1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This year, apple production has declined, the quality fruit rate is poor, preservation is more difficult, and cold storage inventory data is low. The peak cold storage apple inventory this year is at a low level compared to the same period in previous years, and the apple quality is relatively poor. Therefore, it is expected that the effective inventory will likely be low, and the apple fundamentals are strong. Although the recent market sales are average and the market shows a weak technical trend, considering this year's apple production issues, the downward space is expected to be relatively limited [5]. 3. Summary of Each Section 3.1 Market Information - **Spot Prices**: The Fuji apple price index is 109.01, up 0.31 from the previous day. The prices of various apple varieties such as Luochuan semi - commodity paper - bagged 70, Qixia first and second - grade paper - bagged 80, etc., remained unchanged. The average wholesale price of 6 kinds of fruits was 7.79, down 0.04 [2]. - **Futures Prices**: AP01 closed at 9664, up 15; AP05 closed at 9191, down 30; AP10 closed at 8169, down 19. The spreads between different contracts also changed, such as AP01 - AP05 up 54, AP05 - AP10 down 20 [2]. - **Differences**: The difference between Qixia first and second - grade 80 and AP01 was - 1464, down 15; the difference between Qixia first and second - grade 80 and AP10 was 31, up 19 [2]. 3.2 Market News and Views - **Transaction Logic**: Due to low production, poor quality, and low cold storage inventory, the apple fundamentals are strong. Despite the current average sales and weak technical trend, the downward space is limited [5]. - **Transaction Information**: As of December 17, 2025, the national main - producing area apple cold storage inventory was 7.5298 million tons, a decrease of 55,700 tons from the previous week, and sales were slower than the same period last year. In October 2025, the fresh apple import volume was 3,100 tons, a 68.09% decrease from the previous month and an 8.54% increase year - on - year; the export volume was about 80,400 tons, a 13.51% increase from the previous month and a 17.04% decrease year - on - year. The origin apple prices are stable, with an increase in the procurement volume of merchants in recent days. Cold storage shipments are mainly third - grade and inferior fruits, and the sales volume of high - priced goods is still low [7]. - **Transaction Strategy**: In the short - term, the market is expected to fluctuate within a range. For arbitrage, go long on contract 1 and short on contract 10. For options, it is recommended to wait and see [8]. 3.3 Related Attachments - The report provides 10 related charts, including the price trends of Qixia first and second - grade paper - bagged 80, Luochuan semi - commodity paper - bagged 70, AP contract basis, and the spreads between different contracts, as well as the apple arrival volume and the prices of 6 kinds of fruits, and the national cold storage apple inventory and shipment volume [11][13][20]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoint of the Report The apple yield has decreased this year, with a poor high - quality fruit rate and increased storage difficulty. Cold - storage inventory data is low, and the effective inventory is likely to be low, indicating a strong fundamental situation for apples. Although the market sales are average recently and the market shows technical weakness, the downward space is expected to be relatively limited considering the yield issue [5]. 3. Summary by Relevant Catalogs First Part: Market Information - **Spot Prices**: The Fuji apple price index is 109.01, up 0.31 from the previous trading day. The 6 - fruit average wholesale price is 7.74, up 0.06. Prices of some varieties like Luochuan semi - commodity paper - bagged 70, Qixia first - and second - grade paper - bagged 80 remain unchanged [2]. - **Futures Prices**: AP01 is at 9575, down 10; AP05 is at 9149, down 50; AP10 is at 8101, down 49. The spreads between contracts also show some changes, such as AP01 - AP05 up 40 and AP05 - AP10 down 1 [2]. - **Basis**: The basis of Qixia first - and second - grade 80 against different contracts shows some fluctuations. For example, the basis against AP01 is - 1375, up 10 [2]. Second Part: Market News and Views - **Market News** - As of December 17, 2025, the national main - producing area apple cold - storage inventory is 752.98 million tons, a week - on - week decrease of 5.57 million tons, with sales slower than the same period last year [7]. - In October 2025, the fresh apple import volume is 0.31 million tons, a month - on - month decrease of 68.09% and a year - on - year increase of 8.54%. The cumulative import volume from January to October 2025 is 11.12 million tons, a year - on - year increase of 19.18%. The export volume in October 2025 is about 8.04 million tons, a month - on - month increase of 13.51% and a year - on - year decrease of 17.04% [7]. - The apple market remains stable, with increased trading activity in production areas. In Shandong, traders mainly buy low - price and other - variety products. In the northwest, traders mainly package their own inventory, and the sales of third - grade and inferior fruits are okay [7]. - In Shaanxi's Luochuan, the mainstream transaction price of semi - commodity cold - storage apples (70 and above) is 3.8 - 4.2 yuan per jin. Traders mainly package their own inventory, and farmers are willing to sell but still hold out for higher prices [7]. - **Trading Strategy** - **Single - side**: It is recommended to stay on the sidelines and watch whether key levels can be effectively broken [8]. - **Arbitrage**: Go long on 1 and short on 10 [8]. - **Options**: It is recommended to wait and see [8]. Third Part: Related Attachments The report provides multiple charts, including the prices of Qixia first - and second - grade paper - bagged 80 apples, Luochuan semi - commodity paper - bagged 70 apples, AP contract main basis, spreads between different AP contracts, apple arrival volumes in some places, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple outbound volume [11][13][18][20][23].

Group 1: Investment Rating - No investment rating information is provided in the report Group 2: Core View - Today, apple futures prices dropped significantly, with the main May contract falling 3%. High apple prices have led to poor market demand and slow sales. Traders are turning pessimistic, and spot prices are slightly weak, putting pressure on the futures market. In the short - term, weak demand will dominate the market. The 1 - month contract is expected to fluctuate at a high level due to delivery cost support. The May contract may trade based on weak demand, but the possibility of a continued sharp decline is low [5] Group 3: Summary by Directory First Part: Market Information - **Spot Prices**: The Fuji apple price index is 108.24, down 0.75 from the next - working - day level. Prices of various apple varieties like Luochuan semi - commodity paper - bag 70, Qixia first - and second - grade paper - bag 80 remain stable. The average wholesale price of 6 kinds of fruits is 7.53, down 0.04 [2] - **Futures Prices**: The AP01 contract is down 5, AP05 is down 103, and AP10 is down 40. The spreads between different contracts also show changes, such as AP01 - AP05 up 98 and AP05 - AP10 down 63 [2] - **Basis**: The basis of Qixia first - and second - grade 80 against different contracts shows changes, e.g., Qixia first - and second - grade 80 - AP01 is up 5 [2] Second Part: Market News and Views - **Transaction Logic**: High apple prices due to reduced production and poor quality have led to weak demand. Last week's cold - storage apple sales volume was only 4.97 tons, and traders' sentiment has turned pessimistic, affecting the futures market [5] - **Transaction Strategy**: It is recommended to stay on the sidelines for single - side trading, go long on the January contract and short on the October contract for arbitrage, and stay on the sidelines for options trading [8] - **Other Data**: As of December 3, 2025, the national cold - storage apple inventory in major production areas was 763.51 tons, a decrease of 3.24 tons from the previous week. In October 2025, the import volume of fresh apples was 0.31 tons, a month - on - month decrease of 68.09% and a year - on - year increase of 8.54%. The export volume was about 8.04 tons, a month - on - month increase of 13.51% and a year - on - year decrease of 17.04% [7] Third Part: Relevant Attachments - The report provides multiple charts, including the prices of Qixia first - and second - grade paper - bag 80 apples, Luochuan semi - commodity paper - bag 70 apples, the basis of AP contracts, spreads between different AP contracts, apple arrival volume in some markets, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple delivery volume [10][13][19][21][25]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report This week, the ex - warehouse speed of late Fuji apples in production areas was slow, and the trading atmosphere was light. The arrival volume in the sales area decreased, and the sales were affected by substitutes. The inventory was at a low level compared to the same period last year, and the demand was average. It is expected that the apple price will fluctuate at a high level. The apple fundamentals are relatively strong due to the decline in production, poor high - quality fruit rate, and low cold - storage inventory [7][12][16]. 3. Summary by Related Catalogs 3.1 Apple Spot Analysis - This week, the ex - warehouse speed of late Fuji apples in production areas was slow. The price in Gansu and Liaoning decreased, and other production areas were stable. The sales area's arrival volume decreased, and the sales were affected by citrus fruits [7]. - In Shandong, the ex - warehouse atmosphere was not strong, with sporadic transactions. In Shaanxi, the shipment was relatively cold, and the low - price goods were sold well [7]. - Main production area prices: In Penglai, 65 - 70 general goods were 2.2 - 2.3 yuan/jin, and 75 first - and second - grade fruit farmers' goods were 3.4 - 3.6 yuan/jin. In Qixia, 80 above cream Fuji was 1.8 - 2.2 yuan/jin, and late Fuji 80 first - and second - grade slice - red fruit farmers' goods were 3.7 - 4.5 yuan/jin. In Luochuan, 70 above semi - commercial fruit farmers' goods were 4.0 - 4.3 yuan/jin, and high - grade inferior goods were 2.2 yuan/jin [7]. 3.2 Supply Analysis - As of December 11, 2025, the national cold - storage inventory ratio was about 54.65%, 7.22 percentage points lower than the same period last year. This week, the national cold - storage capacity ratio decreased by 0.35 percentage points, and the de - stocking rate was 2.17%. The cold - storage capacity ratio in Shandong was 55.09%, and it decreased by 0.24 percentage points. The cold - storage capacity ratio in Shaanxi was 53.12%, and it decreased by 0.36 percentage points [12]. - As of December 10, 2025, the national main production area apple cold - storage inventory was 758.55 million tons, a decrease of 4.97 million tons from last week [12]. 3.3 Demand Analysis - In the Guangdong Chalong market, the number of early - morning arrivals decreased. The market was generally light, and the enthusiasm of second - and third - level wholesalers to purchase was not high [15]. - On December 11, the average wholesale price of 6 key - monitored fruits was 7.51 yuan/kg, slightly higher than last Friday, at a high level in recent years [15]. - During the 2025 - 2026 production season's purchase stage, the profit statistics of Qixia 80 first - and second - grade storage merchants were suspended [15]. 3.4 Trading Strategy - Trading logic: The apple production decreased this year, the high - quality fruit rate was poor, the preservation was difficult, and the cold - storage inventory data was low. The cold - storage apple inventory peak was at a low level in the same period over the years, and the apple quality was relatively poor. So, the effective inventory is likely to be low, and the apple fundamentals are strong [16]. - Unilateral: The new apple quality is relatively poor, which supports the price, but the recent demand is average. It is expected that the apple trend will mainly fluctuate at a high level [16]. - Arbitrage: It is recommended to wait and see [16]. - Options: It is recommended to wait and see [16].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - This year, apple production has decreased, the proportion of high - quality fruits is poor, and storage is more difficult. Market expectations suggest that the cold - storage inventory data is likely to be low. As of December 3, 2025, the cold - storage inventory of apples in the main producing areas was 7635100 tons, a decrease of 32400 tons from the previous week. The cold - storage inventory peak this year is at a low level compared to the same period in previous years, and the apple quality is relatively poor. Therefore, the effective inventory is expected to be low, and the apple fundamentals are strong [5]. - For trading strategies, in the unilateral market, due to the relatively poor quality of new apples, fruit prices are somewhat supported, but demand is average. Apple prices are expected to fluctuate at a high level. For arbitrage, it is recommended to go long on the January contract and short on the October contract. For options, it is recommended to wait and see [6][7][8]. Group 3: Summary by Directory Market Information - **Spot prices**: The Fuji apple price index is 109.06, an increase of 1.15 from the previous day. The prices of some varieties such as Luochuan semi - commercial paper - bagged 70, Qixia first - and second - grade paper - bagged 80, etc., remain unchanged. The average wholesale price of 6 kinds of fruits is 7.51, also unchanged [2]. - **Futures prices**: AP01 is at 9659, up 41 from the previous close; AP05 is at 9505, down 5; AP10 is at 8490, up 10. The spreads between some contracts have also changed, such as AP01 - AP05 increasing by 46, AP05 - AP10 decreasing by 15, etc. [2]. - **Basis**: The basis of Qixia first - and second - grade 80 against different futures contracts has also changed, for example, Qixia first - and second - grade 80 - AP01 decreased by 41 [2]. Market News and Views - **Transaction logic**: Low production, poor fruit quality, and low cold - storage inventory lead to strong apple fundamentals [5]. - **Transaction strategies**: Unilateral trading expects high - level fluctuations; arbitrage recommends going long on January and short on October; options suggest waiting and seeing [6][7][8]. - **Other data**: As of December 3, 2025, the cold - storage inventory of apples in the main producing areas was 7635100 tons, a decrease of 32400 tons from the previous week. In October 2025, the import volume of fresh apples was 3100 tons, a month - on - month decrease of 68.09% and a year - on - year increase of 8.54%. The cumulative import volume from January to October 2025 was 111200 tons, a year - on - year increase of 19.18%. The export volume in October 2025 was about 80400 tons, a month - on - month increase of 13.51% and a year - on - year decrease of 17.04% [5][8]. Related Attachments - The report provides 10 graphs, including the prices of Qixia first - and second - grade paper - bagged 80 apples, Luochuan semi - commercial paper - bagged 70 apples, AP contract basis, spreads between different AP contracts, apple arrival volumes in some markets, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple outbound volume [10][13][16].

Group 1: Report General Information - Report Title: Agricultural Products R & D Report - Apple Daily [1] - Report Date: December 9, 2024 [1] - Researcher: Liu Qiannan [1] Group 2: Market Information Spot Prices - Fuji Apple Price Index: 109.06, up 1.15 from the previous day [2] - 6 - fruit average wholesale price: 7.34, down 0.17 from the previous day [2] Futures Prices - AP01: Up 1 from the previous close; AP05: Down 41; AP10: Down 15 [2] - AP01 - AP05: 80, up 42; AP05 - AP10: 1003, down 26; AP10 - AP01: - 1083, down 16 [2] Basis - Qixia First - and Second - grade 80 - AP01: - 1345, down 1; Qixia First - and Second - grade 80 - AP10: - 262.0, up 15; Qixia First - and Second - grade 80 - AP05: - 1265, up 41 [2] Group 3: Market News and Views Trading Logic - This year's apple production decreased, with a poor high - quality fruit rate and increased storage difficulty. As of November 27, 2025, the national main - producing area apple cold - storage inventory was 766.75 million tons, a decrease of 6.41 million tons from the previous week and 79.5 million tons from last year. The apple fundamentals are strong [5]. Trading Strategies - Unilateral: Apple prices are expected to fluctuate at a high level [6]. - Arbitrage: It is recommended to wait and see [7]. - Options: It is recommended to wait and see [8]. Additional Data - As of December 3, 2025, the national main - producing area apple cold - storage inventory was 763.51 million tons, a decrease of 3.24 million tons from the previous week [8]. - In October 2025, the fresh apple import volume was 0.31 million tons, a month - on - month decrease of 68.09% and a year - on - year increase of 8.54%. The cumulative import volume from January to October 2025 was 11.12 million tons, a year - on - year increase of 19.18%. The export volume in October 2025 was about 8.04 million tons, a month - on - month increase of 13.51% and a year - on - year decrease of 17.04% [8]. - The apple market in the producing areas is generally stable, with little price change. It is the off - season for apple sales, and buyers' sentiment has turned pessimistic [8]. - The apple price in Qixia, Shandong is stable. The mainstream transaction price range for 65 - 70 apples is 2.0 - 2.2 yuan per jin [8]. Group 4: Related Attachments - The report includes 10 figures, showing the prices of different apple varieties, futures contract spreads, basis, apple arrival volume, 6 - fruit prices, cold - storage inventory, and cold - storage outbound volume [10][13][16][19][24]

Group 1: Report Overview - The report is an apple daily report in the agricultural product research report, dated December 3, 2024 [1] Group 2: Market Information Spot Prices - Fuji apple price index is 106.38, up 0.02 from the previous day; 6 - fruit average wholesale price is 7.30, unchanged [2] - Price of Luochuan semi - commodity paper - bag 70 is 4.15, unchanged; price of Qixia 1st and 2nd - grade paper - bag 80 is 3.75, unchanged; price of Yiyuan paper - bag 70 is 2.40, unchanged; price of Penglai 1st and 2nd - grade paper - bag 80 is 3.75, unchanged [2] Futures Prices - AP01 closes at 9484, down 4 from the previous day; AP05 closes at 9712, down 18; AP10 closes at 8645, up 136 [2] - AP01 - AP05 is - 228, up 14; AP05 - AP10 is 1067, down 154; AP10 - AP01 is - 839, up 140 [2] Basis Prices - Qixia 1st and 2nd - grade 80 - AP01 is - 1984, up 4; Qixia 1st and 2nd - grade 80 - AP05 is - 2212, up 18; Qixia 1st and 2nd - grade 80 - AP10 is - 1145.0, down 136 [2] Group 3: Market News and Views Transaction Logic - This year's apple production has declined, the quality fruit rate is poor, storage is more difficult, and market expects low cold - storage inventory data. As of November 27, 2025, the cold - storage inventory of apples in the main producing areas is 766.75 million tons, down 6.41 million tons from last week and 79.5 million tons from last year. The cold - storage inventory peak this year is at a low level in the same period over the years, so the effective inventory is expected to be low, and the apple fundamentals are strong [5] Transaction Strategy - Unilateral: Although the apple fundamentals are strong, considering the high price of the January contract and high risks approaching delivery, it is recommended to stay on the sidelines [6] - Arbitrage: It is recommended to stay on the sidelines [8] - Options: It is recommended to stay on the sidelines [8] Other Market News - As of November 27, 2025, the cold - storage inventory of apples in the main producing areas is 766.75 million tons, down 6.41 million tons from last week and 79.5 million tons from last year, a decrease of 9.4% [7] - In October 2025, fresh apple imports are 0.31 million tons, down 68.09% month - on - month and up 8.54% year - on - year. From January to October 2025, the cumulative imports are 11.12 million tons, up 19.18% year - on - year. In October 2025, fresh apple exports are about 8.04 million tons, up 13.51% month - on - month and down 17.04% year - on - year [7] - The apple market in the producing areas is basically stable with little price change. In Shandong, cold - storage transactions are few with only a small number of customers purchasing. In the northwest, cold - storage merchants mainly package their own goods with low procurement volume. The cold - storage shipment speed has slowed down slightly compared with last week. The market arrivals are stable and prices remain unchanged [7] - The mainstream transaction price of semi - commodity apples (70 and above) in Luochuan, Shaanxi is 3.8 - 4.2 yuan per jin. The cold - storage trading volume is small, with some Northeast merchants purchasing 80 and above. The mainstream price of growers' apples is 4.5 - 5.0 yuan per jin, and that of merchants' apples is 5.5 - 6.0 yuan per jin. The mainstream purchase price of cold - storage apples (70 and above) by merchants is 3.8 - 4.2 yuan per jin, and the asking price of growers is also 3.8 - 4.2 yuan per jin [7] Group 4: Relevant Attachments Figures - Figures include Qixia 1st and 2nd - grade paper - bag 80 price, Luochuan semi - commodity paper - bag 70 price, AP contract main basis, AP10 - AP01, AP05 - AP10, AP10 - AP05, total apple arrivals in Chalong, Jiangmen and Xiaqiao, 6 - fruit price, national cold - storage apple inventory, and national cold - storage apple shipment [10][13][16][18][24] - Data sources for figures mainly include Galaxy Futures, Steel Union, and Wind Information [13][15][18]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoint of the Report - The apple's fundamental situation is strong. With the recent increase in spot prices, it is advisable to consider buying on dips. For arbitrage and options, it is recommended to wait and see [6][9]. Group 3: Summary by Relevant Catalogs First Part: Market Information - **Spot Price**: The Fuji apple price index was 106.38, with a slight increase of 0.02. The 6 - fruit average wholesale price was 7.02, down 0.01. Different grades and regions of apple prices remained mostly stable [2]. - **Futures Price**: AP01 rose 297 to 9207, AP05 rose 201 to 9442, and AP10 rose 63 to 8408. The spreads between different contracts also changed significantly [2]. - **Basis**: Data on the basis of different contracts was presented, but some values were not available [2]. Second Part: Market News and Views - **Transaction Logic**: This year, apple production declined, the high - quality fruit rate was poor, and preservation was more difficult. Market expectations for cold - storage inventory data are likely to be low. 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, and the inventory was 682.74 million tons, 17.04% lower than the same period last year [6]. - **Transaction Strategy**: Unilateral trading suggests buying on dips due to the strong apple fundamentals and rising spot prices. For arbitrage and options, a wait - and - see approach is recommended [9]. - **Other Information**: As of November 13, 2025, the national cold - storage inventory ratio was about 55.87%, 7.52 percentage points lower than the same period last year, and the inventory was 735.77 million tons, 12.13% lower year - on - year. In September 2025, the import 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 export was about 7.08 million tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32%. The profit of storage merchants in Qixia for the 2024 - 2025 production season decreased by 0.1 yuan/jin compared to last week [8]. Third Part: Relevant Attachments - The report includes multiple charts such as the price of Qixia first - and second - grade paper - bag 80, the price of Luochuan semi - commercial paper - bag 70, AP contract basis, spreads between different AP contracts, apple arrival volume in some markets, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple outbound volume [11][12][13]

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - Apple fundamentals are strong, with recent spot prices rising. It is advisable to consider going long on dips. For arbitrage and options, it is recommended to wait and see [7][10] 3. Summary by Relevant Sections 3.1 Market Information - **Spot Prices**: The Fuji apple price index is 106.38, up 0.02 from the previous trading day. The average wholesale price of 6 fruits is 6.94, down 0.22 from the previous trading day. Various apple varieties' prices in different regions are stable [2] - **Futures Prices**: AP01 is at 9229, up 70 from the previous close; AP05 is at 9289, up 29; AP10 is at 8386, up 29 [2] - **Basis**: The basis data shows different values and changes, such as AP01 - AP05 is -60, up 41 from the previous trading day [2] 3.2 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% [5] - The apple market in the producing areas is generally stable. In Shandong, the acquisition is still ongoing, and cold storage warehousing is approaching the end. In the northwest, the off - storage transactions are basically over, and the cold storage transactions of farmers' apples have begun. The current in - storage transaction price is higher than the off - storage acquisition price. There are many cold storage procurement merchants in Gansu recently [5] - In the 2024 - 2025 production season, the profit of storage merchants for 80 first - and second - grade apples in Qixia is 0.4 yuan per catty, down 0.1 yuan per catty from last week [6] - The mainstream transaction price of apples in Luochuan, Shaanxi is stable, with the 70 and above semi - commercial apples having a mainstream transaction price of 3.5 - 4.0 yuan per catty. Cold storage transactions have started [6] - **Trading Logic**: This year, apple production has decreased, the high - quality fruit rate is poor, and storage is more difficult. Market expectations are that the cold storage warehousing data will likely be low. As of November 6, 2025, the national cold storage inventory ratio is about 51.68%, a year - on - year decrease of 10.62 percentage points; the inventory is 6.8274 million tons, 17.04% lower than the same period last year. It is expected that the effective inventory will likely be low [7] - **Trading Strategy** - **Single - side**: Consider going long on dips due to the strong apple fundamentals and recent rising spot prices [10] - **Arbitrage**: It is recommended to wait and see [10] - **Options**: It is recommended to wait and see [10] 3.3 Relevant Attachments - There are multiple charts including the prices of different apple varieties, AP contract basis, spreads between different AP contracts, apple arrival volumes in wholesale markets, and 6 - fruit prices, as well as national cold storage apple inventory and outbound volume [12][13][14]

Group 1: Market Information - Fuji apple price index is 106.38, up 0.02 from the previous trading day; 6 - fruit average wholesale price is 6.94, down 0.22 [3] - AP01 futures price is 9150, up 119; AP05 is 9260, up 111; AP10 is 8360, up 70 [3] - AP01 - AP05 spread is - 101, up 8; AP05 - AP10 is 900, up 41; AP10 - AP01 is - 799, down 49 [3] Group 2: Market News - In September 2025, fresh apple imports were 0.97 million tons, down 17.85% month - on - month and 1.10% year - on - year; exports were about 7.08 million tons, up 3.50% month - on - month and down 6.32% year - on - year [6] - From January to September 2025, cumulative fresh apple imports were 10.81 million tons, up 19.49% year - on - year [6] - Shandong apple acquisition is nearing completion; Northwest cold storage is starting to release goods, with higher prices for farmers' goods in cold storage [6] - In the 2024 - 2025 production season, the profit of storage merchants for Qixia 80 first - and second - grade apples is 0.4 yuan/jin, down 0.1 yuan/jin from last week [7] - In Luochuan, Shaanxi, the mainstream price of 70 semi - commercial apples is 3.5 - 4.0 yuan/jin; in Qixia, Shandong, the price of good - quality apples is stable [8] Group 3: Trading Logic - This year's apple production is down, good - fruit rate is poor, and cold - storage inventory is likely to be lower than last year [9] - As of November 6, 2025, the national cold - storage inventory ratio is about 51.68%, 10.62 percentage points lower than last year; inventory is 682.74 million tons, 17.04% lower [9][10] - The apple fundamentals are strong, but the current price is high, with large market divergence and high short - term risks, so it is recommended to wait and see [9] Group 4: Trading Strategy - For single - sided trading, wait and see due to high price and large market divergence [20] - For arbitrage and options, also wait and see [20]