Report Industry Investment Rating - Copper: Bullish [8] - Arbitrage: On hold [8] - Options: Short put @ 78,000 yuan/ton [8] Core View of the Report - In September, there are relatively large disturbances on the supply side, such as a decrease in the circulation of scrap copper and the intensive maintenance period of smelters. Although the downstream performance is not outstanding at present, the support effect of the power grid on demand still exists. Coupled with the expectation of the Fed's interest rate cut, copper prices are expected to remain relatively strong in September [8] Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On September 1, 2025, the main contract of Shanghai copper opened at 79,670 yuan/ton and closed at 79,780 yuan/ton, up 0.47% from the previous trading day's close. The night session opened at 79,640 yuan/ton and closed at 79,660 yuan/ton, down 0.15% from the afternoon close [1] Spot Situation - According to SMM, the spot price of SMM 1 electrolytic copper was at a premium of 150 - 320 yuan/ton to the current 2509 contract, with an average premium of 235 yuan/ton, down 15 yuan/ton from the previous day. The spot price range was 79,710 - 80,090 yuan/ton. The market trading atmosphere was weak, and the high copper price suppressed downstream purchasing willingness. It is expected that the social inventory in Shanghai will continue to decline at the beginning of the week, and the short - term premium will remain stable [2] Important Information Summary - Tariff: Trump said India proposed to reduce tariffs to zero, but it was too late. Treasury Secretary Besent said Trump might declare a national housing emergency this autumn, and the plan might include exemptions for building materials. The Supreme Court is expected to support Trump's tariff policy [3] - Economic data: The final value of the eurozone's manufacturing PMI in August rose to a three - year high of 50.7 from 49.8 in July, higher than the initial value of 50.5, and expanded for the first time since mid - 2022. Factory output and new order growth reached the fastest in nearly three and a half years [3] - European employment market: The eurozone's unemployment rate in July dropped to 6.2% from 6.3% in June, and the number of unemployed decreased by 170,000, matching the record low set in November 2024 [3] Mine End - Affected by the BHP tender result, many traders postponed quotes and considered adjusting the copper concentrate TC/RC to above - 40 dollars/dry ton. Some traders quoted - 40 dollars for clean ore and Peruvian mixed ore. Ivanhoe Mines lowered its 2025 copper production forecast by 28% to 37 - 420,000 tons, and Hudbay Minerals restarted the Snow Lake mine in Canada and is expected to reach full production in early September [4] Smelting and Import - Affected by Trump's tariff policy, traders plan to conduct large - scale deliveries of the COMEX copper futures main contract. In August, traders on the New York Comex planned to deliver 28,800 tons of copper under the September contract, the largest single - day delivery since April this year. The Comex copper inventory has reached the highest level in 20 years. Chile's copper production in July was 445,214 tons, with a slight increase month - on - month and year - on - year [5] Consumption - Last week, the operating rate of domestic major refined copper rod enterprises dropped to 68.12%, a decrease of 3.25 percentage points month - on - month. Raw material inventory decreased by 3.25% to 32,700 tons, and finished product inventory increased by 2.87% to 68,000 tons. In the wire and cable sector, the high copper price at the beginning of the week suppressed order release [6] Inventory and Warehouse Receipts - LME warehouse receipts changed by 950 tons to 158,875 tons. SHFE warehouse receipts changed by - 1,212 tons to 20,200 tons. On September 1, the domestic electrolytic copper spot inventory was 132,100 tons, a change of 5,000 tons from the previous week [7] Tabular Data - The table shows data on copper prices, premiums and discounts, inventory, warehouse receipts, and arbitrage information from September 2, 2025, September 1, 2025, August 26, 2025, and August 3, 2025, including SMM 1 copper prices, spot premiums, LME and SHFE inventory and warehouse receipt data, and various arbitrage indicators [27][28][29]

新能源及有色金属日报 | 2025-09-02 北方消费受影响减产，锌锭下调贴水 重要数据 现货方面：LME锌现货升水为6.12美元/吨。SMM上海锌现货价较前一交易日90元/吨至22100元/吨，SMM上海锌 现货升贴水-35元/吨；SMM广东锌现货价较前一交易日100元/吨至22100元/吨，广东锌现货升贴水-75元/吨；天津 锌现货价较前一交易日100元/吨至22090元/吨，天津锌现货升贴水-85元/吨。 期货方面：2025-09-01沪锌主力合约开于22250元/吨，收于22175元/吨，较前一交易日80元/吨，全天交易日成交 139706手，全天交易日持仓116185手，日内价格最高点达到22300元/吨，最低点达到22125元/吨。 库存方面：截至2025-09-01，SMM七地锌锭库存总量为14.63万吨，较上期变化0.18万吨。截止2025-09-01，LME 锌库存为55875吨，较上一交易日变化-625吨。 市场分析 锌价回落现货市场存在补库行为，但社会库存增加，即将超过过去五年同期水平，现货流通性好转，仍以谨慎采 购为主。成本端，国产矿进口矿TC持续上涨，冶炼利润走高，冶炼积极性持续， ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The shipping industry is currently facing significant cargo - collection pressure. The freight rate center has declined, and the 10 - month contract is mainly short - allocated while the 12 - month contract has the potential for long - allocation after the freight rate bottom becomes clear [4][5]. - The EC2510 contract is relatively safe to short at high prices, but extreme short - chasing is not advisable. For the 12 - month contract, attention should be paid to the bottom of this round of freight rate decline, and long - allocation can be gradually carried out as the freight rate bottom becomes clear [4][5]. 3. Summary by Related Catalogs 3.1 Market Analysis - Online quotes: Different shipping companies have different price quotes for the Shanghai - Rotterdam route. For example, Maersk's 36 - week price is 1315/2210, and the 37 - week price is 1140/1900 (currently up to 1170/1960). HPL - SPOT's price for the second half of September is 1135/1835 [1]. - Geopolitical situation: The Yemeni Houthi rebels stated that they would retaliate for the death of several important members in an Israeli air strike, which may affect shipping in the region [2]. 3.2 Capacity Analysis - China - European basic port capacity: The average weekly capacity in September is 294,700 TEU, and in October is 276,600 TEU. There are 3 blank sailings in September and 10 TBNs and 3 blank sailings in October. HPL has announced two additional vessels for October [3]. 3.3 Contract Analysis - 10 - month contract: It is a quarterly contract, mainly short - allocated. The current freight rate center has dropped to around $2000/FEU, and the 10 - month contract is equivalent to a spot price of around $1900/FEU. Attention should be paid to the price at which shipping companies try to stabilize the price [4]. - 12 - month contract: In normal years, the price in December is generally more than 10% higher than that in October. The risk lies in the bottom of this round of freight rate decline. If vessels on the US route are transferred to the European route in the fourth quarter, it may put pressure on European route prices [5]. 3.4 Futures and Spot Market - Futures market: As of September 1, 2025, the total open interest of all container shipping index European route futures contracts is 81,845.00 lots, and the single - day trading volume is 43,901.00 lots. Different contracts have different closing prices [6]. - Spot market: On September 1, 2025, the SCFIS (Shanghai - Europe) is 1773.60 points, and the SCFIS (Shanghai - US West) is 1013.90 points [6].

Report Industry Investment Rating - Unilateral: Neutral. Focus on cost changes under low inventory from August to September as the balance sheet shows a loose balance with minor supply - demand contradictions [3] Core View - The EG main contract closed at 4427 yuan/ton, down 39 yuan/ton (-0.87%) from the previous trading day. The EG spot price in the East China market was 4507 yuan/ton, down 27 yuan/ton (-0.60%). The spot basis in East China was 77 yuan/ton, up 13 yuan/ton. Due to a significant decline in coking coal at the cost end and concentrated warrant registration, the EG price showed a weak trend [1] - The production profit of ethylene - made EG was -47 dollars/ton, up 3 dollars/ton, and that of coal - made syngas EG was -16 yuan/ton, up 18 yuan/ton [1] - According to CCF data, the inventory at the main ports in East China was 44.9 tons, down 5.1 tons; according to Longzhong data, it was 41.3 tons, down 8.5 tons. The actual arrivals at the main ports last week were 5 tons, and the planned arrivals this week are 9.8 tons [1] - On the supply side, domestic ethylene glycol load has returned to a high level and is expected to remain stable in the short term, with the syngas load possibly dropping in September. Overseas supply has suffered many losses, and the import volume from September to October may be revised down. On the demand side, there are signs of recovery, and the polyester load is expected to increase slightly. The balance sheet from August to September shows a loose balance with minor supply - demand contradictions [2] Summary by Directory Price and Basis - The EG main contract closed at 4427 yuan/ton, down 39 yuan/ton (-0.87%) from the previous trading day. The EG spot price in the East China market was 4507 yuan/ton, down 27 yuan/ton (-0.60%). The spot basis in East China was 77 yuan/ton, up 13 yuan/ton [1] Production Profit and Operating Rate - The production profit of ethylene - made EG was -47 dollars/ton, up 3 dollars/ton, and that of coal - made syngas EG was -16 yuan/ton, up 18 yuan/ton [1] International Price Difference - No specific data provided in the given text Downstream Production, Sales, and Operating Rate - The demand shows signs of recovery, and the polyester load is expected to increase slightly. Attention should be paid to the time of concentrated order placement [2] Inventory Data - According to CCF data, the inventory at the main ports in East China was 44.9 tons, down 5.1 tons; according to Longzhong data, it was 41.3 tons, down 8.5 tons. The actual arrivals at the main ports last week were 5 tons, and the planned arrivals this week are 9.8 tons [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report provides a daily overview of the stock index options market, including option trading volume, PCR (Put - Call Ratio), and VIX (Volatility Index) data for various stock index options on September 1, 2025. 3. Summary by Directory I. Option Trading Volume - On September 1, 2025, the trading volume of Shanghai Stock Exchange 50 ETF options was 1630800 contracts; the trading volume of Shanghai - listed CSI 300 ETF options was 1754800 contracts; the trading volume of Shanghai - listed CSI 500 ETF options was 1980300 contracts; the trading volume of Shenzhen 100 ETF options was 146800 contracts; the trading volume of ChiNext ETF options was 2018000 contracts; the trading volume of Shanghai Stock Exchange 50 stock index options was 41700 contracts; the trading volume of CSI 300 stock index options was 208000 contracts; and the total trading volume of CSI 1000 options was 264200 contracts [1]. - The detailed breakdown of call, put, and total trading volumes for each option type is presented in Table 1 [20]. II. Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 0.42, with a month - on - month change of +0.04; the position PCR was reported at 0.94, with a month - on - month change of - 0.04. Similar data for other options are also provided, showing different changes in turnover PCR and position PCR [2]. - The detailed PCR data for each option type, including turnover PCR, month - on - month change, position PCR, and month - on - month change, are presented in Table 2 [31]. III. Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 22.75%, with a month - on - month change of - 1.57%; the VIX of Shanghai - listed CSI 300 ETF options was reported at 21.85%, with a month - on - month change of - 1.67%. Similar data for other options are also provided, with most showing a decline in VIX except for ChiNext ETF options which had a slight increase [3]. - The detailed VIX data for each option type, including VIX and month - on - month change, are presented in Table 3 [45].

流动性日报 | 2025-09-02 能源化工板块成交4640.85亿元，较上一交易日变动+10.02%；持仓金额4251.59亿元，较上一交易日变动+1.66%； 成交持仓比为84.94%。 市场流动性概况 农产品板块成交3197.43亿元，较上一交易日变动-4.59%；持仓金额5504.41亿元，较上一交易日变动-0.86%；成交 持仓比为50.93%。 黑色建材板块成交3190.71亿元，较上一交易日变动+4.77%；持仓金额3637.02亿元，较上一交易日变动-1.91%；成 交持仓比为83.97%。 2025-09-01，股指板块成交7874.19亿元，较上一交易日变动-25.20%；持仓金额13319.86亿元，较上一交易日变动 -4.56%；成交持仓比为58.63%。 国债板块成交3793.66亿元，较上一交易日变动-6.24%；持仓金额6937.38亿元，较上一交易日变动+2.02%；成交持 仓比为56.31%。 基本金属板块成交4206.29亿元，较上一交易日变动+18.18%；持仓金额5020.76亿元，较上一交易日变动+0.34%； 成交持仓比为95.72%。 贵金属板块成交6135.8 ...

Report Industry Investment Rating - Not provided Core Viewpoints - PVC is affected by the sentiment of the black sector and follows the decline. The supply - side pressure is large in the long - term, the demand is weak, the inventory is accumulating, and the supply - demand situation remains weak. The recommendation for PVC is to be cautiously bearish. [3][5] - The spot price of caustic soda is stable. Although the start - up rate has decreased, the demand has certain characteristics affected by transportation and season. The cost support exists, and the recommendation for caustic soda is to be cautiously bullish. [4][5] Summary by Directory Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract is 4894 yuan/ton (-13); the East China basis is -224 yuan/ton (+3); the South China basis is -134 yuan/ton (+3). [1] - Spot price: The East China calcium carbide - based PVC is quoted at 4670 yuan/ton (-10); the South China calcium carbide - based PVC is quoted at 4760 yuan/ton (-10). [1] - Upstream production profit: The semi - coke price is 630 yuan/ton (+0); the calcium carbide price is 2730 yuan/ton (+0); the calcium carbide profit is -64 yuan/ton (+0); the gross profit of PVC calcium carbide - based production is -399 yuan/ton (-176); the gross profit of PVC ethylene - based production is -628 yuan/ton (-36); the PVC export profit is 16.7 dollars/ton (+0.0). [1] - PVC inventory and start - up: The PVC in - factory inventory is 31.2 tons (+0.6); the PVC social inventory is 52.2 tons (+1.4); the PVC calcium carbide - based start - up rate is 75.24% (-0.83%); the PVC ethylene - based start - up rate is 68.66% (-3.78%); the overall PVC start - up rate is 73.33% (-1.69%). [1] - Downstream order situation: The pre - sales volume of production enterprises is 69.6 tons (-2.9). [1] Caustic Soda - Futures price and basis: The closing price of the SH main contract is 2735 yuan/ton (+65); the basis of 32% liquid caustic soda in Shandong is -16 yuan/ton (-65). [1] - Spot price: The price of 32% liquid caustic soda in Shandong is 870 yuan/ton (+0); the price of 50% liquid caustic soda in Shandong is 1360 yuan/ton (+0). [2] - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1728 yuan/ton (+0); the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 784.5 yuan/ton (+40.0); the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is 642.53 yuan/ton (-20.00); the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 1398.45 yuan/ton (-30.00). [2] - Caustic soda inventory and start - up: The liquid caustic soda factory inventory is 37.95 tons (-1.69); the flake caustic soda factory inventory is 2.14 tons (-0.22); the caustic soda start - up rate is 82.40% (-0.80%). [2] - Caustic soda downstream start - up: The alumina start - up rate is 85.58% (-0.20%); the printing and dyeing start - up rate in East China is 64.73% (+0.87%); the viscose staple fiber start - up rate is 86.02% (-0.20%). [2] Market Analysis PVC - Affected by the black sector, PVC follows the decline. Attention should be paid to the impact of macro and cost factors. The supply - side pressure is large in the long - term due to new production capacity and more production resumptions. The demand is weak with low downstream start - up and weakening exports. The inventory is accumulating, and the supply - demand situation remains weak. [3] Caustic Soda - The spot price of caustic soda is stable. The start - up rate decreases due to maintenance. The demand is affected by transportation and season. The cost support exists, and the chlor - alkali profit is at a medium level compared to the same period. [4] Strategy PVC - Unilateral: Cautiously bearish. - Inter - delivery spread: Go for a reverse spread when the PVC01 - 05 spread is high. - Inter - commodity spread: None. [5] Caustic Soda - Unilateral: Cautiously bullish. - Inter - delivery spread: Go for a positive spread when the SH10 - 01 spread is low. - Inter - commodity spread: None. [5]

1. Report Industry Investment Rating - The report gives a neutral rating for both RU and NR, as well as for BR [8] 2. Core Viewpoints of the Report - The cost - side support for natural rubber may continue. The inventories at Qingdao Port and in the society are showing a slight downward trend. With the upcoming traditional peak season for downstream industries, attention should be paid to the raw material procurement willingness of factories [8] - For BR, some devices have maintenance plans in September, and the overall supply - demand situation may show a slight improvement. The inventory is expected to remain stable, and there is still cost - side support [8] 3. Summary by Related Catalogs Market News and Data - Futures: The closing price of the RU main contract was 15,860 yuan/ton, unchanged from the previous day; the NR main contract was 12,680 yuan/ton, down 15 yuan/ton; the BR main contract was 11,895 yuan/ton, down 5 yuan/ton [1] - Spot: The price of Yunnan - produced whole latex in the Shanghai market was 14,950 yuan/ton, unchanged; the price of Thai mixed rubber in Qingdao Free Trade Zone was 14,800 yuan/ton, unchanged; the price of Thai 20 - grade standard rubber was 1,840 US dollars/ton, unchanged; the price of Indonesian 20 - grade standard rubber was 1,780 US dollars/ton, unchanged; the ex - factory price of BR9000 from PetroChina Qilu Petrochemical was 12,100 yuan/ton, unchanged; the market price of BR9000 in Zhejiang Chuanhua was 11,850 yuan/ton, up 50 yuan/ton [1] Market Information - Heavy - truck market: In August 2025, the sales volume of China's heavy - truck market was about 84,000 vehicles, a month - on - month decrease of 1% and a year - on - year increase of about 35%. From January to August, the cumulative sales volume was about 708,000 vehicles, a year - on - year increase of about 13% [2] - Thailand's natural rubber exports: From January to July 2025, Thailand's exports of natural rubber (excluding compound rubber) totaled 1.586 million tons, a year - on - year decrease of 5%. Exports to China totaled 622,000 tons, a year - on - year increase of 7% [2] - China's natural rubber imports: In July 2025, China's natural rubber imports were 474,800 tons, a month - on - month increase of 2.47% and a year - on - year decrease of 1.91%. From January to July, the cumulative import volume was 3.6005 million tons, a cumulative year - on - year increase of 21.82% [2] - Cote d'Ivoire's rubber exports: From January to July 2025, the export volume was 908,487 tons, a 14.3% increase compared to the same period in 2024. In July alone, the export volume increased by 28.3% year - on - year and 28.5% month - on - month [3] - China's rubber tire exports: From January to July 2025, China's rubber tire export volume reached 5.63 million tons, a year - on - year increase of 5.4%, and the export value was 99.2 billion yuan, a year - on - year increase of 5.4%. The export volume of automobile tires was 4.8 million tons, a year - on - year increase of 4.9%, and the export value was 81.9 billion yuan, a year - on - year increase of 4.9% [3] Market Analysis Natural Rubber - Spot and spreads: On September 1, 2025, the RU basis was - 910 yuan/ton (unchanged), the spread between the RU main contract and mixed rubber was 1,060 yuan/ton (unchanged), the import profit of smoked sheet rubber was - 3,274 yuan/ton (up 49.74 yuan), the NR basis was 375 yuan/ton (up 79 yuan) [4] - Raw materials: The price of Thai smoked sheet was 60.98 Thai baht/kg (down 0.10 Thai baht), the price of Thai latex was 55.45 Thai baht/kg (unchanged), the price of Thai cup lump was 51.05 Thai baht/kg (up 0.55 Thai baht), and the spread between Thai latex and cup lump was 4.40 Thai baht/kg (down 0.55 Thai baht) [4] - Operating rates: The operating rate of all - steel tires was 64.89% (down 0.08%), and the operating rate of semi - steel tires was 70.97% (down 0.90%) [5] - Inventories: The social inventory of natural rubber was 1,270,809 tons (down 14,554 tons), the inventory of natural rubber at Qingdao Port was 602,295 tons (down 3,908 tons), the RU futures inventory was 178,640 tons (up 170 tons), and the NR futures inventory was 45,662 tons (up 805 tons) [6][7] Butadiene Rubber - Spot and spreads: On September 1, 2025, the BR basis was - 45 yuan/ton (up 55 yuan), the ex - factory price of butadiene from Sinopec was 9,500 yuan/ton (unchanged), the price of BR9000 from Qilu Petrochemical was 12,100 yuan/ton (unchanged), the price of BR9000 in Zhejiang Chuanhua was 11,850 yuan/ton (up 50 yuan), the price of private butadiene rubber in Shandong was 11,700 yuan/ton (unchanged), and the import profit of butadiene rubber in Northeast Asia was - 1,293 yuan/ton (down 217 yuan) [7] - Operating rates: The operating rate of high - cis butadiene rubber was 75.85% (up 6.70%) [7] - Inventories: The inventory of butadiene rubber traders was 6,620 tons (down 790 tons), and the inventory of butadiene rubber enterprises was 25,100 tons (up 1,900 tons) [7] Strategy - For RU and NR, maintain a neutral stance. The cost - side support for natural rubber may continue. Monitor the raw material procurement willingness of downstream factories during the peak season [8] - For BR, maintain a neutral stance. The supply - demand situation may improve slightly, and the inventory is expected to remain stable. The cost - side support still exists [8]

新能源及有色金属日报 | 2025-09-02 现货报价再次上调，多晶硅盘面大幅上涨 工业硅： 市场分析 2025-09-01，工业硅期货价格维持震荡，主力合约2511开于8370元/吨，最后收于8495元/吨，较前一日结算变化（75） 元/吨，变化（0.89）%。截止收盘，2511主力合约持仓285449手，2025-09-01仓单总数为50400手，较前一日变化-53 手。 供应端：工业硅现货价格持稳。据SMM数据，昨日华东通氧553#硅在9000-9100（0）元/吨；421#硅在9300-9500 （0）元/吨，新疆通氧553价格8400-8500（0）元/吨，99硅价格在8400-8500（0）元/吨。昆明、黄埔港、西北、天 津、新疆、四川、上海地区硅价也暂稳。97硅价格同样持稳。。 SMM统计8月28日工业硅主要地区社会库存共计54.1万吨，较上周环比减少0.2万吨。其中社会普通仓库11.9万吨， 较上周增加0.2万吨，社会交割仓库42.2万吨（含未注册成仓单及现货部分），较上周环比减少0.4万吨。（不含内蒙、 甘肃等地）。 消费端：据SMM统计，有机硅DMC报价10500-11000（0）元/吨 ...

Group 1: Investment Ratings - The investment strategy for both apples and dates is neutral [3][6] Group 2: Core Views - Apple prices are expected to remain stable in the short - term as the remaining inventory in the producing areas is at a low level and there are no prominent contradictions in the fundamentals. However, the short - term market is expected to be weak and stable due to factors such as the low proportion of high - quality goods in the producing areas, increased arrivals in the sales areas, slow inventory fruit sales, and the focus on the quality of late - maturing Fuji apples [2][3] - The prices of date futures and spot goods are oscillating at a high level after rising. The production of new - season dates is expected to decrease significantly, but the inventory of old dates remains high. The spot price in the sales area is firm, but the trading volume has declined, showing signs of weak demand [5][6] Group 3: Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the Apple 2510 contract yesterday was 8374 yuan/ton, a change of - 14 yuan/ton or - 0.17% from the previous day. - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of over 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.80 yuan/jin, an increase of 0.30 yuan/jin from the previous day. The spot basis of AP10 was - 874 in Shandong Qixia and + 1226 in Shaanxi Luochuan, with changes of + 14 and + 614 respectively from the previous day [1] - Market Information: Early - maturing Fuji in Shaanxi Weinan is on the market, with limited high - quality red fruits and good purchasing enthusiasm from merchants. In Shandong, the trading volume of Cream Red General is small, and the purchasing enthusiasm of merchants is also good. The market for inventory Fuji is stable and dull, and some fruit farmers and holders are starting to offer discounts [1] Market Analysis - Yesterday, the apple futures price closed lower. The proportion of high - quality goods in the producing areas is limited, the arrivals in the sales areas have increased, and the market transaction has improved slightly. The inventory fruit is of good quality but slow to sell. The market is at the transition point between the old and new seasons and focuses on the quality of late - maturing Fuji. The early - maturing fruit shows a polarization trend, and the inventory fruit is operating weakly. It is expected that the short - term market will be weak and stable [2] Strategy - The strategy is neutral. The current remaining inventory in the producing areas is at a low level, and the apple fundamentals have no prominent contradictions, so the short - term price is expected to remain stable [3] Date Market News and Important Data - Futures: The closing price of the Date 2601 contract yesterday was 11340 yuan/ton, a change of - 170 yuan/ton or - 1.48% from the previous day. - Spot: The price of first - grade gray dates in Hebei was 9.60 yuan/kg, unchanged from the previous day. The spot basis of CJ01 was - 1740, a change of + 170 from the previous day. - Market Information: Gray dates in Xinjiang are entering the sugar - increasing stage. In Hebei Cuierzhuang Market, 2 trucks of dates arrived, and in Guangdong Ruyifang Market, 5 trucks of dates arrived. Merchants purchase according to demand [4] Market Analysis - Yesterday, the date futures price closed lower. The production of gray dates this year is expected to decline significantly. The overall purchasing enthusiasm in the downstream market is average. The 2024 production season had a large output and high inventory but poor quality. The new - season jujube trees have over - overdraft problems, and the new - season production is estimated to be between 56 - 620,000 tons. The sales area has a firm spot price but a declining trading volume and weak demand [5] Strategy - The strategy is neutral. If the production reduction cannot be falsified, the futures price may still rise in the short - term due to capital sentiment. However, due to the high inventory of old dates, attention should be paid to the final production of new dates. If the production reduction is less than expected, the date price may return to a weak trend [6]