Report Industry Investment Rating - Not provided in the content Core View of the Report - As of April 3, 2025, the national cold storage apple inventory is 3.7374 million tons, with an inventory ratio of about 28.29%. The cold storage inventory is lower than the same period last year and at a relatively low level in the same period of previous years. The remaining tradable goods are mainly concentrated in Shaanxi and Shandong. The inventory ratio has decreased by 2.84 percentage points compared to last week and 10.48 percentage points compared to the same period last year, with a destocking rate of 55.52%. During the traditional apple sales season from April to May, terminal demand is expected to be boosted to some extent. The low inventory provides certain support for the market, and short - term operations are recommended to be treated with a bullish - biased shock mentality [13][18][36] Summary by Directory 1. This Week's Market Review - This week, the main contract of apple futures, AP2505, opened higher and showed a relatively strong performance, with certain support from the fundamentals [8] 2. Supply - side Situation - As of April 3, 2025, the national cold storage apple inventory is 3.7374 million tons, with an inventory ratio of about 28.29%. The cold storage inventory is lower than the same period last year and at a relatively low level in the same period of previous years. The remaining tradable goods are mainly concentrated in Shaanxi and Shandong, and there is not much fruit farmer's goods in the northwest region [13] 3. Demand - side Situation - As of April 3, 2025, the inventory ratio has decreased by 2.84 percentage points compared to last week and 10.48 percentage points compared to the same period last year, with a destocking rate of 55.52%. Merchants' holiday stocking has increased the procurement difficulty. From April to May is the traditional apple sales season, and terminal demand is expected to be boosted to some extent [18] - In February, the domestic fresh apple export volume was about 68,200 tons, a month - on - month decrease of 25.28% and a year - on - year increase of 26.64%. The cumulative export volume from January to February was about 159,500 tons, a year - on - year increase of 14.85%. Foreign trade orders increased in February, and exports are expected to perform well in the first quarter [21] - As of April 3, the apple price in Qixia, Yantai, Shandong was stable. The price of Grade 1 and 2 fruit farmer's goods for 80 and above was 3.2 - 3.3 yuan/jin for slice - red apples and 3.5 - 3.8 yuan/jin for striped apples. The price of merchant's goods was 3.5 - 4.0 yuan/jin for slice - red apples and 4.0 - 5.0 yuan/jin for striped apples. The price of general goods was 2.7 - 2.8 yuan/jin, the price of Grade 3 merchant's goods was 2.2 - 2.4 yuan/jin, and the price of fruit farmer's goods was 1.5 - 2.0 yuan/jin [32]
国信期货苹果周报：跳空高开，低库存提供一定支撑-2025-04-06
Guo Xin Qi Huo·2025-04-06 05:21