Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The price of the Apple Futures 2601 contract rose slightly this week, with a weekly increase of 0.40%. New-season medium-ripe Fuji apples are increasing in supply, but the color of some in the west is mediocre due to weather. High-quality goods maintain firm prices. Shandong's Red General apples are being traded, but the quality is relatively poor. In the old crop market, the inventory in cold storage has decreased, and the sales pace has slightly accelerated. The consumption speed in the sales area is stable, but the profit of merchants is limited due to the high price of early-ripening Fuji. Attention should be paid to the stocking situation for the Double Festival. It is recommended to take a short-term long position in the Apple 2601 contract [4]. 3. Summary by Relevant Catalogs 3.1 Weekly Highlights - Market Review: The price of the Apple Futures 2601 contract rose slightly this week, with a weekly increase of 0.40% [4][8]. - Market Outlook: New-season medium-ripe Fuji apples are increasing in supply, with uneven quality. The inventory in cold storage has decreased, and the sales pace has slightly accelerated. The consumption speed in the sales area is stable, and attention should be paid to the stocking situation for the Double Festival [4]. - Strategy Suggestion: It is recommended to take a short-term long position in the Apple 2601 contract [4]. - Future Trading Tips: Monitor the listing volume of early-ripening Fuji and consumption [4]. 3.2 Futures and Spot Markets - Futures Market: As of this week, the net position of the top 20 in Apple Futures was 6,221 lots, and the number of warehouse receipts was 0 [14]. - Spot Market: As of September 12, 2025, the mainstream price of 80 and above first- and second-grade fruit farmer goods of bagged Red Fuji in Qixia, Shandong was 3.7 yuan per jin; the price of bagged Fuji apples of 75 and above in Yiyuan, Shandong was 2.3 yuan per jin [17]. 3.3 Industry Situation and Options - Supply Side: As of September 11, 2025, the inventory in cold storage of main apple-producing areas in China was 209,100 tons, a decrease of 64,400 tons from last week. The storage capacity ratio in Shandong was 4.33%, a decrease of 1.13% from last week; the storage capacity ratio in Shaanxi was 0.21%, a decrease of 0.32% from last week [25]. - Demand Side - Wholesale Market: As of September 11, the average daily number of trucks arriving at major apple wholesale markets in Guangdong in the morning increased. The profit of 80 first- and second-grade apple storage merchants was 0.30 yuan per jin [29]. - Average Wholesale Price: As of September 5, 2025, the wholesale price of all varieties of apples was 9.76 yuan per kilogram, a week-on-week increase of 0.01 yuan per kilogram; the wholesale price of Fuji apples was 9.38 yuan per kilogram, a week-on-week decrease of 0.06 yuan per kilogram [34]. - Substitute Products: As of September 5, 2025, the weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 6.90 yuan per kilogram, a week-on-week increase of 0.05 yuan per kilogram [36]. - Export: As of July 31, 2025, the monthly export volume of apples was 50,000 tons; the monthly export value was 632.84 million US dollars, a month-on-month increase of 46.13%; the cumulative export value was 4.88289 billion US dollars, a month-on-month increase of 14.89% [41]. - Options Market: Information about the implied volatility of at-the-money options of apples this week is provided, but no specific data is given [42]. 3.4 Futures - Stock Association - Stock Market: Information about the price - earnings ratio of Honghui Fruit is provided, but no specific analysis is given [44].
苹果市场周报-20250912
Rui Da Qi Huo·2025-09-12 09:56