Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - This week, the price of the Apple Futures 2601 contract declined, with a weekly drop of approximately 2.14%. The new - season late Fuji ground trading is gradually ending, concentrated in Shandong and Shanxi production areas. As of November 5, 2025, the cold - storage inventory of apples in the main producing areas nationwide is 6.9842 billion tons, 1.1502 billion tons lower than the same period last year. The current inventory level of late Fuji is relatively low in recent years, and price fluctuations have intensified. It is recommended to wait and see for the Apple 2601 contract in the short term [4][9]. 3. Summary by Directory 3.1 Week - to - Week Highlights - **Market Review**: The price of the Apple Futures 2601 contract dropped this week, with a weekly decline of about 2.14% [4][9]. - **Market Outlook**: New - season late Fuji ground trading is winding up, mainly in Shandong and Shanxi. As of November 5, 2025, the national cold - storage inventory is 6.9842 billion tons, lower than last year. Shandong has a 41.03% storage capacity ratio, down 13.42% year - on - year, and Shaanxi has a 56.81% ratio, down 10.77% year - on - year. Shandong's new - season late - maturing Fuji shows a trend of reduced yield and quality. Shaanxi's inventory is nearing completion, and the peak inventory is expected next week. The current late - Fuji inventory is at a relatively low level in recent years, and price fluctuations have increased [4]. - **Strategy Recommendation**: It is advisable to wait and see for the Apple 2601 contract in the short term [4]. - **Future Trading Tips**: Monitor the price of late - maturing Fuji and consumption [4]. 3.2 Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2601 contract fell by about 2.14% this week. As of the end of the week, the net position of the top 20 in apple futures was 7330 lots, and the number of apple futures warehouse receipts was 0 [9][15]. - **Spot Market**: As of November 7, 2025, the mainstream price of 80 and above first - and second - grade fruit farmer goods of bagged red Fuji in Qixia, Yantai, Shandong was 3.7 yuan per catty, and the price of bagged 75 and above Fuji apples in Yiyuan, Shandong was 2.30 yuan per catty [19]. 3.3 Industry Situation and Options - **Supply Side**: As of November 5, 2025, the cold - storage inventory of apples in the main producing areas nationwide was 6.9842 billion tons, 1.1502 billion tons lower than the same period last year. The storage capacity ratio in Shandong was 41.03%, down 13.42% year - on - year, and in Shaanxi was 56.81%, down 10.77% year - on - year [25]. - **Demand Side** - **Wholesale Market Arrival**: As of November 6, the average daily early - morning arrival of vehicles at major apple wholesale markets in Guangdong decreased. The profit of 80 first - and second - grade apple storage merchants was suspended (represented by 0) [29]. - **Wholesale Price**: As of October 31, 2025, the wholesale price of all apple varieties was 9.46 yuan per kilogram, down 0.07 yuan per kilogram from the previous week; the wholesale price of Fuji apples was 9.15 yuan per kilogram, down 0.11 yuan per kilogram from the previous week [33]. - **Substitute Situation**: As of October 31, 2025, the weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.07 yuan per kilogram, up 0.03 yuan per kilogram from the previous week [37]. - **Export Volume**: In September 2025, China's fresh apple exports were about 70,800 tons, with an export value of 69,178,601 US dollars and an average export price of 977.40 US dollars per ton. The export volume increased by 3.51% month - on - month compared with August and decreased by 6.36% year - on - year compared with September 2024. From January to September 2025, China's fresh apple exports totaled 600,000 tons, a cumulative year - on - year decrease of 7.50% [41]. - **Options Market**: Information about the implied volatility of at - the - money options for apples this week is presented in a chart, but specific data is not described in text [42]. 3.4 Futures - Stock Correlation - **Stock Market - Honghui Fruit & Vegetable**: A chart shows the price - to - earnings ratio of Honghui Fruit & Vegetable, but no specific analysis is provided [44].

Report Overview - Report Title: Apple Market Weekly Report [2] - Report Date: October 24, 2025 [2] - Researcher: Wang Cuibing [3] 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - This week, the price of the Apple 2601 futures contract rose, with a weekly increase of 2.61%. The new-season late-maturing Fuji apples in the western region have seen an increase in the volume of goods on the market, and the prices show a significant polarization. Due to the high enthusiasm of merchants for purchasing high-quality goods and the general enthusiasm for ordering ordinary goods, the prices of high-quality goods in the producing areas are running strongly. The Shandong production area is still mainly in the coloring stage affected by the weather, and most merchants have transferred to the western region for purchases. In the sales area market, the wholesale trading atmosphere of apples is still general, the replenishment efforts of second- and third-level wholesalers are not strong, and the sales of high-quality goods are not fast. Additionally, the listing volume of new-season late-maturing Fuji apples in the producing areas has increased this year, and the progress of picking and warehousing has been postponed compared to the same period last year. The trading of late Fuji in the western region has gradually entered the middle and late stages. Merchants are active in purchasing high-quality goods and relatively cautious in purchasing ordinary goods. The volume of new apples on the market in the Shandong production area is still limited, the demand for small trucks has increased, and it is difficult for merchants to purchase enough high-quality goods, and the warehousing work is relatively sporadic. In the sales area market, the trading atmosphere is still light, the sales are still not fast, and the demand side is under pressure. However, considering the current situation where high-quality new fruits are hard to find and high-quality fruits command high prices, it is expected that the short-term apple futures price will maintain a volatile and upward trend. [4] - It is recommended to mainly adopt the idea of buying long positions on dips for the Apple 2601 contract in the short term. Future trading prompts include the price of late-maturing Fuji and consumption. [4] 3. Summary by Directory 3.1 Weekly Highlights Summary - This week, the price of the Apple 2601 futures contract rose, with a weekly increase of 2.61%. The new-season late-maturing Fuji apples in the western region have seen an increase in the volume of goods on the market, and the prices show a significant polarization. The Shandong production area is affected by the weather, and most merchants have transferred to the western region for purchases. The trading atmosphere in the sales area market is still general, and the demand side is under pressure. It is expected that the short-term apple futures price will maintain a volatile and upward trend. It is recommended to mainly adopt the idea of buying long positions on dips for the Apple 2601 contract in the short term. Future trading prompts include the price of late-maturing Fuji and consumption. [4] 3.2 Futures and Spot Markets Futures Market - This week, the price of the Apple 2601 futures contract rose, with a weekly increase of 2.61%. As of the end of the week, the latest price was 8850, with a daily increase of 33 or 0.37%. The total trading volume was 96,625 lots, and the open interest was 130,794 lots. The net position of the top 20 futures holders was 7,096 lots, and the number of futures warehouse receipts was 0. [7][13] Spot Market - As of October 24, 2025, the mainstream price of 80 first- and second-grade fruit farmer's goods of bagged red Fuji in Qixia, Shandong was 3.2 yuan per catty; the price of bagged 75 and above Fuji apples in Yiyuan, Shandong was 2.3 yuan per catty. [16] 3.3 Industry Situation and Options Supply Side - In the 2025/26 production season, the new fruits have not been warehoused yet, and the data release has been suspended. [23] Demand Side - As of October 23, the average daily number of early-morning arriving trucks at the main apple wholesale markets in Guangdong has decreased. The profit of 80 first- and second-grade apple storage merchants has been suspended (replaced by 0), waiting for the new fruits to be picked. As of October 17, 2025, the wholesale price of all varieties of apples was 9.52 yuan per kilogram, a week-on-week decrease of 0.10 yuan per kilogram; the wholesale price of Fuji apples was 9.38 yuan per kilogram, a week-on-week increase of 0.04 yuan per kilogram. The weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.05 yuan per kilogram, a week-on-week decrease of 0.01 yuan per kilogram. According to customs data, in August 2025, China's fresh apple exports totaled approximately 68,400 tons, with an export value of 69,739,352 US dollars and an average export price of 1,019 US dollars per ton. The export volume increased by 27.61% month-on-month compared to July and decreased by 17.61% year-on-year compared to August 2024. From January to August 2025, China's total fresh apple exports were 530,000 tons, a cumulative year-on-year decrease of 7.60%. [27][32][36][39] Options Market - The report presents a chart of the implied volatility of at-the-money options for apples this week, but no specific data is provided. [40] 3.4 Futures - Stock Correlation - The report presents a chart of the price-to-earnings ratio of Honghui Fruit & Vegetable Co., Ltd., but no specific analysis is provided. [42]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 1.47%. New-season late-maturing Fuji apples are sporadically on the market, and the opening prices in the western production areas are generally 0.3 - 1 yuan per jin higher than the same period last year. Due to rainfall, the centralized listing time of late Fuji is postponed to around mid-October. Merchants are relatively active in purchasing high-quality goods, and the prices remain stable and firm. In the sales area market, apple trading is average, and there is no obvious improvement in sales during the Double Festival. The postponed listing time in the western production areas not only shortens the purchasing time but may also lead to simultaneous concentrated supply in various production areas. Attention should be paid to the quality of late Fuji after harvest. It is recommended to adopt a short-term long strategy for the Apple 2601 contract. Future trading should focus on the listing volume of late-maturing Fuji and consumption [4]. 3. Summary by Relevant Catalogs 3.1 Weekly Highlights Summary - **Market Review**: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 1.47% [4][8]. - **Market Outlook**: New-season late-maturing Fuji apples are sporadically on the market, with higher opening prices in the western production areas. The centralized listing time is postponed to around mid-October. Merchants are active in purchasing high-quality goods, and prices are stable. In the sales area, trading is average. The postponed listing may lead to simultaneous supply in various areas, and attention should be paid to fruit quality [4]. - **Strategy Recommendation**: Adopt a short-term long strategy for the Apple 2601 contract [4]. - **Future Trading Tips**: Focus on the listing volume of late-maturing Fuji and consumption [4]. 3.2 Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 1.47%. As of this week, the net position of the top 20 in apple futures is 10,901 lots, and the number of apple futures warehouse receipts is 0 [8][14]. - **Spot Market**: As of October 10, 2025, the mainstream price of bagged Red Fuji 80 and above first- and second-grade farmer's goods in Qixia, Yantai, Shandong is 3.7 yuan per jin; the price of bagged Fuji apples 75 and above in Yiyuan, Shandong is 2.3 yuan per jin [17]. 3.3 Industry Situation and Options - **Supply - Cold Storage Situation in 2024 Production Season**: As of October 9, 2025, the apple cold storage inventory in the main production areas of the country is 67,900 tons, a decrease of 53,900 tons from last week [24]. - **Demand - Apple Wholesale Market Arrival Volume**: As of October 9, the average daily morning arrival volume of vehicles in the main apple wholesale markets in Guangdong has increased. The profit of 80 first- and second-grade apple storage merchants is 0.30 yuan per jin [26]. - **Demand - Average Wholesale Price Trends of All Varieties and Fuji Apples**: As of September 26, 2025, the wholesale price of all varieties of apples is 9.77 yuan per kilogram, a week-on-week decrease of 0.01 yuan per kilogram; the wholesale price of Fuji apples is 9.28 yuan per kilogram, a week-on-week decrease of 0.07 yuan per kilogram [31]. - **Substitute Situation - Wholesale Prices of Various Fruits**: As of September 26, 2025, the weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) is 6.91 yuan per kilogram, a week-on-week increase of 0.09 yuan per kilogram [35]. - **Demand - Apple Export Volume**: In August 2025, China's fresh apple exports totaled about 68,400 tons, with an export value of 69,739,352 US dollars and an average export price of 1,019 US dollars per ton. The export volume increased by 27.61% month-on-month compared with July and decreased by 17.61% year-on-year compared with August 2024. From January to August 2025, China's fresh apple exports totaled 530,000 tons, a cumulative year-on-year decrease of 7.60% [38]. - **Options Market - Implied Volatility of Apple At-the-Money Options This Week**: Information presented in the form of a chart [39]. 3.4 Futures - Stock Correlation - **Stock Market - Honghui Fruit and Vegetable**: Information presented in the form of a chart showing the price - earnings ratio of Honghui Fruit and Vegetable [41].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the price of the Apple Futures 2601 contract rose with a weekly increase of 1.55%. The operation of the Apple 2601 contract is recommended to be mainly based on a short - term long - thinking strategy [4][9]. - For new - season apples, western late - maturing Fuji apples are gradually entering the large - scale bag - removing stage, and the quality of the picked green Fuji is generally good, but the fruit sizes are slightly uneven. For inventory apples, as of September 24, 2025, the cold - storage inventory of apples in the main producing areas across the country was 121,800 tons, a decrease of 41,400 tons from last week. The storage capacity ratio in Shandong was 2.62%, a decrease of 0.89% from last week. The inventory removal speed in Shandong was slightly faster, and the remaining inventory was mostly concentrated in towns such as Qixia. The overall sales volume during the week was average. The mid - maturing apples such as Anglin and Yanfu were actively traded, but the sales of inventory apples were still average. As the Red General apples are gradually entering the later stage, the number of merchants inspecting the in - storage goods has slightly increased. The price of high - quality goods is relatively stable, while the price of farmers' general goods is weak. The driving effect of the Double Festivals is average, and attention should be paid to the bag - removing progress of late Fuji next week [4]. 3. Summary by Related Catalogs 3.1 Week - to - Week Summary - Futures: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 1.55%. As of this week, the net position of the top 20 in Apple Futures was 6,018 lots, and the number of Apple Futures warehouse receipts was 0 [4][9][15]. - Spot: As of September 26, 2025, the mainstream price of farmers' goods of paper - bagged Red Fuji apples above 80 in Qixia, Yantai, Shandong was 3.7 yuan per catty; the price of paper - bagged Fuji apples above 75 in Yiyuan, Shandong was 2.3 yuan per catty [19]. - Strategy: It is recommended to mainly adopt a short - term long - thinking strategy for the Apple 2601 contract [4]. - Future trading tips: Pay attention to the listing volume of mid - maturing Fuji and consumption [4]. 3.2 Futures and Spot Markets - Futures market: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 1.55%. As of this week, the net position of the top 20 in Apple Futures was 6,018 lots, and the number of Apple Futures warehouse receipts was 0 [9][15]. - Spot market: As of September 26, 2025, the mainstream price of farmers' goods of paper - bagged Red Fuji apples above 80 in Qixia, Yantai, Shandong was 3.7 yuan per catty; the price of paper - bagged Fuji apples above 75 in Yiyuan, Shandong was 2.3 yuan per catty [19]. 3.3 Industry Situation and Options - Supply: As of September 24, 2025, the cold - storage inventory of apples in the main producing areas across the country was 121,800 tons, a decrease of 41,400 tons from last week. The storage capacity ratio in Shandong was 2.62%, a decrease of 0.89% from last week [26]. - Demand: - As of September 25, the average daily number of early - morning arriving vehicles at major apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was 0.30 yuan per catty [30]. - As of September 19, 2025, the wholesale price of all apple varieties was 9.78 yuan per kilogram, a week - on - week increase of 0.08 yuan per kilogram; the wholesale price of Fuji apples was 9.35 yuan per kilogram, a week - on - week decrease of 0.05 yuan per kilogram [35]. - As of September 19, 2025, the weekly average wholesale price of 5 types of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 6.82 yuan per kilogram, a week - on - week decrease of 0.08 yuan per kilogram [39]. - In August 2025, China's fresh apple exports totaled approximately 68,400 tons, with an export value of 69,739,352 US dollars and an average export price of 1,019 US dollars per ton. The export volume increased by 27.61% month - on - month compared to July and decreased by 17.61% year - on - year compared to August 2024. From January to August 2025, China's total fresh apple exports were 530,000 tons, a cumulative year - on - year decrease of 7.60% [42]. - Options: Information about the implied volatility of Apple at - the - money options this week is presented, but no specific data is given [43]. 3.4 Futures - Stock Correlation - Information about the price - earnings ratio of Honghui Fruit and Vegetable is presented, but no specific data is given [46].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The price of the Apple Futures 2601 contract rose slightly this week, with a weekly increase of 0.40%. New-season medium-ripe Fuji apples are increasing in supply, but the color of some in the west is mediocre due to weather. High-quality goods maintain firm prices. Shandong's Red General apples are being traded, but the quality is relatively poor. In the old crop market, the inventory in cold storage has decreased, and the sales pace has slightly accelerated. The consumption speed in the sales area is stable, but the profit of merchants is limited due to the high price of early-ripening Fuji. Attention should be paid to the stocking situation for the Double Festival. It is recommended to take a short-term long position in the Apple 2601 contract [4]. 3. Summary by Relevant Catalogs 3.1 Weekly Highlights - **Market Review**: The price of the Apple Futures 2601 contract rose slightly this week, with a weekly increase of 0.40% [4][8]. - **Market Outlook**: New-season medium-ripe Fuji apples are increasing in supply, with uneven quality. The inventory in cold storage has decreased, and the sales pace has slightly accelerated. The consumption speed in the sales area is stable, and attention should be paid to the stocking situation for the Double Festival [4]. - **Strategy Suggestion**: It is recommended to take a short-term long position in the Apple 2601 contract [4]. - **Future Trading Tips**: Monitor the listing volume of early-ripening Fuji and consumption [4]. 3.2 Futures and Spot Markets - **Futures Market**: As of this week, the net position of the top 20 in Apple Futures was 6,221 lots, and the number of warehouse receipts was 0 [14]. - **Spot Market**: As of September 12, 2025, the mainstream price of 80 and above first- and second-grade fruit farmer goods of bagged Red Fuji in Qixia, Shandong was 3.7 yuan per jin; the price of bagged Fuji apples of 75 and above in Yiyuan, Shandong was 2.3 yuan per jin [17]. 3.3 Industry Situation and Options - **Supply Side**: As of September 11, 2025, the inventory in cold storage of main apple-producing areas in China was 209,100 tons, a decrease of 64,400 tons from last week. The storage capacity ratio in Shandong was 4.33%, a decrease of 1.13% from last week; the storage capacity ratio in Shaanxi was 0.21%, a decrease of 0.32% from last week [25]. - **Demand Side** - **Wholesale Market**: As of September 11, the average daily number of trucks arriving at major apple wholesale markets in Guangdong in the morning increased. The profit of 80 first- and second-grade apple storage merchants was 0.30 yuan per jin [29]. - **Average Wholesale Price**: As of September 5, 2025, the wholesale price of all varieties of apples was 9.76 yuan per kilogram, a week-on-week increase of 0.01 yuan per kilogram; the wholesale price of Fuji apples was 9.38 yuan per kilogram, a week-on-week decrease of 0.06 yuan per kilogram [34]. - **Substitute Products**: As of September 5, 2025, the weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 6.90 yuan per kilogram, a week-on-week increase of 0.05 yuan per kilogram [36]. - **Export**: As of July 31, 2025, the monthly export volume of apples was 50,000 tons; the monthly export value was 632.84 million US dollars, a month-on-month increase of 46.13%; the cumulative export value was 4.88289 billion US dollars, a month-on-month increase of 14.89% [41]. - **Options Market**: Information about the implied volatility of at-the-money options of apples this week is provided, but no specific data is given [42]. 3.4 Futures - Stock Association - **Stock Market**: Information about the price - earnings ratio of Honghui Fruit is provided, but no specific analysis is given [44].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the price of the Apple Futures 2510 contract declined slightly, with a weekly decrease of 0.08%. New - season early - maturing Fuji apples are gradually entering the market, with prices and quality higher than expected. In the old - crop market, the inventory in cold storage has decreased, and the shipping has accelerated slightly compared to last week. The consumption of inventory apples in the sales area is generally slow, and the market prefers high - quality goods. It is recommended to take a short - term long - position approach for the Apple 2510 contract, and attention should be paid to the pre - holiday stocking for the Double Festival [6]. 3. Summary by Directory 3.1 Weekly Highlights - **Market Review**: The price of the Apple Futures 2510 contract declined slightly this week, with a weekly decrease of 0.08% [6][10]. - **Market Outlook**: New - season early - maturing Fuji apples are gradually entering the market, with prices and quality higher than expected. As of September 3, 2025, the cold - storage inventory of apples in the main producing areas was 273,500 tons, a decrease of 66,200 tons from last week. The shipping has accelerated slightly. In the Shandong production area, some merchants are choosing to adjust inventory Fuji, and the holders are firm in their asking prices. In the Shaanxi production area, the market is in the final stage, and merchants mainly pick up their own inventory. The consumption of inventory apples in the sales area is generally slow, and the market prefers high - quality goods. Attention should be paid to the pre - holiday stocking for the Double Festival [6]. - **Strategy Suggestion**: It is recommended to take a short - term long - position approach for the Apple 2510 contract [6]. - **Future Trading Tips**: Monitor the listing volume of early - maturing Fuji apples and consumption [6]. 3.2 Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2510 contract declined slightly this week, with a weekly decrease of 0.08%. As of this week, the net position of the top 20 in apple futures was 4,290 lots, and the number of apple futures warehouse receipts was 0 [10][16]. - **Spot Market**: As of September 5, 2025, the mainstream price of 80 and above first - and second - grade farmer - supplied bagged red Fuji in Qixia, Yantai, Shandong was 3.7 yuan per catty; the price of bagged 75 and above Fuji apples in Yiyuan, Shandong was 2.3 yuan per catty [19]. 3.3 Industry Situation and Options - **Supply Side**: As of September 3, 2025, the cold - storage inventory of apples in the main producing areas was 273,500 tons, a decrease of 66,200 tons from last week. The shipping has accelerated slightly. The storage capacity ratio in the Shandong production area was 5.46%, a decrease of 0.92% from last week; the storage capacity ratio in the Shaanxi production area was 0.53%, a decrease of 0.48% from last week [27]. - **Demand Side**: - As of September 4, the average daily number of early - morning arrivals at major apple wholesale markets in Guangdong decreased. The profit of 80 first - and second - grade apple storage merchants was 0.30 yuan per catty [31]. - As of August 29, 2025, the wholesale price of all apple varieties was 9.75 yuan per kilogram, a week - on - week increase of 0.01 yuan per kilogram; the wholesale price of Fuji apples was 8.54 yuan per kilogram, a week - on - week increase of 0.04 yuan per kilogram [36]. - As of August 29, 2025, the weekly average wholesale price of 5 types of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 6.85 yuan per kilogram, a week - on - week decrease of 0.02 yuan per kilogram [40]. - As of July 31, 2025, the monthly export volume of apples was 50,000 tons; the monthly export value was 632.84 million US dollars, a month - on - month increase of 46.13%; the cumulative export value was 4,882.89 million US dollars, a month - on - month increase of 14.89% [44]. - **Options Market**: Information about the implied volatility of at - the - money options for apples this week is presented in the form of a graph, but specific data is not mentioned [45]. 3.4 Futures - Stock Correlation - The report shows a graph of the price - to - earnings ratio of Honghui Fruit & Vegetable Co., Ltd., but no specific analysis is provided [47].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The price of Apple Futures 2510 rose by 3.63% this week. The preliminary estimate of the national apple production in the new season is 3736.64 million tons, a year - on - year increase of 2.35%. As of August 27, 2025, the cold - storage inventory of apples in the main producing areas was 33.97 million tons, a decrease of 5.48 million tons from last week. The supply of early - maturing apples increased last week, affecting the inventory clearance speed [6]. - The trading of paper - bag Gala apples in the western producing areas has basically ended, and the overall quality of early - maturing apples is poor. The market is worried that late - maturing Fuji apples may also have the same problem. Due to concerns about the high - quality fruit rate, the expected opening price of late - maturing Fuji apples is high. With low inventory of old apples, high expected opening price of late - maturing Fuji apples, and expected demand for the Mid - Autumn Festival, the price is expected to rise. It is recommended to buy on dips and set stop - losses [6]. - Future trading factors to watch include inventory clearance rate, consumption, and new crop production [7]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Review**: The price of Apple Futures 2510 rose by 3.63% this week [6][9]. - **Market Outlook**: New - season apple production is expected to increase by 2.35%. Cold - storage inventory decreased. Early - maturing apple quality is poor, leading to high expectations for the opening price of late - maturing Fuji apples. It is recommended to buy on dips [6]. - **Future Trading Tips**: Monitor inventory clearance rate, consumption, and new crop production [7]. 3.2 Futures and Spot Markets - **Futures Market**: The price of Apple Futures 2510 rose by 3.63% this week. The net long position of the top 20 futures holders was 6863 lots, and the number of futures warehouse receipts was 0 [6][9][16]. - **Spot Market**: As of August 29, 2025, the mainstream price of 80 above first - and second - grade fruit farmer's goods of bagged Red Fuji in Qixia, Shandong was 3.7 yuan per jin; the price of bagged 75 above Fuji apples in Yiyuan, Shandong was 2.3 yuan per jin [19]. 3.3 Industry and Option Situation - **Supply Side**: As of August 27, 2025, the cold - storage inventory of apples in the main producing areas was 33.97 million tons, a decrease of 5.48 million tons from last week. The capacity utilization rates in Shandong, Shaanxi, and Gansu decreased [24]. - **Demand Side**: - As of August 21, the average daily number of trucks arriving at major apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was 0.3 yuan per jin [28]. - As of August 22, 2025, the average wholesale price of Fuji apples was 9.5 yuan per kg, a 0.21% increase; the wholesale price of apples was 9.74 yuan per kg, an 0.83% increase [33]. - As of August 22, 2025, the weekly average wholesale price of 5 kinds of fruits was 6.87 yuan per kg, a 1.01% decrease [37]. - In July 2023, the export volume of fresh apples was 5 million tons, a 25% increase from the previous month [40]. - **Option Market**: Information about the implied volatility of at - the - money options for apples this week is presented in the form of a graph [41]. 3.4 Futures - Stock Correlation - Information about the price - earnings ratio of Honghui Fruit and Vegetable is presented in the form of a graph [43].

Report Title - "偏强运行，等待新季产量落地 —— 国信期货苹果周报" [2] Report Date - August 17, 2025 [2] Report Industry Investment Rating - Not provided Core View - The cold storage余量 is lower than the same period in previous years, with goods concentrated in Shandong. Cold storage merchants have a high willingness to ship. The destocking rate is high, but there are differences in shipment among cold storages. Early - maturing apples have problems such as slow coloring and small fruit size in some areas. The number of new - season apple bagging is slightly lower than the previous season, and the purchase price of early - maturing apples in the northwest is higher than last year, which may support the opening price of late - maturing Red Fuji. It is recommended to consider buying on dips in the short term and pay attention to the new - season apple production performance [30] Summary by Directory 1. This Week's Market Review - This week, the main contract of apple futures, AP2510, continued to rise after a slight correction [7] 2. Supply - side Situation - As of August 14, 2025, the total remaining cold - storage apples in the country were 461,300 tons, at the lowest level in the past five years. The remaining cold - storage volume in Shandong was 288,200 tons, and that in Shaanxi was 119,200 tons [10] 3. Demand - side Situation - As of August 14, 2025, the national cold - storage inventory ratio was about 3.50%, with a weekly - on - weekly decrease of 0.41 percentage points and a year - on - year decrease of 2.8 percentage points. The destocking rate was 94.50%. There were differences in shipment among cold storages, and data errors slightly increased [14] - In June 2025, the export volume of fresh apples was about 37,000 tons, a month - on - month decrease of 18.62% and a year - on - year decrease of 38.55%. The second - quarter export volume is expected to decline [16] - As of August 15, the mainstream price of apples in Qixia, Yantai, Shandong was stable. Cold - storage merchants had low - price offers, and customer purchasing enthusiasm was good [26]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the price of Apple Futures 2510 rose first and then fell, with a weekly decline of 3.09%. The initial estimate of the national apple production in the new season is 3736.64 million tons, a year-on-year increase of 2.35%. As of July 23, 2025, the cold storage inventory of apples in the main producing areas was at a low level in the same period of the past five years, and the purchase price of early-maturing varieties increased slightly year-on-year, which supported the price to fluctuate strongly. However, the large number of summer cooling fruits on the market impacted the demand for apples, and the possible increase in the output of new-season apples might restrict the price increase. The upper limit to watch is 8140 yuan/ton. It is recommended to hold the long orders of Apple 2510 contract cautiously and take profits at high positions [5]. 3. Summary by Directory 3.1 Week - on - Week Summary - **Market Review**: The price of Apple Futures 2510 rose first and then fell this week, with a weekly decline of 3.09% [5][10]. - **Market Outlook**: The estimated national apple production in the new season is 3736.64 million tons, an increase of 85.93 million tons or 2.35% compared with the 2024 - 2025 production season. As of July 23, 2025, the national cold storage inventory was 70.45 million tons, a decrease of 10.15 million tons from last week. The inventory in Shandong, Shaanxi, and Gansu decreased, but the destocking speed was different. The current inventory is at a low level in the same period of the past five years, and the purchase price of early - maturing varieties increased slightly year - on - year, supporting the price. However, the large number of summer fruits on the market and the possible increase in new - season output may restrict the price increase [5]. - **Strategy Suggestion**: It is recommended to hold the long orders of Apple 2510 contract cautiously and take profits at high positions [5]. - **Future Trading Tips**: Pay attention to the destocking rate, consumption, and new - crop output [6]. 3.2 Futures and Spot Markets - **Futures Market**: As of this week, the net short position of the top 20 in Apple Futures was 288 lots, and the number of warehouse receipts was 0 [16]. - **Spot Market**: As of August 1, 2025, the mainstream price of 80 and above first - and second - grade fruit farmers' goods of bagged Red Fuji in Qixia, Yantai, Shandong was 4 yuan/jin, and the price of bagged Fuji apples above 75 in Yiyuan, Shandong was 2.4 yuan/jin [19]. 3.3 Industry Situation and Options - **Supply Side**: As of July 30, 2025, the cold storage inventory of apples in the main producing areas was 61.61 million tons, a decrease of 8.84 million tons from last week. The destocking speed slowed down slightly. The destocking speed in Shandong, Shaanxi, and Gansu was still slow, and the inventory was low [24]. - **Demand Side**: - As of July 31, the average daily arrival of trucks in the main apple wholesale markets in Guangdong decreased. The profit of 80 first - and second - grade apple storage merchants was 0.6 yuan/jin [28]. - As of July 25, 2025, the average wholesale price of Fuji apples was 9.73 yuan/kg, a month - on - month decrease of 1.62%, and the wholesale price of apples was 9.72 yuan/kg, a month - on - month decrease of 0.31% [33]. - As of July 25, 2025, the weekly average wholesale price of five kinds of fruits (including Fuji apples, bananas, tangerines, pears, and watermelons) was 7.13 yuan/kg, a month - on - month decrease of 2.6% [37]. - In June 2023, the export volume of fresh apples in China was 4 million tons, a month - on - month decrease of 20% and a year - on - year decrease of 38.6% [40]. - **Options Market**: Information about the implied volatility of at - the - money options of apples this week was presented in a chart, but no specific data was given [41]. 3.4 Futures - Stock Correlation - A chart of the price - earnings ratio of Honghui Fruit and Vegetable was presented, but no specific analysis was given [43].

Report Industry Investment Rating - Not provided in the report Core Views - As of July 23, 2025, the national cold storage apple inventory was about 648,100 tons, lower than the same period last year and at the lowest level in the same period in history. The new - season early - maturing apple supply is tight, and the price is 0.2 - 0.4 yuan per jin higher than last year [1]. - Currently in the traditional apple consumption off - season, the demand is average. The export volume in June 2025 decreased both month - on - month and year - on - year. The new - season apple bagging is completed, with a slightly lower bagging volume than last year. The production in Shaanxi increased slightly, while that in Gansu and Shandong decreased [2]. - In the future, the futures market logic will shift from the old - season apple demand to the new - season apple production and acquisition. The apple futures are likely to remain strong, but the weak downstream demand in the short - term may limit the upside space. It is recommended to adopt a strategy of buying on dips [2]. Summary by Directory 1. Market Review - In July 2025, the apple futures market fluctuated upward, showing a strong trend. The low inventory and high early - maturing apple prices supported the market [7]. 2. Apple Fundamental Analysis - **Cold storage inventory**: As of July 23, 2025, the national cold storage apple inventory was about 648,100 tons, lower than last year. Shandong had about 395,600 tons, Shaanxi about 173,400 tons, and non - main producing areas about 79,100 tons. Some storage merchants were eager to sell to lock in profits [1]. - **Consumption off - season and inventory removal**: As of July 24, 2025, the national cold storage inventory ratio was about 4.91%, with a week - on - week decrease of 0.65 percentage points and a year - on - year decrease of 3.12 percentage points. The inventory removal rate was 92.28%. Shandong's cold storage shipping speed slowed down, while Shaanxi's was relatively stable. The overall demand in the first half of the year may be lower than last year, and there may be a possibility of price cuts to remove inventory [2][18]. - **Apple imports from January to June**: In June 2025, the fresh apple import volume was 18,700 tons, with a month - on - month increase of 5.32% and a year - on - year increase of 6.37%. The cumulative import volume from January to June was 69,000 tons, with a year - on - year increase of 36.63%. It is expected that the import volume will remain at a relatively high level [20][21]. - **Apple exports in the second quarter**: In June 2025, the fresh apple export volume was about 37,000 tons, with a month - on - month decrease of 18.62% and a year - on - year decrease of 38.55%. The export volume in the second quarter is expected to decline, and it is likely to remain at a low level [24]. - **Impact of seasonal fruits on downstream demand**: In July 2025, fruit prices continued to decline. Seasonal fruits such as bananas, watermelons, etc., affected the apple market. It is expected that the demand will gradually recover after the new - season apples are launched [29]. - **Stable origin prices**: As of July 24, 2025, the mainstream weighted average price of bagged Fuji 80 and above first - and second - grade goods in Shandong was 3.96 yuan per jin, slightly lower than last week but higher than the same period last year. The storage profit in Qixia was 0.35 yuan per jin, and the profit margin may be compressed in the future [33]. - **Seasonal analysis of apple consumption**: Based on five - year historical prices, the months with a high probability of price increases are September, November, and December, while the months with a high probability of price decreases are April, August, and October [37][38]. - **Slightly reduced bagging volume of new - season apples**: In 2025, the new - season apple bagging volume was slightly lower than last year. Shaanxi increased production slightly, while Shandong and Gansu decreased. The overall bagging volume decreased by 2.03% compared to the previous season. The acquisition price of new - season late - maturing Red Fuji may be higher than last year [41]. 3. Future Outlook - The supply side includes the old - season apple inventory and early - maturing apples. The demand is in the off - season. The futures market logic will shift, and the apple futures are likely to remain strong, but the short - term upside space may be limited. It is recommended to buy on dips [42][44].