苹果市场周报-20251212

Report Summary 1. Industry Investment Rating - No investment rating provided in the report 2. Core View - This week, the price of Apple Futures Contract 2605 declined with a weekly drop of about 1.24%. The出库 speed of late Fuji apples in the producing areas was slow, with merchants sourcing goods as needed. The price in Gansu producing area decreased due to quality deterioration, while prices in other producing areas remained stable. As of December 11, 2025, the cold - storage inventory of apples in the main producing areas across the country was 7.5855 billion tons, a decrease of 49,700 tons from last week. The market arrival volume in the sales areas decreased, and the sales were not fast year - on - year due to high prices. Oranges and other citrus fruits impacted apple sales. It is advisable to wait and see in the short term [6][11] 3. Summary by Directory 3.1 Week - on - Week Highlights - Futures: The price of Apple Futures Contract 2605 fell, with a weekly decline of about 1.24% [6][11] - Market Outlook: Slow出库 in producing areas, stable prices in most regions, decreased inventory, slow market arrival and sales in sales areas, and impact from citrus fruits. Short - term wait - and - see [6] 3.2 Futures and Spot Markets - Futures Market - Price: The price of Apple Futures Contract 2605 dropped by about 1.24% this week [11] - Position and Warehouse Receipt: As of this week, the net position of the top twenty in apple futures was 7,427 lots, and the number of apple futures warehouse receipts was 0 [17] - Spot Market - As of December 12, 2025, the mainstream price of 80 and above first - and second - grade farmer - sourced bagged red Fuji apples in Qixia, Yantai, Shandong was 4.0 yuan per jin; the price of 75 and above bagged Fuji apples in Yiyuan, Shandong was 2.60 yuan per jin [20] 3.3 Industry Situation and Options - Supply Side - As of December 11, 2025, the cold - storage inventory of apples in the main producing areas across the country was 7.5855 billion tons, a decrease of 49,700 tons from last week. The storage capacity ratio in Shandong was 53.73%, a decrease of 0.24% from last week, and that in Shaanxi was 57.86%, a decrease of 0.35% from last week [27] - Demand Side - Wholesale Market Arrival - As of December 11, the average daily early - morning vehicle arrival at major apple wholesale markets in Guangdong decreased [32] - The profit of 80 first - and second - grade apple storage merchants was suspended (represented by 0) [32] - Wholesale Price - As of December 5, 2025, the average wholesale price of all apple varieties was 9.37 yuan per kilogram, a week - on - week decrease of 0.01 yuan per kilogram; the wholesale price of Fuji apples was 9.07 yuan per kilogram, a week - on - week increase of 0.01 yuan per kilogram [36] - Substitute Products - As of December 5, 2025, the weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.31 yuan per kilogram, a week - on - week increase of 0.10 yuan per kilogram [40] - Export - In October 2025, China's apple export volume was 80,000 tons, a month - on - month increase of 14.29%, and the export amount was 779.12 million US dollars, a month - on - month increase of 12.62% [44] - Options Market - Information on the implied volatility of at - the - money options for apples this week is presented in the form of a chart, but no specific data is given [45] 3.4 Futures - Stock Correlation - The report presents the price - earnings ratio chart of Honghui Fruit & Vegetable Co., Ltd., but no specific analysis or data description is provided [47]