苹果产业日报-20251208

Report Industry Investment Rating - Not provided in the content Core View of the Report - The apple futures price will continue to operate at a high level in the short term due to the approaching Christmas and New Year holidays, which support the holiday demand, despite the light trading atmosphere in the apple market and the impact of citrus fruits [2] Summary by Related Catalogs Futures Market - The closing price of the apple futures main contract is 9,506 yuan/ton, and the main contract position is 126,173 lots, with an increase of 1,466 lots compared to the previous period; the net buying volume of the top 20 futures positions is 5,007 lots, a decrease of 1,983 lots [2] Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia remain unchanged [2] Upstream Situation - The annual apple output in China is 5,128.51 million tons, an increase of 168.34 million tons; the weekly fruit wholesale price of apples is 9.38 yuan/kg, a decrease of 0.02 yuan/kg; the average weekly wholesale price of Fuji apples is 9.07 yuan/kg, an increase of 0.01 yuan/kg; the total weekly inventory of apple cold storage in China is 763.51 million tons, a decrease of 3.24 million tons; the weekly apple storage capacity ratio in Shandong is 0.58, and that in Shaanxi is 0.54; the monthly export volume of apples is 80,000 tons, an increase of 10,000 tons [2] Industry Situation - The monthly import value of fresh, dried fruits and nuts decreases by 5.8%; the monthly year-on-year export value of apples decreases by 14.3%; the weekly profit of first- and second-grade paper-bagged apple 80 storage merchants is 0 yuan/jin [2] Downstream Situation - The weekly fruit wholesale prices of duck pears, bananas, and watermelons change, and the morning average daily arrival vehicle volumes at fruit wholesale markets in Guangdong also change [2] Option Market - The implied volatility of at-the-money call and put options for apples is 22.94%, with a decrease of 0.3% [2] Industry News - The inventory trading in apple production areas is still light, with few inquiries and viewings in cold storage, and most of the small-volume transactions are low-priced goods; the overall transaction of late Fuji apples remains light, and the order volume from merchants in the production areas is limited; the inventory in the main apple production areas decreases, and the inventory ratio in Shandong and Shaanxi decreases; the shipment in the Shandong production area is slow, and the inventory trading is limited; the willingness of fruit farmers in the Shaanxi production area to sell is still not high; the arrival volume in the sales area market increases slightly, the trading atmosphere is still light, and citrus fruits impact the apple market [2]