苹果优果支撑偏强，红枣高库存压力延续

Report Industry Investment Rating - The investment strategy for both the apple and jujube industries is neutral [3][6] Core Viewpoints - Apple: The apple market shows a "strong in the west, stable in the east" pattern. The supply of high - quality apples in the northwest is tight, and prices are rising slightly. The overall inventory is at a seven - year low, but the structural shortage of high - quality apples persists. With the approaching of the Tomb - sweeping Festival, demand is expected to increase, and the short - term futures price is expected to remain high and volatile [2] - Jujube: The jujube futures price is in a bottom - oscillating state. The market is in a stage of co - existence of the off - season and high inventory, and the inventory reduction has basically stagnated. The short - term futures price is expected to oscillate within a range [5] Market News and Important Data Apple - Futures: The closing price of the apple 2605 contract was 9998 yuan/ton, a change of +14 yuan/ton (+0.14%) from the previous day [1] - 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 - commercial late Fuji was 4.25 yuan/jin, unchanged from the previous day [1] Jujube - Futures: The closing price of the jujube 2605 contract was 9095 yuan/ton, a change of +15 yuan/ton (+0.17%) from the previous day [4] - Spot: The spot price of first - grade gray jujubes in Hebei was 7.90 yuan/kg, unchanged from the previous day [4] Market Analysis Apple - The apple futures price stabilized in an oscillating manner. The spot market has a "strong in the west, stable in the east" pattern. The high - quality apple supply in the northwest is tight, and prices are rising slightly. The overall inventory is at a low level, but the shortage of high - quality apples persists, supporting the warehouse receipt cost. With the approaching of the Tomb - sweeping Festival, demand is expected to increase, and the short - term futures price is expected to remain high and volatile [2] Jujube - The jujube futures price continued to oscillate at the bottom, and the market trading sentiment was cautious. Due to geopolitical disturbances, some funds flowed in. The spot market is in a stage of co - existence of the off - season and high inventory, and the inventory reduction has basically stagnated. The short - term futures price is expected to oscillate within a range [5] Strategy - The strategy for both the apple and jujube industries is neutral [3][6]