Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-07-07 09:12Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - On July 7, 2025, due to high - temperature weather, the market in Shandong's apple cold - storage area became dull, with weakening prices and slower sales. In the western producing areas, some apple quality issues led to lower purchasing enthusiasm and price cuts. The new - season apple production situation is clearer, with an expected 5% - 10% reduction in Shaanxi compared to last year. As of July 2, 2025, the national cold - storage inventory decreased week - on - week, and the destocking speed was slow. The current inventory at a five - year low supports prices, but the large supply of summer fruits impacts apple demand. After bagging, farmers' willingness to sell increases, so apples are expected to run slightly stronger in the short - term with limited driving force. Follow - up attention should be paid to production [2][3] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the apple futures main contract was 7,733 yuan/ton, down 6 yuan; the 10 - month contract closing price was also 7,733 yuan/ton, down 6 yuan. The main contract's open interest was 89,653 lots, a decrease of 6,669 lots, and the number of warehouse receipts was 0. The net long position of the top 20 futures holders was 5,853 lots, down 1,403 lots [2] Spot Market - The spot price of Shandong Yantai Qixia apples (paper - bagged, 80 and above, second - grade fruit farmer's goods) was 4.1 yuan/jin; the spot price of Gansu Jingning apples (paper - bagged, 75 and above) was 4.5 yuan/jin; the spot price of Shandong Yiyuan apples (paper - bagged, 75 and above) was 2.6 yuan/jin; the spot price of Shaanxi Luochuan apples (paper - bagged, 70 and above, semi - commercial) was 4.2 yuan/jin [2] Upstream Situation - The national apple orchard area was 1,955.77 thousand hectares, a decrease of 19.58 thousand hectares. The national apple output was 5,128.51 million tons, an increase of 168.34 million tons. The weekly average wholesale price of apples was 9.73 yuan/kg, and that of Fuji apples was 9.54 yuan/kg, up 0.03 yuan/kg. The national apple cold - storage inventory was 99.31 million tons, a decrease of 7.6 million tons. The cold - storage capacity ratio in Shandong was 0.14, down 0.01, and in Shaanxi was 0.06, down 0.01. The monthly apple export volume was 50,000 tons, a decrease of 20,000 tons, and the export value was 51.525 million US dollars, a decrease of 25.529 million US dollars. The monthly import value of fresh and dried fruits and nuts was 2,201,050.17 million US dollars [2] Industry Situation - The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants was 0.8 yuan/jin, a decrease of 0.1 yuan/jin. The weekly average wholesale price of tangerines was 8.84 yuan/kg, up 0.16 yuan/kg; that of pears was 6.68 yuan/kg, down 0.04 yuan/kg; that of bananas was 6.47 yuan/kg, down 0.03 yuan/kg; and that of watermelons was 3.96 yuan/kg, down 0.02 yuan/kg [2] Downstream Situation - The average daily number of early - morning arriving trucks at the Guangdong Jiangmen wholesale market was 7.8, unchanged; at the Guangdong Xiaqiao wholesale market was 11.8, an increase of 0.8; and at the Guangdong Chalong wholesale market was 20, an increase of 1.2 [2] Option Market - The implied volatility of at - the - money call options for apples was 16.73%, a decrease of 0.37%, and that of at - the - money put options was 16.71%, a decrease of 0.36% [2]