果蔬品日报：苹果下游客源偏少，红枣节前备货开启-20260121

Report Investment Rating - Investment rating for the apple market: Neutral [4] - Investment rating for the red date market: Neutral [8] Core Views - The apple market has started the pre - Spring Festival stocking process, but the overall stocking progress is slow. The demand is affected by factors such as the late Spring Festival, lack of consumer power, and the impact of substitute fruits. The price of high - quality apples is firm, while that of ordinary - quality apples is under pressure. Attention should be paid to the Spring Festival stocking progress, sales area transaction atmosphere, inventory outflow, and citrus trading [2][3]. - The red date market has completed the acquisition in Xinjiang. Although there is a reduction in production this season, the overall supply is relatively loose due to the superposition of old and new supplies. The market has entered the Spring Festival stocking stage, and the downstream procurement has increased, but the acceptance of high - price goods is limited. Attention should be paid to the impact of weather on logistics and stocking rhythm, and the actual sales speed and inventory clearance in the traditional twelfth lunar month [7]. Market News and Important Data Apple - Futures: The closing price of the apple 2605 contract yesterday was 9371 yuan/ton, up 26 yuan/ton (+0.28%) 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 and above semi - commercial late Fuji was 4.20 yuan/jin, unchanged from the previous day. The spot basis AP05 - 1171 and AP05 - 971 decreased by 26 compared to the previous day [1]. Red Date - Futures: The closing price of the red date 2605 contract yesterday was 8700 yuan/ton, down 115 yuan/ton (-1.30%) from the previous day [5]. - Spot: The price of first - grade grey jujubes in Hebei was 8.00 yuan/kg, unchanged from the previous day. The spot basis CJ05 - 700 increased by 115 compared to the previous day [5]. Market Analysis Apple - The apple futures price opened low and closed down yesterday. The overall transaction in the production area is slow, and the demand is weak. The price of high - quality apples is firm, while that of ordinary - quality apples is under pressure. The stocking progress is slow, and the sales area has problems such as inventory backlog and weak demand due to the impact of substitute fruits [3]. Red Date - The red date futures price fluctuated at a low level yesterday. The acquisition in Xinjiang has ended, and the market is focusing on terminal consumption. Although there is a production reduction, the supply is loose. The market has entered the stocking stage, and the downstream procurement has increased, but the acceptance of high - price goods is limited [7]. Strategy - The strategy for both the apple and red date markets is neutral [4][8]