Report Industry Investment Rating - No specific industry investment rating is provided in the report [2] Report's Core View - The market has a relatively high expectation for the opening price of late - maturing Fuji apples, providing certain support at the lower end. It is recommended to take short - long positions as the main strategy [2] Summary by Directory Futures Market - The closing price of the apple futures main contract is 8,291 yuan/ton, a decrease of 713 yuan; the main contract position is 93,887 lots, an increase of 10,714 lots; the net long position of the top 20 futures holders is 352 lots [2] Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 4 yuan/jin, 2.3 yuan/jin, 4 yuan/jin, and 3.7 yuan/jin respectively, with no change [2] Upstream Situation - The national apple output is 5,128.51 million tons, an increase of 168.34 million tons [2] Industry Situation - The weekly apple wholesale price is 9.7 yuan/kg, a decrease of 0.06 yuan/kg; the average weekly wholesale price of Fuji apples is 9.35 yuan/kg, a decrease of 0.03 yuan/kg; the total national apple cold - storage inventory is 16.32 million tons, a decrease of 4.59 million tons; the weekly capacity ratio of Shandong apples is 3.51%, a decrease of 0.82%; the weekly capacity ratio of Shaanxi apples is 0; the monthly apple export volume is 70,000 tons, an increase of 20,000 tons; the monthly apple export value is 69.739 million US dollars; the monthly import value of fresh and dried fruits and nuts is 645.5 million US dollars, a decrease of 153.3065 million US dollars; the weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0.3 yuan/jin [2] Downstream Situation - The weekly average wholesale price of tangerines is 8.09 yuan/kg, a decrease of 0.65 yuan/kg; the weekly wholesale price of bananas is 3.72 yuan/kg, an increase of 0.1 yuan/kg; the weekly wholesale price of watermelons is 5.56 yuan/kg, a decrease of 0.02 yuan/kg; the early - morning average daily arrival vehicle volume at the Guangdong Jiangmen Wholesale Market is 16.2 vehicles, an increase of 4.2 vehicles; the early - morning average daily arrival vehicle volume at the Guangdong Xiaqiao Wholesale Market is 20.2 vehicles; the early - morning average daily arrival vehicle volume at the Guangdong Chalong Wholesale Market is 31.8 vehicles, an increase of 6.24 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 22.12%, an increase of 0.58%; the implied volatility of at - the - money put options for apples is 22.12%, an increase of 0.58% [2] Industry News - In the western production area, there is little remaining stock of early - maturing Fuji apples, with poor quality, and transactions are priced according to quality. The transactions of Red Star and Huaniu apples are in progress, and the transaction prices are acceptable. In the Shandong production area, the supply of Red General apples has decreased, and the purchasing enthusiasm of buyers is okay, with transactions through bargaining. The remaining stock of local stored Fuji apples has slightly poor quality, and the sales are slow, with the market price under pressure. For the new - season apples, the transaction price of Red General apples in Shandong varies widely due to quality, and the price advantage of poor - quality goods is relatively obvious. The transactions of early - maturing Fuji apples in the western region are coming to an end, and the picking - green Fuji apples are waiting to color, with a small number of merchants starting to place orders at a price higher than the same period last year. The preparations for the Double Festival are progressing, the bag - removing of late - maturing Fuji apples is sporadic, and the rainfall in the western region may delay the large - scale bag - removing time of late - maturing Fuji apples [2] Viewpoint Summary - As of September 17, 2025, the apple cold - storage inventory in the national main production areas is 16.32 million tons, a decrease of 4.59 million tons from last week. Affected by the transactions of medium - maturing varieties, the sales speed of the stored apples in the Shandong production area has slowed down. The capacity ratio in the Shandong production area is 3.51%, a decrease of 0.82% from last week. The inventory - removal speed in the Shandong production area has slowed down, and local small merchants tend to choose Red General apples with lower prices. The price of high - quality goods in the warehouse is relatively stable, while the price of farmers' goods is weak. However, the market has a relatively high expectation for the opening price of late - maturing Fuji apples, providing certain support at the lower end [2]

Report Industry Investment Rating - The report suggests short - term long positions as the main strategy [2] Core Viewpoints - In the old - crop market, as of September 11, 2025, the apple cold - storage inventory in the main producing areas was 20.91 million tons, a decrease of 6.44 million tons from the previous week, with slightly faster inventory clearance. The storage capacity ratio in Shandong decreased by 1.13% to 4.33%, and in Shaanxi decreased by 0.32% to 0.21%. Some merchants in Shandong continued to transfer stored Fuji apples due to the high price of early - maturing Fuji and poor coloration of Red General apples, with relatively stable prices. The digestion speed in the sales areas was relatively stable, and the profit of merchants was relatively limited due to the high price of early - maturing Fuji. Attention should be paid to the stocking situation for the Double Festival [2] Summary by Related Catalogs Futures Market - The closing price of the main apple futures contract was 8304 yuan/ton, and the position of the main contract was 90526 lots, an increase of 4663 lots. The net long position of the top 20 futures holders was 2963 lots, a decrease of 3258 lots [2] Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia remained unchanged. The prices were 4 yuan/jin, 2.3 yuan/jin, 4 yuan/jin, and 3.7 yuan/jin respectively [2] Upstream Situation - The annual apple output in China was 5128.51 million tons, an increase of 168.34 million tons. The weekly average wholesale price of apples was 9.76 yuan/kg, an increase of 0.01 yuan/kg, and that of Fuji apples was 9.38 yuan/kg, unchanged. The total cold - storage inventory of apples in China was 20.91 million tons, a decrease of 6.44 million tons. The storage capacity ratios in Shandong and Shaanxi were 4.33% and 0.21% respectively, with changes of - 1.13% and - 0.01%. The monthly export volume of apples was 50000 tons, a decrease of 10000 tons [2] Industry Situation - The monthly import value of fresh, dried fruits and nuts was 6328.4 million US dollars, and the monthly export value of apples was 1589295.5 million US dollars, a decrease of 153306.5 million US dollars [2] Downstream Situation - The weekly average wholesale prices of mandarins, bananas, and watermelons were 8.74 yuan/kg, 5.58 yuan/kg, and 3.62 yuan/kg respectively. The early - morning average daily arrival vehicle numbers at Guangdong Jiangmen, Guangdong Xiaqiao, and Guangdong Chalong wholesale markets were 12, 16, and 25.56 respectively, with changes of 0.4, 1, and 1.96 [2] Option Market - The implied volatility of at - the - money call and put options on apples was 20.41%, with a change of 0.04% and 0.06% respectively [2] Industry News - In the western production areas, the trading of early - maturing Fuji was coming to an end, with good - quality goods hard to find, and the actual transaction prices were chaotic due to quality issues. The bag - removing of late - maturing Fuji was generally postponed this year. In Shandong, there was not much good - quality stored Fuji left, and the sales of poor - quality goods were slow. The coloration of Red General apples was poor, and the transaction prices were not high. The supply of mid - maturing Fuji was gradually increasing, and the color and redness of some Fuji apples in the west were average due to short sunshine hours and long rainfall. The price of good - quality goods remained firm [2]

Report Industry Investment Rating - Not provided Core View of the Report - The low inventory of old apples, high expectations for the opening price of late - maturing Fuji apples, and demand expectations for the Mid - Autumn Festival will boost prices. It is recommended to hold long positions and set stop - losses to control risks. Attention should be paid to the market situation of early - maturing Fuji apples [2] Summary by Relevant Catalogs Futures Market - The closing price of the October apple futures contract is 8374 yuan/ton. The holding volume of the main contract is 58414 hands, with a decrease of 8249 hands. The net buying volume of the top 20 futures positions is 5378 hands, with a decrease of 1485 hands [2] Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, and Shaanxi Luochuan (paper - bag 75 and above) are 4 yuan/jin, 2.3 yuan/jin, and 4 yuan/jin respectively [2] Upstream Situation - The annual national apple output is 5128.51 million tons. The weekly average wholesale price of apples is 9.74 yuan/kg, with an increase of 0.04 yuan/kg compared to the previous period. The weekly average wholesale price of Fuji apples is 9.54 yuan/kg, with an increase of 0.04 yuan/kg. The total national apple cold - storage inventory is 39.45 million tons, with a decrease of 6.56 million tons. The capacity utilization ratio of Shandong apple cold - storage is 0.07, with a decrease of 0.01. The capacity utilization ratio of Shaanxi apple cold - storage is 0.01. The monthly apple export volume is 50000 tons, with an increase of 10000 tons [2] Industry Situation - The monthly apple export value is 6328.4 million US dollars, with a decrease of 212886 million US dollars. The monthly import value of fresh, dried fruits and nuts is 1742602 million US dollars. The weekly profit of first - and second - grade paper - bag 80 apple storage merchants is 0.4 yuan/jin [2] Downstream Situation - The weekly average wholesale price of tangerines is 8.69 yuan/kg, with a decrease of 1.07 yuan/kg. The weekly wholesale price of bananas is 5.7 yuan/kg, with a decrease of 0.05 yuan/kg. The weekly wholesale price of watermelons is 3.5 yuan/kg. The early - morning average daily arrival volume of trucks at the Guangdong Jiangmen wholesale market is 11.4 vehicles, with an increase of 3.8 vehicles. The early - morning average daily arrival volume of trucks at the Guangdong Xiaqiao wholesale market is 4.8 vehicles. The early - morning average daily arrival volume of trucks at the Guangdong Chalong wholesale market is 22.2 vehicles, with an increase of 7.2 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 21.38%, with an increase of 1.51%. The implied volatility of at - the - money put options for apples is 3.22%, with a decrease of 18.16% [2] Industry News - On September 1, 2025, early - maturing Fuji apples were sporadically listed in the western production areas. Merchants' enthusiasm for purchasing high - quality goods is high, and the semi - commodity order price is maintained at 4.00 - 5.00 yuan/jin. The sales of Shandong's inventory Fuji apples have slightly improved, and cold - storage facilities are actively disposing of inventory [2] Viewpoint Summary - According to preliminary estimates, the national apple output in the new season is 3736.64 million tons, an increase of 85.93 million tons or 2.35% compared to the 2024 - 2025 production season. As of August 27, 2025, the inventory of apple cold - storage in the main production areas is 33.97 million tons, a decrease of 5.48 million tons compared to the previous week. The overall quality of early - maturing fruits is poor, and there are concerns about the quality of late - maturing Fuji apples. Due to the expected low excellent - fruit rate, the opening price of late - maturing Fuji apples is expected to be high [2]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoint The inventory of old - season apples is low, which still supports prices. However, the increasing supply of early - season apples with uneven quality restricts price increases, resulting in a range - bound market. It is recommended to conduct range trading and pay attention to the coloring and listing of early - season apples [2]. 3) Summary by Directory Futures Market - The closing price of the October apple futures contract is 8124 yuan/ton, and the position of the main contract is 72112 lots, a decrease of 5542 lots compared to the previous period. The net long position of the top 20 futures holders is 588 lots [2]. - The implied volatility of at - the - money call and put options for apples is 19.87%, with a 0.59% increase [2]. Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, and Shaanxi Luochuan (paper - bagged 75 and above, paper - bagged 70 and above semi - commodities) are 4 yuan/jin, 2.3 yuan/jin, and 4 yuan/jin respectively [2]. Upstream Situation - The annual national apple output is 5128.51 million tons, and the weekly average wholesale price of apples is 9.66 yuan/kg, with a 0.02 yuan increase. The average wholesale price of Fuji apples is 9.5 yuan/kg [2]. - The total national apple cold - storage inventory is 39.45 million tons, a decrease of 6.56 million tons compared to the previous week. The storage capacity ratios of Shandong and Shaanxi apples are 0.07 and 0.01 respectively [2]. - The monthly export volume of apples is 50,000 tons, an increase of 10,000 tons [2]. Industry Situation - The monthly export value of apples is 6328.4 million US dollars, and the monthly import value of fresh, dried fruits, and nuts is 1742602 million US dollars, a decrease of 212886 million US dollars [2]. - The weekly profit of storage merchants for first - and second - grade paper - bagged 80 apples is 0.4 yuan/jin [2]. Downstream Situation - The weekly average wholesale prices of mandarins, bananas, and watermelons are 9.76 yuan/kg, 5.75 yuan/kg, and 3.54 yuan/kg respectively, with decreases of 0.35 yuan/kg, 0.13 yuan/kg, and 0.04 yuan/kg [2]. - The early - morning average daily arrival of trucks at the Guangdong Jiangmen, Guangdong Xiaqiao, and Guangdong Chalong fruit wholesale markets is 11.4, 4.8, and 14.4 respectively, with an increase of 3.8 and 7.2 at the Jiangmen and Chalong markets [2]. Industry News - In the western producing areas, the trading of Gala apples is in the later stage, with uneven quality of the remaining goods, few high - quality goods, chaotic prices, and price determined by quality [2]. - The market of Shandong cold - storage Red Fuji apples is under pressure, with slow sales and a prominent sense of urgency to sell in cold - storage. The prices of early - season apples in Shandong fluctuate slightly depending on the supply volume [2]. - On Tuesday, the Apple 2510 contract closed down 0.23%. According to preliminary estimates by Mysteel based on bagging volume survey data, the national apple output in the new season is expected to be 3736.64 million tons, an increase of 85.93 million tons or 2.35% compared to the 2024 - 2025 production season [2].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - On Wednesday, the Apple 2510 contract closed down 1.13%. The preliminary estimate of the national apple production in the new season is 3736.64 million tons, a year - on - year increase of 85.93 million tons or 2.35%. As of August 13, 2025, the inventory in apple cold storage in the main producing areas was 46.01 million tons, a decrease of 7.58 million tons from the previous week, with a slightly slower sales pace. The inventory ratio in Shandong decreased by 1.06% to 8.00%, with a slightly better de - stocking speed. The inventory ratio in Shaanxi decreased by 0.47% to 1.84%, with a slightly slower sales pace. The inventory ratio in Gansu decreased by 0.48% to 1.06%, and sales were almost finished. The old - crop inventory is low with little sales pressure, and transactions are priced according to quality, with an overall slower sales pace. The supply of bagged Gala apples in the western producing areas is increasing, and the transaction price is slightly declining. Overall, the low spot inventory strongly supports prices, but the increasing supply of Gala apples restricts price increases. In the short term, prices will fluctuate and adjust, with support at 7900 yuan/ton. It is recommended to trade within a range [2]. Summary by Relevant Catalogs Futures Market - The closing price of the October apple contract was 8064 yuan/ton, a decrease of 86 yuan; the position of the main contract was 81514 lots, a decrease of 2118 lots; the number of warehouse receipts was 0; the net long position of the top 20 futures holders was - 613 lots, a decrease of 1088 lots [2]. Spot Market - The spot price of apples in Shandong Yantai Qixia (bagged, 80 and above, first - and second - grade farmer - supplied fruit) was 4 yuan/jin; in Gansu Jingning (bagged, 75 and above) was 4 yuan/jin; in Shandong Yiyuan (bagged, 75 and above) was 2.3 yuan/jin; in Shaanxi Luochuan (bagged, 70 and above, semi - products) was 4 yuan/jin [2]. Upstream Situation - The national apple production was 5128.51 million tons; the weekly average wholesale price of apples was 9.66 yuan/kg, and that of Fuji apples was 9.48 yuan/kg, both decreasing by 0.03 yuan. The total national apple cold - storage inventory was 46.01 million tons, a decrease of 7.38 million tons; the inventory ratio in Shandong was 0.08, a decrease of 0.01; in Shaanxi was 0.02, unchanged; the monthly apple export volume was 50000 tons, an increase of 10000 tons [2]. Industry Situation - The monthly apple export value was 6328.4 million US dollars, an increase of 1997.6 million US dollars; the monthly import value of fresh and dried fruits and nuts was 1742602 million US dollars, a decrease of 212886 million US dollars. The weekly profit of first - and second - grade bagged 80 apple storage merchants was 0.4 yuan/jin, a decrease of 0.1 yuan/jin [2]. Downstream Situation - The weekly average wholesale price of tangerines was 10.11 yuan/kg, a decrease of 0.14 yuan; bananas was 5.75 yuan/kg, a decrease of 0.13 yuan; watermelons was 3.54 yuan/kg, a decrease of 0.04 yuan. The average daily number of trucks arriving in the morning at the wholesale markets in Guangdong Jiangmen, Xiaqiao, and Chalong was 7.6, 9.6, and 15 respectively, decreasing by 0.8, 1.4, and 1 respectively [2]. Option Market - The implied volatility of at - the - money call and put options for apples was 20.21%, an increase of 1.23 [2]. Industry News - On August 20, 2025, the supply of Gala apples in Shaanxi increased, and merchants flocked to the area for purchases. The overall transaction price of Gala apples showed a slow downward trend, with prices determined by quality. In Shandong, farmers and cold - storage operators were actively clearing inventory, with obvious price - cutting sales. The supply of early - maturing apples was limited, and the transaction price was stable [2].

Report Industry Investment Rating - Not provided Core View of the Report - The old - crop inventory is low with little sales pressure, and transactions are priced according to quality, with the overall shipment speed slowing down. The supply of paper - bag Gala apples in the western region is increasing, and high - quality fruits are sold at high prices. Overall, the low spot inventory strongly supports prices, but as the listing volume of Gala apples gradually increases in the future, it may restrain the price increase rhythm. It is recommended to wait and see for now [2] Summary by Related Catalogs Futures Market - The closing price of the October apple contract is 8150 yuan/ton, a decrease of 80 yuan/ton; the position of the main contract is 83,632 hands, an increase of 475 hands; the number of warehouse receipts is 1200, a decrease of 3533; the net long position of the top 20 futures holders is 0 hands [2] Spot Market - The spot price of apples in Shandong Yantai Qixia (paper - bag 80 and above) is 4 yuan/jin; in Gansu Jingning (paper - bag 75 and above, second - grade fruit farmer's goods) is 2.3 yuan/jin; in Shandong Yiyuan (paper - bag 75 and above) is 4 yuan/jin; in Shaanxi Luochuan (paper - bag 70 and above semi - commodity) is 4 yuan/jin [2] Upstream Situation - The annual national apple output is 5128.51 million tons; the weekly apple wholesale price is 168.34 yuan/kg, a decrease of 0.06 yuan/kg; the weekly average wholesale price of Fuji apples is not given a change value [2] Industry Situation - The national total apple cold - storage inventory is 9.69 million tons, a decrease of 7.38 million tons; the Shandong apple storage capacity ratio is 46.01%, a decrease of 0.03%; the Shaanxi apple storage capacity ratio is 0.02%, no change; the monthly apple export volume is 50,000 tons, an increase of 10,000 tons; the monthly apple export value is 6328.4 million US dollars, a decrease of 212,886 million US dollars; the monthly import value of fresh and dried fruits and nuts is 1742602 million US dollars, a decrease of 212886 million US dollars; the weekly profit of first - and second - grade paper - bag 80 apple storage merchants is 0.4 yuan/jin, a decrease of 0.1 yuan/jin [2] Downstream Situation - The weekly average wholesale price of tangerines is 10.11 yuan/kg, a decrease of 0.14 yuan/kg; the weekly banana wholesale price is 3.58 yuan/kg, a decrease of 0.15 yuan/kg; the weekly watermelon wholesale price is 5.88 yuan/kg, a decrease of 0.04 yuan/kg; the early - morning average daily arrival of trucks at the Guangdong Jiangmen wholesale market is 7.6 vehicles, a decrease of 0.8 vehicles; at the Guangdong Xiaqiao wholesale market is 9.6 vehicles, a decrease of 1.4 vehicles; at the Guangdong Chalong wholesale market is 15 vehicles, a decrease of 1 vehicle [2] Option Market - The implied volatility of at - the - money call options for apples is 18.98%, an increase of 0.39%; the implied volatility of at - the - money put options for apples is 18.98%, an increase of 0.39% [2]

1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - The old - crop inventory is low with little sales pressure. The transactions are priced according to quality, and the overall shipment speed has slowed down. The supply of paper - bag Gala apples in the western producing areas is increasing, with high - quality fruits commanding high prices. Overall, the low spot inventory strongly supports prices, but the increasing listing volume of Gala apples may restrain the price increase. It is recommended to wait and see for now, and pay attention to the coloring and listing of early - maturing apples [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the October apple contract is 42 yuan/ton. The position of the main contract is 82,432 hands, a decrease of 6,998 hands. The number of warehouse receipts is 0. The net long position of the top 20 futures holders is 4,008 hands, an increase of 841 hands [2] 3.2 Spot Market - The spot prices of apples in Shandong Yantai Qixia, Gansu Jingning, Shandong Yiyuan, and Shaanxi Luochuan remain unchanged. The national apple production is 5,128.51 million tons, and the weekly apple wholesale price is 9.69 yuan/kg, a decrease of 0.06 yuan/kg. The average wholesale price of Fuji apples is 9.48 yuan/kg, a decrease of 0.03 yuan/kg [2] 3.3 Upstream Situation - The total national apple cold - storage inventory is 46.01 million tons, a decrease of 7.38 million tons. The capacity ratio of Shandong apple cold - storage is 8%, a decrease of 1%. The capacity ratio of Shaanxi apple cold - storage is 2%, a decrease of 0.47%. The monthly apple export volume is 40,000 tons, a decrease of 10,000 tons. The monthly import value of fresh and dried fruits and nuts is 1,955,488 million US dollars, a decrease of 245,562.17 million US dollars, and the monthly apple export value is 4,330.8 million US dollars [2] 3.4 Downstream Situation - The weekly average wholesale price of tangerines is 10.11 yuan/kg, a decrease of 0.14 yuan/kg. The weekly wholesale price of bananas is 5.88 yuan/kg, a decrease of 0.04 yuan/kg. The weekly wholesale price of watermelons is 3.58 yuan/kg, a decrease of 0.15 yuan/kg. The morning average daily arrival of trucks at the Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets has decreased [2] 3.5 Option Market - The implied volatility of at - the - money call and put options for apples is 18.59%, a decrease of 0.34% [2] 3.6 Industry News - On August 18, 2025, the supply of Gala apples in the western producing areas increased, with high - quality fruits commanding high prices. The trading of stored Fuji apples in Shandong was dull, with farmers and cold - storage operators offering discounts. The early - maturing Luli and Jinduhong apples were priced according to quality, and the shipment was okay. The Apple 2510 contract rose 0.44% on Monday [2] 3.7 Viewpoint Summary - The estimated national apple production for the new season is 3,736.64 million tons, an increase of 85.93 million tons or 2.35% compared to the 2024 - 2025 season. As of August 13, 2025, the national apple cold - storage inventory was 46.01 million tons, a decrease of 7.58 million tons from the previous week. The shipment speed slowed slightly. The capacity ratios in Shandong, Shaanxi, and Gansu decreased, with Shandong's de - stocking improving slightly, Shaanxi's shipment slowing, and Gansu's shipment almost finished [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint - The current low volume of Gala apples on the market and low old - crop inventory boost short - term apple prices, but the price increase may slow down after a large number of Gala apples are listed. Technically, for the 2510 contract, pay attention to the pressure at the 8200 yuan/ton integer mark. It is recommended to partially take profits on long positions at high prices and hold a light position [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the October apple contract is 8178 yuan/ton. The position of the main contract is 81105 lots, a decrease of 1363 lots. The number of apple warehouse receipts is 0. The net long position of the top 20 futures holders is 2658 lots, an increase of 1045 lots [2] Spot Market - The spot price of apples in Shandong Yantai Qixia (paper - bagged, above 80) is 4 yuan/jin, unchanged. The spot price in Gansu Jingning (paper - bagged, above 75) is 4 yuan/jin, unchanged. The spot price in Shandong Yiyuan (paper - bagged, above 75) is 2.4 yuan/jin, unchanged. The spot price in Shaanxi Luochuan (paper - bagged, above 70 semi - commercial) is 4 yuan/jin, unchanged [2] Upstream Situation - The national apple output is 5128.51 million tons. The weekly wholesale price of apples is 9.75 yuan/kg, a decrease of 0.16 yuan/kg compared to the previous period. The average weekly wholesale price of Fuji apples is 9.51 yuan/kg [2] Industry Situation - The inventory ratio of Shaanxi apples decreased by 10000 (the unit is not clear). The total national apple cold - storage inventory is 53.39 million tons, a decrease of 8.22 million tons. The inventory ratio of Shandong apples decreased by 0.01. The monthly export volume of apples is 40000 tons. The monthly export value of apples is 4330.8 million US dollars, and the monthly import value of fresh and dried fruits and nuts decreased by 245562.17 million US dollars. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0.5 yuan/jin, a decrease of 0.1 yuan/jin [2] Downstream Situation - The average weekly wholesale price of tangerines is 10.25 yuan/kg, a decrease of 0.39 yuan/kg. The weekly wholesale price of bananas is 5.92 yuan/kg, a decrease of 0.05 yuan/kg. The weekly wholesale price of watermelons is 3.73 yuan/kg. The early - morning average daily arrival of trucks at the Guangdong Jiangmen wholesale market is 8.4 vehicles, an increase of 1 vehicle. The early - morning average daily arrival of trucks at the Guangdong Xiaqiao wholesale market is 11 vehicles, an increase of 1 vehicle. The early - morning average daily arrival of trucks at the Guangdong Chalong wholesale market is 16 vehicles, an increase of 0.4 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 20.32%, and the implied volatility of at - the - money put options is 20.39%, an increase of 1.2% [2] Industry News - On August 12, 2025, the trading of inventory Fuji apples in the western production area basically ended, and the remaining goods were mostly picked up by merchants themselves. The trading of early - maturing apples was mainly Gala apples, which were in the centralized bag - removing and coloring period, and merchants were mostly on the sidelines, with prices remaining stable and weak. In the Shandong production area, the trading speed of inventory fruit from farmers was slow, the quality was uneven, there were many price - concession transactions, and the prices were a bit chaotic. The supply of smooth - skinned Luli apples continued to increase, and the prices changed little. The apple 2510 contract rose 0.65% on Tuesday [2]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - Different varieties of apple spot prices show a divergent trend, with the purchase prices of some early - maturing varieties declining, while the opening - scale price of Gala apples is acceptable. The low inventory of old crops still provides some support, but the trading atmosphere is average, and the price is expected to fluctuate within a range. Technically, the Apple 2510 contract is running above the support line formed by the previous two lows, showing a bullish bias. It is recommended to conduct light - position trial long trades while controlling risks [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the October apple contract is 7915 yuan/ton, the position of the main contract is 74614 lots, the number of warehouse receipts is 0, and the net long position of the top 20 futures holders is 354 lots, with a decrease of 2763 and an increase of 771 respectively compared to the previous period [2]. Spot Market - The spot prices in Shandong Yantai Qixia, Gansu Jingning, Shandong Yiyuan, and Shaanxi Luochuan have no change compared to the previous period, with prices of 4 yuan/jin, 4 yuan/jin, 2.4 yuan/jin, and 4 yuan/jin respectively [2]. Upstream Situation - The national apple output is 5128.51 million tons, an increase of 168.34 million tons [2]. Industry Situation - The weekly wholesale price of apples is 9.75 yuan/kg, and the average wholesale price of Fuji apples is 9.67 yuan/kg, a decrease of 0.06. The Shaanxi apple storage capacity ratio is 0.1, a decrease of 0.01; the national total apple cold - storage inventory is 61.61 million tons, a decrease of 8.84 million tons; the Shandong apple storage capacity ratio is 0.03, a decrease of 0.01. The monthly export volume of apples is 40000 tons, a decrease of 10000 tons; the monthly export value is 4330.8 million US dollars, and the monthly import value of fresh and dried fruits and nuts is 1955488 - 245562.17 million US dollars. The weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0.6 yuan/jin, a decrease of 0.1 yuan/jin [2]. Downstream Situation - The weekly average wholesale price of tangerines is 10.64 yuan/kg, a decrease of 0.05; the weekly wholesale price of bananas is 3.73 yuan/kg, an increase of 0.6; the weekly wholesale price of watermelons is 5.92 yuan/kg, a decrease of 0.08. The early - morning average daily arrival of trucks at the Guangdong Jiangmen, Guangdong Xiaqiao, and Guangdong Chalong wholesale markets is 10, 15.6, and 1.2 vehicles respectively, with an increase of 1 vehicle at the Guangdong Xiaqiao market [2]. Option Market - The implied volatility of at - the - money call options for apples is 20.9%, a decrease of 0.64; the implied volatility of at - the - money put options for apples is 20.84%, a decrease of 0.7 [2]. Industry News - On August 6, 2025, the early - maturing paper - bag Gala apples in the western production areas started trading, with buyers making exploratory purchases. The price of 70 and above with more than 50% redness in the Heyang production area is between 4.60 - 5.00 yuan/jin. The inventory trading in the Shandong production area is a bit chaotic, with farmers' fruits priced according to quality and transactions made through bargaining, and merchants' fruits continuing to be shipped out on their own, with an average shipping speed. The Apple 2510 contract rose 0.93% on Wednesday. According to Mysteel's statistics, the preliminary estimate of the national apple output based on the bagging volume survey data is 3736.64 million tons, an increase of 85.93 million tons or 2.35% compared to the 2024 - 2025 production season. As of July 30, 2025, the inventory of apple cold - storage in the national main production areas is 61.61 million tons, a decrease of 8.84 million tons compared to last week, with a slightly slower shipping speed compared to last week and basically the same as last year [2].

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - Current inventory is at a five - year low, and the purchase price of early - maturing varieties has increased slightly year - on - year, supporting the price to continue to fluctuate strongly. However, the large listing of summer cooling fruits impacts apple demand, and the potential increase in new - season apple production may restrict price movement and range. It is recommended to hold long positions cautiously and pay attention to controlling risks [2][3] Summary by Relevant Catalogs Futures Market - The closing price of the October apple contract is 8052 yuan/ton, and the position of the main contract is 127,261 lots, with a week - on - week increase of 32,430 lots. The number of apple warehouse receipts is 0, and the net long position of the top 20 futures holders is 5,721 lots, with a week - on - week decrease of 981 lots [2] Spot Market - The spot price of Shandong Yantai Qixia apples (paper - bagged, above 80 second - grade fruit farmers' goods) is 4 yuan/jin. The national apple production is 5,128.51 million tons, with an increase of 168.34 million tons [2] Industry Situation - The total national apple cold - storage inventory is 9.75 million tons, with a week - on - week decrease of 10.15 million tons. The storage capacity ratio of Shandong apples is 70.45%, with a week - on - week decrease of 0.16%. The storage capacity ratio of Shaanxi apples is 0.04%, with a week - on - week decrease of 0.01%. The monthly export volume of apples is 40,000 tons, with a decrease of 10,000 tons. The monthly export value of apples is 4,330.8 million US dollars, and the monthly import value of fresh and dried fruits and nuts is 1,955,488 million US dollars, with a decrease of 245,562.17 million US dollars. The profit of first - and second - grade paper - bagged 80 apple storage merchants is 0.7 yuan/jin [2] Downstream Situation - The average wholesale price of tangerines is 9.63 yuan/kg, the wholesale price of bananas is 6.06 yuan/kg, with a week - on - week decrease of 0.09 yuan/kg, the wholesale price of watermelons is 3.92 yuan/kg. The morning average daily arrival volume at the Guangdong Jiangmen wholesale market is 6.8 vehicles, with an increase of 1 vehicle, and at the Guangdong Chalong wholesale market is 14.6 vehicles, with a decrease of 2 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 17.15%, and that of at - the - money put options is 17.15%, with a week - on - week increase of 0.79% [2] Industry News - On July 28, 2025, the trading of inventory apples in the western producing areas basically ended with little remaining stock. In the Shandong producing area, the number of inquiring merchants increased slightly, most of them selected suitable sources for procurement, and fruit farmers sold at the market price. The supply of early - maturing apples is still limited, and merchants' enthusiasm for purchasing is fair, with relatively stable prices. The apple 2510 contract rose 0.64% on Monday. According to preliminary estimates by Mysteel based on bagging volume survey data, the national apple production is expected to be 3,736.64 million tons, an increase of 85.93 million tons or 2.35% compared with the 2024 - 2025 production season [2] Viewpoint Summary - As of July 23, 2025, the inventory of main apple - producing areas in China was 70.45 million tons, with a week - on - week decrease of 10.15 million tons. The inventory removal speed was similar to that of last week and basically the same as that of last year. The storage capacity ratio in the Shandong producing area was 11.12%, a decrease of 1.03% from last week, and the inventory removal speed was still average. The storage capacity ratio in the Shaanxi producing area was 3.65%, a decrease of 0.98% from last week, and the inventory removal was slightly faster than last week. The storage capacity ratio in the Gansu producing area was 2.77%, a decrease of 0.92% from last week, and the inventory removal was sporadic [2]