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1. Report Industry Investment Rating - Apple: Neutral [4] - Red dates: Neutral [8] 2. Core Views - Apple: In January 2026, the apple market showed a characteristic of divergence between the pulling of shipments by pre - holiday stocking in the production areas and the weak demand in the sales areas. Although the inventory removal speed accelerated, the inventory was still at a high level. The Spring Festival stocking drove the shipment of late - Fuji apples to accelerate month - on - month but slow down year - on - year. The price polarization was obvious. High - quality goods remained price - firm due to scarcity, while the general goods of fruit farmers were sold at a lower price due to the eagerness to sell. The market performance during the peak season was not prosperous due to the impact of substitute fruits [3]. - Red dates: The 2025 red date market had a production reduction, but the inventory overlay and insufficient consumption kept the prices under pressure. Although the pre - holiday stocking drove inventory removal, it was difficult to change the overall abundant supply pattern. The arrival volume in the sales areas increased month - on - month, but the actual sales were less than expected. Substitute products such as tangerines and nuts compressed the downstream sales space of red dates. The next 20 days are the key stocking period, and the market performance depends on the sales volume in the sales areas [7]. 3. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract yesterday was 9485 yuan/ton, a change of +105 yuan/ton from the previous day, with a change rate of +1.12%. - Spot: The price of 80 first - and second - grade late - Fuji in Shandong Qixia was 4.00 yuan/jin, with no change from the previous day. The spot basis AP05 was - 1485, a change of - 105 from the previous day. The price of semi - commercial late - Fuji above 70 in Shaanxi Luochuan was 4.20 yuan/jin, with no change from the previous day. The spot basis AP05 was - 1085, a change of - 105 from the previous day [1]. Recent Market Information - The apple trading situation in the production areas decreased slightly compared with the previous period, and the prices remained stable. Traders mainly shipped pre - packaged goods, and the overall packaging and shipping accelerated slightly. The transaction volume of general goods of fruit farmers in the main production areas was average, with mainly high - grade and third - grade fruits being sold. Some fruit farmers were more eager to sell. In Shaanxi, the transactions of fruit farmers' goods were mainly in small quantities of extreme - end goods, and traders mainly shipped their own inventory. In Gansu, the Jingzhuang area mainly shipped packaged goods of traders, and the trading in the Qingyang area improved. In Shandong, the transactions were average, mainly for gift - box purchases, with a small amount of 75 and third - grade goods being shipped out. The prices of fruit farmers' 80 first - and second - grade slice - red apples in Qixia were 3.2 - 4.5 yuan/jin, and the 80 general goods were around 2.5 - 3 yuan/jin. The ex - warehouse price of general goods of fruit farmers in Shaanxi Luochuan was 3.5 - 4.0 yuan/jin, and the semi - commercial ex - warehouse price was 4.0 - 4.3 yuan/jin. The semi - commercial price of fruit farmers in Gansu Jingning was 5 - 6 yuan/jin, and the ex - warehouse price of general goods of fruit farmers was 3.7 - 5 yuan/jin. The stocking atmosphere in the production areas was average, and traders preferred to ship their own inventory. The transactions of fruit farmers' goods were concentrated in extreme - end goods, and the transactions of general goods were limited. In the sales areas, the number of arriving trucks increased, and gift - box products were gradually sold, but the sales were affected by competing fruits and were not fast. It is expected that the sales volume will increase slightly under the boost of stocking in the short term, and the prices will be slightly weak [2]. Market Analysis - The apple futures price rose slightly yesterday. With the start of pre - Spring Festival stocking, the market demand increased significantly, and the trading activity improved significantly. In terms of circulation, the pre - holiday purchase demand was released rapidly, and the overall sales speed in the market accelerated. Some dealers still put pressure on the prices at the production end. The current price was still at a high level compared with substitute varieties such as tangerines and cherries, but the prices of high - quality goods remained firm. Attention should be paid to the actual consumption performance in the terminal market. In January 2026, the apple market showed a divergence between the production areas and the sales areas. Although the inventory removal speed accelerated, the inventory was still at a high level. The Spring Festival stocking drove the shipment of late - Fuji apples to accelerate month - on - month but slow down year - on - year. The price polarization was obvious. High - quality goods remained price - firm due to scarcity, while the general goods of fruit farmers were sold at a lower price due to the eagerness to sell. The sales in Shandong and Shaanxi were sluggish, and the transactions of fruit farmers' goods in Gansu were relatively concentrated. The average daily number of arriving trucks in the three major core markets in Guangdong decreased month - on - month, and the overall sales in the month were not smooth. The backlog in the transfer warehouses increased. Although the number of arriving trucks increased at the end of the month due to stocking, the terminal digestion was insufficient. Coupled with the price impact of substitute fruits such as tangerines and cherries, the market performance during the peak season was not prosperous [3]. Red Dates Market News and Important Data - Futures: The closing price of the red date 2605 contract yesterday was 8920 yuan/ton, a change of +100 yuan/ton from the previous day, with a change rate of +1.13%. - Spot: The price of first - grade grey dates in Hebei was 8.00 yuan/kg, with no change from the previous day. The spot basis CJ05 was - 920, a change of - 100 from the previous day [5]. Recent Market Information - In the 2025 production season, the purchase price range of Xinjiang grey dates was 5.00 - 6.50 yuan/kg. The mainstream price of general goods in Aksu was 5.00 - 5.30 yuan/kg, in Alar was 5.20 - 5.80 yuan/kg, in Kashgar was 6.20 - 6.40 yuan/kg, and in Maigaiti was 6.00 - 6.30 yuan/kg. The raw material purchase in the production areas was priced according to quality, adhering to the principle of high - quality and high - price. On February 2, there were 5 trucks of goods arriving at the Hebei Cuierzhuang market. The reference price of special - grade dates was 8.00 yuan/kg, with average quality. Downstream buyers purchased according to demand. Small and medium - sized enterprises with self - purchased goods actively sold their inventory due to the limited pre - holiday stocking time. In the Guangdong Ruyifang market, 7 trucks of goods arrived, and the prices remained stable. Downstream buyers purchased according to demand, and the sales were okay. The market will be on holiday from the 25th of the twelfth lunar month to the eighth day of the first lunar month. According to traders, the logistics will stop operating from the 15th to the 23rd of the twelfth lunar month. The available trading time before the Spring Festival is limited, and it is expected that the prices will remain stable in the short term [6]. Market Analysis - The red date futures price fluctuated sideways yesterday. Although the inventory removal speed has accelerated recently, the market supply is still sufficient due to the overlay of old and new goods, and the prices are under continuous pressure. As more buyers enter the market, the pressure on inventory sales has been relieved. Although it is approaching the Spring Festival, the terminal consumption has not increased significantly. Attention should be paid to the actual sales performance in the sales areas and the change in the festival consumption atmosphere during the Spring Festival. The red date purchase in the production areas has ended. The 2025 red date market had a production reduction, but the inventory overlay and insufficient consumption kept the prices under pressure. Although the pre - holiday stocking drove inventory removal, it was difficult to change the overall abundant supply pattern. The arrival volume in the sales areas increased month - on - month, but the actual sales were less than expected. Downstream traders were cautious in purchasing, and the sales were weak. At the same time, substitute products such as tangerines and nuts occupied the market, continuously compressing the downstream sales space of red dates. The next 20 days are the key stocking period. If the sales volume in the sales areas increases significantly, it may relieve the inventory pressure and support the prices in the short term; otherwise, the pressure will be further transmitted after the Spring Festival [7].