苹果优果交割驱动，红枣淡季库存承压

Group 1: Report Industry Investment Ratings - The investment rating for both the apple and红枣 industries is neutral [3][6] Group 2: Core Views of the Report - For the apple industry, the national cold storage inventory is at a historical low, and the structural contradiction of the shortage of high - quality goods is prominent, supporting the futures market. However, the spot market transaction has slowed down, the general goods are in weak demand, and the short - term correction pressure is emerging. The market will be mainly in high - level oscillation in the short term, and attention should be paid to the inventory removal rhythm and new - season flowering weather [2] - For the jujube industry, the current core contradiction is the high inventory and weak demand under the pattern of loose supply - demand. The consumption off - season is obvious, the downstream sales are mediocre, and the high inventory is difficult to reduce in the short term, suppressing the price. The futures price will maintain range - bound oscillation, and attention should be paid to the sales rhythm in the sales area and the weather in the germination period in the production area [5] Group 3: Summary by Related Catalogs Apple Market Market News and Important Data - Futures: The closing price of the apple 2605 contract yesterday was 10,144 yuan/ton, a change of - 577 yuan/ton from the previous day, a decrease of 5.38% - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 4.00 yuan/jin, unchanged from the previous day; the price of more than 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.35 yuan/jin, unchanged from the previous day. The spot basis AP05 - 2144 in Qixia and AP05 - 1444 in Luochuan both increased by 577 compared with the previous day [1] - Market information: The prices in the apple production areas are basically stable, with good - quality goods trading better than ordinary goods. The transaction in the northwest region is stable, with little high - quality fruit left from fruit farmers, and slow transaction of ordinary - quality fruit. In Shandong, there are more merchants looking for high - quality goods, and the export fruit transaction has slightly increased. The arrival volume in the sales areas is low, and the terminal sales are average [1] Market Analysis - Yesterday, the apple futures price fluctuated and declined, and the position volume decreased. The high - quality goods and poor - quality goods in the production areas showed different trends. The sales in the sales areas were stable but slow, and the demand for Tomb - sweeping Festival stocking was not fully released. The market will be mainly in high - level oscillation in the short term [2] Jujube Market Market News and Important Data - Futures: The closing price of the jujube 2605 contract yesterday was 8,860 yuan/ton, a change of + 20 yuan/ton from the previous day, an increase of 0.23% - Spot: The price of first - grade gray jujube in Hebei was 7.90 yuan/kg, unchanged from the previous day. The spot basis CJ05 - 960 decreased by 20 compared with the previous day - Market information: In the 2025 production season, the purchase price range of Xinjiang gray jujube was 5.00 - 6.50 yuan/kg. The temperature in the production area was normal, and farmers were actively managing the fields. In Hebei Cuierzhuang market, there were more than ten trucks of goods arriving during the weekend, mostly sub - standard products, and merchants made small - volume purchases as needed. In Guangdong Ruyifang market, there were 7 trucks of goods arriving, a combination of Xinjiang and inland products, with stable prices and average morning - market transactions [4] Market Analysis - Yesterday, the jujube futures price was in a narrow - range consolidation, and the market continued the bottom - oscillation pattern. The market focus has returned to the spot fundamentals. The consumption off - season is obvious, and the downstream sales and replenishment are mediocre. The high inventory is difficult to reduce, and the price is under continuous pressure. The futures price will maintain range - bound oscillation in the short term [5]