苹果产业日报-20260225

Report Industry Investment Rating - Not provided Core Viewpoint - The sales of apples in the sales areas are good, and the prices of high-quality goods are relatively firm. In the production areas, there are few inquiring customers in Shandong and Shaanxi, while there is an inquiry for high-quality goods in Gansu. Overall, the apple demand during the Spring Festival is okay, but the enthusiasm for purchasing low-cost and average-quality goods is poor. It is expected that the price of the main apple futures contract will fluctuate [2]. Summary by Directory Futures Market - The closing price of the main apple futures contract is 9749 yuan/ton, and the position of the main contract is 112,582 lots, with a week-on-week increase of 2,421 lots. The net long position of the top 20 futures holders is 10,410 lots, with a week-on-week increase of 874 lots [2]. Spot Market - The spot price of apples in Gansu Jingning (paper bag, above 75) is 5.25 yuan/jin, and that in Shandong Yiyuan (paper bag, above 75) is 2.4 yuan/jin, both with no week-on-week change. The spot price of apples in Shaanxi Luochuan (paper bag, above 70 semi-commodity) is 4.2 yuan/jin, and that in Shandong Yantai Qixia (paper bag, above 80 first-grade) is 3.7 yuan/jin, both with no week-on-week change [2]. Upstream Situation - The annual apple production in China is 5,128.51 tons, with a year-on-year increase of 168.34 tons [2]. Industry Situation - The weekly wholesale price of apples is 9.56 yuan/kg, and the average wholesale price of Fuji apples is 9.31 yuan/kg, with a week-on-week increase of 0.02 yuan/kg. The total inventory of apple cold storages in China is 588.15 tons, with a week-on-week decrease of 31.66 tons. The capacity utilization rate of apple cold storages in Shandong is 0.45, with a week-on-week decrease of 0.02, and that in Shaanxi is 0.47, with a week-on-week decrease of 0.02. The monthly export volume of apples is 160,000 tons, with an increase of 40,000 tons. The monthly import value of fresh and dried fruits and nuts is 1,775,355 US dollars, with an increase of 657,409 US dollars. The year-on-year growth rate of the monthly export value of apples is 30.7%. The weekly profit of storage merchants for first- and second-grade paper bag apples (80) is 0.3 yuan/jin, with no week-on-week change [2]. Downstream Situation - The weekly wholesale price of pears is 6.81 yuan/kg, with a week-on-week increase of 0.07 yuan/kg; the weekly wholesale price of bananas is 6.45 yuan/kg, with a week-on-week increase of 0.01 yuan/kg; the weekly wholesale price of watermelons is 7.12 yuan/kg, with a week-on-week increase of 0.05 yuan/kg. The average daily number of trucks arriving at the Guangdong Jiangmen wholesale market in the morning is 30.2, with an increase of 2.4; the average daily number of trucks arriving at the Guangdong Xiaqiao wholesale market in the morning is 37; the average daily number of trucks arriving at the Guangdong Chalong wholesale market in the morning is 55.2, with an increase of 4 [2]. Option Market - The implied volatility of at-the-money call options for apples is 27.59%, and that of at-the-money put options is 27.55%, with a week-on-week increase of 2.85% [2].