Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - The current jujube market has a seasonal demand slump and high inventory of old jujubes, but there is periodic replenishment to support prices. The new - season jujubes are in the critical fruit - setting period, and the market focuses on the weather in the producing areas. The estimated new - season output is expected to decline by 5 - 10% compared to the normal year of 2022 and 20 - 25% compared to 2024, with an estimated output of 56 - 62 million tons. The reduction is less than the absolute low in 2023. There are both bullish and bearish factors in the fundamentals. The implementation of the plan to promote agricultural product consumption by ten departments including the Ministry of Agriculture and Rural Affairs boosts market confidence. In the short term, market sentiment dominates the price fluctuations, and it will return to the fundamentals later. It is recommended to wait and see and focus on the new - season output [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main jujube futures contract is 10,790 yuan/ton, the main contract position is 136,558 lots (a decrease of 1,475 lots), the net long position of the top 20 futures holders is - 2,568 lots, the number of warehouse receipts is 8,739, and the effective warehouse receipt forecast is 1,455 [2]. Spot Market - The prices of jujube in different regions vary. For example, the unified - grade jujube price in Kashgar is 6 yuan/kg, the first - grade grey jujube wholesale price in Hebei is 4.45 yuan/jin, and the special - grade jujube price in Guangdong is 11 yuan/kg [2]. Upstream Market - The annual jujube output is 3.187 million tons, and the planting area is 1.993 million hectares (a decrease of 41,000 hectares) [2]. Industry Situation - The national jujube inventory is 10,090 tons (a decrease of 230 tons from last week, a 2.23% week - on - week decrease and a 73.07% year - on - year increase), the monthly jujube export volume is 1,765,107 kg (a decrease of 464,120 kg), and the cumulative monthly export volume is 17,115,674 kg [2]. Downstream Situation - The jujube wholesale price in the Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi is 1.47 yuan/kg. The cumulative sales volume of Haoxiangni's jujubes is 36,480.43 tons (a decrease of 2,981.06 tons), and the cumulative year - on - year jujube production of Haoxiangni is - 34.59% [2]. Industry News - On July 29, there was light rain in Aksu with temperatures between 18 - 32°C. Jujube farmers are actively managing their orchards. The mainstream per - mu yield is estimated to be between 700 - 800 kg. The 2601 jujube futures contract fell 1.33% on Tuesday [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the price of the main contract of Zhengzhou jujube futures declined, with a weekly drop of approximately 2.36%. The physical inventory of 36 sample points was 10,320 tons, a decrease of 110 tons from last week, a 1.05% week - on - week decrease and a 74.89% year - on - year increase. As the weather gets hotter and seasonal fresh fruits are on the market, the demand for jujubes is in a seasonal off - peak, and inventory digestion is slow. The new - season jujube trees are in the critical fruit - setting period, and their growth is relatively good. The production reduction may be less than expected. It is expected that the price of the main jujube contract will be weakly volatile in the short term. Attention should be paid to the situation of the second - crop flowers and fruits. Future trading should focus on weather impacts and the consumer end [8][11]. Summary by Directory 1. Weekly Summary - **Market Review**: The price of the main contract of Zhengzhou jujube futures declined, with a weekly drop of about 2.36% [8][11]. - **Market Outlook**: The physical inventory of 36 sample points was 10,320 tons, a 1.05% week - on - week decrease and a 74.89% year - on - year increase. Due to seasonal factors, jujube demand is weak, and inventory digestion is slow. The new - season jujube trees are growing well, and the production reduction may be less than expected. The price of the main contract is expected to be weakly volatile in the short term. Attention should be paid to the second - crop flowers and fruits [8]. - **Future Trading Tips**: Focus on weather impacts and the consumer end [8]. 2. Futures and Spot Market - **Futures Price**: The price of the main contract of Zhengzhou jujube futures dropped by about 2.36% this week [11]. - **Top 20 Positions**: As of this week, the net position of the top 20 in jujube futures was - 22,674 lots [13]. - **Warehouse Receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 8,971 [18]. - **Futures Spread**: As of this week, the spread between the 2509 and 2601 contracts of Zhengzhou Commodity Exchange jujube futures was - 1020 yuan/ton [21]. - **Basis**: As of this week, the basis between the Hebei gray jujube spot price and the main jujube futures contract was - 630 yuan/ton [22]. - **New - Season Purchase Price**: As of July 18, 2025, the purchase prices of jujube bulk goods in Aksu, Alar, and Kashgar were 4.8 yuan/kg, 5.2 yuan/kg, and 6 yuan/kg respectively [25]. - **First - Class Spot Price**: As of July 18, 2025, the wholesale prices of first - class gray jujubes in Cangzhou, Hebei, and Henan were 4.3 yuan/jin and 4.35 yuan/jin respectively [30]. - **Superior - Grade Spot Price**: As of July 18, 2025, the wholesale prices of superior - grade gray jujubes in Cangzhou, Hebei, and Henan were 9.71 yuan/kg and 9.8 yuan/kg respectively [34]. 3. Industry Chain Situation - **Supply - Side - Inventory**: According to Mysteel's data, the physical inventory of 36 sample points was 10,320 tons, a 1.05% week - on - week decrease and a 74.89% year - on - year increase, showing a slight decline this week [38]. - **Supply - Side - Production**: The jujube crop is growing well, and it is expected that the production in the 2024/25 season will recover [43]. - **Demand - Side - Export**: In May 2025, China's jujube export volume was 2,229,227 kg, a 5.61% year - on - year decline. From January to May, the cumulative export volume was 15,350,567 kg, a 16.99% cumulative year - on - year increase [47]. - **Demand - Side - BOCE Trading**: This week, the order volume of the BOCE Xinjiang Zao Hao brand was not traded [51]. 4. Options Market and Futures - Stock Correlation - **Options Market**: The implied volatility of the at - the - money jujube options this week is presented in the relevant chart, but no specific data is given [53]. - **Stock Market - Haoxiangni**: A chart of Haoxiangni's price - earnings ratio is provided, but no specific data or analysis is given [55].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - As the weather gets hotter and seasonal fresh fruits come onto the market, they replace tonic products like red dates, leading to a seasonal off - peak in red date demand and slow inventory digestion [2]. - The new - season crops are at a critical fruiting stage, and the market focuses on the weather in the production areas. Currently, the growth of jujube trees is relatively good, and the production reduction may be less than expected. The main price of red dates has dropped in the short term, and attention should be paid to the situation of the second - crop flowers and fruits [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main futures contract for red dates is 10,280 yuan/ton, with a decrease of 110 yuan compared to the previous period [2]. - The position of the main futures contract for red dates is 132,979 lots, a decrease of 1,700 lots [2]. - The net long position of the top 20 futures holders for red dates is - 13,720 lots, an increase of 3,085 lots [2]. - The number of red date warehouse receipts is 9,122 sheets [2]. - The total number of effective warehouse receipt forecasts for red dates is 1,448 sheets, a decrease of 146 sheets [2]. 3.2 Spot Market - The price of general red dates in Kashgar is 0 yuan/kg; the wholesale price of first - grade grey dates in Hebei is 4.3 yuan/jin; the wholesale price of first - grade grey dates in Henan is 4.35 yuan/jin [2]. - The price of general red dates in Alar is 0 yuan/kg; the price of general red dates in Aksu is 4.8 yuan/kg [2]. - The price of super - grade red dates in Henan is 9.8 yuan/kg; the price of super - grade red dates in Hebei is 9.73 yuan/kg, a decrease of 0.01 yuan; the price of super - grade red dates in Guangdong is 11 yuan/kg [2]. - The price of first - grade red dates in Guangdong is 9.8 yuan/kg [2]. 3.3 Upstream Market - The annual output of red dates is 606.9 million tons, an increase of 318.7 million tons; the planting area of red dates is 1.993 million hectares, a decrease of 41,000 hectares [2]. 3.4 Industry Situation - The national red date inventory is 10,430 tons, a decrease of 90 tons compared to the previous week, a week - on - week decrease of 0.86% and a year - on - year increase of 72.28% [2]. - The monthly export volume of red dates is 2,229,227 kg, a decrease of 132,571 kg; the cumulative monthly export volume of red dates is 15,350,567 kg, an increase of 2,229,227 kg [2]. 3.5 Downstream Situation - The wholesale price of red dates in the Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi Province is 20 yuan/kg, a decrease of 8 yuan [2]. - The cumulative quarterly sales volume of red dates of Hao Xiang Ni is 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative year - on - year production of red dates of Hao Xiang Ni is 1.47%, a decrease of 34.59 percentage points [2]. 3.6 Industry News - On July 15, the temperature in Kashgar region was between 21 - 30°C. Jujube farmers were actively engaged in field management such as watering and fertilizing. Jujube trees were gradually entering the physiological fruit - dropping stage. The recent temperature was suitable for fruit setting, and attention should be paid to the growth situation and weather changes in the production areas [2].