苹果产业日报-20251117

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint - As of November 13, 2025, the total cold - storage inventory of apples in the main producing areas nationwide was 764240 tons, 90540 tons lower than the same period last year. The current inventory level does not represent the peak. The apple futures price is expected to remain high in the short term due to factors such as the market entering the off - season and the increase in citrus sales squeezing the apple sales space [2] 3. Summary by Relevant Catalogues Futures Market - The closing price of the main apple futures contract was 9438 yuan/ton, and the main contract position was 139413 lots, a decrease of 13351 lots. The net long position of the top 20 futures was 8309 lots, a decrease of 1191 lots [2] Spot Market - The spot prices of apples in different regions remained stable, with prices in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia at 5.25 yuan/jin, 2.3 yuan/jin, 4.2 yuan/jin, and 3.5 yuan/jin respectively [2] Upstream Situation - The annual apple production was 5128510 tons, the weekly apple wholesale price was 9.49 yuan/kg, the average wholesale price of Fuji apples was 9.12 yuan/kg. The total cold - storage inventory of apples nationwide was 764240 tons, the capacity ratio in Shandong was 0.51, and in Shaanxi was 0.03. The monthly apple export volume was 70000 tons [2] Industry Situation - The month - on - month growth rate of apple export amount was - 8.5%, and the import amount of fresh and dried fruits and nuts was 1837980 dollars, with an increase of 248684.5 dollars [2] Downstream Situation - The wholesale prices of duck pears, bananas, and watermelons were 6.66 yuan/kg, 5.39 yuan/kg, and 5.36 yuan/kg respectively. The early - morning average daily arrival of trucks at Guangdong Jiangmen, Guangdong Xiaqiao, and Guangdong Chalong wholesale markets was 12.2, 16, and 23.8 respectively [2] Option Market - The implied volatility of at - the - money call options and put options for apples was 23.42% and 2.11% respectively [2] Industry News - The trading of stored Fuji apples in the western producing areas was generally stable, and the enthusiasm of merchants to purchase was average. In the Shandong producing area, the quantity of out - of - storage goods decreased, and the quality was uneven. The new - season late - maturing Fuji apple warehousing work was nearing completion [2]