Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoint of the Report - The apple's fundamental situation is strong. With the recent increase in spot prices, it is advisable to consider buying on dips. For arbitrage and options, it is recommended to wait and see [6][9]. Group 3: Summary by Relevant Catalogs First Part: Market Information - Spot Price: The Fuji apple price index was 106.38, with a slight increase of 0.02. The 6 - fruit average wholesale price was 7.02, down 0.01. Different grades and regions of apple prices remained mostly stable [2]. - Futures Price: AP01 rose 297 to 9207, AP05 rose 201 to 9442, and AP10 rose 63 to 8408. The spreads between different contracts also changed significantly [2]. - Basis: Data on the basis of different contracts was presented, but some values were not available [2]. Second Part: Market News and Views - Transaction Logic: This year, apple production declined, the high - quality fruit rate was poor, and preservation was more difficult. Market expectations for cold - storage inventory data are likely to be low. As of November 6, 2025, the national cold - storage inventory ratio was about 51.68%, a year - on - year decrease of 10.62 percentage points, and the inventory was 682.74 million tons, 17.04% lower than the same period last year [6]. - Transaction Strategy: Unilateral trading suggests buying on dips due to the strong apple fundamentals and rising spot prices. For arbitrage and options, a wait - and - see approach is recommended [9]. - Other Information: As of November 13, 2025, the national cold - storage inventory ratio was about 55.87%, 7.52 percentage points lower than the same period last year, and the inventory was 735.77 million tons, 12.13% lower year - on - year. In September 2025, the import of fresh apples was 0.97 million tons, a month - on - month decrease of 17.85% and a year - on - year decrease of 1.10%. The export was about 7.08 million tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32%. The profit of storage merchants in Qixia for the 2024 - 2025 production season decreased by 0.1 yuan/jin compared to last week [8]. Third Part: Relevant Attachments - The report includes multiple charts such as the price of Qixia first - and second - grade paper - bag 80, the price of Luochuan semi - commercial paper - bag 70, AP contract basis, spreads between different AP contracts, apple arrival volume in some markets, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple outbound volume [11][12][13]
银河期货农产品日报-20251113
Yin He Qi Huo·2025-11-13 12:24