Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-20 09:10Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - On Wednesday, the Apple 2510 contract closed down 1.13%. The preliminary estimate of the national apple production in the new season is 3736.64 million tons, a year - on - year increase of 85.93 million tons or 2.35%. As of August 13, 2025, the inventory in apple cold storage in the main producing areas was 46.01 million tons, a decrease of 7.58 million tons from the previous week, with a slightly slower sales pace. The inventory ratio in Shandong decreased by 1.06% to 8.00%, with a slightly better de - stocking speed. The inventory ratio in Shaanxi decreased by 0.47% to 1.84%, with a slightly slower sales pace. The inventory ratio in Gansu decreased by 0.48% to 1.06%, and sales were almost finished. The old - crop inventory is low with little sales pressure, and transactions are priced according to quality, with an overall slower sales pace. The supply of bagged Gala apples in the western producing areas is increasing, and the transaction price is slightly declining. Overall, the low spot inventory strongly supports prices, but the increasing supply of Gala apples restricts price increases. In the short term, prices will fluctuate and adjust, with support at 7900 yuan/ton. It is recommended to trade within a range [2]. Summary by Relevant Catalogs Futures Market - The closing price of the October apple contract was 8064 yuan/ton, a decrease of 86 yuan; the position of the main contract was 81514 lots, a decrease of 2118 lots; the number of warehouse receipts was 0; the net long position of the top 20 futures holders was - 613 lots, a decrease of 1088 lots [2]. Spot Market - The spot price of apples in Shandong Yantai Qixia (bagged, 80 and above, first - and second - grade farmer - supplied fruit) was 4 yuan/jin; in Gansu Jingning (bagged, 75 and above) was 4 yuan/jin; in Shandong Yiyuan (bagged, 75 and above) was 2.3 yuan/jin; in Shaanxi Luochuan (bagged, 70 and above, semi - products) was 4 yuan/jin [2]. Upstream Situation - The national apple production was 5128.51 million tons; the weekly average wholesale price of apples was 9.66 yuan/kg, and that of Fuji apples was 9.48 yuan/kg, both decreasing by 0.03 yuan. The total national apple cold - storage inventory was 46.01 million tons, a decrease of 7.38 million tons; the inventory ratio in Shandong was 0.08, a decrease of 0.01; in Shaanxi was 0.02, unchanged; the monthly apple export volume was 50000 tons, an increase of 10000 tons [2]. Industry Situation - The monthly apple export value was 6328.4 million US dollars, an increase of 1997.6 million US dollars; the monthly import value of fresh and dried fruits and nuts was 1742602 million US dollars, a decrease of 212886 million US dollars. The weekly profit of first - and second - grade bagged 80 apple storage merchants was 0.4 yuan/jin, a decrease of 0.1 yuan/jin [2]. Downstream Situation - The weekly average wholesale price of tangerines was 10.11 yuan/kg, a decrease of 0.14 yuan; bananas was 5.75 yuan/kg, a decrease of 0.13 yuan; watermelons was 3.54 yuan/kg, a decrease of 0.04 yuan. The average daily number of trucks arriving in the morning at the wholesale markets in Guangdong Jiangmen, Xiaqiao, and Chalong was 7.6, 9.6, and 15 respectively, decreasing by 0.8, 1.4, and 1 respectively [2]. Option Market - The implied volatility of at - the - money call and put options for apples was 20.21%, an increase of 1.23 [2]. Industry News - On August 20, 2025, the supply of Gala apples in Shaanxi increased, and merchants flocked to the area for purchases. The overall transaction price of Gala apples showed a slow downward trend, with prices determined by quality. In Shandong, farmers and cold - storage operators were actively clearing inventory, with obvious price - cutting sales. The supply of early - maturing apples was limited, and the transaction price was stable [2].