Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-12-12 09:21Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - This week, the price of the main contract of Zhengzhou jujube futures declined, with a weekly drop of about 4.24%. As the new jujube harvest progresses, the production in each producing area is becoming clearer. The overall jujube supply is relatively loose, and downstream consumption lacks highlights. With about two months until the Spring Festival, attention should be paid to the consumption situation during the peak season [9][13] 3. Summary by Directory 3.1 Week - on - Week Key Points Summary - Future trading tips include monitoring spot prices and the consumer end - The price of the main contract of Zhengzhou jujube futures declined this week, with a weekly drop of about 4.24% - As of December 11, 2025, the physical inventory of 36 sample points of jujubes this week was 15,790 tons, an increase of 1,880 tons from last week, a month - on - month increase of 13.52% and a year - on - year increase of 22.01% - In the 2025 production season, the acquisition structure of gray jujubes is decentralized. The overall jujube supply is relatively loose, and downstream consumption lacks highlights [9] 3.2 Futures and Spot Market - Futures price trends: The price of the Zhengzhou jujube 2605 contract declined this week, with a weekly drop of about 4.24% [13] - Top 20 positions: As of this week, the net position of the top 20 in jujube futures was - 10,354 lots [14] - Warehouse receipts: As of this week, the number of Zhengzhou jujube warehouse receipts was 883 [19] - Futures spreads: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2605 contract and the 2609 contract was - 320 yuan/ton [22] - Basis: As of this week, the basis between the spot price of Hebei gray jujubes and the main contract of jujube futures was 855 yuan/ton [25] - Purchase prices in main producing areas: As of December 12, 2025, the purchase price of jujube bulk goods in Aksu was 5.15 yuan/kg, in Alar was 5.65 yuan/kg, and in Kashgar was 6.5 yuan/kg [28] - First - grade jujube spot prices: As of December 12, 2025, the wholesale price of first - grade gray jujubes in Cangzhou, Hebei was 4.4 yuan/jin, and in Henan was 4.45 yuan/jin [32] - Special - grade jujube spot prices: As of December 12, 2025, the spot price of special - grade gray jujubes in Cangzhou, Hebei was 9.78 yuan/kg, and the wholesale price in Henan was 9.9 yuan/kg [36] 3.3 Industry Situation - Supply side - Inventory situation: As of December 11, 2025, the physical inventory of 36 sample points of jujubes this week was 15,790 tons, an increase of 1,880 tons from last week, a month - on - month increase of 13.52% and a year - on - year increase of 22.01% - Supply side - Possible decline in production: The jujube production in the 2025/26 production season is expected to decline - Demand side - Monthly jujube export volume: In October 2025, China's jujube export volume was 2,205,220 kg, with an export value of 35,238,139 yuan and an export average price of 15,979.42 yuan/ton. The export volume decreased by 3.44% month - on - month and 33.29% year - on - year. From January to October 2025, the cumulative export was 25,753,622 kg, a cumulative year - on - year increase of 0.18% - Demand side - Inactive trading of BOCE Xinjiang Jujube Good Brand: This week, the order volume of BOCE Xinjiang Jujube Good Brand had a small amount of transactions [40][44][48][53] 3.4 Options Market and Futures - Stock Linkage - Options market: Information about the implied volatility of at - the - money options of jujubes this week was presented in a chart, but no specific data was given - Stock market - Hao Xiang Ni: A chart of the price - earnings ratio of Hao Xiang Ni (002582) was presented, but no specific analysis was provided [54][56]