金吾财讯 | 华泰证券表示，2026/27年度强厄尔尼诺来袭，全球白糖供需格局有望重塑。历史复盘表明，厄尔尼诺通常为糖价上涨的催化器，周期位置、库存与贸易流共同决定价格弹性。当前时点，我们认为白糖已具备强厄尔尼诺催化与价格底部双重条件、价格中枢有望上移，但趋势性反转仍需看到巴西实质性减产、印度出口政策的边际变化。建议关注白糖产业链投资机会。
金吾财讯 | 华泰证券表示，2026/27年度强厄尔尼诺来袭，全球白糖供需格局有望重塑。历史复盘表明，厄尔尼诺通常为糖价上涨的催化器，周期位置、库存与贸易流共同决定价格弹性。当前时点，我们认为白糖已具备强厄尔尼诺催化与价格底部双重条件、价格中枢有望上移，但趋势性反转仍需看到巴西实质性减产、印度出口政策的边际变化。建议关注白糖产业链投资机会。
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