Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-22 10:00Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - This week, the price of the main contract of Zhengzhou jujube futures declined, with a weekly drop of 2.69%. The market recognizes the expected reduction in the output of new - season Xinjiang grey jujubes, but there are differences in output estimates. After the market digests the bullish factors of the expected output reduction, short - term funds flow out, the trading volume of the main contract decreases, and the driving force for the market is insufficient. However, supported by the expected reduction in new - season output, it is expected to show a high - level volatile trend. The future focus will be on the actual output and the opening purchase price. It is recommended to wait and see for now [8][11]. 3. Summary by Directory 3.1 Week - to - Week Summary - Market Review: The price of the main contract of Zhengzhou jujube futures declined this week, with a weekly drop of 2.69% [8][11]. - Market Outlook: As of the 34th week, the physical inventory of jujubes in 36 sample points was 9,519 tons, a decrease of 167 tons from last week, a week - on - week decrease of 1.72%, and a year - on - year increase of 79.20%. The output of jujubes in 2024 increased year - on - year, resulting in higher old - crop inventory than the same period last year. It is expected that the market will show a high - level volatile trend, and the support level of the jujube 2601 contract is around 11,000 yuan/ton. It is recommended to wait and see [8]. - Future Trading Alerts: Pay attention to weather impacts and the consumer side [8]. 3.2 Futures and Spot Market - Futures Price: The price of the main contract of Zhengzhou jujube futures declined this week, with a weekly drop of 2.69% [8][11]. - Futures Positions: As of this week, the net position of the top 20 in jujube futures was - 12,617 lots [13]. - Futures Warehouse Receipts: As of this week, the number of Zhengzhou jujube warehouse receipts was 9,891 [16]. - Futures Spread: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2605 contract and the 2601 contract was 190 yuan/ton [20]. - Basis: As of this week, the basis between the spot price of Hebei grey jujubes and the main contract of jujube futures was - 805 yuan/ton [23]. - New - Season Purchase Price: As of August 22, 2025, the purchase price of general - grade jujubes in Aksu was 4.8 yuan/kg, in Alar was 5.2 yuan/kg, and in Kashgar was 6 yuan/kg [26]. - First - Grade Spot Price: As of August 22, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei was 4.80 yuan/jin, and in Henan was 4.75 yuan/jin [29]. - Special - Grade Spot Price: As of August 22, 2025, the wholesale price of special - grade grey jujubes in Cangzhou, Hebei was 10.43 yuan/kg, and in Henan was 10.5 yuan/kg [33]. 3.3 Industry Chain - Supply Side - Inventory: As of this week, the physical inventory of jujubes in 36 sample points was 9,519 tons, a decrease of 167 tons from last week, a week - on - week decrease of 1.72%, and a year - on - year increase of 79.20% [38]. - Supply Side - Output: The crop is growing well, and it is expected that the jujube output in the 2024/25 season will recover [43]. - Demand Side - Exports: In July 2025, China's jujube export volume was 1,784,164 kg, the export value was 30,320,227 yuan, the export average price was 16,994.08 yuan/ton. The export volume increased by 1.08% month - on - month and decreased by 24.95% year - on - year. From January to July, the cumulative export volume was 18,899,838 kg, with a cumulative year - on - year increase of 14.05% [45]. - Demand Side - BOCE Trading: This week, the ordering volume of BOCE Xinjiang Jujube Hao brand was not traded [49]. 3.4 Options Market and Futures - Stock Correlation - Options Market: The report mentions the implied volatility of at - the - money jujube options this week but does not provide specific data [51]. - Stock Market - Haoxiangni: The report shows the price - to - earnings ratio chart of Haoxiangni but does not provide specific analysis [53].