苹果产业日报-20260302

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Views - The apple market continues to show a two - tiered distribution. Merchants prefer high - quality goods, and the overall trading atmosphere is average. [2] - The inventory in the main producing areas has a stable replenishment demand, but the sales volume is low. The overall trading is tepid, and there is no significant change in prices. [2] - As of February 25, 2026, the cold - storage inventory of apples in the main producing areas across the country is 552.92 million tons, with a slower de - stocking speed. [2] - The capacity utilization ratio in Shandong and Shaanxi provinces has decreased. The post - holiday replenishment atmosphere in Shandong is average, and some fruit growers are willing to lower prices. In Shaanxi, the number of replenishing merchants is small, and the in - warehouse trading is deserted. [2] - In the sales areas, the post - holiday arrival volume is low, and the sales are slowing down. It is expected that the short - term apple futures price will fluctuate. [2] 3. Summary by Directory Futures Market - The closing price of the apple futures main contract is 9,896 yuan/ton, and the main contract position is 130,604 hands, with an increase of 1,829 hands. The net long position of the top 20 futures holders is 14,029 hands. [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5.25 yuan/jin, and in Shandong Yiyuan (paper - bagged, above 75) is 2.4 yuan/jin. [2] - The spot price of apples in Shaanxi Luochuan (paper - bagged, above 70 semi - commodity) is 4.2 yuan/jin, and in Shandong Yantai Qixia (paper - bagged, above 80 second - grade fruit grower's goods) is 3.7 yuan/jin. [2] Upstream Situation - The annual apple production in the country is 5,128.51 million tons, and the weekly fruit wholesale price of apples is 9.56 yuan/kg, with an increase of 0.06 yuan/kg. The average wholesale price of Fuji apples is 9.36 yuan/kg, with a decrease of 0.05 yuan/kg. [2] - The total cold - storage inventory of apples in the country is 552.92 million tons, with a decrease of 19.08 million tons. The capacity utilization ratio in Shandong is 0.43, with a decrease of 0.01, and in Shaanxi is 0.44, with a decrease of 0.02. [2] - The monthly export volume of apples is 160,000 tons, with an increase of 40,000 tons. The monthly import amount of fresh and dried fruits and nuts is 1,775,355 million US dollars, and the year - on - year monthly export amount of apples is 30.7%. [2] Industry Situation - The profit of storage merchants for first - and second - grade paper - bagged 80 apples is 0.3 yuan/jin. [2] Downstream Situation - The weekly fruit wholesale price of pears is 6.81 yuan/kg, with an increase of 0.07 yuan/kg; that of bananas is 7.12 yuan/kg, with an increase of 0.05 yuan/kg; that of watermelons is 6.45 yuan/kg, with an increase of 0.01 yuan/kg. [2] - The morning average daily arrival volume of trucks at the Guangdong Jiangmen wholesale market is 12.25 vehicles, with a decrease of 17.95 vehicles; at the Guangdong Xiaqiao wholesale market is 23.25 vehicles; at the Guangdong Chalong wholesale market is 15.25 vehicles, with a decrease of 31.95 vehicles. [2] Option Market - The implied volatility of at - the - money call options for apples is 26.29%, with an increase of 0.34%, and that of at - the - money put options is also 26.29%, with an increase of 0.34%. [2]