红枣市场周报-20250926

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The price of the main contract of Zhengzhou jujube futures rose sharply this week, with a weekly increase of about 5.76%. The main producing areas of grey jujube are in the sugar - increasing period, and the quality of jujube fruits is better than that of the same period last year. The purchasing and sales atmosphere in the spot market of the sales area is average, with downstream rigid - demand procurement as the main mode. The current time is the transition from the off - season to the peak season, and attention should be paid to consumption and the new - season grey jujube varieties. It is recommended to wait and see in the short term for the Zhengzhou jujube 2601 contract [12][15]. 3. Summary by Directory 3.1 Week - on - Week Summary - Strategy suggestion: It is recommended to wait and see in the short term for the Zhengzhou jujube 2601 contract [11]. - Future trading reminders: Pay attention to spot prices and the consumer side. - Market review: The price of the main contract of Zhengzhou jujube futures rose sharply this week, with a weekly increase of about 5.76%. - Market outlook: The main producing areas of grey jujube are in the sugar - increasing period, and the quality of jujube fruits is better than that of the same period last year. The purchasing and sales atmosphere in the spot market of the sales area is average, with downstream rigid - demand procurement as the main mode. As of September 25, 2025, the physical inventory of 36 sample points of jujube this week was 9,203 tons, a decrease of 44 tons from last week, a month - on - month decrease of 0.48%, and a year - on - year increase of 84.80%. The sample - point inventory decreased slightly [12]. 3.2 Futures and Spot Market - Futures price: The price of the Zhengzhou jujube 2601 contract rose sharply this week, with a weekly increase of about 5.76% [15]. - Top 20 positions: As of this week, the net position of the top 20 in jujube futures was - 4,599 lots [16]. - Warehouse receipts: As of this week, the number of Zhengzhou jujube warehouse receipts was 6,743 [21]. - Futures spread: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2601 contract and the 2605 contract was - 45 yuan/ton [24]. - Basis: As of this week, the basis between the spot price of Hebei grey jujube and the main contract of jujube futures was - 795 yuan/ton [27]. - Purchase price of bulk jujube in the main producing areas: As of September 26, 2025, the bulk jujube price in Aksu was 4.80 yuan/kg, in Alar was 5.2 yuan/kg, and in Kashgar was 6.0 yuan/kg [30]. - Spot price of first - grade jujube: As of September 26, 2025, the wholesale price of first - grade grey jujube in Cangzhou, Hebei and Henan was 4.75 yuan/jin [34]. - Spot price of special - grade jujube: As of September 26, 2025, the spot price of special - grade grey jujube in Cangzhou, Hebei was 10.49 yuan/kg, and the wholesale price in Henan was 10.5 yuan/kg [38]. 3.3 Industry Chain Situation - Supply side - Inventory: As of September 25, 2025, the physical inventory of 36 sample points of jujube this week was 9,203 tons, a decrease of 44 tons from last week, a month - on - month decrease of 0.48%, and a year - on - year increase of 84.80% [42]. - Supply side - Yield: The crop grew well, and the jujube yield in the 2024/25 production season increased to 6.069 million tons [45]. - Demand side - Export: In August 2025, China's jujube export volume was 2,364,893 kg, the export amount was 39,713,257 yuan, the export average price was 16,792.84 yuan/ton, the export volume increased by 32.55% month - on - month and decreased by 25.20% year - on - year. From January to August 2025, China's cumulative jujube export volume was 21,264,731 kg, a cumulative year - on - year increase of 7.76% [49]. - Demand side - BOCE Xinjiang jujube trading: This week, the order volume of BOCE Xinjiang jujube had a small amount of transactions [54]. 3.4 Option Market and Futures - Stock Correlation - Option market: The implied volatility of at - the - money options of jujube this week was mentioned, but no specific data was provided [55]. - Stock market - Haoxiangni: The price - to - earnings ratio chart of Haoxiangni was presented, but no specific analysis was provided [57].