国信期货苹果周报：盘面偏强运行，关注晚熟富士开秤价-20250720

Report Industry Investment Rating - Not provided in the content Core View of the Report - As of July 17, 2025, the national cold storage apple inventory ratio was about 5.56%, with a weekly decline of 0.68 percentage points and a year - on - year decrease of 3.32 percentage points. The low inventory supports the price, and the mainstream transaction price in the origin remains stable. The stable closing price of old - season apples may boost the purchase price of new - season apples. The high opening price of new - season early - maturing apples may support the opening price of late - maturing Red Fuji. However, due to the off - season of apple consumption, the weak demand restricts the significant rise of the market. Short - term operations should be treated with a volatile mindset [35] Summary by Relevant Catalogs 1. This Week's Market Review - This week, the main contract of apple futures, AP2510, showed a strong performance [7] 2. Supply - side Situation - As of July 17, 2025, the total remaining amount of apples in national cold storage was 734,100 tons, at the lowest level in the past five years. The remaining amount in Shandong cold storage was 449,300 tons, and that in Shaanxi was 194,800 tons [13] 3. Demand - side Situation - As of July 17, 2025, the national cold storage inventory ratio was about 5.56%, with a weekly decline of 0.68 percentage points and a year - on - year decrease of 3.32 percentage points, and the de - stocking rate was 91.26% [18] - In May 2025, the export volume of fresh apples was about 45,500 tons, a month - on - month decrease of 37.38% and a year - on - year decrease of 25.15%. The second - quarter export volume of fresh apples in 2025 is expected to decline [20] - As of July 11, the mainstream price of apples in Qixia, Yantai, Shandong was stable. The transaction volume increased, and the overall transaction price was stable [31]