苹果产业日报-20251211

Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core View of the Report - The trading volume of late Fuji apples remains sluggish, with limited orders from merchants in the production areas. The出库 in Shandong is slow and the in - warehouse trading is limited. In Shaanxi, farmers are not eager to sell. The arrival volume in the sales areas has increased slightly, but the trading atmosphere is still light, with overstocking in transit warehouses. Affected by citrus fruits, the terminal sales are slow, and prices are expected to decline [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main apple futures contract is 9,505 yuan/ton, and the main contract's open interest is 130,067 lots, a decrease of 8,564 lots compared to the previous period. The net long position of the top 20 futures holders is 6,502 lots, an increase of 304 lots [2] 3.2 Spot Market - The spot prices of apples in Gansu Jingning (paper - bagged above 75), Shandong Yiyuan (paper - bagged above 75), Shaanxi Luochuan (paper - bagged above 70 semi - commercial), and Shandong Yantai Qixia (paper - bagged above 80 first - grade) are 5.25 yuan/jin, 2.6 yuan/jin, 4.2 yuan/jin, and 4 yuan/jin respectively, with no change from the previous period [2] 3.3 Upstream Situation - The annual national apple output is 5,128.51 million tons. The weekly wholesale price of apples is 9.37 yuan/kg, an increase of 0.01 yuan/kg compared to the previous period. The average wholesale price of Fuji apples is 9.07 yuan/kg, an increase of 0.01 yuan/kg. The total national apple cold - storage inventory is 758.55 million tons, a decrease of 4.96 million tons. The capacity utilization ratios of apple cold - storage in Shandong and Shaanxi are 0.54 and 0.58 respectively, with no change. The monthly apple export volume is 80,000 tons, an increase of 10,000 tons [2] 3.4 Industry Situation - The monthly import value of fresh and dried fruits and nuts decreased by 5.8%, and the monthly year - on - year export value of apples decreased by 14.3%. The monthly import value decreased by 503,616 US dollars to 1,334,364 US dollars. The weekly profit of storage merchants for first - and second - grade paper - bagged 80 apples is 0 yuan/jin [2] 3.5 Downstream Situation - The weekly wholesale prices of pears, bananas, and watermelons are 6.74 yuan/kg, 6.33 yuan/kg, and 5.47 yuan/kg respectively, with changes of - 0.02 yuan/kg, + 0.33 yuan/kg, and + 0.06 yuan/kg compared to the previous period. The early - morning average daily vehicle arrivals at the Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets are 17.2, 19.6, and 26.8 vehicles respectively, with changes of + 1.2, 0, and + 1.6 vehicles compared to the previous period [2] 3.6 Option Market - The implied volatility of at - the - money call and put options for apples is 22.17% and 22.18% respectively, with changes of - 0.24% and - 0.21% compared to the previous period [2] 3.7 Industry News - As of December 11, 2025, the national main - producing area apple cold - storage inventory is 758.55 million tons, a decrease of 4.97 million tons from the previous week. The capacity utilization ratio in Shandong is 53.73%, a decrease of 0.24% from the previous week, and in Shaanxi is 57.86%, a decrease of 0.35% from the previous week [2]