农产品日报：苹果早熟果上市量少，红枣延续宽幅震荡-20250718

Report Industry Investment Rating - Both the apple and red date industries are rated as neutral [4][8] Core Viewpoints - For the apple industry, due to the low remaining inventory at the production areas and the expected new - season production being similar to last year, the apple fundamentals have no prominent contradictions, and the short - term price is expected to remain stable. Attention should be paid to the price trend of early - maturing varieties and weather conditions [4] - For the red date industry, as it is at the annual consumption low, with both futures and spot prices at historical lows, light spot trading, high inventory, and high sensitivity of funds to the new - season growth, chasing long positions requires caution, and close attention should be paid to the new - season growth [8] Market News and Important Data Apple - Futures: The closing price of the apple 2510 contract yesterday was 7835 yuan/ton, a change of - 5 yuan/ton (- 0.06%) from the previous day [1] - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 3.95 yuan/jin, unchanged from the previous day, with a spot basis of AP10 + 65, a change of + 5 from the previous day. The price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.80 yuan/jin, unchanged from the previous day, with a spot basis of AP10 + 1765, a change of + 5 from the previous day [1] Red Date - Futures: The closing price of the red date 2601 contract yesterday was 10380 yuan/ton, a change of + 15 yuan/ton (+ 0.14%) from the previous day [6] - Spot: The price of first - grade gray jujubes in Hebei was 8.60 yuan/kg, unchanged from the previous day, with a spot basis of CJ01 - 1780, a change of - 15 from the previous day [6] Market Analysis Apple - Production Areas: The national main production areas' weekly shipment speed was similar to the previous week and slower than the same period last year, and the current inventory is at a five - year low. Different production areas had different situations. For example, in Shandong, some prices of general and lower - grade goods decreased slightly but with limited transactions; in Shaanxi, the transaction was stable and light with limited remaining goods; in Gansu, the shipment slowed down; and some secondary production areas were in the clearing stage [3] - Sales Areas: The number of trucks arriving at the Guangdong wholesale market decreased slightly. Seasonal fruits had a significant impact, and the terminal digestion slowed down, with second - and third - level wholesalers purchasing as needed [3] Red Date - Production Areas: The main production areas' jujube trees are in the flowering and fruit - setting stage. Some orchards had average first - flower fruit - setting, and there is a potential yield reduction expectation. The market has different views on the yield, and attention should be paid to the second - and third - flower fruit - setting [7] - Sales Areas: The total inventory is at a multi - year high, and it is the traditional off - season. Seasonal fruits' supply increases, and the tonic demand weakens. After the price increase, downstream purchases to replenish safety stocks as needed. The inventory of 36 sample points decreased slightly last week [7] Strategy Apple - Maintain a neutral strategy. Given the current situation, focus on the price trend of early - maturing varieties and weather conditions [4] Red Date - Adopt a neutral strategy. Be cautious when chasing long positions and closely monitor the new - season growth [8]