Investment Rating - The report maintains a "Buy" rating for all recommended stocks in the consumer sector [11][12][13][14][16][17][21][22]. Core Insights - The report highlights nine advantageous sectors within the consumer industry, including agriculture, retail, social services, automotive, textiles, light industry, food, home appliances, and pharmaceuticals, with key stock recommendations for January 2026 [4][7]. - The report emphasizes the expected growth and profitability of the recommended companies, projecting significant increases in net profits and improvements in cash flow over the next few years [11][12][13][14][16][17][21][22]. Summary by Sector Agriculture - Recommended Stock: Muyuan Foods (牧原股份) - Projected net profits for 2025-2027 are 154.9 billion, 160.2 billion, and 225.5 billion respectively, with corresponding PE ratios of 18, 17, and 12 [11][27]. Retail - Recommended Stock: Shangmei Co., Ltd. (上美股份) - Projected net profits for 2025-2027 are 11.2 million, 14.0 million, and 17.0 million respectively, with corresponding PE ratios of 24, 19, and 16 [12][27]. Social Services - Recommended Stock: Jinjiang Hotels (锦江酒店) - Projected net profits for 2025-2027 are 9.53 million, 10.57 million, and 11.63 million respectively, with corresponding PE ratios of 28, 25, and 23 [13][27]. Automotive - Recommended Stock: Top Group (拓普集团) - Projected net profits for 2025-2027 are 27.8 million, 34.1 million, and 43.3 million respectively, with corresponding PE ratios of 45, 37, and 29 [14][27]. Textiles - Recommended Stock: HLA (海澜之家) - Projected net profits for 2025-2027 are 21.6 million, 23.1 million, and 24.5 million respectively, with corresponding PE ratios of 14, 13, and 12 [16][17][27]. Light Industry - Recommended Stock: Craft Home (匠心家居) - Projected net profits for 2025-2026 are 9.2 million and 12.0 million respectively, with corresponding PE ratios of 22 and 17 [17][27]. Food - Recommended Stock: Wancheng Group (万辰集团) - Projected net profits for 2025-2027 are 12.81 million, 20.46 million, and 26.81 million respectively, with corresponding PE ratios of 30, 19, and 14 [18][27]. Home Appliances - Recommended Stock: Anker Innovations (安克创新) - Projected net profits for 2025-2027 are 26.57 million, 31.98 million, and 38.95 million respectively, with corresponding PE ratios of 22.5, 18.7, and 15.4 [21][27]. Pharmaceuticals - Recommended Stock: Zhaoyan New Drug (昭衍新药) - Projected net profits for 2025-2027 are 0.61 million, 0.85 million, and 0.97 million respectively, with corresponding PE ratios of 31.8, 22.9, and 19.9 [22][27].

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Viewpoints - The successful launch of the Long March 12甲 rocket marks a significant step in China's exploration of reusable rocket technology, despite the failure to recover the first stage. This event lays a solid foundation for future reusable launches, which are expected to significantly reduce launch costs and accelerate the development of China's commercial space industry [10][11] - The report emphasizes that short-term setbacks are a necessary part of industry development, and as technology advances, the cost of rocket launches is likely to decrease, thereby promoting the growth of the commercial space sector. It is recommended to pay attention to key suppliers across the industry chain, particularly those related to satellite applications [10][11] Summary by Sections Event Description - On December 23, at 10:00 AM, the Long March 12甲 rocket was launched from the Dongfeng Commercial Space Innovation Test Area, successfully placing its second stage into the designated orbit, although the first stage was not successfully recovered. The flight test was deemed a basic success [5][10] Event Commentary - The Long March 12甲 rocket, designed for "first-stage reuse," is approximately 70.4 meters long and weighs about 437 tons. Although the first stage recovery was not achieved, valuable data was collected for future launches. The report highlights that reusable technology will greatly enhance rocket capacity and reduce average launch costs, supporting the acceleration of satellite constellation deployment [10][11] - The report notes that both state-owned and commercial space sectors are progressing together, with various companies working on reusable rockets across different payload capacities and technologies, which will complement China's aerospace industry [10][11]

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - The liquor sector is experiencing a phase of "supply optimization and weak demand recovery," with inventory destocking expected to continue in Q4. Short-term price recovery is anticipated due to Moutai's controlled supply, with attention on Spring Festival sales and inventory turnover [2][5] - Demand for mass consumer goods is expected to show marginal recovery, with January anticipated to see a strong start due to delayed Spring Festival stocking [2][5] - The latest recommended companies include Ganhe Weiye, Guoquan, Anqi Yeast, Babi Foods, Ligao Foods, Wancheng Group, Anjii Foods, Kuaijishan, Shanxi Fenjiu, Yanghe, and Guizhou Moutai [2][5] Summary by Sections Production Data - In November, the industry production data revealed that meat and soft drinks led the growth, with meat production increasing by 16.3% and soft drinks by 0.4%. Other categories, such as alcoholic beverages, continue to face downward pressure [4][16] - Non-alcoholic categories showed stable production growth, with notable increases in fresh and chilled meat production, driven by declining prices of core items like pork, stimulating demand [20] Market Review - Since the beginning of the year, the Food and Beverage (Yangtze) Index has decreased by 4.22%, underperforming compared to the CSI 300. The market has seen significant differentiation, particularly in Q2 and Q3, due to consumption scene restrictions and a trend towards cost-effective consumption preferences [6][28] - In the past week, the restaurant supply chain sector (including food and condiments) has outperformed, while the liquor sector (including beer and wine) has shown relatively weak performance [6][28] Industry Dynamics - Companies in the soft drink sector are focusing on core categories to enhance competitiveness, such as Yuanqi Forest divesting its dairy business to concentrate on tea and sparkling water. Cross-industry innovations are also being explored, with new products like rice whiskey targeting specific dining scenarios [7][34] - Digital transformation and employee incentives are driving channel changes, with integrated online and offline strategies becoming mainstream. Companies like Luckin Coffee and Three Squirrels are rapidly expanding into high-traffic areas [7][34]

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - Since December 2025, the price difference between original boxes and loose bottles of Moutai has narrowed to within 20 yuan, indicating a more balanced consumption structure across different scenarios [2][22] - The price decline of loose bottles is less than that of original boxes, driven by increasing demand for Moutai as prices decrease, with loose bottles serving as a primary vehicle for mass consumption [2][22] - Historical data shows a strong positive correlation between the prices of loose and original box Moutai, with significant divergence occurring post-January 2021 due to changes in sales policies [6][17] - The introduction of policies to control supply and stabilize prices has led to a convergence in pricing between different Moutai products, including the recent alignment of kilogram Moutai prices with those of original and loose bottles [7][24] Summary by Sections Understanding Price Convergence of Original and Loose Moutai - The price gap between original and loose Moutai bottles averaged 200-300 yuan before 2021, expanding to around 700 yuan at the beginning of 2021 due to changes in sales policies [6][17] - The price difference peaked at over 1100 yuan per bottle in 2021, but has since narrowed significantly due to measures taken by Moutai to curb speculative pricing [20][22] Understanding Price Convergence of Kilogram Moutai and Regular Moutai - Kilogram Moutai has shown greater price stability compared to loose and original box Moutai, reflecting a higher actual consumption rate [7][24] - Since early 2025, the prices of original and loose Moutai have been converging, influenced by increased supply of kilogram Moutai and a decrease in non-consumption demand [24] Current Outlook on Moutai Pricing - Short-term expectations indicate a potential for Moutai prices to stabilize within a narrow range, while long-term trends will be influenced by economic growth and supply dynamics [8][27] - The demand side is closely linked to factors such as household income and consumer confidence, while the supply side is affected by Moutai's pricing strategies [27][28]

Investment Rating - The report initiates coverage with a "Buy" rating for TBEA Co., Ltd. [13] Core Views - TBEA has developed a diversified layout in equipment and energy, transitioning from a leading power transmission and transformation enterprise to a comprehensive energy giant. The company is expected to see a comprehensive upward development in its core businesses, particularly benefiting from the integration of energy operations [4][7][21]. Summary by Relevant Sections Power Transmission and Transformation - TBEA is a leading manufacturer in the domestic power transmission and transformation equipment sector, with a complete product system covering all voltage levels. The company leads in the market share of ultra-high voltage transformers and is expected to benefit from future ultra-high voltage construction [8][33]. - The company has seen a steady increase in revenue from its power transmission and transformation segment, with a 20% and 32% year-on-year growth in 2022 and 2023, respectively, and a continued growth of 16% in 2024 [39][67]. Silicon Materials - The company holds approximately 65% of New Special Energy, which has a silicon material production capacity of 300,000 tons. The production cost is among the lowest in the industry, and with the recent recovery in silicon prices, TBEA is expected to see significant operational leverage [9][21]. Coal - TBEA has a coal production capacity of 74 million tons per year, ranking among the top in the region. The company is expected to benefit from the recovery of coal prices and has potential for capacity expansion. Additionally, a coal-to-natural gas project has been approved, indicating future growth prospects [10][21]. New Materials - TBEA's aluminum business, supported by its subsidiary Xinjiang Zhonghe, has established a circular economy industrial chain, significantly reducing procurement costs. The company is also expanding its upstream aluminum production capacity [11][21]. Gold - TBEA has entered the gold sector through a "resource-for-project" model, with a gold mine in Tajikistan expected to produce 2.5 to 3 tons annually, maintaining a gross margin above 50%. The rising gold prices are anticipated to contribute positively to the company's earnings [12][21]. Investment Recommendations - The report forecasts a net profit of 6.8 billion yuan attributable to shareholders in 2025, corresponding to a PE ratio of 17 times. The overall outlook for TBEA's core businesses is positive, with significant contributions expected from the integrated energy business [13][21].

Investment Rating - The report maintains a "Positive" investment rating for the new tobacco industry [9]. Core Insights - The National Tobacco Monopoly Administration has issued a notice to implement electronic cigarette industry policies, aiming to regulate industry operations, curb excessive competition, prevent overcapacity risks, and enhance compliance among electronic cigarette manufacturers [2][6]. - The notice emphasizes the need for investment behavior regulation among electronic cigarette manufacturers, including requirements for new projects, technological renovations, relocations, and resuming construction [7]. - Key changes and impacts include: 1. Support for the exit of outdated and excess production capacity, benefiting large-scale electronic cigarette enterprises. As of January 2025, there are approximately 583 licensed electronic cigarette manufacturers in China, and the notice aims to facilitate the exit of inefficient capacity, allowing leading companies to consolidate and enhance their market position [7]. 2. Implementation of capacity quota management and increased compliance requirements for exports. The notice specifies that production capacity must be regulated, and companies focusing on exports must ensure that their products comply with the laws and regulations of the destination countries or regions [7]. 3. Separation of management for heated tobacco products and electronic cigarettes, indicating potential future changes in the new tobacco industry [7]. Summary by Sections - **Investment Opportunities**: The acceleration of globalization in the new tobacco sector presents investment opportunities for companies with core barriers or resource advantages. Key companies to watch include Smoore International (leading in electronic vaporization devices), China Tobacco Hong Kong (supporting China Tobacco's international mission), Hengfeng Paper (an undervalued player in the heated tobacco industry), and others involved in heated tobacco solutions or manufacturing [8]. - **Market Dynamics**: The notice aims to balance supply and demand in the electronic cigarette market, clarifying production scale requirements and adjustments, while also addressing the need to prevent overcapacity risks [12].

Investment Rating - The report suggests a focus on undervalued, high-dividend banks, particularly large city commercial banks and state-owned banks [2][19]. Core Insights - The banking sector experienced a decline of 0.9% this week, with negative excess returns influenced by a rebound in market risk appetite, leading to continued outflows of active funds from the sector [2][9]. - The People's Bank of China released a financial stability report indicating a decrease in the number of high-risk rated financial institutions, with the number of red zone (high-risk) institutions dropping from 357 to 312 [6][40]. - The report highlights that the asset scale of red zone banks accounts for only 2.1% of the total, indicating overall stability in the banking sector [6][40]. - The report emphasizes that major banks maintain stable capital levels under various GDP slowdown scenarios, with capital adequacy ratios remaining above regulatory requirements [7][43]. Summary by Sections Market Performance - The banking index has shown a cumulative decline of 0.9%, underperforming compared to the CSI 300 and ChiNext indices by 2.8% and 4.8% respectively [9][19]. - Active funds have been flowing out of the banking sector, with net outflows of approximately 1 billion yuan over the past week [21]. Financial Stability Report Highlights - The financial stability report indicates a reduction in the number of participating financial institutions due to mergers and restructuring, with a total of 3529 institutions evaluated in 2025, down from 3936 in 2023 [6][40]. - The report notes that the distribution of ratings for village and town banks has decreased to the 3-D level, reflecting some tail risks in the industry [6][40]. Capital Stability Under Stress Tests - Stress tests for 23 major banks indicate that under light, moderate, and severe scenarios, the capital adequacy ratio could decrease by 5.81, 6.43, and 7.33 percentage points respectively, but remains compliant with regulatory standards [7][43][44]. - The report highlights that systemically important banks can maintain a capital adequacy ratio above 12% even under the most severe stress scenarios [50]. Convertible Bond Opportunities - The report identifies potential strong redemption opportunities in convertible bonds of banks, particularly for banks like Changshu Bank, Shanghai Bank, and Chongqing Bank, which are approaching their strong redemption prices [8][31]. Dividend Yield Analysis - As of December 26, the average dividend yield for the six major state-owned banks' A-shares has decreased to 3.96%, while the H-shares yield stands at 5.24%, with a discount rate of 24% compared to A-shares [25][29].

Report Information - Report Title: Carbonate Lithium Weekly Report [2] - Report Date: December 29, 2025 [3] - Researcher: Wang Guodong [1] Industry Investment Rating - Not provided in the report. Core Viewpoints - Supply side: Last week, carbonate lithium production increased by 40 tons to 24,105 tons, and November production increased by 3% to 103,740 tons. The Ningde Jianxiawo mine has not resumed production, and production enterprises in Yichun and Qinghai have received notices for the re - review of mining rights transfers, affecting supply. In November 2025, China imported 729,000 tons of lithium concentrate, a 11.9% month - on - month increase. The top three importing countries were Australia, Zimbabwe, and Nigeria. In November, carbonate lithium imports were 22,055 tons, a 7.6% month - on - month decrease. The CIF price of imported lithium spodumene concentrate increased week - on - week, and some manufacturers using外购 lithium ore to produce carbonate lithium faced cost inversion [5]. - Demand side: Overall production scheduling in December decreased month - on - month, while large battery cell manufacturers' production scheduling in November increased by 2% month - on - month. In November, the total production of power and other batteries in China was 176.3 GWh, a 3.3% month - on - month and 49.2% year - on - year increase. The total export of power and other batteries was 32.2 GWh, a 14.1% month - on - month and 46.5% year - on - year increase. The sales volume of power and other batteries was 179.4 GWh, an 8.1% month - on - month and 52.2% year - on - year increase. The trade - in policy and the extension of the new energy vehicle purchase tax are expected to support the rapid growth of China's new energy vehicle market sales [6]. - Inventory: This week, carbonate lithium inventory showed a destocking state. Factory inventory decreased by 775 tons, market inventory decreased by 2,614 tons, and futures inventory increased by 2,350 tons [6]. - Strategy: From the supply side, the Ningde Jianxiawo mine remains shut down, and Yichun plans to cancel 27 mining licenses (all expired, with no impact on actual supply). In November, domestic carbonate lithium production increased by 3% month - on - month, and lithium concentrate imports were 729,000 tons, a 11.9% month - on - month increase. The total import of carbonate lithium in November was about 22,000 tons, a 7.6% month - on - month decrease but a 15% year - on - year increase. Downstream demand is strong, and the destocking trend continues. It is expected that subsequent South American lithium salt imports will supplement the supply. From the demand side, the terminal demand for energy storage remains good, but production scheduling in January is expected to decline slightly. In November, cathode production scheduling increased by 2% month - on - month. The risk of Yichun's mining licenses persists. With profit recovery, lithium extraction from ore continues to increase production, and the cost center shifts upward. The expectation of the Ningde Jianxiawo mine's resumption within the year has failed. After cathode material manufacturers jointly cut production, downstream production scheduling is expected to decline. Attention should be paid to the disturbances at the Yichun mining end. As downstream purchases of carbonate lithium slow down the destocking rate and traders' inventory accumulates, prices are expected to continue to fluctuate [7]. Key Data Tracking Production - related Data - Carbonate lithium weekly production: Last week, production increased by 40 tons to 24,105 tons, and November production increased by 3% to 103,740 tons [5] - Carbonate lithium production by raw material in November 2024: Salt lake accounted for 19.56%, lithium mica 23.05%, and lithium spodumene 45.37% [25][26] Import - related Data - In November 2025, China imported 729,000 tons of lithium concentrate, a 11.9% month - on - month increase. Imports from Australia increased by 44% month - on - month, from Zimbabwe were 110,000 tons (a 28% month - on - month decrease), and from Nigeria were 92,000 tons (a 16% month - on - month decrease). In November, carbonate lithium imports were 22,055 tons, a 7.6% month - on - month decrease, with 10,800 tons from Chile, accounting for 49% [5] Battery - related Data - In November, the total production of power and other batteries in China was 176.3 GWh, a 3.3% month - on - month and 49.2% year - on - year increase. The total export was 32.2 GWh, a 14.1% month - on - month and 46.5% year - on - year increase. The sales volume was 179.4 GWh, an 8.1% month - on - month and 52.2% year - on - year increase [6] Inventory - related Data - This week, carbonate lithium factory inventory decreased by 775 tons, market inventory decreased by 2,614 tons, and futures inventory increased by 2,350 tons [6]

1. Report Industry Investment Rating - Not provided in the content 2. Report Core Views - **Stock Index**: The Chinese Ministry of Finance will continue to implement a more proactive fiscal policy in 2026, expanding fiscal expenditure and supporting the replacement of consumer goods. In November, the profits of industrial enterprises above designated size decreased by 13.1% year - on - year. The market's main line rotates quickly, and attention should be paid to the resistance level of 4000 points. Whether the trading volume can continue to expand is crucial. The stock index may fluctuate [9]. - **Treasury Bonds**: The current bond market lacks significant positive or negative factors, and its trend is mainly dominated by institutional behavior. Without unexpected events in the last few trading days of the year, the market may remain dull. In the short term, if both short - and long - term yields enter a sideways consolidation, there is a risk of yields rising again to test the upper limit of the range since November [10]. 3. Summary by Relevant Catalogs Financial Futures Strategy Suggestions Stock Index Strategy Suggestions - **Trend Review**: The Shanghai Composite Index rose 0.10% to 3963.68 points. Non - ferrous metals, steel, and power equipment sectors led the gains, while electronics, comprehensive, and light manufacturing sectors led the losses [9]. - **Technical Analysis**: The MACD indicator shows that the market index may fluctuate with a slight upward bias [9]. - **Strategy Outlook**: The stock index is expected to move in a range [9]. Treasury Bond Strategy Suggestions - **Trend Review**: The 30 - year main contract rose 0.36% to 112.960 yuan, the 10 - year main contract rose 0.10% to 108.300 yuan, the 5 - year main contract rose 0.05% to 106.050 yuan, and the 2 - year main contract rose 0.03% to 102.548 yuan [10]. - **Technical Analysis**: The MACD indicator shows that the T main contract may fluctuate with a slight upward bias [10]. - **Strategy Outlook**: The bond market is expected to move in a fluctuating manner [10]. Key Data Tracking PMI - In November, the manufacturing PMI rebounded from a low to 49.2%, still below the boom - bust line and lower than Bloomberg's consensus forecast of 49.4%. The rebound was driven by a pulse - like strengthening of external demand. However, the rebound was weak as the business climate of large enterprises declined. The price index of purchased raw materials reached a 5 - year high, indicating an expected rise in PPI month - on - month growth. The rebound was still weak in three aspects: the reading was significantly lower than the same period in previous years, the pressure of contraction was still spreading, and the downturn had lasted for a long time [17]. CPI - In November, the year - on - year CPI strengthened, and the month - on - month PPI remained positive, due to seasonal factors, the low - base effect, and "anti - involution". The year - on - year CPI has fluctuated below 1% for 33 consecutive months, and the year - on - year PPI has been negative for 38 consecutive months, indicating weak domestic demand. At the end of the year and during the Spring Festival, the year - on - year CPI is expected to continue to rise, and the year - on - year PPI is also expected to rebound [20]. Import and Export - In November, China's exports were $3303.5 billion, imports were $2186.7 billion, and the trade surplus was $1116.8 billion. Labor - intensive products, mechanical and electrical products, and high - tech products respectively drove the overall export growth in November by - 1.33%, 5.81%, and 2.01%, with the driving rates increasing by 1.03pp, 5.06pp, and 1.55pp respectively compared with the previous month. Exports to the EU, Africa, and Latin America strengthened, but since November 9, the year - on - year growth rates of global, US imports, and China's container bookings to the US have continued to decline, indicating a high probability of pressure on December exports [22][23]. Industrial Added Value - In November, the year - on - year growth rate of industrial added value dropped to 4.8%, and the service production index dropped to 4.2%. The reasons for the weakening of industrial added value are the suppression of "anti - involution" on the output of key industries and the high base established by strong production after policy implementation in September 2024 [24][27]. Fixed - Asset Investment - From January to November, the year - on - year fixed - asset investment (FAI) fell 2.6%. It is estimated that the year - on - year FAI in November was - 11.1%, a slight increase from October. Private investment growth rebounded to - 12.9%, while public investment growth continued to decline to - 8.9%. In terms of expenditure directions, the year - on - year growth of construction and installation projects/equipment and tools purchase in November decreased to - 16.1% and 6.3% respectively, and the growth of other expenses slightly rebounded to - 13.8%. Infrastructure and real estate investment growth continued to decline, while manufacturing investment showed a slight increase [30]. Social Retail - In November, the year - on - year growth rate of social retail sales (SRS) dropped to 1.3%, lower than market expectations and the weakest since 2023. The reasons for the weakening of SRS are the weakening of durable - goods consumption after the reduction of national subsidies, the weak performance of the "Double 11" sales, and the continued weak performance of post - real - estate cycle consumption [33]. Social Financing - In November, the new social financing was 2.5 trillion yuan, a year - on - year increase of 0.2 trillion yuan. Corporate bonds and non - standard financing were the main supports, while government bonds and credit were the main drags. Bills continued to be used for volume - boosting, and medium - and long - term loans for residents and enterprises continued to increase less year - on - year. The year - on - year growth rate of social financing remained at 8.5%, and the growth rate of credit in the social financing scale remained at 6.3%. The growth rates of M1 and M2 declined, and attention should be paid to the process of deposit currentization in the future [36].

1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints of the Report - Apple prices are expected to maintain a high - level shock in the medium and long - term. Although the current low - price oranges affect apple consumption, the low apple inventory in storage and high warehouse receipt costs will support prices in the future [43]. - The price of red dates is gradually bottoming out. The 2025 production of Xinjiang grey dates has decreased significantly compared to 2024, and after the price decline, it is entering a stable stage despite weak consumption [57]. 3. Summary by Directory 3.1 12 - month Fresh Fruit Price Trend - In December, the apple futures showed a relatively strong shock, with the main contract having strong support at 9000. The red date price gradually found its bottom and fluctuated around 9000 [8]. 3.2 Macroeconomic Analysis - **Downstream Consumption**: In November, the total retail sales of consumer goods reached 4389.8 billion yuan, a year - on - year increase of 1.3% (a month - on - month decrease of 0.42%). From January to November, the cumulative total was 45606.7 billion yuan, a year - on - year increase of 4.0%. The growth rate of commodity retail sales in November was 1.0%, with quality and upgraded consumer goods performing well. The consumption of basic necessities such as grain, oil, food, and clothing also showed an upward trend [13]. - **Price Level**: In November, the national CPI increased by 0.7% year - on - year, with a slight month - on - month decrease of 0.1%. Food prices increased by 0.2% year - on - year, and fresh fruit prices turned from a decline to an increase, rising 0.7% year - on - year [16]. - **Fruit Prices**: As of the 52nd week of 2025, the average wholesale price of six fruits monitored by the Ministry of Agriculture and Rural Affairs was 7.82 yuan/kg, a week - on - week increase of 0.25 yuan/kg. Most of the six types of fruits showed price increases [17]. 3.3 Apple Price Outlook - **Wholesale Market Price**: As of December 19, 2025, the wholesale price of all varieties of apples was 9.30 yuan/kg, a week - on - week decrease of 0.07 yuan/kg, and the wholesale price of Fuji apples was 9.14 yuan/kg, a week - on - week increase of 0.01 yuan/kg [24]. - **Main Production Areas**: In Shandong, the prices in different regions and grades range from 1.8 - 4.5 yuan/jin; in Shaanxi, they range from 2.2 - 4.3 yuan/jin [29]. - **Cold Storage Situation**: As of December 24, 2025, the inventory of apple cold storages in the main production areas of the country was 7.4404 million tons, a week - on - week decrease of 89400 tons, and the inventory removal speed was lower than the same period last year [31]. - **Sales Area Market**: In the South China market, the number of trucks arriving in the Guangdong Chalong market increased. The market consumption improved slightly, but there was pressure to digest the daily arrivals of trucks, and high - quality Gansu apple sources were the main ones sold [35]. - **Storage Profit**: During the acquisition stage of the 2025 - 2026 production season, the profit statistics for 80 first - and second - grade storage merchants in Qixia were suspended [39]. - **Market Outlook**: Due to low apple storage volume and high quality problems leading to high warehouse receipt costs, and the impact of low - priced oranges on current consumption, prices are adjusting at a high level. In the future, low storage volume will affect the market, and prices are expected to remain strong in the medium and long term [43]. 3.4 Red Date Outlook - **Spot Price**: In different markets such as Hebei Cuierzhuang, Henan, and Guangzhou Ruyifang, the prices of red dates vary by grade, with actual transactions based on quality [47]. - **Inventory Data**: The physical inventory of 36 sample points this week was 15898 tons, a week - on - week decrease of 210 tons (a 1.30% decrease), and a year - on - year increase of 37.17%. The acquisition in Xinjiang is coming to an end, and the market arrival volume is gradually increasing [49]. - **Sales Area Market Profit**: This week, the average purchase price of grey dates in the Xinjiang main production area was 5.75 yuan/kg, the price of first - grade finished products in the Hebei sales area was 8.00 - 9.00 yuan/kg, and the gross profit was equivalent to 0.98 yuan/kg [53]. - **Market Outlook**: The 2025 production of Xinjiang grey dates is about 573,800 tons, a 23.49% decrease compared to 2024. The consumption end is weak, but the price is stabilizing after the decline [57].