苹果产业日报-20251104

Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The trading on the ground in the western apple - producing areas has basically ended, and some cold - storage facilities have started to ship goods. In the Shandong producing area, the quality of the current apple supply has declined, and it is difficult to find high - quality goods. The purchasing of high - quality goods by merchants is active, while the acquisition of ordinary goods is relatively cautious. The new - season late - maturing Fuji apples are increasing in volume, but the progress of picking and cold - storage warehousing is delayed compared to the same period last year. The trading atmosphere in the sales areas is still dull, and the demand side is under pressure. The market should focus on cold - storage warehousing data, which adds uncertainty to the market. Previous long - position holders have taken profits, and new positions should be observed in the short term [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main apple futures contract is 8861 yuan/ton, and the main contract's open interest is 125,052 hands, a decrease of 7077 hands. The net long position of the top 20 futures holders is 2542 hands, a decrease of 4820 hands [2] 3.2 Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5 yuan/jin, unchanged; in Shandong Yiyuan (paper - bagged, above 75) is 2.3 yuan/jin, a decrease of 0.05 yuan/jin; in Shaanxi Luochuan (paper - bagged, above 70 semi - second - grade fruit farmer's goods) is 4.1 yuan/jin, unchanged; in Shandong Yantai Qixia (paper - bagged, above 80 second - grade fruit) is 3.7 yuan/jin, unchanged [2] 3.3 Upstream Situation - The national apple output is 5128.51 million tons, an increase of 168.34 million tons, and the weekly wholesale price of apples is 9.53 yuan/kg [2] 3.4 Industry Situation - The average wholesale price of Fuji apples is 9.15 yuan/kg, a decrease of 0.11 yuan/kg. The total national apple cold - storage inventory is 70,000 tons. The cold - storage capacity utilization ratio in Shandong is 0.01, and in Shaanxi is 0. The monthly export volume of apples is 70,000 tons, and the monthly export value is 18.3798 million US dollars, an increase of 2.486845 million US dollars. The monthly import value of fresh, dried fruits and nuts is 6917.9 million US dollars [2] 3.5 Downstream Situation - The average wholesale price of tangerines is 6.74 yuan/kg, a decrease of 0.56 yuan/kg; the wholesale price of bananas is 5.08 yuan/kg, an increase of 0.26 yuan/kg; the wholesale price of watermelons is 5.46 yuan/kg, an increase of 0.01 yuan/kg. The average daily number of incoming trucks in the morning at the Guangdong Jiangmen wholesale market is 16.2 vehicles, an increase of 0.4 vehicles; at the Guangdong Xiaqiao wholesale market is 20.6 vehicles; at the Guangdong Chalong wholesale market is 27.6 vehicles, an increase of 3 vehicles [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 21.67%, a decrease of 0.04%, and the implied volatility of at - the - money put options is 22.58%, an increase of 0.87% [2]