苹果市场周报-20260320

Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, the price of the Apple Futures 2605 contract rose significantly, with a weekly increase of about 7.23%. The apple market mainly trades high - quality goods. The supply of high - quality goods in the western region is limited, and the transaction of ordinary goods from fruit farmers is slow. As of March 18, 2026, the cold - storage inventory of apples in the main producing areas across the country was 4.6843 million tons, a decrease of 312,900 tons from last week, and the inventory removal speed accelerated. The inventory ratio in Shandong and Shaanxi provinces decreased. In the sales area, the overall sales atmosphere is not strong, and the number of incoming trucks is at a normal level. High - quality goods are relatively scarce, and prices are firm. The main contract is approaching delivery, so it is expected that the apple futures price will maintain an upward trend, but attention should be paid to the demand situation [4]. 3. Summary by Relevant Catalogs 3.1. Weekly Highlights Summary - The price of the Apple Futures 2605 contract rose significantly this week, with a weekly increase of about 7.23%. The apple market mainly trades high - quality goods. The supply of high - quality goods in the western region is limited, and the transaction of ordinary goods from fruit farmers is slow. As of March 18, 2026, the cold - storage inventory of apples in the main producing areas across the country was 4.6843 million tons, a decrease of 312,900 tons from last week, and the inventory removal speed accelerated. The inventory ratio in Shandong and Shaanxi provinces decreased. In the sales area, the overall sales atmosphere is not strong, and the number of incoming trucks is at a normal level. High - quality goods are relatively scarce, and prices are firm. The main contract is approaching delivery, so it is expected that the apple futures price will maintain an upward trend, but attention should be paid to the demand situation [4]. - Future trading tips include fruit prices and consumption [5]. 3.2. Futures and Spot Markets 3.2.1. Futures Market - The price of the Apple Futures 2605 contract rose significantly this week, with a weekly increase of about 7.23% [9]. - As of this week, the net position of the top 20 in apple futures was 12,736 lots, and the number of apple futures warehouse receipts was 0 [16]. 3.2.2. Spot Market - As of March 20, 2026, the mainstream price of 80 and above first - and second - grade fruit - farmer goods of bagged Red Fuji in Qixia, Yantai, Shandong was 4.0 yuan per catty; the price of bagged Fuji apples of 75 and above in Yiyuan, Shandong was 2.20 yuan per catty [19]. 3.3. Industry Situation and Options 3.3.1. Industry Chain Situation - Supply Side: As of March 18, 2026, the cold - storage inventory of apples in the main producing areas across the country was 4.6843 million tons, a decrease of 312,900 tons from last week, and the inventory removal speed accelerated. The inventory ratio in Shandong was 38.39%, a decrease of 1.66% from last week, and the inventory ratio in Shaanxi was 36.25%, a decrease of 2.96% from last week [24]. - Demand Side: - As of March 19, the average daily number of incoming trucks in the morning at the main apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was 0.35 yuan per catty [26]. - As of March 13, 2026, the wholesale price of all varieties of apples was 9.37 yuan per kilogram, a decrease of 0.11 yuan per kilogram from last week; the wholesale price of Fuji apples was 9.52 yuan per kilogram, an increase of 0.15 yuan per kilogram from last week [31]. - As of March 13, 2026, the weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.99 yuan per kilogram, an increase of 0.02 yuan per kilogram from last week [35]. - According to customs data, in December 2025, China's fresh apple exports totaled about 156,500 tons, a month - on - month increase of 28.625% and a year - on - year increase of 28%. The export value was 162,842,207 US dollars [39]. 3.3.2. Options Market - The implied volatility of at - the - money options for apples this week is presented in the apple options implied volatility chart [40]. 3.4. Futures - Stock Correlation - The price - to - earnings ratio of Honghui Fruit & Vegetable is presented in the relevant chart [42].