苹果优果供给偏紧，红枣消费步入淡季

Report Industry Investment Rating - The investment rating for both the apple and red date industries is neutral [3][7] Core Viewpoints - The apple market shows significant structural differentiation, with high - quality goods and general goods having different trends. The overall trading atmosphere is average, but the fundamentals are strong. The national cold - storage inventory is at a second - lowest level in the same period, and the proportion of deliverable high - quality goods is low. The focus of market games is shifting from the supply side to consumption verification and new - season weather disturbances [2] - The red date market is in a stage of co - existence of the off - season for consumption and high inventory pressure, with an overall loose supply - demand pattern. The post - festival market recovery is slow, and the downstream replenishment is average. The high inventory reduction has basically stagnated, suppressing the price. The red date futures price is expected to maintain a low - level shock [6] Summary by Directory Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract was 10303 yuan/ton, a change of +16 yuan/ton or +0.16% from the previous day. Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.00 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 and above semi - commodity late Fuji was 4.20 yuan/jin, unchanged from the previous day. The apple market runs steadily, with a two - level differentiation in trading, and the trading atmosphere is stronger in the west than in the east [1] Market Analysis - The apple futures price fluctuated narrowly. The market has a structural differentiation. The cold - storage inventory is low, and the proportion of high - quality goods is low. The northwest region has good demand and strong prices after the festival, while the Shandong region has high inventory and high pressure to move goods. The futures price of near - month contracts has resilience, and the far - month contracts may fluctuate more. Attention should be paid to the inventory reduction rhythm and weather changes in the production areas [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 8985 yuan/ton, a change of - 75 yuan/ton or - 0.83% from the previous day. Spot: The price of first - grade grey jujubes in Hebei was 7.90 yuan/kg, unchanged from the previous day. The 2025 Xinjiang grey jujube acquisition price ranges from 5.00 - 6.50 yuan/kg. After the Spring Festival, there are few repurchase merchants in Xinjiang, and the inventory holders are more willing to sell. The market prices in Hebei and Guangdong are stable, with general transactions [4] Market Analysis - The red date futures price fluctuated narrowly. The market is in the off - season for consumption with high inventory pressure, and the supply - demand pattern is loose. The post - festival market recovery is slow, and the inventory reduction has stagnated, suppressing the price. Although the futures price has rebounded due to external market sentiment and low valuation, the rebound is limited. The market focus is on the demand side, and the futures price is expected to maintain a low - level shock [6] Strategy - The strategy for the red date market is neutral [7]