Report Industry Investment Rating - Not provided in the content Core Viewpoints - New-season late-maturing Fuji apples are sporadically on the market. The opening prices of apples in the western producing areas are generally 0.3 - 1 yuan per jin higher than the same period last year. Attention should be paid to the commodity rate. The prices of merchant goods reach 4.20 - 4.30 yuan per jin. High-quality goods in the Gansu producing area are basically pre - ordered, and the trading of ordinary goods is average, with prices determined by quality. Buyers are relatively active in purchasing high - quality goods, and prices are stable and firm. In the sales area market, apple trading is average, and there is no obvious improvement in sales during the double festivals. The delayed centralized listing of apples in the western producing areas not only shortens the acquisition time but may also lead to simultaneous concentrated supply in various producing areas. However, the potential decline in the high - quality fruit rate still supports the market in the short term. Attention should be paid to the quality of late - maturing Fuji apples after they are picked. In terms of operation, it is recommended to take a short - term long position on the Apple 2601 contract [2] Summary by Relevant Catalogs Futures Market - The closing price of the main apple futures contract is 8,664 yuan per ton, with a week - on - week increase of 1,474; the position of the main contract is 56,960 lots; the net long position of the top 20 futures holders is 116,620 lots, with a week - on - week decrease of 6,193 [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5 yuan per jin, with a week - on - week increase of 1; in Shandong Yiyuan (paper - bagged, above 75) it is 2.3 yuan per jin, with no change; in Shaanxi Luochuan (paper - bagged, above 70 semi - commercial grade) it is 4.2 yuan per jin, with no change; in Shandong Yantai Qixia (paper - bagged, above 80 second - grade fruit farmer's goods) it is 3.7 yuan per jin, with no change [2] Upstream Situation - The national apple output is 5,128.51 tons, with a year - on - year increase of 168.34 tons [2] Industry Situation - The weekly wholesale price of apples is 9.69 yuan per kilogram, with a decrease of 0.08; the average weekly wholesale price of Fuji apples is 9.34 yuan per kilogram, with an increase of 0.02. The total national apple cold - storage inventory is 6.79 tons, with a decrease of 5.39; the storage capacity ratio of Shandong apples is 0.01, with a decrease of 0.01; the storage capacity ratio of Shaanxi apples is 0, with no change. The monthly export volume of apples is 70,000 tons, with an increase of 20,000; the monthly export value is 6,973.9 million US dollars; the monthly import value of fresh and dried fruits and nuts is 1,589,295.5 million US dollars, with a decrease of 153,306.5 million US dollars. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0.3 yuan per jin, with no change [2] Downstream Situation - The weekly average wholesale price of tangerines is 8.09 yuan per kilogram, with an increase of 0.2; the weekly wholesale price of bananas is 5.59 yuan per kilogram, with a decrease of 0.01; the weekly wholesale price of watermelons is 4.17 yuan per kilogram, with an increase of 0.16. The average daily early - morning arrival volume at the Guangdong Jiangmen wholesale market is 25.67 vehicles, with an increase of 10.67; at the Guangdong Xiaqiao wholesale market is 32 vehicles; at the Guangdong Chalong wholesale market is 45.33 vehicles, with an increase of 14.33 [2] Option Market - The implied volatility of at - the - money call options for apples is 24.04%, with an increase of 0.59; the implied volatility of at - the - money put options is 24.03%, with an increase of 0.55 [2] Industry News - In Shaanxi, the rainfall has stopped, but apple picking by farmers is hindered. The redness of a small amount of traded goods is relatively light, and large - scale trading still needs to wait. The pre - ordering of high - quality goods is basically completed, prices are stable, the prices of ordinary goods are chaotic and slightly weak, and the principle of high - quality goods at high prices is obvious. In Shandong, the trading of late - maturing Fuji apples is not yet large - scale, the redness is relatively light, and large - scale trading still needs to wait. Some merchants have gone to the Liaoning producing area to purchase. Liaoning farmers are firm in their asking prices, and the current supply is limited [2]

Report Industry Investment Rating - No industry investment rating provided in the report Core View of the Report - Considering the poor sales of apples in the distribution areas, the spot price remains weakly stable. Affected by rainfall, the quality in most production areas has declined, and the proportion of high - quality fruits is expected to decrease. The prices of high - quality and poor - quality fruits may show a significant divergence in the future. It is recommended to temporarily observe the Apple 2601 contract in the short term [2] Summary by Relevant Catalogs Futures Market - The closing price of the apple futures main contract is 8633 yuan/ton, with a net increase of 770; the main contract position is 6580 hands, and the net long position of the top 20 futures positions is 114,672 hands, with an increase of 12,291 hands [2] Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 4 yuan/jin, 2.3 yuan/jin, 4.2 yuan/jin, and 3.7 yuan/jin respectively, with no change [2] Upstream Situation - The annual national apple output is 5128.51 million tons; the weekly apple wholesale price is 9.77 yuan/kg, with a decrease of 0.01 yuan/kg; the weekly average wholesale price of Fuji apples is 9.28 yuan/kg, with a decrease of 0.07 yuan/kg; the total national apple cold - storage inventory is 12.18 million tons, with a decrease of 4.14 million tons; the weekly storage capacity ratios of Shandong and Shaanxi apples are 0.03 and 0 respectively, with a decrease of 0.01 for Shandong; the monthly apple export volume is 70,000 tons, with an increase of 20,000 tons [2] Industry Situation - The monthly import amount of fresh and dried fruits and nuts is 645.5 million US dollars, and the monthly apple export amount is 69.739 million US dollars, with a decrease of 153.3065 million US dollars; the weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0.3 yuan/jin, with no change [2] Downstream Situation - The weekly average wholesale prices of tangerines, bananas, and watermelons are 7.89 yuan/kg, 4.01 yuan/kg, and 5.6 yuan/kg respectively. The prices of tangerines and watermelons have decreased by 0.44 yuan/kg and 0.08 yuan/kg respectively, while the price of bananas has increased by 0.18 yuan/kg. The daily average number of incoming trucks in the morning at the Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets is 15, 20, and 31 respectively, with changes of - 1.2, - 0.2, and - 0.8 respectively [2] Option Market - The implied volatilities of at - the - money call and put options for apples are 25.75% and 25.76% respectively, with decreases of 0.36% and 0.35% respectively [2] Industry News - Affected by rainy weather, the quality of late - Fuji apples in the production areas has declined significantly, with problems such as water - cracking in Shaanxi and pit - rust in Shandong being prominent. In Shandong Mengyin, it is difficult for apples to color, and there are not many red late - Fuji apples. Due to poor sales during the National Day and Mid - Autumn Festival, most purchasers are waiting and watching, with low enthusiasm for purchasing, and the local price shows a weak and stable trend. Late - maturing Fuji apples in Shaanxi and Gansu production areas are gradually being harvested, but the supply is limited due to rainfall [2]

Report Summary 1) Report Industry Investment Rating - The report suggests maintaining long positions in the short - term [2] 2) Report's Core View - New - season apples: Western late - Fuji is undergoing large - scale bag removal with sporadic red fruit trading, stable prices, and good buyer enthusiasm. In Shandong, the Red General trading is mostly finished, late - Fuji bag removal has just started. The Red General's price varies due to quality, and the price of early - picked Fuji is higher than last year. Double - festival stocking is in progress, and western rainfall may delay large - scale bag removal. Market has high expectations for the opening price of late - maturing Fuji, providing some price support [2] - Inventory apples: Affected by mid - maturing variety trading, the inventory turnover in Shandong has slowed down [2] 3) Summary by Related Catalogs Futures Market - The closing price of the apple futures main contract is 8446 yuan/ton, the main contract's open interest is 6315 hands, and the net long position of the top 20 futures holders is 3880 hands, with a net long position increase of 508 hands [2] 现货市场 - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are reported, with some prices showing no change [2] Upstream Situation - The national apple output is 5128.51 million tons [2] Industry Situation - The weekly apple wholesale price is 9.7 yuan/kg (down 0.06 yuan/kg), the average weekly wholesale price of Fuji apples is 9.35 yuan/kg (down 0.03 yuan/kg) - The national apple cold - storage inventory is 16.32 million tons (down 4.59 million tons), Shandong's apple storage capacity ratio is 0.04 (down 0.01), Shaanxi's is 0 - The monthly apple export volume is 70,000 tons (up 20,000 tons), the monthly apple export value is 6973.9 million US dollars (down 153306.5 million US dollars), and the monthly import value of fresh and dried fruits and nuts is 645.5 million US dollars - The profit of first - and second - grade paper - bag 80 apple storage merchants is 0.3 yuan/jin [2] Downstream Situation - The weekly average wholesale price of tangerines is 8.09 yuan/kg (down 0.65 yuan/kg), bananas is 3.83 yuan/kg (up 0.11 yuan/kg), and watermelons is 5.52 yuan/kg (down 0.04 yuan/kg) - The early - morning daily average number of trucks arriving at the Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets shows different changes [2] Option Market - The implied volatility of at - the - money call and put options for apples is 23.48% and 23.47% respectively, with an increase of 0.52% and 0.51% [2] Industry News - Western late - Fuji is in large - scale bag removal, with sporadic red fruit trading. Shandong's Red General trading is mostly over, and late - Fuji bag removal has just begun [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The market has a relatively high expectation for the opening price of late - maturing Fuji apples, providing a certain support at the bottom. It is recommended to mainly take short - long positions [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the apple futures main contract is 8288 yuan/ton; the main contract holding volume is 87189 hands, a decrease of 6698 hands; the net buying volume of the top 20 futures holdings is 700 hands, an increase of 348 hands [2] Spot Market - The spot prices of apples in Gansu Jingning (paper - bag 75 and above), Shandong Yiyuan (paper - bag 75 and above), Shaanxi Luochuan (paper - bag 70 and above semi - commercial), and Shandong Yantai Qixia (paper - bag 80 and above first - grade secondary fruit farmers' goods) are 4 yuan/jin, 2.3 yuan/jin, 4 yuan/jin, and 3.7 yuan/jin respectively, with no change [2] Upstream Situation - The national apple annual output is 5128.51 million tons; the weekly average wholesale price of apples is 9.7 yuan/kg, a decrease of 0.06 yuan/kg; the weekly average wholesale price of Fuji apples is 9.35 yuan/kg, a decrease of 0.03 yuan/kg; the national apple cold - storage total inventory is 16.32 million tons, a decrease of 4.59 million tons; the Shandong apple storage capacity ratio is 0.04, a decrease of 0.01; the Shaanxi apple storage capacity ratio is 0; the monthly apple export volume is 70000 tons, an increase of 20000 tons [2] Industry Situation - The monthly export amount of apples is 6973.9 million US dollars, a decrease of 153306.5 million US dollars; the monthly import amount of fresh and dried fruits and nuts is 1589295.5 million US dollars; the weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0.3 yuan/jin, with no change [2] Downstream Situation - The weekly average wholesale price of tangerines is 8.09 yuan/kg, a decrease of 0.65 yuan/kg; the weekly wholesale price of bananas is 5.56 yuan/kg, a decrease of 0.02 yuan/kg; the weekly wholesale price of watermelons is 3.72 yuan/kg; the weekly average daily early - morning arrival vehicle volume at the Guangdong Jiangmen wholesale market is 16.2 vehicles, an increase of 4.2 vehicles; the weekly average daily early - morning arrival vehicle volume at the Guangdong Xiaqiao wholesale market is 20.2 vehicles; the weekly average daily early - morning arrival vehicle volume at the Guangdong Chalong wholesale market is 31.8 vehicles, an increase of 6.24 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 22.24%, and the implied volatility of at - the - money put options is 22.21%, an increase of 0.09% [2] Industry News - The trading of early - maturing Fuji in the western region has basically ended. Affected by rainfall, the bag - removing of late - maturing Fuji in many places such as Yan'an and Weinan has been postponed. There are sporadic orders from merchants, and the price is not much different from that of early - maturing Fuji. The trading of Hongjiangjun in the Shandong production area is coming to an end, and the transaction price fluctuates and adjusts due to the volume of goods on the market. The transaction price range of Hongjiangjun in the new - season Shandong is large due to quality issues, and the price advantage of poor - quality goods is relatively obvious [2] Viewpoint Summary - The double - festival stocking is progressing gradually. The bag - removing of late - maturing Fuji is sporadic, and the rainfall in the western region may postpone the large - scale bag - removing time of late - maturing Fuji. As of September 17, 2025, the apple cold - storage inventory in the national main production areas is 16.32 million tons, a decrease of 4.59 million tons from last week. Affected by the trading of medium - maturing varieties, the inventory shipment speed in the Shandong production area has slowed down. The storage capacity ratio in the Shandong production area is 3.51%, a decrease of 0.82% from last week. The de - stocking speed in the Shandong production area has slowed down. Local small merchants tend to choose Hongjiangjun with lower prices. The price of high - quality goods in the warehouse is relatively stable, while the price of fruit farmers' goods is weak [2]

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

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

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

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

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

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