红枣市场周报-20260206

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - This week, the price of the main contract of Zhengzhou jujube futures declined, with a weekly drop of approximately 2.85%. The overall pre - Spring Festival sales pace was acceptable, and it was approaching the end of the pre - holiday stocking period. As of February 5, 2026, the physical inventory of 36 sample points of jujubes was 11,888 tons, a decrease of 1,255 tons from last week, a 9.55% month - on - month decrease and a 12.84% year - on - year increase. The pre - holiday sales situation was similar to that of the same period last year. Affected by the Spring Festival holiday, long - distance logistics had basically stopped, but local logistics could still operate normally. Due to the decentralized acquisition structure of the 2025 production season and the industry's generally cautious expectation for the new season after the holiday, risk control should be noted as the long holiday approached. Future trading should focus on spot prices and the consumer side [9]. 3. Summary by Directory 3.1 Week - to - Week Summary - Market Review: The price of the main contract of Zhengzhou jujube futures declined this week, with a weekly drop of about 2.85% [9]. - Market Outlook: The pre - Spring Festival sales pace was acceptable, and it was near the end of the pre - holiday stocking. The inventory of 36 sample points decreased month - on - month. The pre - holiday sales were similar to last year. Long - distance logistics stopped, and local logistics was normal. The industry was cautious about the post - holiday market. Risk control was needed as the holiday approached. Future trading should focus on spot prices and the consumer side [9]. 3.2 Futures and Spot Market - Futures Price: The price of the Zhengzhou jujube 2605 contract declined this week, with a weekly drop of about 2.85% [11]. - Top 20 Positions: As of this week, the net position of the top 20 in jujube futures was - 20,558 lots [12]. - Futures Warehouse Receipts: As of this week, the number of Zhengzhou jujube warehouse receipts was 3,350 [15]. - Futures Spread: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2605 contract and the 2609 contract was - 225 yuan/ton [19]. - Basis: As of this week, the basis between the Hebei grey jujube spot price and the main contract of jujube futures was 535 yuan/ton [22]. - Purchase Price in Main Producing Areas: As of February 6, 2026, 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 [25]. - First - Grade Jujube Spot Price: As of February 6, 2026, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei was 4.1 yuan/jin, and in Henan was 4.15 yuan/jin [29]. - Special - Grade Jujube Spot Price: As of February 6, 2026, the spot price of special - grade grey jujubes in Cangzhou, Hebei was 9.23 yuan/kg, and the wholesale price in Henan was 9.44 yuan/kg [33]. 3.3 Industry Chain Situation - Supply Side - Inventory: As of February 5, 2026, the physical inventory of 36 sample points of jujubes was 11,888 tons, a decrease of 1,255 tons from last week, a 9.55% month - on - month decrease and a 12.84% year - on - year increase [37]. - Supply Side - Production: The jujube production in the 2025/26 production season is expected to decline [41]. - Demand Side - Export: In December 2025, China's jujube export volume was 5,071,577 kg, the export value was 79,876,362 yuan, the export average price was 15,749.81 yuan/ton. The export volume increased by 43.36% month - on - month and decreased by 18.20% year - on - year. The cumulative export from January to December 2025 was 34,362,765 kg, a cumulative year - on - year decrease of 3.58% [44]. - Demand Side - BOCE Trading: This week, the BOCE Xinjiang Jujube Good Brand had a small amount of trading in orders [49]. 3.4 Options Market and Futures - Stock Correlation - Options Market: The implied volatility of at - the - money options for jujubes this week is presented in the relevant chart, but specific data is not detailed [50]. - Stock Market - Hao Xiang Ni: The price - to - earnings ratio chart of Hao Xiang Ni (002582) is presented, but specific data analysis is not provided [52].