苹果产业日报-20251120

Report Information - Report Name: Apple Industry Daily Report 2025 - 11 - 20 [1] - Researcher: Wang Cuibing [2] - Futures Practitioner Qualification Number: F03139616 [2] - Futures Investment Consulting Practitioner Certificate Number: Z0021556 [2] 1. Report Industry Investment Rating - No information provided 2. Core View - As the apple storage process is not yet finished and is currently in the peak storage period, the volume of farmers' apple supplies going into storage has significantly increased. In the Shaanxi region, the storage and shipment processes are happening simultaneously, with the storage process almost complete. There is a small amount of external - sourced apples being shipped back to Luochuan, and some merchants are transferring locally - sourced low - price apples for storage, resulting in a relatively small overall shipment volume. In the sales market, there is good enthusiasm for purchasing high - quality apples. With the upcoming stocking period for Christmas and New Year's Day, the apple futures price is expected to remain high in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9496 yuan/ton; the position of the main contract is 140787 hands, with an increase of 16254 hands. The net long position of the top 20 futures holders is 9165 hands, with an increase of 293 hands [2] 3.2 Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5.25 yuan/jin; in Shandong Yiyuan (paper - bagged, above 75) is 2.6 yuan/jin; in Shaanxi Luochuan (paper - bagged, above 70 semi - commercial) is 4.2 yuan/jin; in Shandong Yantai Qixia (paper - bagged, above 80, first - and second - grade fruit farmers' goods) is 4 yuan/jin, all with no change [2] 3.3 Upstream Situation - The annual apple production in China is 5128.51 million tons, with an increase of 168.34 million tons [2] 3.4 Industry Situation - The weekly apple wholesale price is 9.43 yuan/kg, with a decrease of 0.06 yuan/kg; the average weekly wholesale price of Fuji apples is 9.12 yuan/kg, with an increase of 0.08 yuan/kg. The total weekly inventory in national apple cold storage is 65.82 million tons. The weekly capacity utilization ratio of Shandong apple cold storage is 0.54, with an increase of 0.03; that of Shaanxi is 0.59, with a decrease of 0.01. The monthly apple export volume is 70000 tons, with no change. The monthly import value of fresh, dried fruits and nuts is 1837980 million US dollars, with an increase of 248684.5 million US dollars. The monthly year - on - year growth rate of apple export value is - 8.5%. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin, with no change [2] 3.5 Downstream Situation - The weekly wholesale price of pears is 6.67 yuan/kg, with an increase of 0.01 yuan/kg; the weekly wholesale price of bananas is 5.56 yuan/kg, with an increase of 0.2 yuan/kg; the weekly wholesale price of watermelons is 5.34 yuan/kg, with a decrease of 0.05 yuan/kg. The average daily number of incoming trucks in the morning at the Guangdong Jiangmen wholesale market is 12.2, with no change; at the Guangdong Xiaqiao wholesale market is 16, with a decrease of 1; at the Guangdong Chalong wholesale market is 23.8, with a decrease of 0.2 [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 21.81%, with a decrease of 1.43%; the implied volatility of at - the - money put options for apples is 21.81%, with a decrease of 1.43% [2] 3.7 Industry News - As of November 19, 2025, the total inventory in apple cold storage in major producing areas in China is 773.16 million tons, with an increase of 8.92 million tons compared to last week. The capacity utilization ratio of Shandong apple cold storage is 54.29%, with an increase of 3.02%; that of Shaanxi is 59.10%, with a decrease of 0.34%. The storage of new - season late - maturing Fuji apples is almost complete, and the remaining inventory is mainly concentrated in places like Qixia, Shandong. The ground - level trading in the Shandong producing area is coming to an end [2]