苹果市场周报-20251128

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the price of the Apple Futures 2601 contract rose, with a weekly increase of about 0.11%. The trading of late Fuji apples has slowed down, and shipments from the producing areas are mainly for packing and delivering previously ordered goods. As of November 27, 2025, the cold - storage inventory of apples in the main producing areas across the country was 7.6675 billion tons, a decrease of 64,100 tons from the previous week. The market arrival volume in the sales areas has increased, but the trading atmosphere remains weak. The increasing market volume of citrus fruits has squeezed the sales space of apples. In the short term, the apple futures price is expected to remain at a high level. Attention should be paid to the impact of other substitute fruits [4][9]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Highlights - Market Review: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of about 0.11% [4][9]. - Market Outlook: Late Fuji apple trading slowed. As of November 27, 2025, the national cold - storage inventory decreased by 64,100 tons from last week. The storage ratio in Shandong and Shaanxi decreased. The arrival volume in the sales areas increased, but the trading was weak due to the impact of substitute fruits. The apple futures price is expected to remain high in the short term [4]. - Future Trading Tips: Monitor fruit prices and consumption [4]. 3.2 Futures and Spot Markets - Futures Market: The price of the Apple Futures 2601 contract rose by about 0.11% this week. As of the end of this week, the net position of the top 20 in apple futures was 6,091 lots, and the number of apple futures warehouse receipts was 0 [9][15]. - Spot Market: As of November 28, 2025, the mainstream price of bagged Red Fuji 80 and above first - and second - grade fruit farmer goods in Qixia, Yantai, Shandong was 4.0 yuan per catty; the price of bagged Fuji apples 75 and above in Yiyuan, Shandong was 2.60 yuan per catty [18]. 3.3 Industry Situation and Options - Supply Side: As of November 27, 2025, the cold - storage inventory of apples in the main producing areas across the country was 7.6675 billion tons, a decrease of 64,100 tons from the previous week. The storage ratio in Shandong was 54.11%, a decrease of 0.18% from the previous week, and in Shaanxi it was 58.44%, a decrease of 0.66% from the previous week [23]. - Demand Side: - As of November 27, the average daily early - morning vehicle arrival volume at major apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was suspended (represented by 0) [27]. - As of November 21, 2025, the average wholesale price of all apple varieties was 9.40 yuan per kilogram, a week - on - week decrease of 0.03 yuan per kilogram; the wholesale price of Fuji apples was 9.07 yuan per kilogram, a week - on - week decrease of 0.05 yuan per kilogram [32]. - As of November 21, 2025, the weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.13 yuan per kilogram, a week - on - week increase of 0.05 yuan per kilogram [36]. - In October 2025, China's apple export volume was 80,000 tons, a month - on - month increase of 14.29%, and the export value was 779.12 million US dollars, a month - on - month increase of 12.62% [40]. - Options Market: Information about the implied volatility of at - the - money options in the apple options market this week was presented in a chart, but no specific data was given [41]. 3.4 Futures - Stock Correlation - A chart of the price - earnings ratio of Honghui Fruit & Vegetable Co., Ltd. was presented, but no specific analysis or data interpretation was provided [43][44]