红枣市场周报-20260213

Report Summary 1. Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the price of the main contract of Zhengzhou jujube futures rose, with a weekly increase of about 1.73%. The 36 sample physical inventories decreased by 0.30% week - on - week and increased by 12.90% year - on - year. After the pre - Spring Festival stocking, market trading is mainly for short - distance replenishment. Future focus should be on the actual digestion capacity during the Spring Festival and the start rhythm and intensity of downstream replenishment after the festival [10]. - The 2025/26 jujube production season is expected to see a decline in output [46]. - In December 2025, China's jujube export volume increased by 43.36% month - on - month and decreased by 18.20% year - on - year. The cumulative export volume from January to December 2025 decreased by 3.58% year - on - year [49]. 3. Summary by Directory 3.1 Week - by - Week Highlights Summary - Market Review: The price of the main contract of Zhengzhou jujube futures rose this week, with a weekly increase of about 1.73% [10]. - Market Outlook: As of February 12, 2026, the physical inventory of 36 sample points was 11,852 tons, a 0.30% week - on - week decrease and a 12.90% year - on - year increase. After the pre - Spring Festival stocking, market trading is mainly for short - distance replenishment. Future focus should be on the Spring Festival digestion capacity and post - festival downstream replenishment [10]. - Future Trading Tips: Pay attention to spot prices and the consumer side [10]. 3.2 Futures and Spot Markets - Price Trend: The price of the Zhengzhou jujube 2605 contract rose this week, with a weekly increase of about 1.73% [14]. - Top 20 Positions: As of this week, the net position of the top 20 in jujube futures was - 14,493 lots [17]. - Warehouse Receipts: As of this week, the number of Zhengzhou jujube warehouse receipts was 3,766 [21]. - Futures Spread: As of this week, the spread between the 2605 and 2609 contracts of Zhengzhou Commodity Exchange jujube futures was - 195 yuan/ton [24]. - Basis: As of this week, the basis between the Hebei grey jujube spot price and the main contract of jujube futures was 335 yuan/ton [27]. - Purchase Price in Main Producing Areas: As of February 13, 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 [30]. - First - Grade Jujube Spot Price: As of February 13, 2026, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei was 3.95 yuan/jin, and in Henan was 4.15 yuan/jin [34]. - Super - Grade Jujube Spot Price: As of February 13, 2026, the spot price of super - grade grey jujubes in Cangzhou, Hebei was 9.18 yuan/kg, and the wholesale price in Henan was 9.50 yuan/kg [38]. 3.3 Industry Situation - Supply Side - Inventory: As of February 12, 2026, the physical inventory of 36 sample points was 11,852 tons, a 0.30% week - on - week decrease and a 12.90% year - on - year increase [42]. - Supply Side - Production Decline Possibility: The 2025/26 jujube production season is expected to see a decline in output [46]. - Demand Side - Export Volume: In December 2025, China's jujube export volume was 5,071,577 kg, with an export value of 79,876,362 yuan and an average export price of 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 volume from January to December 2025 was 34,362,765 kg, a 3.58% year - on - year decrease [49]. - Demand Side - BOCE Trading: This week, the order volume of BOCE Xinjiang Jujube Hao Brand had a small amount of transactions [54]. 3.4 Options Market and Futures - Stock Correlation - Options Market: Information about this week's implied volatility of at - the - money jujube options is presented in a chart, but no specific numerical data is given [55]. - Stock Market - Haoxiangni: A chart shows the price - to - earnings ratio of Haoxiangni, but no specific analysis is provided [57].