Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoint of the Report - The apple's fundamental situation is strong. With the recent increase in spot prices, it is advisable to consider buying on dips. For arbitrage and options, it is recommended to wait and see [6][9]. Group 3: Summary by Relevant Catalogs First Part: Market Information - **Spot Price**: The Fuji apple price index was 106.38, with a slight increase of 0.02. The 6 - fruit average wholesale price was 7.02, down 0.01. Different grades and regions of apple prices remained mostly stable [2]. - **Futures Price**: AP01 rose 297 to 9207, AP05 rose 201 to 9442, and AP10 rose 63 to 8408. The spreads between different contracts also changed significantly [2]. - **Basis**: Data on the basis of different contracts was presented, but some values were not available [2]. Second Part: Market News and Views - **Transaction Logic**: This year, apple production declined, the high - quality fruit rate was poor, and preservation was more difficult. Market expectations for cold - storage inventory data are likely to be low. As of November 6, 2025, the national cold - storage inventory ratio was about 51.68%, a year - on - year decrease of 10.62 percentage points, and the inventory was 682.74 million tons, 17.04% lower than the same period last year [6]. - **Transaction Strategy**: Unilateral trading suggests buying on dips due to the strong apple fundamentals and rising spot prices. For arbitrage and options, a wait - and - see approach is recommended [9]. - **Other Information**: As of November 13, 2025, the national cold - storage inventory ratio was about 55.87%, 7.52 percentage points lower than the same period last year, and the inventory was 735.77 million tons, 12.13% lower year - on - year. In September 2025, the import of fresh apples was 0.97 million tons, a month - on - month decrease of 17.85% and a year - on - year decrease of 1.10%. The export was about 7.08 million tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32%. The profit of storage merchants in Qixia for the 2024 - 2025 production season decreased by 0.1 yuan/jin compared to last week [8]. Third Part: Relevant Attachments - The report includes multiple charts such as the price of Qixia first - and second - grade paper - bag 80, the price of Luochuan semi - commercial paper - bag 70, AP contract basis, spreads between different AP contracts, apple arrival volume in some markets, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple outbound volume [11][12][13]

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - Apple fundamentals are strong, with recent spot prices rising. It is advisable to consider going long on dips. For arbitrage and options, it is recommended to wait and see [7][10] 3. Summary by Relevant Sections 3.1 Market Information - **Spot Prices**: The Fuji apple price index is 106.38, up 0.02 from the previous trading day. The average wholesale price of 6 fruits is 6.94, down 0.22 from the previous trading day. Various apple varieties' prices in different regions are stable [2] - **Futures Prices**: AP01 is at 9229, up 70 from the previous close; AP05 is at 9289, up 29; AP10 is at 8386, up 29 [2] - **Basis**: The basis data shows different values and changes, such as AP01 - AP05 is -60, up 41 from the previous trading day [2] 3.2 Market News and Views - **Apple Market News** - In September 2025, the import volume of fresh apples was 0.97 million tons, a month - on - month decrease of 17.85% and a year - on - year decrease of 1.10%. The cumulative import volume from January to September 2025 was 10.81 million tons, a year - on - year increase of 19.49%. The export volume in September 2025 was about 7.08 million tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32% [5] - The apple market in the producing areas is generally stable. In Shandong, the acquisition is still ongoing, and cold storage warehousing is approaching the end. In the northwest, the off - storage transactions are basically over, and the cold storage transactions of farmers' apples have begun. The current in - storage transaction price is higher than the off - storage acquisition price. There are many cold storage procurement merchants in Gansu recently [5] - In the 2024 - 2025 production season, the profit of storage merchants for 80 first - and second - grade apples in Qixia is 0.4 yuan per catty, down 0.1 yuan per catty from last week [6] - The mainstream transaction price of apples in Luochuan, Shaanxi is stable, with the 70 and above semi - commercial apples having a mainstream transaction price of 3.5 - 4.0 yuan per catty. Cold storage transactions have started [6] - **Trading Logic**: This year, apple production has decreased, the high - quality fruit rate is poor, and storage is more difficult. Market expectations are that the cold storage warehousing data will likely be low. As of November 6, 2025, the national cold storage inventory ratio is about 51.68%, a year - on - year decrease of 10.62 percentage points; the inventory is 6.8274 million tons, 17.04% lower than the same period last year. It is expected that the effective inventory will likely be low [7] - **Trading Strategy** - **Single - side**: Consider going long on dips due to the strong apple fundamentals and recent rising spot prices [10] - **Arbitrage**: It is recommended to wait and see [10] - **Options**: It is recommended to wait and see [10] 3.3 Relevant Attachments - There are multiple charts including the prices of different apple varieties, AP contract basis, spreads between different AP contracts, apple arrival volumes in wholesale markets, and 6 - fruit prices, as well as national cold storage apple inventory and outbound volume [12][13][14]

Group 1: Market Information - Fuji apple price index is 106.38, up 0.02 from the previous trading day; 6 - fruit average wholesale price is 6.94, down 0.22 [3] - AP01 futures price is 9150, up 119; AP05 is 9260, up 111; AP10 is 8360, up 70 [3] - AP01 - AP05 spread is - 101, up 8; AP05 - AP10 is 900, up 41; AP10 - AP01 is - 799, down 49 [3] Group 2: Market News - In September 2025, fresh apple imports were 0.97 million tons, down 17.85% month - on - month and 1.10% year - on - year; exports were about 7.08 million tons, up 3.50% month - on - month and down 6.32% year - on - year [6] - From January to September 2025, cumulative fresh apple imports were 10.81 million tons, up 19.49% year - on - year [6] - Shandong apple acquisition is nearing completion; Northwest cold storage is starting to release goods, with higher prices for farmers' goods in cold storage [6] - In the 2024 - 2025 production season, the profit of storage merchants for Qixia 80 first - and second - grade apples is 0.4 yuan/jin, down 0.1 yuan/jin from last week [7] - In Luochuan, Shaanxi, the mainstream price of 70 semi - commercial apples is 3.5 - 4.0 yuan/jin; in Qixia, Shandong, the price of good - quality apples is stable [8] Group 3: Trading Logic - This year's apple production is down, good - fruit rate is poor, and cold - storage inventory is likely to be lower than last year [9] - As of November 6, 2025, the national cold - storage inventory ratio is about 51.68%, 10.62 percentage points lower than last year; inventory is 682.74 million tons, 17.04% lower [9][10] - The apple fundamentals are strong, but the current price is high, with large market divergence and high short - term risks, so it is recommended to wait and see [9] Group 4: Trading Strategy - For single - sided trading, wait and see due to high price and large market divergence [20] - For arbitrage and options, also wait and see [20]

Report Title - Apple Weekly Report: New Apples are Gradually Being Stored in Warehouses, and Apple Prices Remain Stable [1] Industry Investment Rating - Not provided in the report Core Viewpoints - This year, apple production has declined, the high - quality fruit rate is poor, and preservation is more difficult. Market expectations suggest that the cold - storage inventory data is likely to be lower. As of November 6, 2025, the national cold - storage inventory ratio was about 51.68%, a year - on - year decrease of 10.62 percentage points; the inventory was 6.8274 million tons, 17.04% lower than the same period last year. Considering that it's not the peak of storage yet, it's highly likely that this year's inventory will be lower than last year, and the apple quality is relatively poor, so the effective inventory is likely to be low. However, the current futures price is at a high level, with a significant increase in positions and greater market divergence. Short - term risks are relatively high, so it is recommended to wait and see [17]. Summary by Directory 1. Logic Analysis and Trading Strategies 1.1 Apple Spot Analysis - This week, the ground trading of new - season late Fuji apples is gradually ending, concentrated in Shandong and Shanxi. The storage work is in the later stage. In Shandong, some areas haven't completed the harvest, with many merchants, and striped apples are on the market. In terms of storage progress, Gansu has basically finished, Shaanxi is nearing completion, and in Shandong, some areas are still actively storing. The trading atmosphere in the sales areas is weak, with fewer trucks arriving during the week, and the demand side is under pressure. The prices in major producing areas are generally stable with a slight upward trend in Shandong and a slight decline in Shaanxi due to quality [7]. 1.2 Supply Analysis - As of November 6, 2025, the national cold - storage inventory ratio was about 51.68%, with an inventory of 6.8274 million tons, 17.04% lower than the same period last year. Shandong's cold - storage capacity utilization rate is 48.95% and is still in the storage process. Shaanxi's is 52.56%, with most areas having completed storage, and some areas still receiving external supplies. The overall storage in Shaanxi is lower than last year due to smaller fruit sizes and higher defect rates. There is a small amount of出库 from cold - storage recently, and there are reports of water - rotting apples in some cold - storages [12]. 1.3 Demand Analysis - In the Guangdong Chalong market, the number of trucks arriving in the morning has significantly decreased compared to last week, with an average of about 24 trucks per day. The new - season late Fuji apples are moving slowly, and there is pressure on daily digestion and some backlog in transit warehouses. The average wholesale price of 6 key - monitored fruits on November 7 was 6.94 yuan per kilogram, slightly lower than last Friday, at a medium - high level in recent years. The profit of storage merchants for Qixia 80 first - and second - grade apples in the 2025 - 2026 production season is temporarily not counted [15]. 1.4 Trading Strategies - Trading Logic: Apple fundamentals are strong, but the current price is high, and there is a large divergence between bulls and bears in the market. It is recommended to wait and see. - Unilateral: Wait and see. - Arbitrage: Wait and see. - Options: Wait and see [17]. 2. Weekly Data Tracking 2.1 Apple Supply and Demand Situation - Not elaborated in detail in the provided content, only some historical data charts of apple production, consumption, and export are presented [21]. 2.2 Inventory and Shipment - Similar to the supply analysis, it shows the cold - storage inventory trends of apples in the whole country, Shandong, and Shaanxi over the years, and also the national cold - storage apple shipment trends [24]. 2.3 Spread and Basis - The report presents the historical data charts of 5 - month basis, 10 - month basis, 1 - 5 spread, 5 - 10 spread, and 1 - month basis, which can be used for analyzing the price differences between different contract months and the relationship between spot and futures prices [28].

Group 1: Report Overview - Title: Agricultural Products R & D Report - Apple Daily [1] - Date: November 05, 2024 [1] - Researcher: Liu Qiannan [1] Group 2: Market Information Spot Prices - Fuji Apple Price Index: 107.18, down 0.43 from the previous trading day [2] - 6 Kinds of Fruit Average Wholesale Price: 7.16, up 0.07 from the previous trading day [2] Futures Prices - AP01: 8940, up 79 from yesterday's close [2] - AP05: 9178, up 66 from yesterday's close [2] - AP10: 8284, up 66 from yesterday's close [2] Price Differences - AP01 - AP05: -238, up 13 from the previous trading day [2] - AP05 - AP10: 894, unchanged from the previous trading day [2] - AP10 - AP01: -656, up 13 from the previous trading day [2] Group 3: Market News - Cold Storage Inventory: As of September 25, 2025, the national main - producing area apple cold storage inventory was 147,900 tons, a decrease of 60,200 tons from the previous week [4] - Imports and Exports: In September 2025, fresh apple imports were 9,700 tons, a 17.85% decrease from the previous month and a 1.10% decrease year - on - year. From January to September 2025, the cumulative imports were 108,100 tons, a 19.49% increase year - on - year. In September 2025, fresh apple exports were about 70,800 tons, a 3.50% increase from the previous month and a 6.32% decrease year - on - year [4] - Market Conditions: Last Friday, the mainstream apple market in the producing areas was stable. In Shandong, the high - end price of the price range increased slightly due to the gradual trading of striped goods. Over the weekend, some merchants postponed purchases due to the low cost - effectiveness of the goods, and the price of general goods in Shandong decreased slightly. The market arrivals were stable, and the mainstream price remained stable [4] - Profit: In the 2024 - 2025 production season, the profit of storage merchants for 80 first - and second - grade apples in Qixia was 0.4 yuan per jin, a decrease of 0.1 yuan per jin from the previous week [5] - Spot Prices in Specific Areas: In Luochuan, Shaanxi, the mainstream transaction price of apples was stable. In Qixia, Shandong, the price of high - quality apples was stable, while the price of general goods decreased slightly [6] Group 4: Trading Logic - Fundamental Situation: This year, apple production has decreased, the high - quality fruit rate is poor, and the preservation difficulty has increased. The market expects the cold storage inventory data to be low, so the spot price is strong. Some preserved fruit is expected to occupy cold storage space, so the effective inventory may be even lower, and the apple fundamentals are strong [7] - Short - term Situation: In the short term, the apple market is likely to trade based on inventory expectations. There is a market expectation that the inventory may exceed expectations, and the previous apple price has risen too high, so there has been a significant short - term decline [7] Group 5: Trading Strategies - Unilateral: Stay on the sidelines and observe [8] - Arbitrage: It is recommended to stay on the sidelines and observe [15] - Options: It is recommended to stay on the sidelines and observe [15] Group 6: Related Attachments - The report includes multiple charts such as AP contract main basis, AP05 - AP10, AP10 - AP05, apple arrival volume in specific markets, 6 kinds of fruit prices, national cold storage apple inventory, and national cold storage apple出库 volume [9][13][16][18][22]

Group 1: Report Overview - Report Title: Apple Daily, Agricultural Products R & D Report [1] - Date: November 4, 2024 [1] - Researcher: Liu Qiannan [1] Group 2: Market Information Spot Prices - Fuji Apple Price Index: 107.18, down 0.43 from the previous trading day [2] - 6 Kinds of Fruit Average Wholesale Price: 7.09, down 0.01 from the previous trading day [2] Futures Prices - AP01: 8861, down 243 from yesterday [2] - AP05: 9112, down 362 from yesterday [2] - AP10: 8218, down 156 from yesterday [2] Group 3: Market News Inventory - As of September 25, 2025, the cold - storage apple inventory in the main producing areas of China was 147,900 tons, a decrease of 60,200 tons from the previous week [4] Import and Export - In September 2025, the import volume of fresh apples was 9,700 tons, a month - on - month decrease of 17.85% and a year - on - year decrease of 1.10%. The cumulative import volume from January to September 2025 was 108,100 tons, a year - on - year increase of 19.49% [4] - In September 2025, the export volume of fresh apples was about 70,800 tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32% [4] Market Conditions - Last Friday, the mainstream apple market in the producing areas was stable. In Shandong, the high - end price of the price range increased slightly due to the gradual trading of striped apples. Currently, the supply of goods in Shandong is still relatively sufficient. Fruit farmers mostly sell at the standard of general goods, and the standard goods are relatively scarce. During the weekend, some merchants postponed their purchases due to the low cost - effectiveness of the goods, and the price of general goods in Shandong decreased slightly. The market arrivals were stable, and the mainstream price remained stable [4] Profit - In the 2024 - 2025 production season, the profit of storage merchants for 80 first - and second - grade apples in Qixia was 0.4 yuan per catty, a decrease of 0.1 yuan per catty from last week [5] Spot Price Details - In Luochuan, Shaanxi, the mainstream transaction price of apples was stable. The mainstream transaction price of semi - commercial apples above 70 was 3.5 - 4.0 yuan per catty, the high price was 4.0 - 4.5 yuan per catty, and the low price was 3.0 - 3.5 yuan per catty, priced according to quality. The mainstream price of juice apples was 0.2 yuan per catty. There was very little remaining stock outside the warehouse, and the low - price goods were mainly sent directly to the market. Local storage continued, and currently, it was mainly external goods being stored [6] - In Qixia, Shandong, the price of high - quality apples was stable, and the price of general goods decreased slightly. The price of first - and second - grade bagged Fuji apples above 80 was 3.5 - 4.0 yuan per catty for slice - red, and the transaction price range for striped apples was 4.0 - 5.0 yuan per catty. The mainstream price of first - and second - grade apples was 4.0 - 4.5 yuan per catty, and the high - standard price was 4.5 - 5.0 yuan per catty, priced according to quality. The price of first - and second - grade semi - apples above 80 was 3.2 - 3.5 yuan per catty, the price of general goods above 80 was 2.8 - 3.0 yuan per catty, and the price of third - grade fruits was 1.3 - 1.8 yuan per catty, priced according to quality. The purchasing enthusiasm of merchants for general goods decreased in recent days, and the price of general goods decreased slightly [6] Group 4: Trading Logic - The new - season apples have a low excellent - fruit rate. Due to weather conditions, the apple quality is poor, with smaller fruit diameters, an increased proportion of water cracks and mildew, a low apple warehouse - receipt production rate, and high warehouse - receipt costs [7] - The poor apple quality with epidemic rot disease makes the apples deteriorate soon after storage, increasing the storage difficulty. The market is worried that the cold - storage apples have a short shelf - life and cannot be stored until the far - month delivery [7] - This year, the cost of merchants purchasing high - quality apples is high, and the purchasing difficulty is large. From the current storage situation, the storage volume this year is likely to be low. There are rumors that the storage volume this year may be less than last year, and last year's cold - storage apple inventory was at a relatively low level in the same period over the years. With a low storage volume, the high - quality effective inventory may be even lower. Therefore, it is expected that the apple spot price will likely remain at a high level. However, the market has been volatile recently, and it is recommended to stay on the sidelines and wait for the storage data [7] Group 5: Trading Strategy - Unilateral: Stay on the sidelines [15] - Arbitrage: It is recommended to wait and see [15] - Options: It is recommended to wait and see [15] Group 6: Related Attachments - The report includes figures such as the price of 80 first - and second - grade bagged apples in Qixia, the price of 70 semi - commercial bagged apples in Luochuan, AP contract main - contract basis, price differences between different AP contracts, apple arrivals in wholesale markets, 6 - kind fruit prices, national cold - storage apple inventory, and national cold - storage apple out - storage volume [10][12][18][22]

Group 1: Market Information - Fuji apple price index dropped from 107.61 to 107.18, a decrease of 0.43 [2] - The average wholesale price of 6 kinds of fruits rose from 7.04 to 7.10, an increase of 0.06 [2] - Futures prices of AP01, AP05, and AP10 decreased by 134, 111, and 70 respectively [2] Group 2: Market News - As of September 25, 2025, the apple cold - storage inventory in the main producing areas was 14.79 tons, a decrease of 6.02 tons from last week [4] - In September 2025, the fresh apple import volume was 0.97 tons, a 17.85% decrease from the previous month and a 1.10% decrease year - on - year; the cumulative import volume from January to September 2025 was 10.81 tons, a 19.49% increase year - on - year [4] - In September 2025, the fresh apple export volume was about 7.08 tons, a 3.50% increase from the previous month and a 6.32% decrease year - on - year [4] - The profit of storage merchants for Qixia 80 first and second - grade apples in the 2024 - 2025 production season was 0.4 yuan/jin, a decrease of 0.1 yuan/jin from last week [5] - The mainstream transaction price of apples in Luochuan, Shaanxi was stable; the price of Qixia apples in Shandong was stable for high - quality goods and slightly declined for general goods [6] Group 3: Trading Logic - New - season apples have a low excellent - fruit rate due to weather, with small fruit diameters, high proportions of water cracks and mold, resulting in low warehouse - receipt production rates and high costs [7] - Apples are prone to deterioration after storage due to disease, increasing preservation difficulty and causing concerns about short shelf - lives for long - term delivery [7] - Merchants face high costs and difficulties in purchasing high - quality apples, and the expected cold - storage volume is low, so the spot price is likely to remain high [7] Group 4: Trading Strategy - For single - side trading, the recent trend of apples is strong, especially for far - month contracts [10] - For arbitrage and options trading, it is recommended to wait and see [11][12]

Report Overview - Report Title: Apple Weekly: The Quality of New Season Apples is Average, and Merchants are Actively Purchasing [1] - Researcher: Liu Qiannan [1] - Industry: Apple Report Industry Investment Rating No relevant content provided. Report's Core View - The late Fuji apples in the new season are increasing in supply, but the picking, storage, and demand are facing challenges. The price of high - quality apples is stable, while the price of ordinary apples is chaotic. The futures price is expected to be slightly stronger in the short term due to the expected low excellent fruit rate [6][15]. Summary by Section Part 1: Logical Analysis and Trading Strategies 1. Spot Analysis - New season late Fuji apples: The supply increased this week, with the picking and storage progress lagging behind last year. In the western region, the trading of late Fuji is entering the middle and late stages, and merchants are actively buying high - quality apples but cautious about ordinary ones. In Shandong, the supply is limited, and it's difficult for merchants to buy enough high - quality apples. The trading in the sales area is still sluggish, and the demand is under pressure [6]. - Main producing area prices: In Shandong, the prices of 85 first - and second - grade late Fuji are 4 - 4.5 yuan/jin, 80 first - and second - grade are 3.5 - 4.0 yuan/jin, 80 first - and second - grade semi - are 3.3 - 3.5 yuan/jin, and the general goods are 2.0 - 3.0 yuan/jin. In Shaanxi, the prices of Luochuan 70 and above semi - commercial apples are around 3.7 - 4.2 yuan/jin, and the general goods are 3.4 - 3.6 yuan/jin. The labor cost in the producing area is high [6]. 2. Supply Analysis - Cold storage inventory: The cold storage inventory statistics are suspended. As of October 9, 2025, the cold storage inventory of apples in the main producing areas was 6.79 tons. The 2024 - 2025 production season inventory has ended, and the 2025 - 2026 production season is in the purchasing stage. The national storage volume in 2025 is expected to be counted from late October to early November [11]. 3. Demand Analysis - Sales area situation: In the Guangdong Chalong market, the number of daily arrivals is about 24.6 vehicles. The sales of high - quality new season late Fuji are okay, while the sales of ordinary ones are slow, and there is inventory pressure in the transit warehouse. The average wholesale price of 6 key fruits on October 24 was 7.02 yuan/kg, at a medium level in recent years. The profit of storage merchants in Qixia is suspended from statistics. The market arrival volume increased this week, the sales speed is stable, the mainstream transaction price is stable, and the profit margin of traders is large [14]. 4. Trading Strategies - Trading logic: Due to the small fruit diameter in some areas of Shaanxi and the water - crack problem caused by continuous rainfall, the excellent fruit rate of late - maturing Fuji is expected to be low. The opening price of late - maturing Fuji is high, and the cost of making futures warehouse receipts is high. The futures price is expected to be slightly stronger in the short term [15]. - Strategies: Unilateral: Apple prices are expected to be slightly stronger in the short term due to the expected low excellent fruit rate. Arbitrage: Go long on November contracts and short on January contracts. Options: It is recommended to wait and see [15]. Part 2: Weekly Data Tracking 1. Apple Supply and Demand Situation - No specific text data provided, but there are charts showing apple export volume, planting area, consumption, production, and deep - processing volume from 2018 - 2023 [19]. 2. Inventory and Shipment (Mysteel) - No specific text data provided, but there are charts showing the cold storage inventory and shipment volume trends of apples in China, Shandong, and Shaanxi from 2016/17 - 2024/25 [22][23]. 3. Spread and Basis - No specific text data provided, but there are charts showing the basis of January, May, and October contracts and the spreads between 1 - 5, 5 - 10, and 10 - 1 contracts from 2019 - 2026 [26].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The late - maturing Fuji apples are expected to have a low premium fruit rate, with a high opening price and high costs for making futures warehouse receipts. The futures market price is expected to remain in a slightly bullish oscillation in the short term [10]. 3. Summary by Directory First Part: Market Information - **Spot Prices**: The Fuji apple price index was 107.18, down 0.43 from the previous trading day; the average wholesale price of 6 fruits was 7.01, down 0.08. Some apple prices, like the price of Luochuan semi - commercial paper - bagged 70, remained unchanged [3]. - **Futures Prices**: AP01 closed at 8862, up 240; AP05 closed at 9324, up 607; AP10 closed at 9400, up 220. The spreads between different contracts also changed significantly [3]. Second Part: Market News and Views - **Market News** - As of September 25, 2025, the cold - storage inventory of apples in major producing areas was 14.79 million tons, a decrease of 6.02 million tons from the previous week [6]. - In August 2025, the export volume of fresh apples was about 684 thousand tons, a month - on - month increase of 27.6% and a year - on - year decrease of 17.6%. The cumulative export volume from January to August was about 5.327 million tons, a year - on - year decrease of 7.7%. The import volume in August was 118 thousand tons, a month - on - month decrease of 33.3% and a year - on - year decrease of 15.3%. The cumulative import volume from January to August was 984 thousand tons, a year - on - year increase of 22% [6]. - In Shandong, apple trading prices were stable last Friday. Over the weekend, apple procurement began in Shandong, but the overall quality of the fruits sold by farmers was average and the trading volume was low. In the northwest, the amount of tradable apples increased after the rain stopped [7]. - The profit of apple storage merchants in Qixia for the 2024 - 2025 production season was 0.4 yuan per catty, a decrease of 0.1 yuan per catty from last week [8]. - In Shandong, new - season paper - bagged Fuji apples started to be purchased in small quantities, with low trading volume and varying purchase prices. In Shaanxi, the ordering price of apples in Luochuan was stable, and the enthusiasm for ordering high - quality apples was relatively high [9]. - **Trading Logic**: Due to small fruit sizes in some areas of Shaanxi and water - crack problems caused by continuous rain, the premium fruit rate of late - maturing Fuji apples is expected to be low, leading to high opening prices and high costs for making futures warehouse receipts [10]. - **Trading Strategies** - **Unilateral**: The apple futures market is expected to be slightly bullish in the short term due to the expected low premium fruit rate [11]. - **Arbitrage**: It is recommended to wait and see [11]. - **Options**: It is recommended to wait and see [11]. Third Part: Related Attachments The section includes multiple charts showing historical data of apple prices, basis, spreads, arrival volumes, cold - storage inventory, and cold - storage outbound volume from 2019 - 2025, with data sources from Galaxy Futures, Steel Union, and Wind Information [14][15][17]

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core View of the Report - The apple market is expected to be volatile and bullish in the short - term due to the anticipated poor ratio of high - quality fruits. For trading strategies, it is recommended to hold a wait - and - see attitude for arbitrage and options trading [10][11][12]. 3. Summary by Relevant Catalogs Market Information - **Spot Prices**: The Fuji apple price index was 109.50, down 0.07 from the next - working - day price. Prices of various apple types such as Luochuan semi - commodity paper - bagged 70, Qixia first - and second - grade paper - bagged 80 remained stable. The average wholesale price of 6 kinds of fruits was 7.10, unchanged [3]. - **Futures Prices**: AP01 was 8664, up 26 from the previous close; AP05 was 8661, up 34; AP10 was 9200, up 50. The spreads between different contracts also changed, e.g., AP01 - AP05 decreased by 8, AP05 - AP10 decreased by 16, and AP10 - AP01 increased by 24 [3]. - **Differences**: The differences between Qixia first - and second - grade 80 and futures contracts decreased, e.g., Qixia first - and second - grade 80 - AP01 decreased by 26, Qixia first - and second - grade 80 - AP10 decreased by 20 [3]. Market News and Views - **Apple Market News** - As of September 25, 2025, the cold - storage inventory of apples in the main producing areas of China was 147,900 tons, a decrease of 60,200 tons from the previous week [6]. - In August 2025, the export volume of fresh apples was about 68,400 tons, a 27.6% increase from the previous month but a 17.6% decrease year - on - year. From January to August 2025, the cumulative export volume was about 532,700 tons, a 7.7% decrease year - on - year. The import volume in August was 11,800 tons, a 33.3% decrease from the previous month and a 15.3% decrease year - on - year. From January to August, the cumulative import volume was 98,400 tons, a 22% increase year - on - year [6]. - The purchase price in the origin remained stable. Traders mainly purchased new - season Fuji apples in the northwest producing areas. Due to weather conditions, new - season apples in Shandong had not been widely launched, and there was little acquisition in the origin [7]. - The profit of Qixia 80 first - and second - grade storage merchants in the 2024 - 2025 production season was 0.4 yuan per catty, a decrease of 0.1 yuan per catty from the previous week [8]. - The ordering price of apples in Luochuan, Yan'an, Shaanxi was stable, with the mainstream transaction price of semi - commodity above 70 being 3.5 - 4.0 yuan per catty, and the high price being 4.0 - 4.5 yuan per catty. In Qixia, Yantai, Shandong, the mainstream price was stable, but the new - season apples had not been widely launched due to frequent rainfall [9]. - **Trading Logic** - In Luochuan, Yan'an, Shaanxi, the apple ordering price was stable, and the ordered goods were being harvested as rainfall decreased in recent days. In Qixia, Yantai, Shandong, the listing time of apples was postponed due to rainfall, with only a small amount of transactions in the acquisition market, mainly for general - quality goods [10]. - **Trading Strategies** - **Single - side**: It is expected that the apple market will be volatile and bullish in the short - term due to the anticipated poor ratio of high - quality fruits [11]. - **Arbitrage**: It is recommended to wait and see [12]. - **Options**: It is recommended to wait and see [14]. Relevant Attachments The report provides multiple graphs, including the price of Qixia first - and second - grade paper - bagged 80, the price of Luochuan semi - commodity paper - bagged 70, AP contract basis, spreads between different AP contracts, apple arrival volume in wholesale markets, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple outbound volume [16][20][27][33].