Report Overview - Report Title: Red Date Industry Daily Report 2025 - 12 - 23 [1] - Report Date: December 23, 2025 [1] 1. Report Industry Investment Rating - No investment rating information is provided in the report 2. Report's Core View - The follow - up market trend of red dates still depends on the peak - season consumption performance. If terminal demand is released as expected, inventory clearance speed may accelerate and support price stabilization; if consumption falls short of expectations, existing inventory pressure may become more prominent. In the short term, supply is abundant and demand shows no obvious improvement, so red date prices are expected to remain weak [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the futures main contract for red dates is 8,750 yuan/ton, a decrease of 70 yuan; the main contract's open interest is 129,269 lots, an increase of 3,667 lots. The net long position of the top 20 futures holders is - 14,157 lots, an increase of 431 lots. The number of warehouse receipts is 1,092, and the total effective warehouse receipt forecast is 1,069, an increase of 34 [2] 3.2现货市场 - In the spot market, the prices of red dates in different regions show different trends. For example, the price of Kashgar red date bulk goods remains unchanged at 6.5 yuan/kg, while the wholesale price of first - grade gray dates in Hebei drops by 0.15 yuan to 4.2 yuan/jin [2] 3.3 Upstream Market - The annual output of red dates is 606.9 million tons, an increase of 318.7 million tons, and the planting area is 1.993 million hectares, a decrease of 41,000 hectares [2] 3.4 Industry Situation - The national red date inventory is 16,108 tons, an increase of 318 tons compared to last week, with a month - on - month increase of 2.01% and a year - on - year increase of 34.68%. The monthly export volume of red dates is 2,205,220 kilograms, a decrease of 78,451 kilograms, and the cumulative monthly export volume is 25,753,622 kilograms, an increase of 2,205,220 kilograms [2] 3.5 Downstream Situation - Hao Xiang Ni's cumulative quarterly sales volume of red dates is 36,480.43 tons, a decrease of 2,981.06 tons, and the cumulative year - on - year output growth rate is 1.47%, a decrease of 34.59 percentage points. The average daily arrival of red date trucks at the Ruyifang Market is 5.13 trucks, a decrease of 0.25 trucks, and the monthly average wholesale price of red dates is 10.33 yuan/kg, an increase of 0.46 yuan [2] 3.6 Industry News - At the Beicuierzhuang Market, 5 trucks of red dates arrive at the parking area, mainly sub - standard products, with prices stable. Sellers are actively selling, and downstream buyers purchase as needed. At the Guangdong Ruyifang Market, 5 trucks of red dates arrive, mainly from Hebei, and downstream merchants purchase as needed, with about 1 truck sold in the morning [2]

Report Overview - Report Title: Red Date Market Weekly Report [2] - Report Date: December 19, 2025 [2] - Researcher: Wang Cuibing [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - This week, the price of the main contract of Zhengzhou red dates futures fell by about 0.34%. The Xinjiang procurement is nearing completion, and the follow - up market trend depends on the peak - season consumption performance. If the terminal demand is released as expected, the inventory clearance speed may accelerate and support the market to stabilize; otherwise, the inventory pressure may increase. With short - term supply being loose and demand showing no obvious improvement, the red date price is expected to remain weak [9][10] 3. Summary by Directory 3.1 Week - to - Week Summary - Future trading tips include monitoring spot prices and the consumer side - The price of the main contract of Zhengzhou red dates futures fell by about 0.34% this week - As of December 18, 2025, the physical inventory of 36 sample points of red dates was 16,108 tons, an increase of 318 tons from last week, a 2.01% week - on - week increase and a 34.68% year - on - year increase [9] 3.2 Futures and Spot Market - **Futures price**: The price of the Zhengzhou red dates 2605 contract fell by about 0.34% this week [10] - **Top 20 futures positions**: As of this week, the net position of the top 20 in red dates futures was - 10,420 lots [14] - **Futures warehouse receipts**: As of this week, the number of Zhengzhou red dates warehouse receipts was 1,092 [18] - **Futures price spread**: As of this week, the price spread between the Zhengzhou Commodity Exchange red dates 2605 contract and the 2609 contract was - 310 yuan/ton [21] - **Basis**: As of this week, the basis between the Hebei gray date spot price and the main contract of red dates futures was 735 yuan/ton [24] - **Procurement price in the main production area**: As of December 19, 2025, the unified purchase price of red dates in Aksu was 5.15 yuan/kg, in Alar was 5.65 yuan/kg, and in Kashgar was 6.5 yuan/kg [27] - **First - grade red date spot price**: As of December 19, 2025, the wholesale price of first - grade gray dates in Cangzhou, Hebei was 4.35 yuan/jin, and in Henan was 4.45 yuan/jin [31] - **Super - grade red date spot price**: As of December 19, 2025, the spot price of super - grade gray dates in Cangzhou, Hebei was 9.63 yuan/kg, and the wholesale price in Henan was 9.9 yuan/kg [35] 3.3 Industry Chain Situation - **Supply side - Inventory**: As of December 18, 2025, the physical inventory of 36 sample points of red dates was 16,108 tons, an increase of 318 tons from last week, a 2.01% week - on - week increase and a 34.68% year - on - year increase [40] - **Supply side - Production decline**: The red date production in the 2025/26 season is expected to decline [44] - **Demand side - Export**: In October 2025, China's red date export volume was 2,205,220 kg, the export value was 35,238,139 yuan, and the export average price was 15,979.42 yuan/ton. The export volume decreased by 3.44% month - on - month and 33.29% year - on - year. From January to October 2025, the cumulative export volume was 25,753,622 kg, a 0.18% year - on - year increase [48] - **Demand side - BOCE trading**: This week, the BOCE Xinjiang red date "Good Brand" had a small amount of trading in orders [53] 3.4 Options Market and Futures - Stock Correlation - **Options market**: The implied volatility of at - the - money options for red dates this week is presented in the report, but specific data is not summarized [54] - **Stock market - Haoxiangni**: The report shows the price - earnings ratio chart of Haoxiangni, but no specific data is summarized [56]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - This week, the price of the main contract of Zhengzhou jujube futures declined, with a weekly drop of about 4.24%. As the new jujube harvest progresses, the production in each producing area is becoming clearer. The overall jujube supply is relatively loose, and downstream consumption lacks highlights. With about two months until the Spring Festival, attention should be paid to the consumption situation during the peak season [9][13] 3. Summary by Directory 3.1 Week - on - Week Key Points Summary - Future trading tips include monitoring spot prices and the consumer end - The price of the main contract of Zhengzhou jujube futures declined this week, with a weekly drop of about 4.24% - As of December 11, 2025, the physical inventory of 36 sample points of jujubes this week was 15,790 tons, an increase of 1,880 tons from last week, a month - on - month increase of 13.52% and a year - on - year increase of 22.01% - In the 2025 production season, the acquisition structure of gray jujubes is decentralized. The overall jujube supply is relatively loose, and downstream consumption lacks highlights [9] 3.2 Futures and Spot Market - **Futures price trends**: The price of the Zhengzhou jujube 2605 contract declined this week, with a weekly drop of about 4.24% [13] - **Top 20 positions**: As of this week, the net position of the top 20 in jujube futures was - 10,354 lots [14] - **Warehouse receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 883 [19] - **Futures spreads**: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2605 contract and the 2609 contract was - 320 yuan/ton [22] - **Basis**: As of this week, the basis between the spot price of Hebei gray jujubes and the main contract of jujube futures was 855 yuan/ton [25] - **Purchase prices in main producing areas**: As of December 12, 2025, the purchase price of jujube bulk goods in Aksu was 5.15 yuan/kg, in Alar was 5.65 yuan/kg, and in Kashgar was 6.5 yuan/kg [28] - **First - grade jujube spot prices**: As of December 12, 2025, the wholesale price of first - grade gray jujubes in Cangzhou, Hebei was 4.4 yuan/jin, and in Henan was 4.45 yuan/jin [32] - **Special - grade jujube spot prices**: As of December 12, 2025, the spot price of special - grade gray jujubes in Cangzhou, Hebei was 9.78 yuan/kg, and the wholesale price in Henan was 9.9 yuan/kg [36] 3.3 Industry Situation - **Supply side - Inventory situation**: As of December 11, 2025, the physical inventory of 36 sample points of jujubes this week was 15,790 tons, an increase of 1,880 tons from last week, a month - on - month increase of 13.52% and a year - on - year increase of 22.01% - **Supply side - Possible decline in production**: The jujube production in the 2025/26 production season is expected to decline - **Demand side - Monthly jujube export volume**: In October 2025, China's jujube export volume was 2,205,220 kg, with an export value of 35,238,139 yuan and an export average price of 15,979.42 yuan/ton. The export volume decreased by 3.44% month - on - month and 33.29% year - on - year. From January to October 2025, the cumulative export was 25,753,622 kg, a cumulative year - on - year increase of 0.18% - **Demand side - Inactive trading of BOCE Xinjiang Jujube Good Brand**: This week, the order volume of BOCE Xinjiang Jujube Good Brand had a small amount of transactions [40][44][48][53] 3.4 Options Market and Futures - Stock Linkage - **Options market**: Information about the implied volatility of at - the - money options of jujubes this week was presented in a chart, but no specific data was given - **Stock market - Hao Xiang Ni**: A chart of the price - earnings ratio of Hao Xiang Ni (002582) was presented, but no specific analysis was provided [54][56]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - The new - season jujube prices in Xinjiang's main producing areas are trending weakly. The acquisition in some areas is completed, and the overall acquisition progress is about 80%. Enterprises purchase a small amount, and small and medium - sized merchants are the main purchasing entities, with Cangzhou merchants being the main purchasing force. Short - term Zhengzhou jujube futures prices may remain weak [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main jujube futures contract is 9030 yuan/ton, down 25 yuan; the main contract's open interest is 88405 lots, down 2618 lots. The net long position of the top 20 futures holders is - 13350 lots, up 2244 lots. The number of warehouse receipts is 659, up 35, and the total valid warehouse receipt forecasts are 808, down 12 [2]. 3.2 Spot Market - The prices of jujube in various regions are mostly stable. For example, the unified - grade jujube price in Kashi is 6.15 yuan/kg, unchanged; the first - grade grey jujube wholesale price in Hebei is 4.25 yuan/jin, unchanged. Only the special - grade jujube price in Hebei increased by 0.01 yuan/kg to 9.76 yuan/kg [2]. 3.3 Upstream Market - The annual jujube output is 606.9 million tons, an increase of 318.7 million tons, and the planting area is 1.993 million hectares, a decrease of 41,000 hectares [2]. 3.4 Industry Situation - The national jujube inventory is 10,848 tons, an increase of 518 tons. The monthly jujube export volume is 2,205,220 kg, a decrease of 78,451 kg, and the cumulative monthly export volume is 25,753,622 kg, an increase of 2,205,220 kg [2]. 3.5 Downstream Situation - The cumulative quarterly sales volume of jujubes of Hao Xiang Ni is 36,480.43 tons, a decrease of 2981.06 tons, and the cumulative year - on - year jujube production growth rate is 1.47%, a decrease of 34.59 percentage points [2]. 3.6 Industry News - In the Hebei Cuierzhuang market, trading is mainly in new - season jujubes. After the new - season harvest, jujubes are gradually processed in factories. The price difference of new - season jujubes is large, and the transaction price is weakly stable. In the Guangdong Ruyifang market, 3 trucks of jujubes arrived, the supply is sufficient, some holders sell at a discount, and the morning trading volume is average [2].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - The acquisition progress of gray jujubes in Xinjiang's main production areas has accelerated, with about 50% of the acquisition completed in major areas, and the acquired goods are being shipped. The prices in the production areas are weakly stable. The acquisition prices in Aksu and Alar areas are 4.80 - 5.50 yuan/kg and 5.00 - 6.00 yuan/kg respectively, and the acquisition progress is relatively fast [2]. - As of January 19, 2025, the physical inventory of 36 sample points of jujubes this week is 10,330 tons, an increase of 490 tons from last week, a month - on - month increase of 4.98%, and a year - on - year increase of 101.76%. The sample point inventory has increased [2]. - The product prices in the sales areas continue to decline, the downstream purchasing enthusiasm is low, and the market transactions are average. The Zhengzhou jujube futures price is expected to run at a low level in the short term [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for jujubes is 9,160 yuan/ton, with a decrease of 15; the main contract position volume is 113,843 hands, a decrease of 3,396; the net buying volume of the top 20 futures positions is - 10,058 hands, a decrease of 2,997; the number of warehouse receipts is 0, with no change; the effective warehouse receipt forecast is 536 [2]. 现货市场 - The prices of various jujube products in different regions are as follows: the unified price of Kashi jujubes is 6.8 yuan/kg, the first - grade gray jujube wholesale price in Hebei is 4.45 yuan/jin, the unified price of Alar jujubes is 5.5 yuan/kg, the first - grade gray jujube wholesale price in Henan is 4.45 yuan/jin, the unified price of Aksu jujubes is 5.15 yuan/kg, the special - grade jujube price in Henan is 9.8 yuan/kg, the special - grade jujube price in Hebei is 9.94 yuan/kg, the special - grade jujube price in Guangdong is 11.2 yuan/kg, and the first - grade jujube price in Guangdong is 10 yuan/kg. Most prices have no change, and the Hebei special - grade jujube price has an increase of 0.04 [2]. Upstream Market - The annual jujube output is 318.7 million tons, the planting area is 199.3 million hectares, a decrease of 4.1 million hectares [2]. Industry Situation - The national jujube inventory is 10,330 tons this week, an increase of 490 tons; the monthly jujube export volume is 2,205,220 kg, a decrease of 78,451 kg; the cumulative monthly jujube export volume is 25,753,622 kg [2]. Downstream Situation - The cumulative quarterly sales volume of jujubes of好想你is 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative quarterly year - on - year jujube output growth rate is 1.47%, a decrease of 34.59% [2]. Industry News - The acquisition progress of gray jujubes in Xinjiang's production areas is about 50%, and the transfer volume of goods rights is about 30% of the total output. The prices in the production areas are weakly stable. The acquisition progress in Aksu and Alar areas is relatively fast, and the signed goods are being shipped [2].

成交一般，短期郑枣期价预计低位运行为主。 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 | 数据指标 | | 项目类别 最新 环比 数据指标 最新 | | 环比 | | --- | --- | --- | --- | --- | | 期货主力合约收盘价:红枣(日,元/吨) | | 9175 -50 主力合约持仓量:红枣(日,手) 117239 期货市场 | | -4404 | | 期货前20名持仓:净买单量:红枣(日,手) | | -7061 -3339 仓单数量:红枣(日,张) | 0 | 0 | | 有效仓单预报:红枣:小计(日,张) | | 536 108 | | | | 喀什红枣统货价格(日,元/公斤) | | 6.8 0 河北一级灰枣批发价格(日,元/斤) 现货市场 | 0.1 | 4.45 | | 阿拉尔红枣统货价格(日,元/公斤) | | 5.5 -0.15 河南一级灰枣批发价格(日,元/斤) | 0 | 4.45 | | 阿克苏红枣统货价格(日,单位:元/公斤) | | -0.35 河南红枣特级价格(元/公斤) 5.15 | 0 | 9.8 | | ...

Report Industry Investment Rating - No relevant information provided Core Views - This week, the price of the main contract of Zhengzhou jujube futures fell, with a weekly decline of about 2.12%. The Xinjiang main - producing area of grey jujubes is in the late stage of harvesting, and the acquisition progress in Aksu and other places has accelerated. As of November 19, 2025, the physical inventory of 36 sample points of jujubes this week was 10,330 tons, an increase of 490 tons from last week, a month - on - month increase of 4.98% and a year - on - year increase of 101.76%. The acquisition progress in the main producing areas is about 50%. The product prices in the sales areas continue to fall, the downstream purchasing enthusiasm is not high, and the market transactions are average. The spot price is expected to be weakly stable, and the short - term Zhengzhou jujube futures price is expected to run at a low level [9]. Summary According to the Directory 1. Week - on - Week Summary - Future trading reminders include spot prices and the consumer side. The price of the main contract of Zhengzhou jujube futures fell this week, with a weekly decline of about 2.12%. The Xinjiang main - producing area of grey jujubes is in the late stage of harvesting, and the acquisition progress in Aksu and other places has accelerated. The sample point inventory has increased. The acquisition progress in the main producing areas is about 50%, and the acquired goods are being shipped. The product prices in the sales areas continue to fall, the downstream purchasing enthusiasm is not high, and the market transactions are average. The spot price is expected to be weakly stable, and the short - term Zhengzhou jujube futures price is expected to run at a low level [9]. 2. Futures and Spot Market - **Futures price**: The price of the Zhengzhou jujube 2601 contract fell this week, with a weekly decline of about 2.12% [14]. - **Top 20 positions**: As of this week, the net position of the top 20 in jujube futures was - 11,650 lots [15]. - **Warehouse receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 0 [20]. - **Futures spread**: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2601 contract and the 2605 contract was - 180 yuan/ton [23]. - **Basis**: As of this week, the basis between the spot price of Hebei grey jujubes and the main contract of jujube futures was 675 yuan/ton [26]. - **Purchase price in the main producing area**: As of November 21, 2025, the purchase price of Aksu jujube bulk goods was 5.5 yuan/kg, that of Alar was 5.65 yuan/kg, and that of Kashgar was 6.8 yuan/kg [29]. - **First - grade jujube spot price**: As of November 21, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei was 4.4 yuan/jin, and that in Henan was 4.45 yuan/jin [33]. - **Super - grade jujube spot price**: As of November 21, 2025, the spot price of super - grade grey jujubes in Cangzhou, Hebei was 9.67 yuan/kg, and the wholesale price in Henan was 9.8 yuan/kg [37]. 3. Industry Chain Situation - **Supply side - Inventory**: As of November 19, 2025, the physical inventory of 36 sample points of jujubes this week was 10,330 tons, an increase of 490 tons from last week, a month - on - month increase of 4.98% and a year - on - year increase of 101.76% [41]. - **Supply side - Production decline possibility**: The jujube production in the 2025/26 season is expected to decline [45]. - **Demand side - Export volume**: In September 2025, China's jujube export volume was 2,283,671 kg, the export value was 36,347,933 yuan, the export average price was 15,916.449 yuan/ton, the export volume decreased by 3.43% month - on - month and 13.54% year - on - year. From January to September 2025, the cumulative export volume was 23,548,402 kg, a cumulative year - on - year increase of 5.12% [47]. - **Demand side - BOCE trading**: This week, the order volume of BOCE Xinjiang Jujube Good Brand had a small amount of transactions [52]. 4. Options Market and Futures - Stock Correlation - **Options market**: Information about the implied volatility of at - the - money options of jujubes this week is presented in a chart, but specific data is not described in text [53]. - **Stock market - Haoxiangni**: A chart of the price - earnings ratio of Haoxiangni is provided, but no specific analysis is given [55].

Report Summary 1) Report Industry Investment Rating No investment rating provided in the report. 2) Core View of the Report - Xinjiang's new - season jujube acquisition in some areas is over, and the picking progress in other areas is 3 - 40%. Merchant purchasing enthusiasm has weakened [2]. - As of November 6, 2025, the physical inventory of 36 sample points of jujubes this week was 9,541 tons, an increase of 193 tons from last week, a 2.06% week - on - week increase and a 131.35% year - on - year increase [2]. - Merchants are more active in purchasing cost - effective old jujubes and less enthusiastic about purchasing new - season raw materials. The producing areas are in the concentrated picking stage, and attention should be paid to changes in buyers' purchasing enthusiasm and structure [2]. - The prices in the sales areas have been slightly reduced, and downstream customers mostly wait and make purchases as needed. For operations, previously held short positions can take profits, and new positions should wait and see [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the main jujube futures contract was 9,495 yuan/ton, a decrease of 90 yuan; the main contract's open interest was 149,416 lots, a decrease of 811 lots [2]. - The net long position of the top 20 futures holders was - 7,710 lots, a decrease of 2,254 lots; the number of warehouse receipts was 0, unchanged; the total number of effective warehouse receipt forecasts was 0, unchanged [2]. Spot Market - The prices of Kashgar jujube bulk goods, Hebei and Henan first - grade grey jujube wholesale, Henan, Hebei, Guangdong jujube special - grade, and Guangdong jujube first - grade remained unchanged. The prices of Alar and Aksu jujube bulk goods decreased by 0.15 yuan/kg and 0.3 yuan/kg respectively, and the price of Hebei jujube special - grade decreased by 0.09 yuan/kg [2]. Upstream Market - The annual jujube output was 6.069 million tons, an increase of 3.187 million tons; the planting area was 1.993 million hectares, a decrease of 41,000 hectares [2]. Industry Situation - The national jujube inventory this week was 9,541 tons, an increase of 193 tons; the monthly jujube export volume was 2,283,671 kg, a decrease of 81,222 kg; the cumulative monthly jujube export volume was 23,548,402 kg, an increase of 2,283,671 kg [2]. Downstream Situation - The cumulative quarterly sales volume of jujubes of Hao Xiang Ni was 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative year - on - year quarterly jujube production growth rate was 1.47%, a decrease of 34.59 percentage points [2]. Industry News - In Hebei Cuierzhuang Market, 6 trucks of jujubes arrived, with the reference price of special - grade jujubes at 9.80 - 10.20 yuan/kg and first - grade jujubes at 9.20 yuan/kg, showing a weakening trend. The prices of new - season finished products were slightly adjusted, with new - season special - grade jujubes at 10.80 - 11.30 yuan/kg and new - season first - grade jujubes at 9.80 - 10.30 yuan/kg [2]. - In Guangdong Ruyifang Market, 3 trucks of jujubes arrived, with stable prices. The purchasing enthusiasm of downstream merchants was average, and about 1 truck was sold [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The physical inventory of 36 sample points of jujubes this week is 9348 tons, an increase of 245 tons from last week, a month - on - month increase of 2.69% and a year - on - year increase of 120.78%. The price in the Hebei market has slightly decreased, and merchants pick and choose to make small - volume transactions. It is expected that the producing areas will enter the centralized picking stage in early November. Short - term investment should be on the sidelines [2] 3. Summary by Directory Futures Market - The closing price of the main futures contract of jujubes is not clearly given, the main 135 - contract position is 178,859 hands, a decrease of 1,615 hands; the net long position of the top 20 futures holders is 299 hands; the number of warehouse receipts is 0, and the effective warehouse receipt forecast is 0 [2] Spot Market - The prices of jujube products in various regions have different changes. For example, the price of Kashgar jujube bulk goods decreased by 0.15 yuan/kg, the price of first - grade grey jujubes in Hebei decreased by 0.05 yuan/jin, and the price of first - grade grey jujubes in Henan remained unchanged at 4.75 yuan/jin [2] Upstream Market - The annual jujube output is 318.7 million tons, and the planting area is 606,900 hectares, a decrease of 4.1% [2] Industry Situation - The national jujube inventory is 245 tons (weekly), the monthly jujube export volume is 9,348 kg, a decrease of 81,222 kg, and the cumulative monthly jujube export volume is 23,548,402 kg [2] Downstream Situation - The cumulative sales volume of jujubes of Hao Xiang Ni decreased by 2,981.06 tons (quarterly), and the cumulative year - on - year jujube output increased by 1.47% [2] Industry News - In the Hebei Cuierzhuang market, 6 trucks of jujubes arrived, with the reference price of special - grade jujubes at 9.90 - 10.00 yuan/kg and second - grade jujubes at 7.60 yuan/kg. The market is mainly trading old - season jujubes. In the Guangdong Ruyifang market, 7 trucks of jujubes arrived, with the reference price of special - grade jujubes at 11.80 yuan/kg and first - grade jujubes at 10.80 yuan/kg, and the price remained stable. Xinjiang merchants are actively purchasing, and the point - price shipments of futures - cash companies have increased [2]

Group 1: Report Summary - The report analyzes the price - driving logic of jujube futures and spot under the dual pressure of supply and demand, and provides corresponding operation strategies [5][8][9] Group 2: Market Conditions Futures Price - Since October 20, the jujube futures market has declined continuously, with a cumulative decline of 11.17%. As of last Friday's close, the CJ601 contract was reported at 10,145 yuan/ton, down 1.46%, with a trading volume of 245,521 lots and an open interest of 180,474 lots [5][13] Spot Price - The maturity of Xinjiang jujubes is earlier than last year. The orchard - booking in Hotan and Qiemo is basically completed and in the shipping stage. The mainstream orchard - booking price is 6.50 - 8.00 yuan/kg. The unified - grade prices in Aksu, Alar and Kashgar are stable at 6.75 yuan/kg, 7.15 yuan/kg and 7.5 yuan/kg respectively [6][17] - The prices in the sales areas are under pressure and the trading is light. The arrival in Guangdong Ruyifang decreased by 0.5 trucks compared with the previous week. The prices in markets such as Cui'erzhuang and Henan are in different ranges [7][20] Group 3: Inventory, Profit, and Trade Inventory - The inventory of 36 sample enterprises last week was 9,348 tons, a 2.23% decrease from the previous week and a 73.07% increase year - on - year. The old jujubes are not digested and the new ones are about to be listed, increasing short - term supply pressure [7][24] Profit - The average purchase price of grey jujubes in Xinjiang's main producing areas is 5.33 yuan/kg (2024 season). The first - grade finished product price in Hebei's sales area is 9.00 - 9.80 yuan/kg. The freight from Aksu to Cangzhou is 650 yuan/ton, and the gross profit is 2.32 yuan/kg, a 0.05 - yuan/kg decrease from the previous week [28] Import and Export - In September 2025, China's jujube export volume was 2,283,671 kg, with an export value of 36,347,933 yuan and an average export price of 15,916.449 yuan/ton. The export volume decreased by 3.43% from the previous month and 13.54% year - on - year. The cumulative export from January to September was 23,548,402 kg, a 5.12% increase year - on - year [32] Group 4: Outlook and Strategies Market Outlook - Jujubes are at the core node of the alternation of old and new supplies. The new jujubes in the producing areas are harvested earlier. The high inventory of old jujubes and weak demand exacerbate the supply - demand imbalance. If the warehouse receipt registration scale increases unexpectedly, it will increase the pressure on the near - month contract. The market will be in a weak shock pattern [8][33] Operation Strategies - For single - side trading, adopt a short - term high - selling strategy and pay attention to the purchase price in the producing areas, transactions and sales in the sales areas. For arbitrage and options, take a wait - and - see approach [9][34]