苹果产业日报-20251210

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The apple market shows mixed trends. While there is a slight increase in the number of in -quiring customers in the producing areas, most are still observing. The overall trading of late - Fuji apples remains light, with limited orders from merchants in the producing areas. The出库 in Shandong is slow, and the willingness of fruit farmers in Shaanxi to sell is still low. The arrival volume in the sales areas has increased slightly, but the trading atmosphere is still light, and the terminal sales are slow, increasing the risk of price decline. The citrus market is impacting the apple market [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the apple futures main contract is 9510 yuan/ton, and the main contract position is 138,631 hands, with a week - on - week increase of 6,486 hands. The net long position of the top 20 futures holders is 6,198 hands, a week - on - week decrease of 1,566 hands [2]. 3.2 Spot Market - The spot prices of apples in different regions are as follows: 5.25 yuan/jin in Gansu Jingning (paper - bag 75 and above), 2.6 yuan/jin in Shandong Yiyuan (paper - bag 75 and above), 4.2 yuan/jin in Shaanxi Luochuan (paper - bag 70 and above semi - commercial), and 4 yuan/jin in Shandong Yantai Qixia (paper - bag 80 and above secondary fruit farmer's goods) [2]. 3.3 Upstream Situation - The annual apple production in the country is 5,128.51 million tons. The weekly average wholesale price of apples is 9.37 yuan/kg, with a week - on - week decrease of 0.01 yuan/kg, and the average wholesale price of Fuji apples is 9.07 yuan/kg, with a week - on - week increase of 0.01 yuan/kg. The Shaanxi apple storage capacity ratio is 0.58, and the national apple cold - storage total inventory is 763.51 million tons, with a week - on - week decrease of 3.24 million tons. The monthly apple export volume is 80,000 tons, an increase of 10,000 tons [2]. 3.4 Industry Situation - The monthly import amount of fresh, dried fruits and nuts decreased by 14.3%. The month - on - month export amount of apples decreased by 503,616 US dollars, and the profit of first - and second - grade paper - bag 80 apple storage merchants is 0 yuan/jin [2]. 3.5 Downstream Situation - The weekly wholesale prices of duck pears, bananas, and watermelons are 6.74 yuan/kg, 6.33 yuan/kg, and 5.47 yuan/kg respectively. The weekly average number of early - morning arriving trucks at the Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets is 17.2, 19.6, and 26.8 respectively, with week - on - week increases of 1.2, 0.4, and 1.6 [2]. 3.6 Option Market - The implied volatility of at - the - money call options for apples is 22.41%, with a week - on - week decrease of 0.21%, and the implied volatility of at - the - money put options is 22.39%, with a week - on - week decrease of 0.24% [2]. 3.7 Industry News - The market in apple - producing areas has changed little. The number of in -quiring customers has increased slightly, but most are still observing. Shaanxi and Shandong mainly rely on merchants' self - pick - up of goods, and most of the small - volume purchases are cheap goods. The trading in the Gansu producing area is mainly high - quality inventory Fuji, and the trading enthusiasm has slightly declined [2].