苹果优果支撑，红枣高库承压

1. Report Industry Investment Rating - The investment rating for both the apple and red date industries is neutral [3][6] 2. Core Views - Apple: The apple market shows a polarized pattern. The high - quality apples in the northwest are in short supply with stable prices, while the ordinary apples in Shandong have slow sales and chaotic prices. The consumption in the sales area is limited, and the inventory structure has contradictions. In the short term, the futures price may fluctuate at a high level, and attention should be paid to the inventory removal rhythm and new - season flower - period weather [2] - Red Dates: The red date market has a supply - strong and demand - weak fundamental pattern. The upstream supply is loose, and the downstream is in the traditional off - season. The high inventory is slowly removed, and the spot price is stable but weak. The futures price is likely to oscillate within a range, and attention should be paid to the sales area's sales rhythm and inventory removal progress [5] 3. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract was 9,978 yuan/ton, a change of - 94 yuan/ton or - 0.93% from the previous day [1] - 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 over 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.35 yuan/jin, unchanged from the previous day. The spot basis AP05 - 1978 in Qixia and AP05 - 1278 in Luochuan increased by 94 compared to the previous day [1] - Market Information: In the apple market, merchants in the production areas prefer high - quality goods, and the enthusiasm for general goods is not high. In the northwest, there is little high - quality fruit left with farmers' reluctance to sell. In Shandong, the number of merchants looking for high - quality goods is okay, but the export fruit procurement has slowed down. The price of general goods is chaotic. The number of trucks arriving in the sales area is low, and the terminal sales are average [1] Market Analysis - The apple futures price had a narrow - range consolidation, and the position transfer process accelerated. The spot market continued the polarized pattern. The high - quality apples in the northwest were in short supply with stable prices, while the ordinary apples in Shandong had slow sales and chaotic prices. The demand for Tomb - Sweeping Festival stocking in the sales area was lower than expected, and the terminal sales were slow. The national cold - storage inventory was at a seven - year low, and the inventory removal rhythm accelerated, but there were structural contradictions. In the short term, the futures price may oscillate at a high level, and attention should be paid to the inventory removal rhythm and new - season flower - period weather [2] Red Dates Market News and Important Data - Futures: The closing price of the red date 2605 contract was 8,890 yuan/ton, a change of - 35 yuan/ton or - 0.39% from the previous day [4] - Spot: The price of first - grade grey dates in Hebei was 7.90 yuan/kg, unchanged from the previous day. The spot basis CJ05 - 990 increased by 35 compared to the previous day [4] - Market Information: The purchase price range of Xinjiang grey dates in the 2025 production season was 5.00 - 6.50 yuan/kg. The temperature in the production area was normal, and farmers were actively managing the orchards. On March 24, the prices in Hebei Cuierzhuang Market were stable, with mainly sub - standard goods arriving and average trading. In Guangdong Ruyifang Market, 2 trucks of goods arrived, the prices were stable, and merchants purchased according to demand, with a light trading atmosphere [4] Market Analysis - The red date futures price continued to oscillate at a low level, and the market performance was weak. The core contradiction in the market was the supply - strong and demand - weak fundamental pattern. The new - year planting season had not started, the upstream supply was clear and loose, while the downstream was in the traditional off - season, with slow terminal procurement and light restocking. The high inventory was slowly removed, and the rising temperature further restricted the consumption of dates. The spot price was stable but weak. Although the negative factors were dull after the futures and spot prices entered the low - price range, the futures price rebound would trigger industrial hedging pressure. In the short term, the market was likely to oscillate within a range, and attention should be paid to the sales area's sales rhythm and inventory removal progress [5]