瑞达期货苹果产业日报-20251201

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall trading in apple production areas remains light. The inventory in apple cold storages across the main production areas in China has decreased. The storage ratio in Shandong and Shaanxi has also declined. The arrival volume in the sales areas has increased, but the trading atmosphere is still light. Due to the increased listing volume of citrus fruits squeezing the sales space of apples, the apple futures price is expected to remain high in the short - term. Attention should be paid to the impact of other substitute fruits [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the apple futures main contract is 9,526 yuan/ton. The main contract position volume is 82,106 hands, a decrease of 9,791 hands. The net long position volume of the top 20 futures holders is 7,695 hands, an increase of 1,604 hands [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5.25 yuan/jin, unchanged; in Shandong Yiyuan (paper - bagged above 75) is 2.6 yuan/jin, unchanged; in Shaanxi Luochuan (paper - bagged above 70 semi - commercial) is 4.2 yuan/jin, unchanged; in Shandong Yantai Qixia (paper - bagged above 80 first - grade) is 4 yuan/jin, unchanged [2] Upstream Situation - The annual apple output in China is 5,128.51 million tons, an increase of 168.34 million tons [2] Industry Situation - The weekly apple wholesale price is 9.4 yuan/kg, a decrease of 0.03 yuan/kg; the average weekly wholesale price of Fuji apples is 9.06 yuan/kg, a decrease of 0.01 yuan/kg. The total weekly inventory in national apple cold storages is 766.75 million tons, a decrease of 6.41 million tons. The weekly storage ratio in Shandong is 0.54, a decrease of 0.01; in Shaanxi is 0.58, a decrease of 0.01. The monthly apple export volume is 80,000 tons, a decrease of 10,000 tons. The monthly import amount of fresh and dried fruits and nuts is 1,334,364 million US dollars, a decrease of 503,616 million US dollars. The year - on - year monthly apple export amount is - 14.3%. The weekly profit of storage merchants for first - and second - grade paper - bagged 80 apples is 0 yuan/jin [2] Downstream Situation - The weekly wholesale price of pears is 6.71 yuan/kg, an increase of 0.04 yuan/kg; of bananas is 5.37 yuan/kg, an increase of 0.03 yuan/kg; of watermelons is 5.78 yuan/kg, an increase of 0.22 yuan/kg. The weekly average daily morning arrival volume at the Guangdong Jiangmen wholesale market is 16 vehicles, an increase of 3.8 vehicles; at the Guangdong Chalong wholesale market is 19.2 vehicles; at the Guangdong Xiaqiao wholesale market is 25.2 vehicles, an increase of 1.4 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 1.85%, a decrease of 15.66%; of at - the - money put options is 17.51%, a decrease of 9.27% [2] Industry News - The overall trading in apple production areas is light. In Shandong and Shaanxi, there are few people inspecting goods in cold storages, and most of the small - volume transactions are based on negotiated prices. In Gansu, the sales are relatively good, with smooth trading of Huaniu and small Fuji fruits and stable transaction prices. The trading of late - season Fuji apples has slowed down, and the shipments from the origin are mainly for packaging pre - ordered goods [2]