苹果产业日报-20251209

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - As of December 3, 2025, the apple cold - storage inventory in the main producing areas of China was 763.51 tons, a decrease of 3.24 tons compared to the previous week. The storage capacity ratio in Shandong was 53.97%, down 0.23% from the previous week, and in Shaanxi it was 58.21%, also down 0.23% from the previous week. Shandong's出库 performance was slow with limited in - warehouse transactions. In Shaanxi, farmers' willingness to sell was still low. The arrival volume in the sales area increased slightly, but the trading atmosphere was still light, with overstock in transit warehouses. Citrus fruits impacted the apple market, and there was an increased risk of price decline due to slow terminal sales [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the apple futures main contract was 9,465 yuan/ton, a decrease of 41 yuan; the net long position of the top 20 futures holders was 7,764 lots, and the main contract's open interest was 132,145 lots, an increase of 5,972 lots [2]. Spot Market - The spot price of apples in Gansu Jingning (paper - bag, above 75) was 5.25 yuan/jin; in Shandong Yiyuan (paper - bag, above 75) it was 2.6 yuan/jin; in Shaanxi Luochuan (paper - bag, above 70 semi - commercial) it was 4.2 yuan/jin; and in Shandong Yantai Qixia (paper - bag, above 80, first - grade second - class fruit farmers' goods) it was 4 yuan/jin, with no changes in all cases [2]. Upstream Situation - The annual apple production in China was 5,128.51 million tons, and the production of second - grade fruit farmers' goods was 168.34 million tons [2]. Industry Situation - The weekly apple wholesale price was 9.38 yuan/kg, a decrease of 0.02 yuan; the average wholesale price of Fuji apples was 9.07 yuan/kg, an increase of 0.01 yuan. The total national apple cold - storage inventory was 763.51 tons, a decrease of 3.24 tons. The storage capacity ratio in Shandong was 0.54, and in Shaanxi it was 0.58, with no changes. The monthly apple export volume was 80,000 tons, an increase of 10,000 tons. The monthly year - on - year apple export amount decreased by 14.3%, a decrease of 5.8 percentage points. The monthly import amount of fresh and dried fruits and nuts was 1,334,364 million US dollars, a decrease of 503,616 million US dollars. The weekly profit of storage merchants for first - and second - grade paper - bag apples (80) was 0 yuan/jin [2]. Downstream Situation - The weekly wholesale price of pears was 6.76 yuan/kg, an increase of 0.05 yuan; of watermelons was 6 yuan/kg, with no change; of bananas was 5.41 yuan/kg, an increase of 0.04 yuan. The average daily morning arrival volume at the Guangdong Jiangmen wholesale market was 17.2 vehicles, an increase of 1.2 vehicles; at the Guangdong Xiaqiao wholesale market was 19.6 vehicles, an increase of 0.4 vehicles; and at the Guangdong Chalong wholesale market was 26.8 vehicles, an increase of 1.6 vehicles [2]. Option Market - The implied volatility of at - the - money call options for apples was 22.62%, a decrease of 0.32 percentage points; the implied volatility of at - the - money put options was 22.63%, a decrease of 0.31 percentage points [2]. Industry News - The overall trading speed in apple - producing areas was slow. In Shandong and Shaanxi, the number of inquiring merchants increased slightly, but most were on the sidelines, mainly with merchants' self - picked shipments. The market price changed little. In Gansu, some merchants continued to pick high - quality stored Fuji apples, with a general sales speed and stable prices. The overall transaction of late - season Fuji apples remained light, with limited orders from merchants in the producing areas. In the western producing areas, there were mainly small - volume shipments of farmers' two - grade goods [2].