苹果产业日报-20251124

Group 1: Report Overview - The report is the Apple Industry Daily on November 24, 2025 [1] Group 2: Market Data Futures Market - The closing price of the apple futures main contract is 9379 yuan/ton, and the main contract position is 124,863 lots, a week - on - week increase of 4048 lots [2] - The net long position of the top 20 futures holders is 8095 lots, a week - on - week increase of 523 lots [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bag 75 and above) is 5.25 yuan/jin, unchanged from the previous period; in Shandong Yiyuan (paper - bag 75 and above) is 2.6 yuan/jin, unchanged; in Shaanxi Luochuan (paper - bag 70 and above semi - commercial) is 4.2 yuan/jin, unchanged; in Shandong Yantai Qixia (paper - bag 80 and above second - grade fruit farmer's goods) is 4 yuan/jin, unchanged [2] Upstream Situation - The annual apple production in China is 5128.51 million tons, and the weekly apple wholesale price is 9.43 yuan/kg, a week - on - week decrease of 0.06 yuan/kg; the average wholesale price of Fuji apples is 9.07 yuan/kg, a week - on - week decrease of 0.05 yuan/kg [2] - The total national apple cold - storage inventory is 773.16 million tons, a week - on - week increase of 8.92 million tons. The capacity utilization ratio in Shandong is 0.59, a week - on - week increase of 0.03; in Shaanxi is 0.54, a week - on - week decrease of 0.01 [2] - The monthly apple export volume is 80,000 tons, a month - on - month increase of 10,000 tons [2] Industry Situation - The monthly import value of fresh and dried fruits and nuts decreased by 5.8%, and the year - on - year monthly export value of apples decreased by 14.3% [2] - The weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0 yuan/jin, unchanged [2] Downstream Situation - The weekly wholesale price of pears is 6.67 yuan/kg, an increase of 0.01 yuan/kg; of bananas is 5.34 yuan/kg, a decrease of 0.05 yuan/kg; of watermelons is 5.56 yuan/kg, an increase of 0.2 yuan/kg [2] - The weekly average daily morning arrival of trucks at the Guangdong Jiangmen wholesale market is 12.2 vehicles, unchanged; at the Guangdong Xiaqiao wholesale market is 16 vehicles, unchanged; at the Guangdong Chalong wholesale market is 23.8 vehicles, unchanged [2] Option Market - The implied volatility of at - the - money call options for apples is 22.08%, a day - on - day decrease of 0.23%; the implied volatility of at - the - money put options is 22.08%, a day - on - day decrease of 0.23% [2] Group 3: Industry News - Inventory apple trading in Shandong and western production areas is still dull, mainly with foreign trade merchants purchasing small - sized inventory fruits. Market merchants have low enthusiasm for purchasing, mainly digesting ground - sourced fruits, and the transaction price has little change [2] - Apples in Shandong and Shanxi are still being stored, ground trading is gradually ending, and inventory - sourced trading is limited. As of November 19, 2025, the national apple cold - storage inventory in main production areas is 773.16 million tons, an increase of 8.92 million tons from last week. The capacity utilization ratio in Shandong is 54.29%, an increase of 3.02% from last week; in Shaanxi is 59.10%, a decrease of 0.34% from last week. Ground trading in Shandong is ending, and some areas like Qixia are doing a small amount of storage. Storage in Shaanxi is basically over, and the production area has started to transfer out of storage [2] Group 4: Core View - The performance of the sales area market is average. Pay attention to the substitution effect of citrus fruits on the market. In the short term, the apple futures price is expected to remain at a high level [2]