瑞达期货苹果产业日报-20251204

Report Industry Investment Rating - No investment rating provided in the report. Core Viewpoints - The trading of late Fuji apples has slowed down. The shipments in the production areas are mainly for packaging and delivering previously ordered goods. The inventory work in the Shandong production area is basically finished, with some ground transactions by direct - shipping merchants to the market. The in - warehouse transactions have gradually started, and the foreign trade channels are still seeking goods, with small fruits having better sales and the出库 speed slightly faster than the same period last year. In the Shaanxi production area, the products are gradually leaving the warehouse. In Luochuan, merchants mainly package their own goods and distribute them through their own channels, with a small amount of fruit sourced from fruit farmers, and the cold - storage trading atmosphere is light. The arrival volume in the sales area market has increased, but the trading atmosphere remains light. The increasing listing volume of citrus fruits squeezes the sales space of apples. There are signs of adjustment in the futures price, and it is advisable to wait and see in the short term. Attention should be paid to the impact of other substitute fruits. [2] Summary by Directory Futures Market - The closing price of the main apple futures contract is 9,605 yuan/ton, and the main contract's open interest is 128,838 lots, with an increase of 8,515 lots. The net long position of the top 20 futures holders is 4,433 lots, a decrease of 3,711 lots. [2] Spot Market - The spot price of bagged apples above 75 in Gansu Jingning is 5.25 yuan/jin, and in Shandong Yiyuan is 2.6 yuan/jin, both unchanged. The spot price of bagged apples above 70 in Shaanxi Luochuan is 4.2 yuan/jin, and the spot price of bagged first - grade apples above 80 in Shandong Yantai Qixia is 4 yuan/jin, both unchanged. [2] Upstream Situation - The annual national apple production is 5,128.51 million tons, an increase of 168.34 million tons. The weekly apple wholesale price is 9.38 yuan/kg, a decrease of 0.02 yuan/kg; the average wholesale price of Fuji apples is 9.06 yuan/kg, a decrease of 0.01 yuan/kg. The national total apple cold - storage inventory is 763.51 million tons, a decrease of 3.24 million tons. The capacity utilization ratio of Shandong apple cold - storage is 54%, unchanged, and that of Shaanxi is 58%, unchanged. The monthly apple export volume is 80,000 tons, an increase of 10,000 tons. [2] Industry Situation - The monthly import value of fresh and dried fruits and nuts has a year - on - year change of - 5.8%, and the monthly year - on - year change of apple export value is - 14.3%. The monthly import value is 1.334364 billion US dollars, a decrease of 503.616 million US dollars. The profit of storage merchants for first - and second - grade bagged 80 apples is 0 yuan/jin, unchanged. [2] Downstream Situation - The weekly wholesale price of pears is 6.76 yuan/kg, an increase of 0.05 yuan/kg; the weekly wholesale price of bananas is 5.41 yuan/kg, an increase of 0.22 yuan/kg; the weekly wholesale price of watermelons is 3.8 yuan/kg, an increase of 0.04 yuan/kg. The average daily morning arrival volume at the Guangdong Jiangmen wholesale market is 6 vehicles, and at the Guangdong Xiaqiao wholesale market is 19.2 vehicles, and at the Guangdong Chalong 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%, and the implied volatility of at - the - money put options is 17.51%, a decrease of 9.27%. [2] Industry News - As of December 3, 2025, the total inventory of apples in cold - storage in the main national production areas is 763.51 million tons, a decrease of 3.24 million tons from last week. The capacity utilization ratio in the Shandong production area is 53.97%, a decrease of 0.23% from last week, and in the Shaanxi production area is 58.21%, a decrease of 0.23% from last week. [2]