Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report - The price of the main contract of Zhengzhou jujube futures fell this week, with a weekly decline of about 5.63%. [10][13] - Xinjiang merchants are highly motivated to purchase jujubes, actively finalizing orchard and tree contracts, and shipping the harvested jujubes to the inland. The number of spot-futures companies selling at the point price has increased, and some merchants are actively purchasing old-season jujubes, leading to a growth trend in the sample inventory. [10] - As of October 31, 2025, the physical inventory of 36 sample points for jujubes this week was 9,348 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%. [10][43] - In the sales area market, the price in the Hebei market has slightly decreased, and merchants are selectively purchasing with small transactions. The price acceptance is currently average. It is expected that the production area will enter the concentrated harvesting stage in early November. Attention should be paid to the changes in the purchasing enthusiasm and volume of merchants. [10] - It is recommended to take a short-term bearish view on the Zhengzhou jujube 2601 contract. [10] 3. Summary by Directory 3.1 Week - ly Key Points Summary - Future trading reminders include monitoring spot prices and consumer demand. [10] - The price of the main contract of Zhengzhou jujube futures fell this week, with a weekly decline of about 5.63%. [10] - The physical inventory of 36 sample points for jujubes as of October 31, 2025, was 9,348 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%. [10] - It is expected that the production area will enter the concentrated harvesting stage in early November, and attention should be paid to the changes in the purchasing enthusiasm and volume of merchants. [10] - It is recommended to take a short-term bearish view on the Zhengzhou jujube 2601 contract. [10] 3.2 Futures and Spot Market - The price of the Zhengzhou jujube 2601 contract fell this week, with a weekly decline of about 5.63%. [13] - As of this week, the net position of the top 20 in jujube futures was -4,425 lots. [17] - As of this week, the number of Zhengzhou jujube warehouse receipts was 0. [21] - As of this week, the price difference between the Zhengzhou Commodity Exchange jujube futures 2601 contract and the 2605 contract was 30 yuan/ton. [24] - As of this week, the basis between the Hebei grey jujube spot price and the main contract of jujube futures was 255 yuan/ton. [28] - As of October 31, 2025, the purchase price of general jujubes in Aksu was 6.75 yuan/kg, in Alar was 7.15 yuan/kg, and in Kashgar was 7.5 yuan/kg. [31] - As of October 31, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei, and Henan was 4.75 yuan/jin. [35] - As of October 31, 2025, the spot price of special - grade grey jujubes in Cangzhou, Hebei, was 10.40 yuan/kg, and the wholesale price in Henan was 10.5 yuan/kg. [39] 3.3 Industry Chain Situation - Supply side: As of October 31, 2025, the physical inventory of 36 sample points for jujubes was 9,348 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 jujube production in the 2024/25 season increased to 6.069 million tons [43][46]. - Demand side: In September 2025, China's jujube export volume was 2,283,671 kg, with an export value of 36,347,933 yuan, an average export price of 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%. The BOCE Xinjiang jujube good brand trading was冷清 this week, with only a small amount of orders being filled [48][53]. 3.4 Option Market and Futures - Stock Correlation - Option market: Information on the implied volatility of at - the - money jujube options this week was presented [54]. - Stock market: The price - to - earnings ratio of Hao Xiang Ni was shown [56].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - This week, the price of the main contract of Zhengzhou jujube futures declined, with a weekly decline of approximately 5.87%. The supply - side pressure will gradually emerge in the future, and the probability of jujube price continuing to decline increases. It is recommended to adopt a short - selling strategy at high levels for the Zhengzhou jujube 2601 contract in the short term [10][14] - Affected by the solar terms, the picking time of grey jujubes is earlier than last year. The market focus is on the supply of goods available for making warehouse receipts. New - season jujubes have not been picked on a large scale, but inland jujube merchants have gone to the production areas to purchase goods. The acceptance of new goods in the market deserves attention [10] Summary According to the Directory 1. Weekly Key Points Summary - **Future Trading Tips**: Pay attention to the spot price and the consumer side [10] - **Market Review**: The price of the main contract of Zhengzhou jujube futures declined this week, with a weekly decline of about 5.87% [10] - **Market Outlook**: The picking time of grey jujubes is earlier. As of October 23, 2025, the physical inventory of 36 sample points was 9103 tons, an increase of 94 tons from last week, a month - on - month decrease of 1.04%, and a year - on - year increase of 109.22%. The supply - side pressure will gradually emerge, and the jujube price is likely to continue to fall. Focus on the mainstream purchase price and quality of new jujubes [10] - **Strategy Suggestion**: Adopt a short - selling strategy at high levels for the Zhengzhou jujube 2601 contract in the short term [10] 2. Futures and Spot Market - **Futures Price**: The price of the Zhengzhou jujube 2601 contract declined this week, with a weekly decline of about 5.87% [14] - **Top 20 Positions**: As of this week, the net position of the top 20 in jujube futures was - 10441 lots [15] - **Warehouse Receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 0 [18] - **Futures Spread**: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2601 contract and the 2605 contract was 95 yuan/ton [22] - **Basis**: As of this week, the basis between the spot price of Hebei grey jujubes and the main contract of jujube futures was - 100 yuan/ton [25] - **Purchase Price in Main Production Areas**: As of October 24, 2025, the purchase price of general jujubes in Aksu was 4.80 yuan/kg, in Alar was 5.2 yuan/kg, and in Kashgar was 6.0 yuan/kg [28] - **First - Class Jujube Spot Price**: As of October 24, 2025, the wholesale price of first - class grey jujubes in Cangzhou, Hebei, and Henan was 4.75 yuan/jin [32] - **Special - Grade Jujube Spot Price**: As of October 24, 2025, the spot price of special - grade grey jujubes in Cangzhou, Hebei, was 10.65 yuan/kg, and the wholesale price in Henan was 10.5 yuan/kg [36] 3. Industry Situation - **Supply Side - Inventory**: As of October 23, 2025, the physical inventory of 36 sample points was 9103 tons, an increase of 94 tons from last week, a month - on - month decrease of 1.04%, and a year - on - year increase of 109.22% [40] - **Supply Side - Yield**: In the 2024/25 production season, the jujube yield increased to 606.9 million tons due to good crop growth [43] - **Demand Side - Export Volume**: In August 2025, China's jujube export volume was 2364893 kg, the export value was 39713257 yuan, the average export price was 16792.84 yuan/ton, with a month - on - month increase of 32.55% and a year - on - year decrease of 25.20%. From January to August 2025, the cumulative export volume was 21264731 kg, with a cumulative year - on - year increase of 7.76% [47] - **Demand Side - BOCE Trading**: This week, the order volume of BOCE Xinjiang Jujube Hao Brand had a small amount of transactions [52] 4. Options Market and Futures - Stock Correlation - **Options Market**: The implied volatility of at - the - money jujube options this week is mentioned, but no specific data is provided [53] - **Stock Market -好想你**: The price - earnings ratio of Hao Xiang Ni is presented in the form of a graph, but no specific data is provided [55]

1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Report's Core View - In the main grey - jujube producing areas in Xinjiang, the process of orchard contracting is progressing rapidly. Some areas are in the process of jujube picking, and the picking time is slightly earlier than last year. The mainstream price is 6.50 - 8.00 yuan/kg with high - quality products commanding higher prices. Given the large carry - over inventory of old crops, the supply - side pressure is expected to gradually emerge, and the probability of jujube prices continuing to decline increases. Attention should be paid to the mainstream purchase price and quality of new jujubes. [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the futures main contract for jujubes is 11,165 yuan/ton, down 100 yuan; the main contract's open interest is down 2,275 hands. The net long position of the top 20 futures holders is - 11,201 hands, down 5,837 hands. The number of warehouse receipts and the effective warehouse receipt forecast are both 0, with no change. [2] 3.2现货市场 - The prices of jujube in various regions are mostly stable, with only the special - grade jujube price in Hebei slightly down 0.01 yuan/kg to 10.69 yuan/kg. The prices of other grades and regions remain unchanged. [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 199.3 million hectares, a decrease of 4.1 million hectares. [2] 3.4 Industry Situation - The national jujube inventory is 2,283,671 tons, a decrease of 158 tons. The monthly jujube export volume decreased by 81,222 kg, and the cumulative monthly export volume is 23,548,402 kg. [2] 3.5 Downstream Situation - The cumulative quarterly sales volume of jujubes of Hao Xiang Ni is - 2,981.06 tons, and the cumulative quarterly production volume is 36,480.43 tons, with a year - on - year decrease of 34.59%. [2] 3.6 Industry News - In Hebei's Cui'erzhuang market, 5 trucks of jujubes arrived, and the prices are stable. In Guangdong's Ruyifang market, 5 trucks of jujubes arrived, with prices weakly stable. Some suppliers with average - quality goods offered small discounts, and customers were selective in purchasing. [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The current jujube market is at a critical juncture between the old and new seasons, with prices in the sales areas showing small fluctuations. The jujubes in the main production areas have not been harvested on a large scale yet, and it is expected to start after the Frost's Descent. Attention should be paid to the acquisition progress and price changes. - The inventory of the 36 sample points continued to decline. As the new season is approaching, some merchants are actively selling their inventory to raise funds for the new season's acquisition. With the cooling weather, the downstream purchasing enthusiasm has increased, and the market trading atmosphere has improved. - It is expected that the jujube market will fluctuate within a certain range in the future. It is recommended to wait and see for the short - term operation of the Zhengzhou Jujube 2601 contract [10]. 3. Summary by Directory 3.1 Week - to - Week Key Points Summary - Future trading reminders: Spot price and consumer end. - Market review: The price of the main contract of Zhengzhou jujube rose this week, with a weekly increase of about 2.47%. - Market outlook: The jujube market is in the transition period. The inventory decreased, and the downstream purchasing enthusiasm increased. It is expected to fluctuate within a range. - Strategy recommendation: Wait and see for the short - term operation of the Zhengzhou Jujube 2601 contract [10]. 3.2 Futures and Spot Market - Futures price: The price of the Zhengzhou Jujube 2601 contract rose this week, with a weekly increase of about 2.47% [13]. - Futures positions: As of this week, the net position of the top 20 in jujube futures was - 6441 lots [14]. - Futures warehouse receipts: As of this week, the number of Zhengzhou jujube warehouse receipts was 0 [19]. - Futures spreads: As of this week, the spread between the Zhengzhou Commodity Exchange's Jujube 2601 contract and the 2605 contract was - 10 yuan/ton [22]. - Basis: As of this week, the basis between the spot price of Hebei grey jujube and the main contract of jujube futures was - 840 yuan/ton [25]. - Spot prices: As of October 17, 2025, the unified purchase prices of jujubes in Aksu, Alar, and Kashgar were 4.80 yuan/kg, 5.2 yuan/kg, and 6.0 yuan/kg respectively; the wholesale prices of first - grade grey jujubes in Hebei Cangzhou and Henan were 4.75 yuan/jin; the spot prices of special - grade grey jujubes in Hebei Cangzhou and Henan were 10.58 yuan/kg and 10.5 yuan/kg respectively [28][32][36]. 3.3 Industry Chain Situation - Supply side: - Inventory: As of October 16, 2025, the physical inventory of 36 sample points was 9009 tons, a decrease of 158 tons from last week, a month - on - month decrease of 1.72%, and a year - on - year increase of 94.58% [40]. - Yield: In the 2024/25 production season, the jujube yield increased to 606.9 million tons [43]. - Demand side: - Exports: In August 2025, China's jujube export volume was 2364893 kg, with an export value of 39713257 yuan, an average export price of 16792.84 yuan/ton, a month - on - month increase of 32.55% and a year - on - year decrease of 25.20%. From January to August 2025, the cumulative export of jujubes was 21264731 kg, a cumulative year - on - year increase of 7.76% [47]. - BOCE trading: This week, the order volume of BOCE Xinjiang Jujube Good Brand had a small amount of transactions [52]. 3.4 Options Market and Futures - Stock Correlation - Options market: Information about the implied volatility of at - the - money jujube options this week was provided, but no specific data was given [53]. - Futures - stock correlation: A chart of the price - to - earnings ratio of Hao Xiang Ni was presented, but no specific analysis was given [55].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The price of the main contract of Zhengzhou jujube futures rose this week, with a weekly increase of about 3.0%. The new - season jujubes in the main producing areas are growing better than last year, and the harvest time is expected to be about one week earlier. Attention should be paid to the purchase price of new jujubes. The physical inventory of 36 sample points decreased slightly this week, with a month - on - month decrease of 0.39% and a year - on - year increase of 93.89%. During the double festivals, the arrival of goods in the sales area was small, and the number of customers for inspection and purchase was average [9][10][14] - It is recommended to wait and see in the short term for the Zhengzhou jujube 2601 contract [9] 3. Summary by Directory 3.1 Weekly Summary - Strategy suggestion: Wait and see in the short term for the Zhengzhou jujube 2601 contract [9] - Future trading tips: Pay attention to the spot price and consumer side - Market review: The price of the main contract of Zhengzhou jujube rose this week, with a weekly increase of about 3.0% - Market outlook: The new - season jujubes in the main producing areas are growing better than last year, and the harvest time is expected to be about one week earlier. The physical inventory of 36 sample points decreased slightly this week, with a month - on - month decrease of 0.39% and a year - on - year increase of 93.89%. During the double festivals, the arrival of goods in the sales area was small, and the number of customers for inspection and purchase was average [10] 3.2 Futures and Spot Market - Futures price: The price of the Zhengzhou jujube 2601 contract rose this week, with a weekly increase of about 3.0% [14] - Futures positions: As of this week, the net position of the top 20 in jujube futures was - 1908 lots [15] - Futures warehouse receipts: As of this week, the number of Zhengzhou jujube warehouse receipts was 0 [20] - Futures spreads: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2601 contract and the 2605 contract was - 70 yuan/ton [23] - Basis: As of this week, the basis between the Hebei grey jujube spot price and the main contract of jujube futures was - 635 yuan/ton [27] - Purchase price of bulk jujubes in the main producing areas: As of October 10, 2025, the bulk jujube price in Aksu was 4.80 yuan/kg, in Alar was 5.2 yuan/kg, and in Kashgar was 6.0 yuan/kg [30] - First - grade jujube spot price: As of October 10, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei and Henan was 4.75 yuan/jin [34] - Special - grade jujube spot price: As of October 10, 2025, the spot price of special - grade grey jujubes in Cangzhou, Hebei was 10.51 yuan/kg, and the wholesale price in Henan was 10.5 yuan/kg [38] 3.3 Industry Chain - Supply side - Inventory: As of October 9, 2025, the physical inventory of 36 sample points was 9167 tons, a decrease of 36 tons from last week, a month - on - month decrease of 0.39% and a year - on - year increase of 93.89% [42] - Supply side - Yield: In the 2024/25 production season, the jujube yield increased to 606.9 million tons [45] - Demand side - Export: In August 2025, China's jujube export volume was 2364893 kg, with an export value of 39713257 yuan, an average export price of 16792.84 yuan/ton. The export volume increased by 32.55% month - on - month and decreased by 25.20% year - on - year. From January to August 2025, the cumulative export of jujubes was 21264731 kg, a cumulative year - on - year increase of 7.76% [49] - Demand side - BOCE trading: This week, the order volume of the BOCE Xinjiang jujube good brand had a small amount of transactions [54] 3.4 Option Market and Futures - Stock Correlation - Option market: Implied volatility of at - the - money jujube options this week is presented in the report [55] - Stock market: The price - to - earnings ratio of Hao Xiang Ni is shown in the report [57]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The price of the main contract of Zhengzhou jujube futures rose sharply this week, with a weekly increase of about 5.76%. The main producing areas of grey jujube are in the sugar - increasing period, and the quality of jujube fruits is better than that of the same period last year. The purchasing and sales atmosphere in the spot market of the sales area is average, with downstream rigid - demand procurement as the main mode. The current time is the transition from the off - season to the peak season, and attention should be paid to consumption and the new - season grey jujube varieties. It is recommended to wait and see in the short term for the Zhengzhou jujube 2601 contract [12][15]. 3. Summary by Directory 3.1 Week - on - Week Summary - Strategy suggestion: It is recommended to wait and see in the short term for the Zhengzhou jujube 2601 contract [11]. - Future trading reminders: Pay attention to spot prices and the consumer side. - Market review: The price of the main contract of Zhengzhou jujube futures rose sharply this week, with a weekly increase of about 5.76%. - Market outlook: The main producing areas of grey jujube are in the sugar - increasing period, and the quality of jujube fruits is better than that of the same period last year. The purchasing and sales atmosphere in the spot market of the sales area is average, with downstream rigid - demand procurement as the main mode. As of September 25, 2025, the physical inventory of 36 sample points of jujube this week was 9,203 tons, a decrease of 44 tons from last week, a month - on - month decrease of 0.48%, and a year - on - year increase of 84.80%. The sample - point inventory decreased slightly [12]. 3.2 Futures and Spot Market - Futures price: The price of the Zhengzhou jujube 2601 contract rose sharply this week, with a weekly increase of about 5.76% [15]. - Top 20 positions: As of this week, the net position of the top 20 in jujube futures was - 4,599 lots [16]. - Warehouse receipts: As of this week, the number of Zhengzhou jujube warehouse receipts was 6,743 [21]. - Futures spread: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2601 contract and the 2605 contract was - 45 yuan/ton [24]. - Basis: As of this week, the basis between the spot price of Hebei grey jujube and the main contract of jujube futures was - 795 yuan/ton [27]. - Purchase price of bulk jujube in the main producing areas: As of September 26, 2025, the bulk jujube price in Aksu was 4.80 yuan/kg, in Alar was 5.2 yuan/kg, and in Kashgar was 6.0 yuan/kg [30]. - Spot price of first - grade jujube: As of September 26, 2025, the wholesale price of first - grade grey jujube in Cangzhou, Hebei and Henan was 4.75 yuan/jin [34]. - Spot price of special - grade jujube: As of September 26, 2025, the spot price of special - grade grey jujube in Cangzhou, Hebei was 10.49 yuan/kg, and the wholesale price in Henan was 10.5 yuan/kg [38]. 3.3 Industry Chain Situation - Supply side - Inventory: As of September 25, 2025, the physical inventory of 36 sample points of jujube this week was 9,203 tons, a decrease of 44 tons from last week, a month - on - month decrease of 0.48%, and a year - on - year increase of 84.80% [42]. - Supply side - Yield: The crop grew well, and the jujube yield in the 2024/25 production season increased to 6.069 million tons [45]. - Demand side - Export: In August 2025, China's jujube export volume was 2,364,893 kg, the export amount was 39,713,257 yuan, the export average price was 16,792.84 yuan/ton, the export volume increased by 32.55% month - on - month and decreased by 25.20% year - on - year. From January to August 2025, China's cumulative jujube export volume was 21,264,731 kg, a cumulative year - on - year increase of 7.76% [49]. - Demand side - BOCE Xinjiang jujube trading: This week, the order volume of BOCE Xinjiang jujube had a small amount of transactions [54]. 3.4 Option Market and Futures - Stock Correlation - Option market: The implied volatility of at - the - money options of jujube this week was mentioned, but no specific data was provided [55]. - Stock market - Haoxiangni: The price - to - earnings ratio chart of Haoxiangni was presented, but no specific analysis was provided [57].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the price of the main contract of Zhengzhou jujube futures declined, with a weekly drop of approximately 4.35%. The jujube market is at a critical juncture between the old and new seasons, and the grey jujubes in the main producing areas have entered the sugar - increasing period. Attention should be paid to the growth of jujube fruits. In the sales area market, the inventory of 36 sample points decreased slightly, the arrival volume was small, the downstream purchasing enthusiasm was average, and the overall trading atmosphere during the double - festival stocking period was weak. It is recommended to take a short - selling approach on rallies for the Zhengzhou jujube 2601 contract in the short term [10][11] 3. Summary by Relevant Catalogs 3.1 Week - to - Week Summary - Future trading tips include monitoring spot prices and the consumer end [10] - The price of the main contract of Zhengzhou jujube declined this week, with a weekly drop of about 4.35% [10][11] - As of September 18, 2025, the physical inventory of 36 sample points was 9247 tons, a decrease of 74 tons from last week, a 0.79% month - on - month decrease, and an 80.64% year - on - year increase [10][38] - The arrival volume in the sales area market was small, the downstream purchasing enthusiasm was average, and the double - festival stocking intensity was general, resulting in a weak overall trading atmosphere [10] - It is recommended to take a short - selling approach on rallies for the Zhengzhou jujube 2601 contract in the short term [10] 3.2 Futures and Spot Market - The price of the Zhengzhou jujube 2601 contract declined this week, with a weekly drop of about 4.35% [11] - As of this week, the net position of the top 20 holders of jujube futures was - 3617 lots [12] - As of this week, the number of Zhengzhou jujube warehouse receipts was 8430 [17] - As of this week, the price difference between the Zhengzhou Commodity Exchange's jujube futures 2601 contract and the 2605 contract was - 5 yuan/ton [20] - As of this week, the basis between the spot price of Hebei grey jujube and the main contract of jujube futures was - 340 yuan/ton [23] - As of September 19, 2025, the purchase price of jujube bulk goods in Aksu was 4.80 yuan/kg, in Alar was 5.2 yuan/kg, and in Kashgar was 6.0 yuan/kg [26] - As of September 19, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei, and Henan was 4.75 yuan/jin [30] - As of September 19, 2025, the spot price of special - grade grey jujubes in Cangzhou, Hebei, was 10.33 yuan/kg, and the wholesale price in Henan was 10.5 yuan/kg [34] 3.3 Industry Chain Situation - Supply side: As of September 18, 2025, the physical inventory of 36 sample points was 9247 tons, a decrease of 74 tons from last week, a 0.79% month - on - month decrease, and an 80.64% year - on - year increase [10][38] - Supply side: The jujube production has recovered significantly, and the output in the 2024/25 production season increased to 606.9 million tons [41] - Demand side: As of July 31, 2025, the monthly export volume of jujubes was 1784164 kg, a 1.08% month - on - month increase; the cumulative export volume from January to July 2025 was 18899838 kg, a 10.42% month - on - month increase [43] - Demand side: The trading of BOCE Xinjiang Jujube Good Brand was sluggish this week, with only a small amount of orders being fulfilled [48] 3.4 Options Market and Futures - Stock Correlation - Options market: Information about the implied volatility of at - the - money jujube options this week was presented, but specific data was not given [49] - Stock market: A graph of the price - to - earnings ratio of Hao Xiang Ni was shown, but specific data was not given [52]

红枣产业日报 2025-09-17 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 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 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) | 期货市场 | 10815 | 10 主力合约持仓量:红枣(日,手) | 143509 | 2418 | | 期货前20名持仓:净买单量:红枣(日,手) | | -4072 | -754 仓单数量:红枣(日,张) | 8871 | -29 | | 有效仓单预报:红枣:小计( ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the price of the main contract of Zhengzhou jujube rebounded, with a weekly increase of about 1.41%. The temperature in the main production areas of Xinjiang grey jujube is between 15°C - 31°C, and the jujube trees have entered the sugar - increasing period. There may be light rain in mid - to late September, and attention should be paid to the actual rainfall and jujube fruit quality changes [10]. - As of September 11, 2025, the physical inventory of 36 sample points of jujubes this week was 9321 tons, a decrease of 89 tons from last week, a month - on - month decrease of 0.95% and a year - on - year increase of 78.32%. The inventory of sample points decreased slightly. The arrival volume in the sales area market is low, the downstream purchasing enthusiasm is average, and the overall trading atmosphere is light. The mentality of holders has clearly diverged, and some are reluctant to sell and are waiting to see the future market. The supply - demand contradiction has not been effectively alleviated, and the market is still in a state of seeking direction in dynamic balance [10]. - It is recommended to wait and see for the short - term operation of the Zhengzhou jujube 2601 contract [10]. 3. Summary by Directory 3.1 Week - on - Week Key Points Summary - Future trading tips include spot price and consumer end [10]. - The price of the main contract of Zhengzhou jujube rebounded this week, with a weekly increase of about 1.41% [10]. - The temperature in the main production areas of Xinjiang grey jujube is between 15°C - 31°C, and the jujube trees have entered the sugar - increasing period. There may be light rain in mid - to late September, and attention should be paid to the actual rainfall and jujube fruit quality changes [10]. - As of September 11, 2025, the physical inventory of 36 sample points of jujubes this week was 9321 tons, a decrease of 89 tons from last week, a month - on - month decrease of 0.95% and a year - on - year increase of 78.32%. The inventory of sample points decreased slightly [10][38]. - The arrival volume in the sales area market is low, the downstream purchasing enthusiasm is average, and the overall trading atmosphere is light. The mentality of holders has clearly diverged, and some are reluctant to sell and are waiting to see the future market. The supply - demand contradiction has not been effectively alleviated, and the market is still in a state of seeking direction in dynamic balance [10]. - It is recommended to wait and see for the short - term operation of the Zhengzhou jujube 2601 contract [10]. 3.2 Futures and Spot Market Conditions - This week, the price of the main contract of Zhengzhou jujube: the selling price is 11155, the buying price is 11150, the latest price is 11155 with a decline of 30 or 0.27%, the current volume is 2, the trading volume is 94651, the open interest is 133338, the daily increase is - 4322, the highest price is 11270, the lowest price is 11110, the outside market volume is 46470, the settlement price is 11190, the ratio of Inner Mongolia is 50.9%, the limit - up price is 12080, and the limit - down price is 10290 [11]. - As of this week, the net position of the top 20 in jujube futures is - 4977 lots [12]. - As of this week, the number of Zhengzhou jujube warehouse receipts is 9986 [17]. - As of this week, the price difference between the 2601 contract and the 2605 contract of Zhengzhou Commodity Exchange jujube futures is - 135 yuan/ton [20]. - As of this week, the basis between the spot price of Hebei grey jujube and the main contract of jujube futures is - 665 yuan/ton [23]. - As of September 12, 2025, the purchase price of jujube bulk goods in Aksu is 4.80 yuan/kg, in Alar is 5.2 yuan/kg, and in Kashgar is 6.0 yuan/kg [26]. - As of September 12, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei and Henan is 4.75 yuan/jin [30]. - As of September 12, 2025, the spot price of special - grade grey jujubes in Cangzhou, Hebei is 10.49 yuan/kg, and the wholesale price in Henan is 10.5 yuan/kg [34]. 3.3 Industrial Chain Situation - Supply side: As of September 11, 2025, the physical inventory of 36 sample points of jujubes this week was 9321 tons, a decrease of 89 tons from last week, a month - on - month decrease of 0.95% and a year - on - year increase of 78.32%. The inventory of sample points decreased slightly [10][38]. - Supply side: The jujube production has recovered significantly. In the 2024/25 production season, the jujube production increased to 606.9 million tons [41]. - Demand side: As of July 31, 2025, the monthly export volume of jujubes was 1784164 kg, a month - on - month increase of 1.08%; from January to July 2025, the cumulative export volume was 18899838 kg, a month - on - month increase of 10.42% [43]. - Demand side: The trading of BOCE Xinjiang Jujube Good Brand is cold, and there were only a small number of transactions in the order volume this week [48]. 3.4 Option Market and Futures - Stock Correlation - Option market: The implied volatility of at - the - money options of jujubes this week is presented in the figure, but no specific data is given [49]. - Stock market: The price - earnings ratio of Hao Xiang Ni is presented in the figure, but no specific data is given [51][52].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, the price of the main contract of Zhengzhou jujube futures declined, with a weekly drop of about 4.43%. The sales area market has a low arrival volume, and the downstream purchasing enthusiasm is average, resulting in a cold trading atmosphere. As of September 4, 2025, the physical inventory of 36 sample points of jujubes was 9,410 tons, a decrease of 46 tons from last week, a month - on - month decrease of 0.49% and a year - on - year increase of 76.45%. The inventory decreased slightly, but the supply pressure remains. The jujube market is in a "lean period", with complex market sentiment and price trends. The downstream demand is weak, the old - crop inventory is still high, and the supply - demand contradiction has not been effectively alleviated. The spot price has begun to loosen, and the jujube futures show a weak oscillating trend. It is recommended to wait and see for the short - term operation of the Zhengzhou jujube 2601 contract [10]. 3. Summary by Directory 3.1 Week - to - Week Summary - Future trading reminders include spot price and consumer side. The price of the main contract of Zhengzhou jujube decreased this week, with a weekly decline of about 4.43%. The sales area market has low arrival volume, average downstream purchasing enthusiasm, and a cold trading atmosphere. As of September 4, 2025, the physical inventory of 36 sample points decreased by 0.49% month - on - month and increased by 76.45% year - on - year. The supply pressure remains. The downstream demand is weak, the old - crop inventory is high, and the supply - demand contradiction is not alleviated. The spot price has loosened, and the jujube futures are in a weak oscillating trend. It is recommended to wait and see for the short - term operation of the Zhengzhou jujube 2601 contract [10]. 3.2 Futures and Spot Market - **Futures price**: The price of the Zhengzhou jujube 2601 contract dropped significantly this week, with a weekly decline of about 4.43% [12]. - **Top 20 positions**: As of this week, the net position of the top 20 in jujube futures was - 5,625 lots [17]. - **Warehouse receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 9,986 [21]. - **Futures price spread**: As of this week, the price spread between the Zhengzhou Commodity Exchange jujube futures 2601 contract and the 2605 contract was - 140 yuan/ton [24]. - **Basis**: As of this week, the basis between the Hebei grey jujube spot price and the main contract of jujube futures was - 710 yuan/ton [27]. - **Purchase price of bulk jujubes in the main producing areas**: As of September 5, 2025, the bulk jujube price in Aksu was 4.80 yuan/kg, in Alar was 5.2 yuan/kg, and in Kashgar was 6.0 yuan/kg [30]. - **Spot price of first - grade jujubes**: As of September 5, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei and Henan was 4.75 yuan/jin [33]. - **Spot price of special - grade jujubes**: As of September 5, 2025, the wholesale price of special - grade grey jujubes in Cangzhou, Hebei was 10.29 yuan/kg, and in Henan was 10.5 yuan/kg [36]. 3.3 Industry Situation - **Supply side - Inventory**: As of September 4, 2025, the physical inventory of 36 sample points of jujubes was 9,410 tons, a decrease of 46 tons from last week, a month - on - month decrease of 0.49% and a year - on - year increase of 76.45% [41]. - **Supply side - Yield**: In the 2024/25 production season, the jujube yield increased to 606.9 million tons due to good crop growth [44]. - **Demand side - Export volume**: As of July 31, 2025, the monthly export volume of jujubes was 1,784,164 kg, a month - on - month increase of 1.08%; the cumulative export volume from January to July 2025 was 18,899,838 kg, a month - on - month increase of 10.42% [46]. - **Demand side - BOCE trading**: This week, the BOCE Xinjiang Zao Hao brand had a small amount of trading in orders [51]. 3.4 Options Market and Futures - Stock Correlation - **Options market**: The report mentions the implied volatility of at - the - money jujube options this week, but no specific data is provided [52]. - **Futures - stock correlation**: The report shows the price - earnings ratio of Hao Xiang Ni, but no specific analysis is provided [54].