瑞达期货苹果产业日报-20251202

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The apple futures price is expected to maintain high - level operation in the short term, and the impact of other substitute fruits should be noted [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9,488 yuan/ton, a decrease of 38; the main contract position is 73,846 lots, a decrease of 8,260; the net long position of the top 20 futures holders is 7,278 lots, a decrease of 417 [2] 3.2 Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 5.25 yuan/jin, 2.6 yuan/jin, 4.2 yuan/jin, and 4 yuan/jin respectively, with no change [2] 3.3 Upstream Situation - The national apple output is 5,128.51 million tons [2] 3.4 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; the total national apple cold - storage inventory is 766.75 million tons, a decrease of 6.41 million tons; the weekly storage capacity ratio in Shandong is 54.11%, a decrease of 0.01; the weekly storage capacity ratio in Shaanxi is 58.44%, a decrease of 0.01; the monthly apple export volume is 80,000 tons, an increase 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 export amount of apples is - 14.3% [2] 3.5 Downstream Situation - The weekly wholesale prices of duck pears, bananas, and watermelons are 6.71 yuan/kg, 5.37 yuan/kg, and 5.78 yuan/kg respectively, with changes of 0.04 yuan/kg, 0.03 yuan/kg, and 0.22 yuan/kg; the early - morning daily average arrival vehicle numbers in Guangdong Jiangmen, Guangdong Xiaqiao, and Guangdong Chalong wholesale markets are 16, 19.2, and 25.2 respectively, with changes of 3.8, not provided, and 1.4 [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 1.85%, a decrease of 15.66%; the implied volatility of at - the - money put options for apples is 17.51%, a decrease of 9.27% [2] 3.7 Industry News - The overall apple production area trading is a bit light. In Shandong and Shaanxi, there are few merchants in cold - storage, and most of the small - volume shipments are self - picked by merchants. The inventory apple transfer trading is concentrated in Gansu, where the trading of Huaniu and small fruits is okay and the prices are stable. The trading of late - Fuji apples slows down, and the origin shipments are mainly for packaging pre - ordered goods. As of November 27, 2025, the national main - producing area apple cold - storage inventory is 766.75 million tons, a decrease of 6.41 million tons from last week. The storage capacity ratio in Shandong is 54.11%, a decrease of 0.18% from last week; the storage capacity ratio in Shaanxi is 58.44%, a decrease of 0.66% from last week. The warehousing work in Shandong is basically over, with a small amount of ground - trading merchants directly shipping to the market, and cold - storage trading starting gradually. The foreign - trade channel continues to look for goods, with small - fruit shipments being the main, and the outbound speed is slightly faster than the same period last year. Shaanxi is gradually shipping out, with Luochuan mainly having merchants packaging their own goods and shipping through their own channels, with a small amount of fruit from fruit farmers being transferred, and the cold - storage trading atmosphere being light [2]