Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report indicates that the apple futures main contract has completed position transfer and AP2605 continues to fluctuate at a high level. The inventory is lower than the same period last year, and the cold - storage shipment volume is gradually increasing. The approaching Christmas and New Year's Day have an obvious boosting effect on demand. With the withdrawal of seasonal fruits, the substitution effect is greatly weakened, which is beneficial to the recovery of apple demand. The decline in production and quality supports prices, but quality issues may increase storage costs. The new - season apple production reduction is a foregone conclusion, providing strong support for the cost side. The price differentiation of different - quality apple sources is expected to be obvious, and the futures contracts may show a pattern of near - term weakness and long - term strength [35]. 3. Summary by Directory 3.1 This Week's Market Review The apple futures main contract has completed position transfer, and AP2605 continues to fluctuate at a high level [8]. 3.2 Supply - side Situation As of December 4, 2025, the national cold - storage apple inventory is 7.2438 billion tons, with a cold - storage inventory ratio of about 55.00%, 7.68 percentage points lower than the same period last year. Shaanxi and Gansu production areas reported slower shipments, but the inventory in surrounding areas such as Shanxi changed from increasing to decreasing after the end of warehousing. So, the national cold - storage inventory shipment volume increased slightly compared with last week [11]. 3.3 Demand - side Situation - Cold - storage shipment volume: As of December 4, 2025, the national cold - storage capacity ratio decreased by 0.38 percentage points, the single - week shipment volume increased by 0.07 percentage points compared with last week, and the de - stocking rate was 1.55%. In Shandong, the cold - storage capacity ratio is 55.33%, which decreased by 0.28 percentage points this week. In Shaanxi, the cold - storage capacity ratio is 53.48%, a weekly decrease of 0.41 percentage points [15]. - Export volume: In October 2025, the fresh apple export volume was about 80,400 tons, a month - on - month increase of 13.51% and a year - on - year decrease of 17.04%. The delayed listing of new - season apples led to a significant year - on - year decrease in exports in October [18]. - Spot price: As of December 5, the apple price in Qixia, Yantai, Shandong was stable. The price of 65 - 70 cold - storage apples from fruit farmers is 2.0 - 2.2 yuan per catty, and the price of 75 apples from merchants is about 3.0 yuan per catty. The 80 and above first - and second - grade fruit from fruit farmers has an intended quotation of 3.7 - 4.0 yuan per catty for slice - red apples and 4.0 - 4.7 yuan per catty for striped apples. The asking price for merchant - sourced apples is higher, with an intended price of 4.2 - 5.2 yuan per catty for 80 and above first - and second - grade apples (not yet traded) [31].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The fundamentals of the apple market are strong due to a decline in apple production this year, a poor high - quality fruit rate, increased storage difficulty, and expected low cold - storage inventory data. However, considering the high price of the January contract and the large risk approaching delivery, it is recommended to stay on the sidelines for single - side trading, and also to stay on the sidelines for arbitrage and option trading [5][6][8] Group 3: Summary by Directory First Part: Market Information - The Fuji apple price index was 106.38, up 0.02 from the previous trading day. The average wholesale price of 6 kinds of fruits was 7.30, up 0.08 from the previous trading day. Among futures prices, AP01 was 9526, up 76 from the previous close; AP05 was 9633, up 54; AP10 was 8438, up 27 [2] Second Part: Market News and Views - **Transaction Logic**: This year's apple production decreased, the high - quality fruit rate was poor, and storage was more difficult. As of November 27, 2025, the cold - storage inventory of apples in the main producing areas was 766.75 million tons, a decrease of 6.41 million tons from the previous week and 79.5 million tons from the same period last year. The peak cold - storage inventory this year was at a low level in the same period over the years, and the apple quality was relatively poor, so the effective inventory was expected to be low, and the apple fundamentals were strong [5] - **Transaction Strategy**: For single - side trading, due to the strong apple fundamentals but the high price of the January contract and high delivery - approaching risks, it is recommended to stay on the sidelines. For arbitrage and option trading, it is also recommended to stay on the sidelines [6][8] - **Market Data**: As of November 27, 2025, the cold - storage inventory of apples in the main producing areas was 766.75 million tons, a decrease of 6.41 million tons from the previous week and 79.5 million tons from the same period last year, with a decline of 9.4%. In October 2025, the import volume of fresh apples was 0.31 million tons, a month - on - month decrease of 68.09% and a year - on - year increase of 8.54%. From January to October 2025, the cumulative import volume was 11.12 million tons, a year - on - year increase of 19.18%. In October 2025, the export volume of fresh apples was about 8.04 million tons, a month - on - month increase of 13.51% and a year - on - year decrease of 17.04% [7] - **Spot Price**: In the Shandong production area, the late - maturing bagged Fuji apples in cold storage mainly traded small and medium - sized fruits and a small amount of general - quality goods, with few large - sized fruit transactions. The purchase volume of small fruits in cold storage was less than that of last week. In the Qixia area, the mainstream price of bagged Fuji 65 - 70 was 2.0 - 2.2 yuan per catty. In the Shaanxi production area, the mainstream price was stable, and cold - storage trading was not active. In the Luochuan area, the mainstream price of cold - storage bagged Fuji 70 and above was 3.8 - 4.2 yuan per catty, and high - quality goods were 4.5 - 5.0 yuan per catty [7] Third Part: Relevant Attachments - Multiple charts are presented, including the price charts of Qixia first - and second - grade bagged 80 apples, Luochuan semi - commercial bagged 70 apples, AP contract main - force basis, spreads between different AP contracts, the combined apple arrival volume at Chalong, Jiangmen, and Xiaqiao, the price of 6 kinds of fruits, the national cold - storage apple inventory, and the national cold - storage apple outbound volume [10][13][16][18][25]

Report Industry Investment Rating - Not provided in the content Core Views - The fundamentals of apples this year are relatively strong due to factors such as decreased apple production, low expected apple storage volume, small fruit size, poor quality, low excellent fruit rate, high purchase price, low warehouse receipt production rate, high warehouse receipt cost, and concerns about long - term preservation [4][31][33] - Although the apple market is strong, considering the significant increase in apple futures prices, there is a short - term divergence in the market. The upward space for the January contract and the May contract is expected to be limited [33] Summary by Directory Part 1: Preface Summary Market Review - In November, the main continuous price of apple futures was volatile, and the price center shifted up from the previous range of 9,000 - 9,300 yuan/ton to the range of 9,400 - 9,600 yuan/ton. The main reason was the low apple storage volume and high cost of making apple warehouse receipts [3][10] - In November, the price of new - season Fuji apples in Shaanxi was relatively stable, and the market transaction was good. The opening price of 70 semi - commercial paper - bagged Fuji in Luochuan, Shaanxi was around 3.85 yuan/jin, then rose to 4.15 yuan/jin, 0.4 yuan/jin higher than the same period last year. The trading price of 80 and above first - and second - grade sources of paper - bagged Fuji in Qixia, Shandong was maintained at around 3.75 yuan/jin, basically the same as the same period last year [10] Market Outlook - The apple fundamentals this year are strong, with decreased production, low expected storage volume, small fruit size, poor quality, and concerns about long - term preservation [4] Strategy Recommendation - Unilateral: In the short term, the apple trend is slightly strong, but considering the current high price, the upward space for the January contract is relatively limited - Arbitrage: Wait and see [8] Part 2: Fundamental Situation Market Review - Similar to the content in the preface summary, including the price trends of apple futures and spot apples in November [10] Cold Storage Inventory - As of November 27, 2025, the total apple cold - storage inventory in the main producing areas of China was 7.6675 million tons, a decrease of 64,100 tons from the previous week and a year - on - year decrease of 795,000 tons (9.4%). The cold - storage inventory in Shandong, Shaanxi, and Gansu decreased year - on - year, while that in Shanxi and Liaoning increased. The current national cold - storage apple inventory is at a low level in the same period over the years, only higher than that in 2018/19 [12][13] - Apple storage is basically over, and it is expected that the cold - storage inventory will decrease significantly in December and January during the pre - Spring Festival holiday consumption period [13] New - Season Apple Listing and Demand - In November, the market mainly consumed fresh apples, so the cold - storage apple shipping speed was very slow. It is expected that the cold - storage apple shipping speed will be slow in early December. The holiday consumption for the Spring Festival may also start late - In November, the demand for apples in the Guangzhou wholesale market was average. The average daily arrival volume was lower than that of last year and the year before. In December, the cold - storage apple shipment volume and market demand are expected to increase seasonally, but may still be lower than last year [21] Import and Export Situation - Apple exports: In October 2025, the export volume of fresh apples was about 80,400 tons, a month - on - month increase of 13.5% and a year - on - year decrease of 17%. From January to October 2025, the cumulative export volume was about 684,000 tons, a year - on - year decrease of 8.7%. In November, the export volume is expected to increase seasonally but still be lower than last year - Apple imports: In October 2025, the import volume of fresh apples was 3,100 tons, a month - on - month decrease of 68.1% and a year - on - year increase of 8.5%. From January to October 2025, the cumulative import volume was 111,100 tons, a year - on - year increase of 19.1%. In November, the import volume is expected to remain low [26] Substitute Situation - The average wholesale price of 6 key - monitored fruits: In November, the average wholesale price of 6 key - monitored fruits increased slightly. It is expected to continue to rise slightly in December, which will support the apple price - The average wholesale price of tangerines: In November, the price of tangerines dropped significantly. In December, the overall fruit price is expected to be slightly strong, but the price of tangerines may still be relatively weak [29] Part 3: Future Outlook and Strategy Recommendation Fundamental Analysis - Similar to the market outlook in the preface summary, emphasizing the strong apple fundamentals this year [31][33] Market Analysis - Although the apple market is strong, due to the significant increase in futures prices, there is a short - term divergence in the market. The upward space for the January contract and the May contract is expected to be limited [33]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View The short - term apple futures price is expected to maintain high - level operation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9,531 yuan/ton, and the main contract's open interest is 137,175 hands, with an increase of 12,638 hands compared to the previous period. The net long position of the top 20 futures holders is 8,910 hands, a decrease of 990 hands [2]. 3.2现货市场 - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5.25 yuan/jin, in Shandong Yiyuan (paper - bagged, above 75) is 2.6 yuan/jin, in Shaanxi Luochuan (paper - bagged, above 70 semi - commercial) is 4.2 yuan/jin, and in Shandong Yantai Qixia (paper - bagged, above 80 first - grade secondary fruit farmer's goods) is 4 yuan/jin, with no change in all the prices compared to the previous period [2]. 3.3 Upstream Situation - The national apple output is 5,128.51 million tons, an increase of 168.34 million tons. The weekly apple fruit wholesale price is 9.4 yuan/kg, with a decrease of 0.03 yuan/kg; the average wholesale price of Fuji apples is 9.07 yuan/kg, a decrease of 0.05 yuan/kg. The national total apple cold - storage inventory is 773.16 million tons, the Shandong apple storage capacity ratio is 0.54, an increase of 0.03, and the Shaanxi apple storage capacity ratio is 0.53, a decrease of 0.01. The monthly apple export volume is 80,000 tons, with the monthly apple export amount year - on - year growth rate at - 14.3%, and the monthly import amount of fresh, dried fruits and nuts is 1,334,364 million US dollars, a decrease of 503,616 million US dollars [2]. 3.4产业情况 - The profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin [2]. 3.5 Downstream Situation - The weekly fruit wholesale prices of pear, banana, and watermelon are 6.71 yuan/kg, 5.37 yuan/kg, and 5.78 yuan/kg respectively. The daily average number of trucks arriving at the Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets in the morning is 12.2, 16, and 23.8 respectively, with no change compared to the previous period [2]. 3.6 Option Market - The implied volatility of at - the - money call options for apples is 17.51%, a decrease of 9.26%, and the implied volatility of at - the - money put options is 17.51%, a decrease of 9.27% [2]. 3.7 Industry News - The trading of inventory apples in apple - producing areas is generally inactive. Merchants are making tentative purchases for market distribution, but the market sales speed is slow. The trading is somewhat stalemated, and the transaction prices change little. There is a small amount of remaining ground - sourced apples in Shandong and Shanxi, with a decline in quality, and most of the transactions are based on negotiated prices. Apples in Shandong and Shanxi are still being stored, the ground - sourced trading is gradually ending, and the trading of stored - sourced goods is limited [2]. 3.8观点总结 - In Shandong, the ground - sourced trading in the Shandong production area is coming to an end, with a small amount of apples being stored in some places like Qixia, and the storage of some Cream Fuji is also ending. In Shaanxi, the storage is basically completed, and the production area has started to transfer to outbound storage. In northern Shaanxi, most merchants distribute their self - stored goods, and there is a small amount of goods transferred through some foreign - trade channels. In southern Shaanxi, fruit farmers' goods are mainly transferred, and the transaction is better than that in northern Shaanxi. Some of the goods go to the second - and third - tier markets, and some are transferred by Shandong merchants. The performance of the sales area market is average, and attention should be paid to the substitution effect of citrus fruits on the market [2].

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating. 2. Core View of the Report - The national apple cold storage inventory as of November 13, 2025, is 764.24 million tons, 90.54 million tons lower than the same period last year. The storage ratio in Shandong has increased by 10.24% week - on - week, and in Shaanxi by 2.63%. The ground trading in Shandong is ending, while the storage is in full swing. In Shaanxi, storage and shipment are happening simultaneously, with storage almost finished. The sales area is in the off - season, and the sales space of apples is squeezed by citrus. The apple futures price is expected to remain high in the short term [2] 3. Summary According to Relevant Catalogs Futures Market - The closing price of the main apple futures contract is 9433 yuan/ton, the main contract position is 138008 hands (down 1405 hands), and the net long position of the top 20 futures is 9377 hands (up 1068 hands) [2] Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 5.25 yuan/jin, 2.6 yuan/jin (up 0.3 yuan/jin), 4.2 yuan/jin, and 3.8 yuan/jin (up 0.3 yuan/jin) respectively [2] Upstream Situation - The national apple output is 5128.51 million tons, the average wholesale price of apples is 9.49 yuan/kg (up 0.03 yuan/kg), and that of Fuji apples is 9.12 yuan/kg (up 0.08 yuan/kg). The total national apple cold storage inventory is 65.82 million tons, the storage ratios in Shandong and Shaanxi are 0.6 and 0.51 respectively. The monthly apple export volume is 70000 tons, and the monthly import value of fresh and dried fruits and nuts is 1837980 million US dollars (up 248684.5 million US dollars) [2] Industry Situation - The year - on - year export amount of apples is - 8.5%, and the profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin [2] Downstream Situation - The wholesale prices of pears, bananas, and watermelons are 6.66 yuan/kg (down 0.01 yuan/kg), 5.36 yuan/kg (up 0.18 yuan/kg), and 5.39 yuan/kg (down 0.09 yuan/kg) respectively. The average daily early - morning arrival vehicle numbers at Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets are 12.2 (unchanged), 16 (down 1), and 23.8 (down 0.2) respectively [2] Option Market - The implied volatilities of at - the - money call and put options for apples are both 26.07% [2] Industry News - In the western production areas, the inventory Fuji trading is mainly for high - quality and small fruits, with stable prices. In Shandong, the ground trading is in the later stage, and the trading of small inventory fruits has started with acceptable prices. The storage of new - season late - maturing Fuji is almost finished, and the remaining inventory is mainly in Shandong Qixia [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint - As of November 13, 2025, the total cold - storage inventory of apples in the main producing areas nationwide was 764240 tons, 90540 tons lower than the same period last year. The current inventory level does not represent the peak. The apple futures price is expected to remain high in the short term due to factors such as the market entering the off - season and the increase in citrus sales squeezing the apple sales space [2] 3. Summary by Relevant Catalogues Futures Market - The closing price of the main apple futures contract was 9438 yuan/ton, and the main contract position was 139413 lots, a decrease of 13351 lots. The net long position of the top 20 futures was 8309 lots, a decrease of 1191 lots [2] Spot Market - The spot prices of apples in different regions remained stable, with prices in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia at 5.25 yuan/jin, 2.3 yuan/jin, 4.2 yuan/jin, and 3.5 yuan/jin respectively [2] Upstream Situation - The annual apple production was 5128510 tons, the weekly apple wholesale price was 9.49 yuan/kg, the average wholesale price of Fuji apples was 9.12 yuan/kg. The total cold - storage inventory of apples nationwide was 764240 tons, the capacity ratio in Shandong was 0.51, and in Shaanxi was 0.03. The monthly apple export volume was 70000 tons [2] Industry Situation - The month - on - month growth rate of apple export amount was - 8.5%, and the import amount of fresh and dried fruits and nuts was 1837980 dollars, with an increase of 248684.5 dollars [2] Downstream Situation - The wholesale prices of duck pears, bananas, and watermelons were 6.66 yuan/kg, 5.39 yuan/kg, and 5.36 yuan/kg respectively. The early - morning average daily arrival of trucks at Guangdong Jiangmen, Guangdong Xiaqiao, and Guangdong Chalong wholesale markets was 12.2, 16, and 23.8 respectively [2] Option Market - The implied volatility of at - the - money call options and put options for apples was 23.42% and 2.11% respectively [2] Industry News - The trading of stored Fuji apples in the western producing areas was generally stable, and the enthusiasm of merchants to purchase was average. In the Shandong producing area, the quantity of out - of - storage goods decreased, and the quality was uneven. The new - season late - maturing Fuji apple warehousing work was nearing completion [2]

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 approximately 5.86%. The late - maturing Fuji apple storage work for the new season is nearing completion, and the remaining inventory is mainly concentrated in places like Qixia, Shandong. As of November 13, 2025, the cold - storage inventory of apples in the main producing areas nationwide was 7642400 tons, 905400 tons lower than the same period last year. The sales market has entered the off - season, and the sales space of apples is squeezed to some extent by the increasing supply of citrus fruits. In the short term, the apple futures price is expected to remain at a high level [4][8]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Performance**: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of about 5.86% [4][8]. - **Market Outlook**: The cold - storage inventory of apples in the main producing areas nationwide is lower than last year. The storage work in Shandong is in the peak period, while in Shaanxi, it is basically completed. The sales market is in the off - season, and the sales space of apples is squeezed. The apple futures price is expected to remain high in the short term [4]. - **Future Trading Tips**: Fruit prices and consumption [4]. 3.2 Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2601 contract rose by about 5.86% this week. As of the end of the week, the net position of the top 20 in apple futures was 9500 lots, and the number of apple futures warrants was 0 [8][14]. - **Spot Market**: As of November 14, 2025, the mainstream price of纸袋 red Fuji 80 and above first - and second - grade fruit farmers' goods in Qixia, Yantai, Shandong was 3.5 yuan per catty; the price of paper - bagged Fuji apples 75 and above in Yiyuan, Shandong was 2.30 yuan per catty [17]. 3.3 Industry Situation and Options - **Supply Side**: As of November 13, 2025, the cold - storage inventory of apples in the main producing areas nationwide was 7642400 tons, 905400 tons lower than the same period last year. The storage capacity ratio in Shandong was 51.27%, an increase of 10.24% from last week, and in Shaanxi, it was 59.64%, an increase of 2.63% from last week [24]. - **Demand Side**: - **Wholesale Market**: As of November 14, 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 suspended (replaced by 0). As of November 7, 2025, the average wholesale price of all varieties of apples was 9.49 yuan per kilogram, a week - on - week increase of 0.03 yuan per kilogram; the wholesale price of Fuji apples was 9.04 yuan per kilogram, a week - on - week decrease of 0.09 yuan per kilogram. The weekly average wholesale price of 5 kinds of fruits was 7.04 yuan per kilogram, a week - on - week increase of 0.03 yuan per kilogram [28][31][35]. - **Export**: In September 2025, China's fresh apple exports were about 70800 tons, with an export value of 69178601 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 total fresh apple exports were 600000 tons, a cumulative year - on - year decrease of 7.50% [39]. - **Options Market**: Information about the implied volatility of at - the - money options for apples this week was presented in a chart, but specific data was not provided [40]. 3.4 Futures - Stock Correlation - A chart of the price - earnings ratio of Honghui Fruit was presented, but specific analysis was not provided [42]

Group 1: Market Information - The Fuji apple price index was 106.38, up 0.02 from the previous trading day. The average wholesale price of 6 kinds of fruits was 7.02, down 0.01 [2] - Futures prices: AP01 closed at 9207, down 22; AP05 at 9241, down 48; AP10 at 8345, down 44 [2] - Basis: The basis of Qixia first - and second - grade 80 apples against AP01, AP05, and AP10 were not available [2] Group 2: Market News and Views Apple Market News - In September 2025, the import volume of fresh apples was 0.97 million tons, a month - on - month decrease of 17.85% and a year - on - year decrease of 1.10%. The cumulative import volume from January to September 2025 was 10.81 million tons, a year - on - year increase of 19.49%. The export volume in September 2025 was about 7.08 million tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32% [6] - The off - warehouse apple procurement in the producing areas is gradually ending. The remaining goods are mainly traded in the procurement market. The procurement enthusiasm from the cold storage in the northwest producing areas is relatively high. The market arrival is stable, and the sales are okay [6] - In the 2024 - 2025 production season, the profit of Qixia 80 first - and second - grade apple storage merchants was 0.4 yuan per catty, a decrease of 0.1 yuan per catty from last week [7] - The mainstream transaction price of apples in Luochuan, Shaanxi is stable. In Qixia, Shandong, the price of high - quality apples is stable, and the remaining off - warehouse goods are few [8] Trading Logic - This year, the apple production has decreased, the high - quality fruit rate is poor, and the storage difficulty has increased. It is expected that the cold - storage inventory data will probably be lower than last year. As of November 6, 2025, the national cold - storage inventory ratio was about 51.68%, a year - on - year decrease of 10.62 percentage points; the inventory was 6.8274 billion tons, a year - on - year decrease of 17.04% [9][10][12] Group 3: Trading Strategy - Unilateral: The apple fundamentals are strong, and the spot price has risen recently. Consider buying on dips [20] - Arbitrage: It is recommended to wait and see [20] - Options: It is recommended to wait and see [20]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The current inventory of late Fuji apples is at a relatively low level in recent years. As the market gradually reflects this situation, price fluctuations are intensifying. In the short - term, it is recommended to buy long positions on dips and pay attention to risk control [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main apple futures contract is 9207 yuan/ton; the main contract position is 144,369 lots, with a week - on - week increase of 5092 lots; the net long position of the top 20 futures holders is 9677 lots, with a week - on - week increase of 2284 lots [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5 yuan/jin; in Shandong Yiyuan (paper - bagged above 75) is 2.3 yuan/jin; in Shaanxi Luochuan (paper - bagged above 70 semi - second - grade fruit farmer's goods) is 4.2 yuan/jin; in Shandong Yantai Qixia (paper - bagged above 80 first - grade) is 3.5 yuan/jin, all with no week - on - week change [2] Upstream Situation - The national apple output is 5128.51 million tons per year; the weekly apple wholesale price is 9.49 yuan/kg, with a week - on - week increase of 0.03 yuan/kg; the average weekly wholesale price of Fuji apples is 9.04 yuan/kg, with a week - on - week decrease of 0.11 yuan/kg. The total national apple cold - storage inventory is 698.42 million tons per week. The capacity utilization ratio of Shandong apple cold - storage is 0.57, and that of Shaanxi is 0.41. The monthly apple export volume is 70,000 tons [2] Industry Situation - The monthly import value of fresh, dried fruits and nuts is 1837980 million US dollars; the year - on - year monthly export value of apples is - 8.5%. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin [2] Downstream Situation - The weekly wholesale price of pears is 6.66 yuan/kg, with a week - on - week decrease of 0.01 yuan/kg; the weekly wholesale price of bananas is 5.39 yuan/kg, with a week - on - week decrease of 0.09 yuan/kg; the weekly wholesale price of watermelons is 5.36 yuan/kg. The weekly average number of early - morning arriving trucks at the Guangdong Jiangmen wholesale market is 12.2, with a week - on - week decrease of 4; at the Guangdong Xiaqiao wholesale market is 17; at the Guangdong Chalong wholesale market is 24, with a week - on - week decrease of 3.6 [2] Option Market - The implied volatility of at - the - money call options for apples is 22.29%, with a week - on - week decrease of 1.07%; the implied volatility of at - the - money put options for apples is 22.29%, with a week - on - week decrease of 1.07% [2] Industry News - In the western production areas, there is not much remaining ground - traded inventory, and merchants mainly purchase for market transactions. Some cold - storage transactions have started, and the price of cold - storage apples is stable with a slight increase in some areas. In the Shandong production area, the supply volume is acceptable, but due to the decline in the quality of ground - sourced apples, the price has dropped, while the demand for small apples is strong and the price is firm. The ground trading of new - season late Fuji apples is gradually ending, mainly concentrated in Shandong and Shanxi. In terms of the cold - storage progress, Gansu's cold - storage is basically completed, Shaanxi's is nearing completion, and in Shandong's Qixia area, a large amount of fruit farmer's apples are still being stored [2]

Group 1: Market Information - The Fuji apple price index was 107.18, down 0.43 from the previous trading day; the average wholesale price of 6 fruits was 6.94, down 0.22 [2] - Futures prices: AP01 was 8919, down 21; AP05 was 9112, down 66; AP10 was 8256, down 28 [2] - Basis: No valid data for the basis of Qixia first and second - grade 80 apples against futures contracts was available [2] Group 2: Market News and Views Apple Market News - As of November 6, 2025, the national cold - storage inventory ratio was about 51.68%, and the inventory was 6.8274 million tons, 10.62 percentage points lower and 17.04% lower than the same period last year respectively [4] - As of November 5, 2025, the cold - storage inventory of apples in the main producing areas was 6.9842 million tons, 1.1502 million tons lower (a 14.14% decline) than the same period last year [4] - In September 2025, the import volume of fresh apples was 0.97 million tons, a 17.85% month - on - month and 1.10% year - on - year decrease; the cumulative import volume from January to September was 10.81 million tons, a 19.49% year - on - year increase. The export volume in September was about 7.08 million tons, a 3.50% month - on - month increase and 6.32% year - on - year decrease [4] - The mainstream transaction price in the market was stable. The large - scale trading points in rural areas gradually withdrew, and the supply in the acquisition market decreased slightly. The price of high - quality goods changed little. In the northwest production area, the storage period was coming to an end, with only a small number of areas still having transactions. The market arrivals were stable, and the sales of high - quality goods were smooth with stable prices [4] - The mainstream transaction price of apples in Luochuan, Yan'an, Shaanxi was stable, with the 70 and above semi - commercial apples priced at 3.5 - 4.0 yuan per jin, high - end at 4.0 - 4.5 yuan per jin, and low - end at 3.0 - 3.5 yuan per jin. The price of juice apples was 0.2 yuan per jin [5] Trading Logic - This year, apple production decreased, the high - quality fruit rate was poor, and storage was more difficult. The cold - storage inventory data is likely to be lower than last year. Although there are still apples to be stored, the effective inventory is likely to be low. However, the current futures price is at a high level, with a significant increase in positions and greater market divergence, so short - term risks are relatively high [6] Trading Strategy - Unilateral trading: Although the apple fundamentals are strong, the price is at a high level, and there is a large divergence between bulls and bears. It is recommended to wait and see [7] - Arbitrage: It is recommended to wait and see [7] - Options: It is recommended to wait and see [7] Group 3: Related Attachments - The attachments include 10 charts, such as the price of Qixia first and second - grade paper - bag 80 apples, the price of Luochuan semi - commercial paper - bag 70 apples, the basis of AP contracts, and the price difference between different AP contracts, as well as data on apple arrivals and cold - storage inventory [10][12][18]