新季果套袋完成，红枣减产或不及预期

Group 1: Apple Report Industry Investment Rating - Neutral to bearish [4] Core View - If terminal consumption remains weak and early-maturing Gala apples are launched, it's difficult for inventory apples to be sold, and the spot price is likely to remain stable and weak [4] Summary by Directory Market News and Important Data - Futures: The closing price of Apple 2510 contract was 7,859 yuan/ton, up 33 yuan/ton (+0.42%) from the previous day [1] - Spot: The price of 80 first and second-grade late Fuji in Shandong Qixia was 3.80 yuan/jin, unchanged from the previous day; the price of 70 semi-commodity late Fuji in Shaanxi Luochuan was 4.50 yuan/jin, unchanged from the previous day [1] Market Analysis - The apple futures price rose. The new-season fruit bagging in the producing areas has been completed. The number of bagged fruits this year is slightly lower than that of the previous season. The low cold storage inventory in recent years may support the price, but the acquisition situation needs to be analyzed before the new-season fruit is put into storage [3] - The inventory Fuji in the production and sales areas last week still moved slowly. The water rot spots in the western region affected the transaction. As the quality of the goods declined, the price gradually polarized, and the overall spot price decreased [3] - The de-stocking speed of apples has slowed down compared with the same period last year, and the remaining inventory is at the lowest level in the same period in the past five years [3] - With the rising temperature, melons, peaches and other fruits will dominate the market, and the substitution effect of competing fruits will be strengthened. The arrival of goods in Guangdong Chalong Market last week decreased compared with the previous week, and seasonal fruits suppressed apple consumption [3] - Early-maturing fruits are gradually listed for trading. The prices of Fuji and paper-bagged Qinyang showed a high-opening and low-closing trend. The coloring of the peeled Gala apples is not good, and there is a phenomenon of greening. The price of paper-bagged Gala apples may be difficult to maintain strong in the future [3] Strategy - Neutral to bearish [4] Group 2: Red Dates Report Industry Investment Rating - Neutral to bullish [9] Core View - The impact of producing area news on the futures market is significant. Under the expectation of a decline in production and the reality of improved spot transactions, the market may run strongly in the future, and attention should be paid to the growth of new-season red dates [9] Summary by Directory Market News and Important Data - Futures: The closing price of Red Dates 2601 contract was 10,870 yuan/ton, up 10 yuan/ton (+0.09%) from the previous day [5] - Spot: The spot price of first-grade gray jujubes in Hebei was 9.20 yuan/kg, unchanged from the previous day [5] Market Analysis - The red date futures rose slightly. Jujube farmers in the producing areas actively managed, with sufficient water and fertilizer supply. The fruit setting of the second and third crops of flowers was generally good, and the reduction in production was less than expected. Attention should be paid to the weather in the producing areas and the situation of the last crop of flowers [8] - In the new-season red dates, the jujube trees in the main producing areas are in the physiological fruit drop stage. The fruit setting of the first crop of flowers in some jujube orchards is average. The temperature in the main producing areas of Xinjiang last week was between 18°C and 30°C, and there was rainfall in some areas. Jujube farmers plan to stop watering around August. Recently, there was strong wind in Aksu and Alar, causing some fruit drops in a small number of jujube orchards. Strong winds have occurred in the same period in previous years. Attention should be paid to rainfall and weather changes [8] - In the sales area market, the total inventory is at a high level in recent years, with an average daily arrival of 6 - 7 trucks. The transfer of goods and the replenishment demand of downstream enterprises support the price increase of high-quality goods [8] Strategy - Neutral to bullish [9]