苹果市场周报-20260213

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - This week, the price of the Apple Futures 2605 contract rose, with a weekly increase of 3.15%. In the production areas, apples are being packed and shipped intensively, and the sales of gift boxes and framed goods are fair. As of February 12, 2026, the cold storage inventory of apples in the main production areas across the country was 5.8815 million tons, a decrease of 316,500 tons from the previous week, and the inventory removal speed was slightly slower than the previous week. The storage capacity ratio in Shandong and Shaanxi provinces decreased. The overall shipment volume in Shandong is still large, while the shipment in Shaanxi is average. In the sales areas, the backlog of inventory is large, and the sales pressure is obvious. Citrus and other competing fruits continue to have a substitution effect. With the long - holiday approaching, short - term risk control should be noted [4][8]. 3. Summary According to the Directory 3.1 Week - to - Week Summary - The price of the Apple Futures 2605 contract rose this week, with a weekly increase of 3.15%. In the production areas, apples are being packed and shipped intensively. As of February 12, 2026, the cold storage inventory of apples in the main production areas across the country was 5.8815 million tons, a decrease of 316,500 tons from the previous week, and the inventory removal speed was slightly slower than the previous week. The storage capacity ratio in Shandong was 45.07%, a decrease of 1.98% from the previous week, and in Shaanxi it was 46.74%, a decrease of 2.08% from the previous week. The overall shipment volume in Shandong is still large, while the shipment in Shaanxi is average. In the sales areas, the backlog of inventory is large, and the sales pressure is obvious. Citrus and other competing fruits continue to have a substitution effect. Future trading prompts include fruit prices and consumption [4]. 3.2 Futures and Spot Markets 3.2.1 Futures Market - This week, the price of the Apple Futures 2605 contract rose, with a weekly increase of about 3.15%. As of this week, the net position of the top 20 in Apple Futures was 10,404 lots, and the number of Apple Futures warehouse receipts was 0 [8][14]. 3.2.2 Spot Market - As of February 13, 2026, the mainstream price of farmer - owned goods of bagged Red Fuji apples of 80 and above in Qixia, Yantai, Shandong was 3.7 yuan per catty; the price of bagged Fuji apples of 75 and above in Yiyuan, Shandong was 2.40 yuan per catty [17]. 3.3 Industry Situation and Options 3.3.1 Industry Chain Situation - Supply Side: As of February 12, 2026, the cold storage inventory of apples in the main production areas across the country was 5.8815 million tons, a decrease of 316,500 tons from the previous week, and the inventory removal speed was slightly slower than the previous week. The storage capacity ratio in Shandong was 45.07%, a decrease of 1.98% from the previous week, and in Shaanxi it was 46.74%, a decrease of 2.08% from the previous week [22]. - Demand Side - As of February 12, the average daily number of early - morning arrival vehicles at the main apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was 0.3 yuan per catty [26]. - As of February 6, 2026, the wholesale price of all varieties of apples was 9.55 yuan per kilogram, a week - on - week increase of 0.1 yuan per kilogram; the wholesale price of Fuji apples was 9.29 yuan per kilogram, a week - on - week decrease of 0.04 yuan per kilogram [29]. - As of February 6, 2026, the weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.87 yuan per kilogram, a week - on - week decrease of 0.10 yuan per kilogram [33]. - According to customs data, in December 2025, China's total export of fresh apples was about 156,500 tons, a month - on - month increase of 28.625% and a year - on - year increase of 28%. The export value was 162,842,207 US dollars [37]. 3.3.2 Options Market - There is a chart of the implied volatility of Apple at - the - money options this week, but no specific data is provided [38]. 3.4 Futures - Stock Correlation - There is a chart of the price - to - earnings ratio of Honghui Fruit & Vegetable Co., Ltd., but no specific analysis is provided [40].