农产品日报：苹果产区走货偏缓，红枣库存达近年高位-20251223

Report Investment Rating - The investment rating for both the apple and红枣 industries is neutral [4][8] Core Viewpoints - The apple market is currently in a supply - demand game stage. Low - price substitute fruits are squeezing the apple market, and the terminal demand is weak. The market may turn bullish if the Spring Festival stocking atmosphere warms up early [3][4] - The红枣 market is facing supply pressure with high inventory levels. The supply has increased while the demand remains stable. The market situation depends on downstream sales rhythm during the upcoming consumption season [7][8] Market News and Key Data Apple - Futures: The closing price of the apple 2605 contract was 9149 yuan/ton, a change of - 50 yuan/ton (- 0.54%) from the previous day [1] - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.10 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 semi - commercial late Fuji was 4.20 yuan/jin, also unchanged. The spot basis AP05 - 949 and AP05 - 749 changed + 50 from the previous day respectively [1] Red Dates - Futures: The closing price of the red dates 2605 contract was 8820 yuan/ton, a change of - 75 yuan/ton (- 0.84%) from the previous day [5] - Spot: The price of first - grade grey jujubes in Hebei was 8.40 yuan/kg, a change of - 0.10 yuan/kg from the previous day. The spot basis CJ05 - 420 changed - 25 from the previous day [5] Recent Market Information Apple - Inventory late Fuji is sold as needed, with stable market conditions. In the western regions, there are few buyers; in Shandong, there is sporadic warehousing out, mainly 75 apples. The overall market is stable but dull, and the fruit farmer's goods have limited transactions. The pre - holiday stocking enthusiasm is low [2] Red Dates - The acquisition of grey jujubes in Xinjiang is almost finished. The prices of some goods have slightly declined. In the consumption season, the terminal market purchases steadily, and the prices are stable [6] Market Analysis Apple - The apple futures price fluctuated downwards. The market in the production areas is dull, with slow sales. Low - price citrus fruits are squeezing the apple market, and consumers' purchasing willingness is weak. The market may turn bullish if the Spring Festival stocking atmosphere warms up [3] Red Dates - The red dates futures price declined. The new jujube acquisition is ending, with a slight reduction in production but good quality. The inventory in the sales areas is at a multi - year high, and the demand is poor, highlighting the supply pressure [7] Strategies Apple - Maintain a neutral strategy. The current inventory quantity and quality are generally low. High - quality fruits have strong price performance, while poor - quality ones face sales pressure. The market is in a supply - demand game [4] Red Dates - Adopt a neutral strategy. The acquisition in the production areas is almost over. The inventory is high, and the supply has increased while the demand remains stable. The key is to track the downstream sales rhythm [8]