苹果好货支撑偏强，红枣淡季高库存承压

Group 1: Investment Ratings - The investment strategy for both the apple and red date industries is neutral [3][6] Group 2: Core Views - The apple market shows a polarized trading state, with good - quality goods trading stably and prices remaining firm. The futures price of apples oscillated upward yesterday, and the inventory reduction has accelerated. The total inventory is at a seven - year low. Due to the low high - quality fruit rate, the structural contradiction of scarce high - quality supplies is prominent, supporting the warehouse receipt cost. It is expected that the short - term futures price will maintain a high - level oscillation [1][2] - The red date market is in a stage of coexistence of a consumption off - season and high inventory, and the inventory reduction process is basically stagnant. The supply - demand pattern of the off - season restricts the price rebound. It is expected that the futures price will maintain an interval oscillation [5] Group 3: Market News and Important Data Apple - Futures: The apple 2605 contract closed at 10,118 yuan/ton yesterday, up 54 yuan/ton or 0.54% from the previous day [1] - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia is 4.00 yuan/jin, unchanged from the previous day; the price of over 70 semi - commercial late Fuji in Shaanxi Luochuan is 4.25 yuan/jin, unchanged from the previous day. The spot basis AP05 is - 2118 in Qixia and - 1618 in Luochuan, both down 54 from the previous day [1] Red Date - Futures: The red date 2605 contract closed at 9,025 yuan/ton yesterday, down 45 yuan/ton or 0.50% from the previous day [4] - Spot: The spot price of first - grade grey jujubes in Hebei is 7.90 yuan/kg, unchanged from the previous day. The spot basis CJ05 is - 1125, up 45 from the previous day [4] Group 4: Market Analysis Apple - The apple futures price oscillated upward yesterday, showing a strong performance. The spot market maintains a pattern of strength in the west and stability in the east. The supply of high - quality goods in the northwest is relatively tight, and prices are firm. The inventory reduction has accelerated, and the total inventory is at a seven - year low. The structural contradiction of scarce high - quality supplies is prominent, supporting the warehouse receipt cost. With the approaching of the Tomb - Sweeping Festival stocking demand and the weakening of the impact of alternative fruits, it is expected that the short - term futures price will maintain a high - level oscillation [2] Red Date - The red date futures price continued to oscillate at a low level yesterday. The red date market is in a stage of coexistence of a consumption off - season and high inventory, and the inventory reduction process is basically stagnant. The supply is in a relaxed pattern in the short term. As the temperature rises, red date consumption gradually fades, and downstream purchasers buy on demand. The spot price remains stable at a low level. Although the low valuation of red dates attracts some capital inflows, the price rebound is limited due to the off - season supply - demand pattern. It is expected that the futures price will maintain an interval oscillation [5] Group 5: Strategies - The strategy for the apple industry is neutral [3] - The strategy for the red date industry is neutral [6]