农产品日报：苹果普遍以质论价，红枣销区整体到货偏少-20251126

Group 1: Report Investment Ratings - Apple investment strategy: Neutral to bullish [4] - Red date investment strategy: Neutral [9] Group 2: Core Views - Apple: The current apple futures price has slightly increased, but the warehouse - based trading in the production areas is generally weak. The new - season late Fuji apple's storage volume is more than 10% lower than last year, and the demand side is under pressure. The follow - up should focus on terminal consumption recovery, storage structure differentiation, and pre - holiday merchant inventory transfer [1][2][3] - Red dates: The red date futures price fluctuated and closed down. The acquisition progress and prices vary among different production areas. The supply in the sales areas is limited or sufficient, and the new - product prices vary greatly. The market is in a critical transition period, with high inventory pressure and pessimistic future expectations. The future focus will be on the actual consumption situation [5][6][8] Group 3: Market News and Important Data Apple - Futures: The closing price of the Apple 2601 contract was 9,491 yuan/ton, up 112 yuan/ton or 1.19% from the previous day [1] - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 3.75 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan over - 70 semi - commercial late Fuji was 4.15 yuan/jin, unchanged from the previous day [1] Red dates - Futures: The closing price of the Red Date 2601 contract was 9,175 yuan/ton, down 50 yuan/ton or 0.54% from the previous day [5] - Spot: The price of first - grade grey jujubes in Hebei was 8.90 yuan/kg, unchanged from the previous day [5] Group 4: Recent Market Information Apple - The in - warehouse trading of late Fuji is slow, and the overall shipment is average. The outbound speed in the western production areas has slowed down slightly, while the Shandong production area has sporadic outbound shipments, mainly through foreign trade channels. After a round of restocking, the market atmosphere in the production areas has become dull due to slow sales [2] Red dates - The acquisition progress of grey jujubes in Xinjiang is about 50%, and the transfer volume of goods rights is about 30% of the total output. The prices in the production areas have dropped slightly. The acquisition progress varies by region. The sales areas have limited or sufficient supply, and the new - product prices vary due to quality and cost [6][7] Group 5: Market Analysis Apple - The futures price of apples rose slightly yesterday. The in - warehouse trading in the production areas was generally weak. The new - season late Fuji's storage work was basically completed last week, with the storage volume more than 10% lower than last year. The consumer demand is mainly on - demand procurement, and the sales space is squeezed by citrus [3] Red dates - The futures price of red dates fluctuated and closed down yesterday. The acquisition progress and prices vary among production areas, and the enterprise acquisition enthusiasm is average. The new - product prices in the sales areas vary greatly, and the market is in a critical period of transition. The inventory pressure is high, and the supply - demand contradiction has not been substantially alleviated [8] Group 6: Strategies Apple - Be neutral to bullish. The current expectations of storage volume and structure have been reflected in the price. The follow - up should focus on terminal consumption recovery, storage structure differentiation, and pre - holiday merchant inventory transfer, and be cautious when chasing high prices [4] Red dates - Be neutral. If the terminal market can accept and digest the current high - priced new - season spot in the production areas, it will drive the futures price to return to the new - season spot price; otherwise, the new - season spot price may continue to fall. The near - month contract may still have some room to fall [9]