Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-10-17 09:59Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - This week, the price of the Apple Futures 2601 contract dropped from a high, with a weekly decline of 1.36%. The supply of new late - maturing Fuji apples in the western region has increased, and the price shows a significant polarization. High - quality apples are in strong demand, while the general ones are less sought after. In the Shandong region, affected by the weather, apples are still in the coloring stage, and merchants have mostly gone to the western region for procurement. In the sales market, the trading atmosphere is average, and the restocking efforts of second - and third - level wholesalers are weak. It is expected that the proportion of high - quality apples will decline, and the principle of "good quality, good price" will gradually emerge, which is beneficial to the apple market. It is recommended to buy long positions on dips in the short term for the Apple 2601 contract. Future trading should pay attention to the price of late - maturing Fuji and consumption [4]. 3) Summary by Relevant Catalogs 3.1 Week - to - Week Summary - Market Review: The price of the Apple Futures 2601 contract dropped from a high this week, with a weekly decline of 1.36% [4][8]. - Market Outlook: Western new - season late - maturing Fuji apples have increased in supply, with a significant price polarization. High - quality apples are in high demand, while general ones are less so. Shandong apples are still in the coloring stage due to weather, and merchants have shifted to the west. The sales market has an average trading atmosphere, and restocking by second - and third - level wholesalers is weak. The quality and commodity rate of new apples are expected to be lower than last year, and the proportion of high - quality apples is expected to decline. The principle of "good quality, good price" will gradually emerge, which is positive for the apple market [4]. - Strategy Suggestion: It is recommended to buy long positions on dips in the short term for the Apple 2601 contract [4]. - Future Trading Tips: Pay attention to the price of late - maturing Fuji and consumption [4]. 3.2 Futures and Spot Markets - Futures Market: The price of the Apple Futures 2601 contract dropped from a high this week, with a weekly decline of 1.36%. As of this week, the net position of the top 20 in apple futures was 1,483 lots, and the number of apple futures warehouse receipts was 0 [8][15]. - Spot Market: As of October 17, 2025, the mainstream price of bagged Red Fuji 80 and above first - and second - grade fruit farmers' goods in Qixia, Yantai, Shandong was 3.7 yuan per catty; the price of bagged Fuji apples 75 and above in Yiyuan, Shandong was 2.3 yuan per catty [19]. 3.3 Industry Situation and Options - Supply Side: For the 2025/26 production season, new apples have not been put into storage, and data release has been suspended [26]. - Demand Side: - As of October 16, the average daily number of early - morning arrivals at major apple wholesale markets in Guangdong decreased. The profit of 80 first - and second - grade apple storage merchants was suspended (represented by 0) pending the new apples' harvest [30]. - As of October 10, 2025, the average wholesale price of all apple varieties was 9.62 yuan per kilogram, a week - on - week decrease of 0.15 yuan per kilogram; the wholesale price of Fuji apples was 9.34 yuan per kilogram, a week - on - week increase of 0.06 yuan per kilogram [35]. - As of October 10, 2025, the weekly average wholesale price of 5 types of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.06 yuan per kilogram, a week - on - week increase of 0.07 yuan per kilogram [39]. - In August 2025, China's fresh apple exports totaled about 68,400 tons, with an export value of 69,739,352 US dollars and an average export price of 1,019 US dollars per ton. The export volume increased by 27.61% month - on - month compared with July and decreased by 17.61% year - on - year compared with August 2024. From January to August 2025, China's fresh apple exports totaled 530,000 tons, a cumulative year - on - year decrease of 7.60% [42]. - Options Market: Information about the implied volatility of at - the - money apple options this week is presented in the form of a chart, but specific data is not given [43]. 3.4 Futures - Stock Correlation - Stock Market: The chart shows the price - earnings ratio of Honghui Fruit & Vegetable Co., Ltd., but no specific analysis is provided [45].