苹果产业日报-20251118

Report Industry Investment Rating - There is no information provided regarding the report industry investment rating. 2. Core View of the Report - The national apple cold storage inventory as of November 13, 2025, is 764.24 million tons, 90.54 million tons lower than the same period last year. The storage ratio in Shandong has increased by 10.24% week - on - week, and in Shaanxi by 2.63%. The ground trading in Shandong is ending, while the storage is in full swing. In Shaanxi, storage and shipment are happening simultaneously, with storage almost finished. The sales area is in the off - season, and the sales space of apples is squeezed by citrus. The apple futures price is expected to remain high in the short term [2] 3. Summary According to Relevant Catalogs Futures Market - The closing price of the main apple futures contract is 9433 yuan/ton, the main contract position is 138008 hands (down 1405 hands), and the net long position of the top 20 futures is 9377 hands (up 1068 hands) [2] Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 5.25 yuan/jin, 2.6 yuan/jin (up 0.3 yuan/jin), 4.2 yuan/jin, and 3.8 yuan/jin (up 0.3 yuan/jin) respectively [2] Upstream Situation - The national apple output is 5128.51 million tons, the average wholesale price of apples is 9.49 yuan/kg (up 0.03 yuan/kg), and that of Fuji apples is 9.12 yuan/kg (up 0.08 yuan/kg). The total national apple cold storage inventory is 65.82 million tons, the storage ratios in Shandong and Shaanxi are 0.6 and 0.51 respectively. The monthly apple export volume is 70000 tons, and the monthly import value of fresh and dried fruits and nuts is 1837980 million US dollars (up 248684.5 million US dollars) [2] Industry Situation - The year - on - year export amount of apples is - 8.5%, and the profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin [2] Downstream Situation - The wholesale prices of pears, bananas, and watermelons are 6.66 yuan/kg (down 0.01 yuan/kg), 5.36 yuan/kg (up 0.18 yuan/kg), and 5.39 yuan/kg (down 0.09 yuan/kg) respectively. The average daily early - morning arrival vehicle numbers at Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets are 12.2 (unchanged), 16 (down 1), and 23.8 (down 0.2) respectively [2] Option Market - The implied volatilities of at - the - money call and put options for apples are both 26.07% [2] Industry News - In the western production areas, the inventory Fuji trading is mainly for high - quality and small fruits, with stable prices. In Shandong, the ground trading is in the later stage, and the trading of small inventory fruits has started with acceptable prices. The storage of new - season late - maturing Fuji is almost finished, and the remaining inventory is mainly in Shandong Qixia [2]