苹果产业日报-20250925

Report Summary 1) Report Industry Investment Rating - The report suggests maintaining long positions in the short - term [2] 2) Report's Core View - New - season apples: Western late - Fuji is undergoing large - scale bag removal with sporadic red fruit trading, stable prices, and good buyer enthusiasm. In Shandong, the Red General trading is mostly finished, late - Fuji bag removal has just started. The Red General's price varies due to quality, and the price of early - picked Fuji is higher than last year. Double - festival stocking is in progress, and western rainfall may delay large - scale bag removal. Market has high expectations for the opening price of late - maturing Fuji, providing some price support [2] - Inventory apples: Affected by mid - maturing variety trading, the inventory turnover in Shandong has slowed down [2] 3) Summary by Related Catalogs Futures Market - The closing price of the apple futures main contract is 8446 yuan/ton, the main contract's open interest is 6315 hands, and the net long position of the top 20 futures holders is 3880 hands, with a net long position increase of 508 hands [2] 现货市场 - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are reported, with some prices showing no change [2] Upstream Situation - The national apple output is 5128.51 million tons [2] Industry Situation - The weekly apple wholesale price is 9.7 yuan/kg (down 0.06 yuan/kg), the average weekly wholesale price of Fuji apples is 9.35 yuan/kg (down 0.03 yuan/kg) - The national apple cold - storage inventory is 16.32 million tons (down 4.59 million tons), Shandong's apple storage capacity ratio is 0.04 (down 0.01), Shaanxi's is 0 - The monthly apple export volume is 70,000 tons (up 20,000 tons), the monthly apple export value is 6973.9 million US dollars (down 153306.5 million US dollars), and the monthly import value of fresh and dried fruits and nuts is 645.5 million US dollars - The profit of first - and second - grade paper - bag 80 apple storage merchants is 0.3 yuan/jin [2] Downstream Situation - The weekly average wholesale price of tangerines is 8.09 yuan/kg (down 0.65 yuan/kg), bananas is 3.83 yuan/kg (up 0.11 yuan/kg), and watermelons is 5.52 yuan/kg (down 0.04 yuan/kg) - The early - morning daily average number of trucks arriving at the Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets shows different changes [2] Option Market - The implied volatility of at - the - money call and put options for apples is 23.48% and 23.47% respectively, with an increase of 0.52% and 0.51% [2] Industry News - Western late - Fuji is in large - scale bag removal, with sporadic red fruit trading. Shandong's Red General trading is mostly over, and late - Fuji bag removal has just begun [2]