苹果好货稀缺支撑，红枣淡季库存压制

Group 1: Investment Rating - The investment strategy for both apple and red date industries is neutral [3][6] Group 2: Core Views - Apple market: The futures price of apples fluctuated narrowly. The spot market showed a polarized pattern, with good - quality apples in the northwest in short supply and stable prices, while 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 overall consumption was limited. The inventory structure had contradictions, with high - quality goods pushing up costs and ordinary goods dragging down prices. In the short term, the futures price may continue to fluctuate [1][2] - Red date market: The futures price of red dates continued to be weakly volatile. The market was characterized by strong supply and weak demand. The new - year planting season had not started, the supply was clear and loose, while the downstream was in the traditional consumption off - season with slow procurement and inventory reduction. The high inventory was difficult to reduce, and the spot price was stable but weak. In the short term, the price would maintain a bottom - range oscillation [4][5] Group 3: Market News and Important Data Apple - Futures: The closing price of the apple 2605 contract was 9946 yuan/ton, a change of - 32 yuan/ton or - 0.32% 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 - 1946 in Qixia and AP05 - 1246 in Luochuan both increased by 32 compared to the previous day [1] Red date - Futures: The closing price of the red date 2605 contract was 8835 yuan/ton, a change of - 55 yuan/ton or - 0.62% from the previous day [4] - Spot: The price of first - grade gray jujubes in Hebei was 7.90 yuan/kg, unchanged from the previous day, and the spot basis CJ05 - 935 increased by 55 compared to the previous day [4] Group 4: Market Analysis Apple - The futures price showed narrow - range fluctuations, and the spot market was polarized. The demand for stocking in the sales area was lower than expected, and the overall consumption was limited. The inventory structure contradiction was prominent, and the futures price may continue to fluctuate in the short term [2] Red date - The futures price was weakly volatile. The supply was strong and the demand was weak. The new - year planting season had not started, and the downstream was in the off - season. The high inventory was difficult to reduce, and the price would maintain a bottom - range oscillation in the short term [5] Group 5: Strategy - The strategy for both apple and red date industries is neutral [3][6]