苹果产业日报-20250929

Report Industry Investment Rating - No information provided Core Viewpoints - As of September 24, 2025, the apple cold storage inventory in the main producing areas of China was 121,800 tons, a decrease of 41,400 tons from the previous week. The storage capacity ratio in Shandong was 2.62%, a decrease of 0.89% from the previous week. The inventory removal speed in Shandong was slightly faster, and the remaining inventory was mostly concentrated in towns such as Qixia. The overall sales volume during the week was average. The trading of medium - ripe apples such as Anglin and Yanfu was active, while the sales of inventory apples were still average. As Hongjiangjun entered the later stage, the number of customers inspecting inventory goods increased slightly. The price of high - quality goods was relatively stable, while the price of farmers' general goods was weak. The driving effect of the Double Festival was average. It is recommended to pay attention to the bag - removing progress of late - Fuji apples. In terms of operation, it is recommended to maintain long positions in the short term [2] Summary by Directory Futures Market - The closing price of the apple futures main contract was 8,486 yuan/ton, and the position of the main contract was 107,796 lots, a decrease of 5,021 lots. The net long position of the top 20 futures holders was 4,442 lots [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bagged above 75) was 4 yuan/jin, and that in Shandong Yiyuan (paper - bagged above 75) was 2.3 yuan/jin, with no change. The spot price of apples in Shaanxi Luochuan (paper - bagged above 70 semi - commercial) was 4.35 yuan/jin, and that in Shandong Yantai Qixia (paper - bagged above 80 first - grade) was 3.7 yuan/jin, with no change [2] Upstream Situation - The annual apple output in China was 51.2851 million tons, and the weekly average wholesale price of apples was 9.78 yuan/kg, an increase of 168.34 yuan/kg. The average wholesale price of Fuji apples was 9.28 yuan/kg, a decrease of 0.07 yuan/kg. The storage capacity ratio of Shaanxi apples was 0, and the monthly export volume of apples was 70,000 tons, an increase of 20,000 tons. The total inventory of national apple cold storage was 121,800 tons, a decrease of 41,400 tons. The storage capacity ratio of Shandong apples was 2.62%, a decrease of 0.89% [2] Industry Situation - The monthly import value of fresh, dried fruits and nuts was 645.5 million US dollars, and the monthly export value of apples was 69.739 million US dollars, a decrease of 153.3065 million US dollars. The weekly profit of storage merchants for first - and second - grade paper - bagged 80 apples was 0.3 yuan/jin. The weekly average wholesale price of tangerines was 8.33 yuan/kg, the weekly wholesale price of bananas was 3.83 yuan/kg, the weekly wholesale price of watermelons was 5.52 yuan/kg, the weekly average daily arrival volume of early - morning trucks at the Guangdong Jiangmen wholesale market was 16.2 vehicles, an increase of 4.2 vehicles [2] Downstream Situation - The weekly average daily arrival volume of early - morning trucks at the Guangdong Xiaqiao wholesale market was 20.2 vehicles, an increase of 6.24 vehicles, and that at the Guangdong Chalong wholesale market was 31.8 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples was 24.72%, and that of at - the - money put options was 24.72%, an increase of 0.74% [2] Industry News - In the western producing areas, large - scale bag - removing is in progress, and the trading price of sporadic red apples is stable. However, there will be continuous rainfall for more than ten days, which may have an adverse impact on the quality of late - Fuji apples, and the proportion of high - quality fruits may decline. In the Shandong producing area, it is currently in the trading gap period, and the bag - removing work of late - Fuji apples has also started one after another. The inventory of farmers' Fuji apples continues to be digested, and transactions are mainly based on bargaining [2]