Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-09-03 08:42Report Industry Investment Rating - Not provided Core Viewpoints - The overall inventory pressure of apples in the warehouse is not large, and the market has high expectations for the opening price of late - maturing Fuji apples, which supports the price to fluctuate strongly. It is recommended to close long positions and wait and see when the price is high [2] Summary by Relevant Catalogs Futures Market - The closing price of the October apple contract decreased by 57 yuan/ton, and the position of the main contract decreased by 3346 lots to 53,493 lots. The net long position of the top 20 futures decreased by 1089 lots to 4,730 lots [2] Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, and Shaanxi Luochuan remained unchanged, at 4 yuan/jin, 2.3 yuan/jin, and 4 yuan/jin respectively [2] Upstream Situation - The national apple output was 5128.51 million tons, and the average wholesale price of Fuji apples increased by 0.04 yuan/kg to 9.75 yuan/kg. The total national apple cold - storage inventory decreased by 5.48 million tons to 33.97 million tons. The apple export volume increased by 10,000 tons to 50,000 tons [2] Industry Situation - The apple export amount decreased by 212,886 million US dollars to 1,742,602 million US dollars, and the import amount of fresh, dried fruits and nuts was 6328.4 million US dollars. The profit of first - and second - grade paper - bag apple 80 storage merchants was 0.4 yuan/jin [2] Downstream Situation - The average wholesale price of tangerines decreased by 1.07 yuan/kg to 8.69 yuan/kg, the fruit wholesale price of bananas decreased by 0.1 yuan/kg to 5.6 yuan/kg, and the fruit wholesale price of watermelons increased by 3 yuan/kg to 3.51 yuan/kg. The morning average daily arrival vehicle volumes in Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets changed to 14.4, 17.2, and 27.2 vehicles respectively [2] Option Market - The implied volatility of at - the - money call options for apples was 21.38%, and the implied volatility of at - the - money put options decreased by 18.16 percentage points to 3.22% [2] Industry News - On September 3, 2025, rainfall in western production areas affected the picking and listing of early Fuji apples. The transaction of Shandong inventory Fuji apples was still light [2] Viewpoint Summary - The new - season apple output is expected to be 3736.64 million tons, an increase of 85.93 million tons or 2.35% compared with the 2024 - 2025 production season. As of August 27, 2025, the national main - producing area apple cold - storage inventory decreased by 5.48 million tons week - on - week. The overall quality of early - maturing fruits was poor, and the market was worried about the late - maturing Fuji apples' quality and high opening price expectations [2]