苹果结构矛盾突出，红枣库存压力持续

1. Report Industry Investment Rating - The investment rating for both the apple and red date industries is neutral [3][7] 2. Core Views - Apple: The apple futures market is driven by both fundamental factors and delivery logic. With a decline in both the output and quality of new - season apples, low inventory strongly supports prices. As the delivery month approaches, the scarcity of deliverable goods for the 05 contract further strengthens the support. The market shows a significant east - west difference in sales, and the short - term apple futures price is expected to continue its volatile and upward trend, with intensified market differentiation [2] - Red Date: The red date market has a loose supply - demand pattern, and the futures price is in a low - level oscillation. The focus is on the demand side, but the post - holiday downstream sales are mediocre, and the restocking is average. The futures price has changed from a high premium to a discount to the spot price. The supply in production areas is loose, the sales areas recover slowly, and the high - inventory pattern remains unchanged, with slow inventory removal [6] 3. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract was 10,287 yuan/ton, a change of - 29 yuan/ton or - 0.28% from the previous day [1] - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.00 yuan/jin, with no change from the previous day; the spot basis AP05 - 2287, a change of + 29 from the previous day. The price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.20 yuan/jin, with no change from the previous day; the spot basis AP05 - 1887, a change of + 29 from the previous day [1] - Market Information: The apple market shows a two - level differentiation, with a stronger trading atmosphere in the west and a weaker one in the east. The demand for high - quality goods in the northwest is good, while the transaction in Shandong is average. The number of trucks arriving at the sales areas has decreased, and the sales are average [1] Market Analysis - The apple futures market is driven by fundamentals and delivery logic. Low inventory and a low high - quality fruit rate support the price. As the delivery month approaches, the scarcity of deliverable goods intensifies the support. The sales in production areas are different between the east and the west, and the sales areas have a stable post - holiday sales with low arrivals and slow sales [2] Strategy - The strategy for the apple market is neutral [3] Red Date Market News and Important Data - Futures: The closing price of the red date 2605 contract was 9,060 yuan/ton, a change of + 35 yuan/ton or + 0.39% from the previous day [4] - Spot: The price of first - grade grey jujubes in Hebei was 7.90 yuan/kg, with no change from the previous day; the spot basis CJ05 - 1160, a change of - 35 from the previous day [4] - Market Information: The purchase price of Xinjiang grey jujubes in the 2025 production season ranges from 5.00 - 6.50 yuan/kg. After the Spring Festival, there are few repurchasing merchants in Xinjiang, and the inventory holders are eager to sell. The arrival of goods in the sales areas is gradually increasing, and the prices are stable [4][5] Market Analysis - The red date market has a loose supply - demand pattern, and the futures price is in a low - level oscillation. The focus is on the demand side, but the post - holiday downstream sales are mediocre. The futures price has changed from a high premium to a discount to the spot price. The supply in production areas is loose, the sales areas recover slowly, and the high - inventory pattern remains unchanged, with slow inventory removal [6] Strategy - The strategy for the red date market is neutral [7]