延续高位震荡，多单考虑止盈

Report Summary 1. Core View - The current time is at the end of the old - season apple inventory clearance and the new - season late - maturing Red Fuji is waiting to be listed. The cold - storage inventory is low, and the sellers are eager to sell. The supply of Red General apples is sufficient, with uneven sales. The pre - harvest price of early - maturing apples in the Northwest is higher, and the opening price of late - maturing Red Fuji is likely to be higher than last season. The market may reflect the expected production reduction, and the later driving logic will shift to the demand side. It is recommended to gradually take profits on long positions [37]. 2. Summary by Directory 2.1 This Week's Market Review - The main contract of apple futures, AP2601, fluctuated at a high level [8]. 2.2 Supply - side Situation - As of September 18, 2025, the total remaining cold - storage apples in the country were 208,100 tons, the lowest in the past five years. Shandong had 152,600 tons in cold - storage, and Shaanxi had 47,500 tons [13]. 2.3 Demand - side Situation - As of September 18, 2025, the national cold - storage inventory ratio was about 1.58%, a week - on - week decrease of 0.36 percentage points, and the inventory clearance rate was 97.52%. There were differences in shipment among cold - storages, and data errors slightly increased [18]. - In July 2025, the export volume of fresh apples was about 53,600 tons, a month - on - month increase of 44.95% and a year - on - year decrease of 19.39%. The export volume is expected to rise in the fourth quarter [21]. - As of September 19, in Shandong Yantai Qixia, the mainstream prices of apples were stable. The prices of different grades and varieties varied. The cold - storage packaging volume was okay, mainly for Mid - Autumn Festival gift boxes [33].