to 46.03 million tons, with an increase of 3.80%. The total inventory of bonded and general trade in Qingdao increased by 2.35 million tons to 54.83 million tons, with an increase of 4.48%. The price of whole milk latex was 15500 yuan/ton, with an increase of 1.64%; the price of 20 - grade Thai standard rubber was 1890 US dollars/ton, with an increase of 0.8%, equivalent to 13273 yuan/ton in RMB; the price of 20 - grade Thai mixed rubber was 14850 yuan/ton, with an increase of 1.02%. The price difference between RU and NR main contracts widened by 5 yuan/ton to 2985 yuan/ton; the price difference between mixed standard rubber and RU main contract widened by 35 yuan/ton to - 940 yuan/ton. The price of butadiene in Shandong increased, and the market prices of cis - butadiene rubber and styrene - butadiene rubber also rose [5]. - **Market Logic**: For natural rubber, the cost is supported by the firm overseas raw material prices, but the slow de - stocking of finished products and the increase in inventory in Qingdao suppress the bullish sentiment. For synthetic rubber, the price of butadiene drives the price of cis - butadiene rubber up [5]. - **Trading Strategy**: For RU, focus on the activity range of 15550 - 16000; for NR, focus on the activity range of 12600 - 13150; for BR, focus on the pressure level performance at 12000 [5].

1. Report Industry Investment Ratings - No information provided on industry investment ratings in the given content 2. Core Views - For the sugar market, the external ICE raw sugar strengthened, and the domestic Zhengzhou sugar also rose due to external influence. The domestic sugar - making process is progressing smoothly, and the short - term fundamentals are stable. The market is expected to fluctuate in the short - term, and future attention should be paid to new information from the international sugar market [1] - Regarding the jujube market, the acquisition of grey jujubes in Xinjiang is nearing completion, and the supply of new jujubes in Hebei is increasing. The jujube futures price is bottoming out, but there are still few positive factors, and the market is expected to remain weak. It is recommended to short on rallies [4] - In the rubber market, natural rubber is affected by the approaching end of the domestic harvest season and the overseas supply peak, along with port inventory accumulation, and is expected to fluctuate in the short - term. Synthetic rubber is supported by raw material costs but has weak downstream acceptance, and the market may also enter a volatile phase [5] 3. Summary by Relevant Catalogs 3.1 Sugar 3.1.1 Market Review - SR601 contract closed at 5256 yuan/ton yesterday, up 0.59%, and 5295 yuan/ton at night; SR605 contract closed at 5155 yuan/ton, up 0.57%, and 5192 yuan/ton at night [1] 3.1.2 Important Information - The spot price of Guangxi white sugar was 5218 yuan/ton, up 9 yuan/ton; the quotation range of Guangxi sugar - making groups was 5250 - 5370 yuan/ton, unchanged; the quotation of Yunnan sugar - making groups was 5110 - 5230 yuan/ton, with some prices down 10 yuan/ton; the mainstream quotation range of processing sugar mills was 5690 - 5900 yuan/ton, with some prices up 20 yuan/ton [1] - As of now, 71 sugar mills in Guangxi have started crushing in the 2025/26 season, 3 less than last year, with a daily cane - crushing capacity of about 58.1 million tons, 1.3 million tons less than last year. It is expected that 73 sugar mills will start crushing this season, 1 less than the previous season [1] - As of December 15, 2025, India's sugar production in the 2025/26 season reached 7.825 million tons, an increase of 1.697 million tons or 27.69% compared to the same period last year; 478 sugar mills have started crushing, slightly more than last year [1] - As of December 22, 2025, Thailand's cumulative cane crushing volume was 9.6636 million tons, a decrease of 1.6155 million tons or 14.32% compared to the same period last year; the sugar - containing rate was 11.38%, a decrease of 0.09% compared to last year; the sugar - producing rate was 8.437%, an increase of 0.024% compared to last year; sugar production was 0.8153 million tons, a decrease of 0.1336 million tons or 14.07% compared to last year [1] - Yesterday, there were 4479 sugar warrants in the Zhengzhou Commodity Exchange, unchanged from the previous day [1] 3.1.3 Market Logic - Externally, the ICE raw sugar strengthened. After the Brazilian sugar price fell below the cost and the sugar - making ratio decreased rapidly, the raw sugar found strong support at 14 cents/pound. The backward Thai sugar - making data and the exit of short positions led to a rebound. In the long - run, there is still pressure on the upside [1] - Domestically, Zhengzhou sugar rose due to external influence. The domestic white sugar spot price stopped falling and stabilized. The short - term fundamentals are stable. Affected by the cost, "policy bottom", and capital outflow, Zhengzhou sugar rebounded. Future attention should be paid to new information from the international sugar market [1] 3.1.4 Trading Strategy - Temporarily wait and see for the SR605 contract, and partially take profits on the previously held call options [1] 3.2 Jujube 3.2.1 Market Review - CJ601 contract closed at 8640 yuan/ton yesterday, down 0.63%; CJ605 contract closed at 8750 yuan/ton, down 0.79% [4] 3.2.2 Important Information - The physical inventory of 36 sample points last week was 16108 tons, an increase of 318 tons or 2.01% compared to the previous week, and an increase of 34.68% compared to the same period last year [4] - The wholesale price of Hebei special - grade jujubes was 9.53 yuan/kg yesterday, down 0.03 yuan/kg from the previous day [4] - The number of arrival vehicles at Guangdong Ruyifang Market was 2 yesterday, 3 less than the previous day [4] - There were 1092 jujube warrants yesterday, unchanged from the previous day [4] 3.2.3 Market Logic - The acquisition of grey jujubes in Xinjiang is nearing completion, and the supply of new jujubes in Hebei is increasing. After the previous negative factors were digested, the downward momentum of the jujube futures price weakened. However, as it has entered the seasonal inventory accumulation period and there is still some unsold inventory upstream, there are few positive factors, and the market is expected to remain weak [4] 3.2.4 Trading Strategy - Hold short positions in the CJ605 contract [4] 3.3 Rubber 3.3.1 Market Review - As of December 23, the RU2605 contract closed at 15290 yuan/ton, up 0.56%; the NR2602 contract closed at 12405 yuan/ton, up 0.40%; the BR2602 contract closed at 11175 yuan/ton, down 0.49% [5] 3.3.2 Important Information - Yesterday, the price of Thai raw material latex was 55.7 Thai baht/kg (- 0.29/- 0.54%), and the price of cup lump was 50.8 Thai baht/kg (0.049/0.1%); the price of Yunnan rubber blocks was 13000 yuan/ton (0/0%); the price of Hainan latex for whole - milk rubber production was 14800 yuan/ton (0/0%), and the price of latex for concentrated latex production was 14800 yuan/ton (0/0%) [5] - As of December 14, 2025, the total inventory of natural rubber in Qingdao's bonded and general trade areas was 4.989 million tons, an increase of 0.102 million tons or 2.08% compared to the previous period. The bonded area inventory was 0.775 million tons, an increase of 4.88%; the general trade inventory was 4.214 million tons, an increase of 1.58%. The inbound rate of Qingdao's natural rubber sample bonded warehouses increased by 2.42 percentage points, and the outbound rate decreased by 0.38 percentage points; the inbound rate of general trade warehouses decreased by 0.57 percentage points, and the outbound rate decreased by 0.52 percentage points. As of December 14, 2025, China's natural rubber social inventory was 11.52 million tons, an increase of 0.29 million tons or 2.6%. China's total social inventory of dark - colored rubber was 7.48 million tons, an increase of 2.5%. China's total social inventory of light - colored rubber was 4.04 million tons, an increase of 2.8% [5] - This week, the capacity utilization rate of China's semi - steel tire sample enterprises was 70.01%, a decrease of 0.13 percentage points compared to the previous week and 8.67 percentage points compared to the same period last year. The capacity utilization rate of full - steel tire sample enterprises was 63.61%, a decrease of 0.94 percentage points compared to the previous week and an increase of 3.72 percentage points compared to the same period last year [5] - Yesterday, the price of whole - milk rubber was 14950 yuan/ton (+ 100/0.67%); the price of 20 - grade Thai standard rubber was 1845 US dollars/ton (+ 10/0.54%), equivalent to 13011 yuan/ton in RMB; the price of 20 - grade Thai mixed rubber was 14520 yuan/ton (+ 50/0.35%) [5] - Yesterday, the price difference between the RU and NR main contracts was 2885 yuan/ton, an increase of 35 yuan/ton compared to the previous day; the price difference between the mixed standard rubber and the RU main contract was - 770 yuan/ton, an increase of 35 yuan/ton compared to the previous day [5] - Yesterday, the delivered price of butadiene in the central Shandong region was about 7800 - 7900 yuan/ton, and the ex - tank self - pick - up price in East China was about 7400 - 7450 yuan/ton [5] - Yesterday, the market prices of cis - polybutadiene rubber and styrene - butadiene rubber rose steadily. The price of Daqing BR9000 in the Shandong market remained stable at 10950 yuan/ton, and the price of Qilu styrene - butadiene 1502 in the Shandong market rose 50 yuan/ton to 11300 yuan/ton [5] 3.3.3 Market Logic - Natural rubber: It strengthened slightly yesterday. The domestic Hainan production area is gradually ending the harvest season, and the enthusiasm of factories to purchase rubber has decreased significantly. However, the overseas supply peak is coming, and there is still resistance to the rise of Thai raw materials. At the same time, the Qingdao port in China continues the seasonal inventory accumulation trend. Under the interweaving of long and short factors, natural rubber may continue to fluctuate in the short - term [5] - Synthetic rubber: The BR contract rose first and then fell yesterday, and the decline widened at night. The firm butadiene price provides strong cost support for synthetic rubber prices, but the downstream's willingness to accept high - priced goods is still weak, and traders lack confidence in raising prices to sell. Although the recent export transaction news of BR raw materials supports the rubber price, there is no obvious positive news in the actual fundamentals. The market may enter a volatile phase in the near future [5] 3.3.4 Trading Strategy - The RU main contract should focus on the 15000 - 15530 activity range; the NR main contract should focus on the 12250 - 12750 activity range; if the BR contract breaks through the 11000 support level today, it will look for the second support at 10700 [5]