Report Overview - Report Title: Apple Market Weekly Report [2] - Report Date: October 24, 2025 [2] - Researcher: Wang Cuibing [3] 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - This week, the price of the Apple 2601 futures contract rose, with a weekly increase of 2.61%. The new-season late-maturing Fuji apples in the western region have seen an increase in the volume of goods on the market, and the prices show a significant polarization. Due to the high enthusiasm of merchants for purchasing high-quality goods and the general enthusiasm for ordering ordinary goods, the prices of high-quality goods in the producing areas are running strongly. The Shandong production area is still mainly in the coloring stage affected by the weather, and most merchants have transferred to the western region for purchases. In the sales area market, the wholesale trading atmosphere of apples is still general, the replenishment efforts of second- and third-level wholesalers are not strong, and the sales of high-quality goods are not fast. Additionally, the listing volume of new-season late-maturing Fuji apples in the producing areas has increased this year, and the progress of picking and warehousing has been postponed compared to the same period last year. The trading of late Fuji in the western region has gradually entered the middle and late stages. Merchants are active in purchasing high-quality goods and relatively cautious in purchasing ordinary goods. The volume of new apples on the market in the Shandong production area is still limited, the demand for small trucks has increased, and it is difficult for merchants to purchase enough high-quality goods, and the warehousing work is relatively sporadic. In the sales area market, the trading atmosphere is still light, the sales are still not fast, and the demand side is under pressure. However, considering the current situation where high-quality new fruits are hard to find and high-quality fruits command high prices, it is expected that the short-term apple futures price will maintain a volatile and upward trend. [4] - It is recommended to mainly adopt the idea of buying long positions on dips for the Apple 2601 contract in the short term. Future trading prompts include the price of late-maturing Fuji and consumption. [4] 3. Summary by Directory 3.1 Weekly Highlights Summary - This week, the price of the Apple 2601 futures contract rose, with a weekly increase of 2.61%. The new-season late-maturing Fuji apples in the western region have seen an increase in the volume of goods on the market, and the prices show a significant polarization. The Shandong production area is affected by the weather, and most merchants have transferred to the western region for purchases. The trading atmosphere in the sales area market is still general, and the demand side is under pressure. It is expected that the short-term apple futures price will maintain a volatile and upward trend. It is recommended to mainly adopt the idea of buying long positions on dips for the Apple 2601 contract in the short term. Future trading prompts include the price of late-maturing Fuji and consumption. [4] 3.2 Futures and Spot Markets Futures Market - This week, the price of the Apple 2601 futures contract rose, with a weekly increase of 2.61%. As of the end of the week, the latest price was 8850, with a daily increase of 33 or 0.37%. The total trading volume was 96,625 lots, and the open interest was 130,794 lots. The net position of the top 20 futures holders was 7,096 lots, and the number of futures warehouse receipts was 0. [7][13] Spot Market - As of October 24, 2025, the mainstream price of 80 first- and second-grade fruit farmer's goods of bagged red Fuji in Qixia, Shandong was 3.2 yuan per catty; the price of bagged 75 and above Fuji apples in Yiyuan, Shandong was 2.3 yuan per catty. [16] 3.3 Industry Situation and Options Supply Side - In the 2025/26 production season, the new fruits have not been warehoused yet, and the data release has been suspended. [23] Demand Side - As of October 23, the average daily number of early-morning arriving trucks at the main apple wholesale markets in Guangdong has decreased. The profit of 80 first- and second-grade apple storage merchants has been suspended (replaced by 0), waiting for the new fruits to be picked. As of October 17, 2025, the wholesale price of all varieties of apples was 9.52 yuan per kilogram, a week-on-week decrease of 0.10 yuan per kilogram; the wholesale price of Fuji apples was 9.38 yuan per kilogram, a week-on-week increase of 0.04 yuan per kilogram. The weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.05 yuan per kilogram, a week-on-week decrease of 0.01 yuan per kilogram. According to customs data, in August 2025, China's fresh apple exports totaled approximately 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 to July and decreased by 17.61% year-on-year compared to August 2024. From January to August 2025, China's total fresh apple exports were 530,000 tons, a cumulative year-on-year decrease of 7.60%. [27][32][36][39] Options Market - The report presents a chart of the implied volatility of at-the-money options for apples this week, but no specific data is provided. [40] 3.4 Futures - Stock Correlation - The report presents a chart of the price-to-earnings ratio of Honghui Fruit & Vegetable Co., Ltd., but no specific analysis is provided. [42]
苹果市场周报-20251024
Rui Da Qi Huo·2025-10-24 09:26