Report Information - Report Name: Apple Industry Daily Report 2025 - 11 - 20 [1] - Researcher: Wang Cuibing [2] - Futures Practitioner Qualification Number: F03139616 [2] - Futures Investment Consulting Practitioner Certificate Number: Z0021556 [2] 1. Report Industry Investment Rating - No information provided 2. Core View - As the apple storage process is not yet finished and is currently in the peak storage period, the volume of farmers' apple supplies going into storage has significantly increased. In the Shaanxi region, the storage and shipment processes are happening simultaneously, with the storage process almost complete. There is a small amount of external - sourced apples being shipped back to Luochuan, and some merchants are transferring locally - sourced low - price apples for storage, resulting in a relatively small overall shipment volume. In the sales market, there is good enthusiasm for purchasing high - quality apples. With the upcoming stocking period for Christmas and New Year's Day, the apple futures price is expected to remain high in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9496 yuan/ton; the position of the main contract is 140787 hands, with an increase of 16254 hands. The net long position of the top 20 futures holders is 9165 hands, with an increase of 293 hands [2] 3.2 Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5.25 yuan/jin; in Shandong Yiyuan (paper - bagged, above 75) is 2.6 yuan/jin; in Shaanxi Luochuan (paper - bagged, above 70 semi - commercial) is 4.2 yuan/jin; in Shandong Yantai Qixia (paper - bagged, above 80, first - and second - grade fruit farmers' goods) is 4 yuan/jin, all with no change [2] 3.3 Upstream Situation - The annual apple production in China is 5128.51 million tons, with an increase of 168.34 million tons [2] 3.4 Industry Situation - The weekly apple wholesale price is 9.43 yuan/kg, with a decrease of 0.06 yuan/kg; the average weekly wholesale price of Fuji apples is 9.12 yuan/kg, with an increase of 0.08 yuan/kg. The total weekly inventory in national apple cold storage is 65.82 million tons. The weekly capacity utilization ratio of Shandong apple cold storage is 0.54, with an increase of 0.03; that of Shaanxi is 0.59, with a decrease of 0.01. The monthly apple export volume is 70000 tons, with no change. The monthly import value of fresh, dried fruits and nuts is 1837980 million US dollars, with an increase of 248684.5 million US dollars. The monthly year - on - year growth rate of apple export value is - 8.5%. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin, with no change [2] 3.5 Downstream Situation - The weekly wholesale price of pears is 6.67 yuan/kg, with an increase of 0.01 yuan/kg; the weekly wholesale price of bananas is 5.56 yuan/kg, with an increase of 0.2 yuan/kg; the weekly wholesale price of watermelons is 5.34 yuan/kg, with a decrease of 0.05 yuan/kg. The average daily number of incoming trucks in the morning at the Guangdong Jiangmen wholesale market is 12.2, with no change; at the Guangdong Xiaqiao wholesale market is 16, with a decrease of 1; at the Guangdong Chalong wholesale market is 23.8, with a decrease of 0.2 [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 21.81%, with a decrease of 1.43%; the implied volatility of at - the - money put options for apples is 21.81%, with a decrease of 1.43% [2] 3.7 Industry News - As of November 19, 2025, the total inventory in apple cold storage in major producing areas in China is 773.16 million tons, with an increase of 8.92 million tons compared to last week. The capacity utilization ratio of Shandong apple cold storage is 54.29%, with an increase of 3.02%; that of Shaanxi is 59.10%, with a decrease of 0.34%. The storage of new - season late - maturing Fuji apples is almost complete, and the remaining inventory is mainly concentrated in places like Qixia, Shandong. The ground - level trading in the Shandong producing area is coming to an end [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The current late - Fuji apple inventory is at a relatively low level in recent years, and price fluctuations have intensified on the futures market. It is recommended to buy long positions on dips in the short term and pay attention to risk control [2] 3. Summary by Related Catalogs Futures Market - The closing price of the apple futures main contract is 9229 yuan/ton, and the main contract position is 139,277 lots, a decrease of 2,878 lots compared to the previous period. The net long position of the top 20 futures holders is 7,393 lots [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bag 75 and above) is 5 yuan/jin, unchanged from the previous period; in Shandong Yiyuan (paper - bag 75 and above) it is 2.3 yuan/jin, unchanged; in Shaanxi Luochuan (paper - bag 70 and above half - commodity) it is 4.2 yuan/jin, with a change of 0.1 yuan/jin; in Shandong Yantai Qixia (paper - bag 80 and above first - grade second - class fruit farmer's goods) it is 3.5 yuan/jin, a decrease of 0.1 yuan/jin [2] Upstream Situation - The annual national apple output is 5,128.51 million tons. The weekly apple fruit wholesale price is 9.46 yuan/kg, a decrease of 0.07 yuan/kg; the average wholesale price of Fuji apples is 9.04 yuan/kg, a decrease of 0.11 yuan/kg. The total national apple cold - storage inventory is 698.42 million tons, the Shandong apple storage capacity ratio is 0.41, unchanged; the Shaanxi apple storage capacity ratio is 0, and the monthly apple export volume is 70,000 tons, unchanged [2] Industry Situation - The monthly apple export amount year - on - year is - 8.5%. The monthly import amount of fresh, dried fruits and nuts is 1,837,980 million US dollars, an increase of 248,684.5 million US dollars. The weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0 yuan/jin [2] Downstream Situation - The weekly fruit wholesale price of pears is 6.67 yuan/kg, with a change of 0.02 yuan/kg; for bananas it is 5.18 yuan/kg, with a change of 0.1 yuan/kg; for watermelons it is 5.48 yuan/kg, with a change of - 0.02 yuan/kg. The weekly average number of early - morning arrival vehicles at the Guangdong Jiangmen wholesale market is 12.2, a decrease of 4; at the Guangdong Xiaqiao wholesale market it is 17, a decrease of 3.6; at the Guangdong Chalong wholesale market it is 24, a decrease of 3.6 [2] Option Market - The implied volatility of at - the - money call options for apples is 23.36%, a decrease of 0.67%; the implied volatility of at - the - money put options for apples is 23.36%, a decrease of 0.67% [2] Industry News - Cold - storage trading in the western apple - producing areas has gradually started, with Shandong merchants actively purchasing goods, and the price of stored Fuji apples in Gansu is stable and firm. In the Shandong producing area, the mainstream price of surface supplies has declined due to quality issues, and the local inventory has continued to increase. The ground trading of new - season late - Fuji apples is gradually ending, mainly concentrated in Shandong and Shanxi. As of November 5, 2025, the national apple cold - storage inventory is 698.42 million tons, lower than the same period last year. The storage capacity ratio in Shandong is 41.03%, a year - on - year decrease of 13.42%; in Shaanxi it is 56.81%, a year - on - year decrease of 10.77%. The new - season late - maturing Fuji apples in Shandong have smaller fruit sizes and poorer fruit surface quality, showing a trend of reduced production and quality [2]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - As of November 5, 2025, the apple cold - storage inventory in major producing areas was 698.42 million tons, 115.02 million tons lower than the same period last year. The current storage progress does not represent the final peak. - The storage capacity ratio in Shandong was 41.03%, a year - on - year decrease of 13.42%, and in Shaanxi it was 56.81%, a year - on - year decrease of 10.77%. The new - season late - maturing Fuji apples in Shandong showed a trend of reduced yield and quality. - Shaanxi's storage is nearing completion, and the storage volume is expected to reach its peak next week. - The current late - Fuji inventory is at a relatively low level in recent years, which is reflected in the market, causing increased price volatility. It is recommended to wait and see in the short term. [2] 3. Summary by Directory Futures Market - The closing price of the main apple futures contract was 9,159 yuan/ton, and the position of the main contract was 142,155 lots, an increase of 11,488 lots. - The net long position of the top 20 futures traders was 6,233 lots, a decrease of 1,097 lots. [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) was 5 yuan/jin, unchanged; in Shandong Yiyuan (paper - bagged, above 75) it was 2.3 yuan/jin, unchanged; in Shaanxi Luochuan (paper - bagged, above 70 semi - commercial) it was 4.1 yuan/jin, unchanged; in Shandong Yantai Qixia (paper - bagged, above 80 first - grade) it was 3.6 yuan/jin, a decrease of 0.1 yuan/jin. [2] Upstream Situation - The national apple output was 5,128.51 million tons, an increase of 168.34 million tons. - The average wholesale price of apples was 9.46 yuan/kg, a decrease of 0.07 yuan/kg; the average wholesale price of Fuji apples was 9.04 yuan/kg, a decrease of 0.11 yuan/kg. - The total cold - storage inventory of national apples was 698.42 million tons. The storage capacity ratio in Shandong was 0.57, and in Shaanxi it was 0.41. The monthly export volume of apples was 70,000 tons. [2] Industry Situation - The monthly export value of apples was 69.1798 million US dollars, an increase of 24.86845 million US dollars; the monthly import value of fresh and dried fruits and nuts was not provided with a change value. - The profit of first - and second - grade paper - bagged 80 apple storage merchants was 0 yuan/jin. - The average wholesale price of tangerines was 6.08 yuan/kg, a decrease of 0.66 yuan/kg; the wholesale price of bananas was 5.48 yuan/kg, an increase of 0.02 yuan/kg. [2] Downstream Situation - The wholesale price of watermelons was 5.18 yuan/kg. - The average daily early - morning arrival of trucks at the Jiangmen wholesale market in Guangdong was 12.2 vehicles, a decrease of 4 vehicles; at the Xiaqiao wholesale market in Guangdong, it was 17 vehicles, a decrease of 3.6 vehicles; at the Chalong wholesale market in Guangdong, it was 24 vehicles, a decrease of 3.6 vehicles. [2] Option Market - The implied volatility of at - the - money call options for apples was 24.03%, a decrease of 0.1%; the implied volatility of at - the - money put options for apples was 24.03%, a decrease of 0.1%. [2] Industry News - In the Gansu production area, cold - storage apple trading was active, with merchants from Shandong and Shaanxi actively purchasing. The price of stored Fuji apples remained stable and firm. - In the Shaanxi production area, ground trading was ending, and some inventory holders were supplying the market, with a stable market. - In the Yuncheng production area of Shanxi, the trading of paper - laminated apples heated up, with more inquiring and purchasing merchants, and prices showed a firm trend. - In the Shandong production area, fruit farmers were still storing apples, the overall quality of ground supplies declined slightly, small - fruit trading was active, and prices rose significantly. [2]

1. Report Industry Investment Rating - No information provided about the industry investment rating in the given content 2. Core View of the Report - Given the current scarcity of high - quality new apples and the principle of better quality commanding higher prices, it is expected that the short - term apple futures price will continue to fluctuate with a slightly upward trend [2] 3. Summary According to Related Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9198 yuan/ton, and the main contract position is 136,249 hands, with a decrease of 22,876 hands compared to the previous period. The net long position of the top 20 futures holders is - 2663 hands, with a value of 8643 hands [2] 3.2 Spot Market - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5 yuan/jin, unchanged; in Shandong Yiyuan (paper - bagged above 75) is 2.35 yuan/jin, unchanged; in Shaanxi Luochuan (paper - bagged above 70 semi - commercial) is 4.1 yuan/jin, unchanged; in Shandong Yantai Qixia (paper - bagged above 80 first - grade) is 3.7 yuan/jin, an increase of 0.2 yuan/jin [2] 3.3 Upstream Situation - The annual apple production in China is 5128.51 million tons, with an increase of 168.34 million tons. The weekly wholesale price of apples is 9.52 yuan/kg, a decrease of 0.1 yuan/kg. The average weekly wholesale price of Fuji apples is 9.26 yuan/kg, a decrease of 0.12 yuan/kg [2] 3.4 Industry Situation - The total weekly cold - storage inventory of apples in China is 0 million tons. The weekly storage capacity ratio of apples in Shandong is 0, a decrease of 0.01; in Shaanxi is 0. The monthly export volume of apples is 70,000 tons, unchanged. The monthly export value of apples is 6917.9 million US dollars, an increase of 248684.5 million US dollars. The monthly import value of fresh and dried fruits and nuts is 1837980 million US dollars [2] 3.5 Downstream Situation - The weekly average wholesale price of tangerines is 7.3 yuan/kg, a decrease of 0.3 yuan/kg; of bananas is 5.08 yuan/kg, an increase of 0.26 yuan/kg; of watermelons is 5.46 yuan/kg, an increase of 0.01 yuan/kg. The weekly average daily arrival volume of trucks in the early morning at the Guangdong Jiangmen Wholesale Market is 15.8 vehicles, an increase of 0.2 vehicles; at the Guangdong Xiaqiao Wholesale Market is 18.4 vehicles; at the Guangdong Chalong Wholesale Market is 24.6 vehicles, a decrease of 0.2 vehicles [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 24.29%, an increase of 1.82%; of at - the - money put options is 24.3%, an increase of 1.83% [2] 3.7 Industry News - In Shandong, the supply of late - season Fuji apples continues to increase, trading is fair, good - quality apples are scarce and prices are firm, while prices of ordinary apples are chaotic. In Shaanxi, trading of good - quality apples is mostly finished, with remaining ordinary or poor - quality apples and chaotic prices. In Gansu, apple trading is in the later stage, good - quality apple prices are stable at a high level, and ordinary apples are priced according to quality. The new - season late - maturing Fuji apples are increasing in supply, with a delay in the picking and storage progress compared to last year [2] 3.8 Viewpoint Summary - Merchants are actively purchasing high - quality apples but more cautious about ordinary ones. In Shandong, the supply of new apples is still limited, and small - batch orders are increasing. The trading atmosphere in the sales market is still weak, with slow sales and pressure on the demand side [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - Given the current scarcity of high - quality new apples and the principle of better quality commanding higher prices, the short - term apple futures price is expected to remain volatile and tend to be strong [2] 3. Summary by Related Catalogs Futures Market - The closing price of the apple futures main contract is 8936 yuan/ton, and the main contract position is 143040 lots, with an increase of 12246 lots. The net long position of the top 20 futures holders is 11581 lots, an increase of 4485 lots [2] Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 5 yuan/jin, 2.35 yuan/jin, 4 yuan/jin, and 3.2 yuan/jin respectively, with changes of 0, 0.05, 0, and 0 [2] Upstream Situation - The national apple output is 5128.51 million tons, an increase of 168.34 million tons [2] Industry Situation - The weekly wholesale price of apples is 9.52 yuan/kg, a decrease of 0.1; the average wholesale price of Fuji apples is 9.26 yuan/kg, a decrease of 0.12. The national apple cold - storage total inventory is 0 million tons, and the capacity ratios of Shandong and Shaanxi apple cold - storages are both 0, with Shandong's decreasing by 0.01. The monthly export volume of apples is 70000 tons, with no change. The monthly export value of apples is 6917.9 million US dollars, and the monthly import value of fresh and dried fruits and nuts is 1837980 million US dollars, an increase of 248684.5 million US dollars [2] Downstream Situation - The weekly average wholesale prices of mandarins, bananas, and watermelons are 7.3 yuan/kg, 4.82 yuan/kg, and 5.45 yuan/kg respectively, with changes of - 0.3, 0.38, and - 0.11. The early - morning average daily arrival vehicle numbers at Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets are 15.8, 18.4, and 24.6 respectively, with changes of 0.2, - 0.4, and - 0.2 [2] Option Market - The implied volatilities of at - the - money call and put options for apples are both 22%, with a decrease of 0.91 [2] Industry News - In the Shandong production area, the supply of late - season Fuji apples has increased, and buyers and warehousers are actively purchasing, especially for high - quality goods. In the Shaanxi production area, the price of high - quality goods is strong but scarce, and ordinary goods are priced according to quality. In the Gansu production area, the purchase of high - quality goods is basically completed, with prices remaining high and stable, while the prices of ordinary goods are chaotic due to quality issues. The listing volume of new - season late - maturing Fuji apples has increased, but the harvesting and warehousing progress is delayed compared to the same period last year [2] Viewpoint Summary - Merchants are actively purchasing high - quality goods but relatively cautious about ordinary goods. In the Shandong production area, the supply of new apples is still limited, and the demand for small - quantity purchases has increased, making it difficult for merchants to obtain enough high - quality goods, and the warehousing work is sporadic. In the sales area market, the trading atmosphere is still dull, the sales are slow, and the demand side is under pressure [2]

1. Report Industry Investment Rating - The report suggests taking a short - term bullish approach to the Apple 2601 contract [2] 2. Core View of the Report - Western trading is active with merchants actively ordering high - quality goods. Apple prices in the west are stable and firm. In the sales area, apple trading is average with no obvious improvement in post - holiday sales. The delayed concentrated listing of apples in the western region may lead to simultaneous supply from various regions. However, the potential decline in the high - quality fruit rate of the new season still supports the market in the short term. Attention should be paid to the quality of late - Fuji apples after harvesting [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the apple futures main contract is 8665 yuan/ton, with a decrease of 846; the main contract holding volume is 4850 hands; the net long position of the top 20 futures holders is 114389 hands, with a decrease of 2231 [2] 现货市场 - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 5 yuan/jin, 2.3 yuan/jin, 4.2 yuan/jin, and 3.7 yuan/jin respectively, with no change [2] Upstream Situation - The national apple output is 5128.51 million tons, an increase of 168.34 million tons [2] Industry Situation - The weekly apple wholesale price is 9.69 yuan/kg, a decrease of 0.08; the average wholesale price of Fuji apples is 9.34 yuan/kg, an increase of 0.02; the Shaanxi apple storage capacity ratio is 70000, an increase of 20000; the national apple cold storage total inventory is 6.79 million tons, a decrease of 5.39 million tons; the Shandong apple storage capacity ratio is 0.01, a decrease of 0.01; the monthly apple export volume is 0 tons; the monthly import value of fresh and dried fruits and nuts is 645.5 million US dollars; the monthly apple export value is 6973.9 million US dollars, a decrease of 153306.5 million US dollars; the weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0.3 yuan/jin, with no change [2] Downstream Situation - The weekly average wholesale prices of mandarin oranges, bananas, and watermelons are 8.09 yuan/kg, 4.44 yuan/kg, and 5.56 yuan/kg respectively. The daily average number of trucks arriving in the morning at the Guangdong Jiangmen, Guangdong Xiaqiao, and Guangdong Chalong wholesale markets is 25.67, 12, and 32 respectively, with changes of - 0.03, 10.67, and 14.33 respectively [2] Option Market - The implied volatility of at - the - money call and put options for apples is 23.59%, with decreases of 0.45 and 0.44 respectively [2] Industry News - Western trading is active with stable prices. The opening price of late - Fuji apples in the western region is generally 0.3 - 1 yuan/jin higher than last year. The continuous rainfall in the main producing areas affects the picking of late - ripening Fuji apples [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - New-season late-maturing Fuji apples are sporadically on the market. The opening prices of apples in the western producing areas are generally 0.3 - 1 yuan per jin higher than the same period last year. Attention should be paid to the commodity rate. The prices of merchant goods reach 4.20 - 4.30 yuan per jin. High-quality goods in the Gansu producing area are basically pre - ordered, and the trading of ordinary goods is average, with prices determined by quality. Buyers are relatively active in purchasing high - quality goods, and prices are stable and firm. In the sales area market, apple trading is average, and there is no obvious improvement in sales during the double festivals. The delayed centralized listing of apples in the western producing areas not only shortens the acquisition time but may also lead to simultaneous concentrated supply in various producing areas. However, the potential decline in the high - quality fruit rate still supports the market in the short term. Attention should be paid to the quality of late - maturing Fuji apples after they are picked. In terms of operation, it is recommended to take a short - term long position on the Apple 2601 contract [2] Summary by Relevant Catalogs Futures Market - The closing price of the main apple futures contract is 8,664 yuan per ton, with a week - on - week increase of 1,474; the position of the main contract is 56,960 lots; the net long position of the top 20 futures holders is 116,620 lots, with a week - on - week decrease of 6,193 [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5 yuan per jin, with a week - on - week increase of 1; in Shandong Yiyuan (paper - bagged, above 75) it is 2.3 yuan per jin, with no change; in Shaanxi Luochuan (paper - bagged, above 70 semi - commercial grade) it is 4.2 yuan per jin, with no change; in Shandong Yantai Qixia (paper - bagged, above 80 second - grade fruit farmer's goods) it is 3.7 yuan per jin, with no change [2] Upstream Situation - The national apple output is 5,128.51 tons, with a year - on - year increase of 168.34 tons [2] Industry Situation - The weekly wholesale price of apples is 9.69 yuan per kilogram, with a decrease of 0.08; the average weekly wholesale price of Fuji apples is 9.34 yuan per kilogram, with an increase of 0.02. The total national apple cold - storage inventory is 6.79 tons, with a decrease of 5.39; the storage capacity ratio of Shandong apples is 0.01, with a decrease of 0.01; the storage capacity ratio of Shaanxi apples is 0, with no change. The monthly export volume of apples is 70,000 tons, with an increase of 20,000; the monthly export value is 6,973.9 million US dollars; the monthly import value of fresh and dried fruits and nuts is 1,589,295.5 million US dollars, with a decrease of 153,306.5 million US dollars. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0.3 yuan per jin, with no change [2] Downstream Situation - The weekly average wholesale price of tangerines is 8.09 yuan per kilogram, with an increase of 0.2; the weekly wholesale price of bananas is 5.59 yuan per kilogram, with a decrease of 0.01; the weekly wholesale price of watermelons is 4.17 yuan per kilogram, with an increase of 0.16. The average daily early - morning arrival volume at the Guangdong Jiangmen wholesale market is 25.67 vehicles, with an increase of 10.67; at the Guangdong Xiaqiao wholesale market is 32 vehicles; at the Guangdong Chalong wholesale market is 45.33 vehicles, with an increase of 14.33 [2] Option Market - The implied volatility of at - the - money call options for apples is 24.04%, with an increase of 0.59; the implied volatility of at - the - money put options is 24.03%, with an increase of 0.55 [2] Industry News - In Shaanxi, the rainfall has stopped, but apple picking by farmers is hindered. The redness of a small amount of traded goods is relatively light, and large - scale trading still needs to wait. The pre - ordering of high - quality goods is basically completed, prices are stable, the prices of ordinary goods are chaotic and slightly weak, and the principle of high - quality goods at high prices is obvious. In Shandong, the trading of late - maturing Fuji apples is not yet large - scale, the redness is relatively light, and large - scale trading still needs to wait. Some merchants have gone to the Liaoning producing area to purchase. Liaoning farmers are firm in their asking prices, and the current supply is limited [2]

Report Industry Investment Rating - No industry investment rating provided in the report Core View of the Report - Considering the poor sales of apples in the distribution areas, the spot price remains weakly stable. Affected by rainfall, the quality in most production areas has declined, and the proportion of high - quality fruits is expected to decrease. The prices of high - quality and poor - quality fruits may show a significant divergence in the future. It is recommended to temporarily observe the Apple 2601 contract in the short term [2] Summary by Relevant Catalogs Futures Market - The closing price of the apple futures main contract is 8633 yuan/ton, with a net increase of 770; the main contract position is 6580 hands, and the net long position of the top 20 futures positions is 114,672 hands, with an increase of 12,291 hands [2] Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 4 yuan/jin, 2.3 yuan/jin, 4.2 yuan/jin, and 3.7 yuan/jin respectively, with no change [2] Upstream Situation - The annual national apple output is 5128.51 million tons; the weekly apple wholesale price is 9.77 yuan/kg, with a decrease of 0.01 yuan/kg; the weekly average wholesale price of Fuji apples is 9.28 yuan/kg, with a decrease of 0.07 yuan/kg; the total national apple cold - storage inventory is 12.18 million tons, with a decrease of 4.14 million tons; the weekly storage capacity ratios of Shandong and Shaanxi apples are 0.03 and 0 respectively, with a decrease of 0.01 for Shandong; the monthly apple export volume is 70,000 tons, with an increase of 20,000 tons [2] Industry Situation - The monthly import amount of fresh and dried fruits and nuts is 645.5 million US dollars, and the monthly apple export amount is 69.739 million US dollars, with a decrease of 153.3065 million US dollars; the weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0.3 yuan/jin, with no change [2] Downstream Situation - The weekly average wholesale prices of tangerines, bananas, and watermelons are 7.89 yuan/kg, 4.01 yuan/kg, and 5.6 yuan/kg respectively. The prices of tangerines and watermelons have decreased by 0.44 yuan/kg and 0.08 yuan/kg respectively, while the price of bananas has increased by 0.18 yuan/kg. The daily average number of incoming trucks in the morning at the Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets is 15, 20, and 31 respectively, with changes of - 1.2, - 0.2, and - 0.8 respectively [2] Option Market - The implied volatilities of at - the - money call and put options for apples are 25.75% and 25.76% respectively, with decreases of 0.36% and 0.35% respectively [2] Industry News - Affected by rainy weather, the quality of late - Fuji apples in the production areas has declined significantly, with problems such as water - cracking in Shaanxi and pit - rust in Shandong being prominent. In Shandong Mengyin, it is difficult for apples to color, and there are not many red late - Fuji apples. Due to poor sales during the National Day and Mid - Autumn Festival, most purchasers are waiting and watching, with low enthusiasm for purchasing, and the local price shows a weak and stable trend. Late - maturing Fuji apples in Shaanxi and Gansu production areas are gradually being harvested, but the supply is limited due to rainfall [2]

Report Summary 1) Report Industry Investment Rating - The report suggests maintaining long positions in the short - term [2] 2) Report's Core View - New - season apples: Western late - Fuji is undergoing large - scale bag removal with sporadic red fruit trading, stable prices, and good buyer enthusiasm. In Shandong, the Red General trading is mostly finished, late - Fuji bag removal has just started. The Red General's price varies due to quality, and the price of early - picked Fuji is higher than last year. Double - festival stocking is in progress, and western rainfall may delay large - scale bag removal. Market has high expectations for the opening price of late - maturing Fuji, providing some price support [2] - Inventory apples: Affected by mid - maturing variety trading, the inventory turnover in Shandong has slowed down [2] 3) Summary by Related Catalogs Futures Market - The closing price of the apple futures main contract is 8446 yuan/ton, the main contract's open interest is 6315 hands, and the net long position of the top 20 futures holders is 3880 hands, with a net long position increase of 508 hands [2] 现货市场 - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are reported, with some prices showing no change [2] Upstream Situation - The national apple output is 5128.51 million tons [2] Industry Situation - The weekly apple wholesale price is 9.7 yuan/kg (down 0.06 yuan/kg), the average weekly wholesale price of Fuji apples is 9.35 yuan/kg (down 0.03 yuan/kg) - The national apple cold - storage inventory is 16.32 million tons (down 4.59 million tons), Shandong's apple storage capacity ratio is 0.04 (down 0.01), Shaanxi's is 0 - The monthly apple export volume is 70,000 tons (up 20,000 tons), the monthly apple export value is 6973.9 million US dollars (down 153306.5 million US dollars), and the monthly import value of fresh and dried fruits and nuts is 645.5 million US dollars - The profit of first - and second - grade paper - bag 80 apple storage merchants is 0.3 yuan/jin [2] Downstream Situation - The weekly average wholesale price of tangerines is 8.09 yuan/kg (down 0.65 yuan/kg), bananas is 3.83 yuan/kg (up 0.11 yuan/kg), and watermelons is 5.52 yuan/kg (down 0.04 yuan/kg) - The early - morning daily average number of trucks arriving at the Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets shows different changes [2] Option Market - The implied volatility of at - the - money call and put options for apples is 23.48% and 23.47% respectively, with an increase of 0.52% and 0.51% [2] Industry News - Western late - Fuji is in large - scale bag removal, with sporadic red fruit trading. Shandong's Red General trading is mostly over, and late - Fuji bag removal has just begun [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The market has a relatively high expectation for the opening price of late - maturing Fuji apples, providing a certain support at the bottom. It is recommended to mainly take short - long positions [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the apple futures main contract is 8288 yuan/ton; the main contract holding volume is 87189 hands, a decrease of 6698 hands; the net buying volume of the top 20 futures holdings is 700 hands, an increase of 348 hands [2] Spot Market - The spot prices of apples in Gansu Jingning (paper - bag 75 and above), Shandong Yiyuan (paper - bag 75 and above), Shaanxi Luochuan (paper - bag 70 and above semi - commercial), and Shandong Yantai Qixia (paper - bag 80 and above first - grade secondary fruit farmers' goods) are 4 yuan/jin, 2.3 yuan/jin, 4 yuan/jin, and 3.7 yuan/jin respectively, with no change [2] Upstream Situation - The national apple annual output is 5128.51 million tons; the weekly average wholesale price of apples is 9.7 yuan/kg, a decrease of 0.06 yuan/kg; the weekly average wholesale price of Fuji apples is 9.35 yuan/kg, a decrease of 0.03 yuan/kg; the national apple cold - storage total inventory is 16.32 million tons, a decrease of 4.59 million tons; the Shandong apple storage capacity ratio is 0.04, a decrease of 0.01; the Shaanxi apple storage capacity ratio is 0; the monthly apple export volume is 70000 tons, an increase of 20000 tons [2] Industry Situation - The monthly export amount of apples is 6973.9 million US dollars, a decrease of 153306.5 million US dollars; the monthly import amount of fresh and dried fruits and nuts is 1589295.5 million US dollars; the weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0.3 yuan/jin, with no change [2] Downstream Situation - The weekly average wholesale price of tangerines is 8.09 yuan/kg, a decrease of 0.65 yuan/kg; the weekly wholesale price of bananas is 5.56 yuan/kg, a decrease of 0.02 yuan/kg; the weekly wholesale price of watermelons is 3.72 yuan/kg; the weekly average daily early - morning arrival vehicle volume at the Guangdong Jiangmen wholesale market is 16.2 vehicles, an increase of 4.2 vehicles; the weekly average daily early - morning arrival vehicle volume at the Guangdong Xiaqiao wholesale market is 20.2 vehicles; the weekly average daily early - morning arrival vehicle volume at the Guangdong Chalong wholesale market is 31.8 vehicles, an increase of 6.24 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 22.24%, and the implied volatility of at - the - money put options is 22.21%, an increase of 0.09% [2] Industry News - The trading of early - maturing Fuji in the western region has basically ended. Affected by rainfall, the bag - removing of late - maturing Fuji in many places such as Yan'an and Weinan has been postponed. There are sporadic orders from merchants, and the price is not much different from that of early - maturing Fuji. The trading of Hongjiangjun in the Shandong production area is coming to an end, and the transaction price fluctuates and adjusts due to the volume of goods on the market. The transaction price range of Hongjiangjun in the new - season Shandong is large due to quality issues, and the price advantage of poor - quality goods is relatively obvious [2] Viewpoint Summary - The double - festival stocking is progressing gradually. The bag - removing of late - maturing Fuji is sporadic, and the rainfall in the western region may postpone the large - scale bag - removing time of late - maturing Fuji. As of September 17, 2025, the apple cold - storage inventory in the national main production areas is 16.32 million tons, a decrease of 4.59 million tons from last week. Affected by the trading of medium - maturing varieties, the inventory shipment speed in the Shandong production area has slowed down. The storage capacity ratio in the Shandong production area is 3.51%, a decrease of 0.82% from last week. The de - stocking speed in the Shandong production area has slowed down. Local small merchants tend to choose Hongjiangjun with lower prices. The price of high - quality goods in the warehouse is relatively stable, while the price of fruit farmers' goods is weak [2]