Core Insights - The global energy transition and the integration of digital and physical economies are driving significant changes in electricity demand and supply, presenting a key opportunity for high-quality development in the industry [1] Group 1: Electricity Demand and Supply Dynamics - The explosion of AI is expected to significantly increase electricity demand, with an estimated 18GW required by 2025 solely for new GPU computing power, equivalent to the annual output of 15 nuclear power plants [1] - A global upgrade of electricity grids is underway, with a projected increase in the power supply gap in the U.S. to 182GW by 2030, prompting equipment manufacturers to expand internationally [1] - Domestic investment in electricity infrastructure is accelerating, with the State Grid's fixed asset investment expected to reach 4 trillion yuan during the 14th Five-Year Plan, a 40% increase compared to the previous plan [1] Group 2: Investment Trends in Renewable Energy - The growth of renewable energy installations is a common driver of ongoing global electricity investment, with significant demand elasticity compared to traditional energy sources [2] - From 2023 to 2030, the average annual global investment in electricity grids is projected to rise to $500 billion, driven by rapid growth in renewable installations and the need for equipment upgrades [2] - Chinese companies are expected to continue benefiting from favorable conditions as they expand internationally, despite challenges in labor, approvals, capacity, and supply chains in overseas markets [2] Group 3: Index Fund Performance and Composition - The Tianhong CSI Electric Grid Equipment Theme Index Fund closely tracks an index comprising 80 listed companies involved in ultra-high voltage, smart grid construction, green energy, and energy storage, with a significant focus on smart grids [2] - The top ten weighted stocks in the index account for 55.21%, including companies like TBEA, Sanyuan Electric, and China XD Electric, providing a packaged investment opportunity in leading electric equipment firms [3][4] - The index fund has shown strong performance, with a 66.44% increase over the past year, significantly outperforming the CSI 300 index, which rose only 22.09% during the same period [4]

准东经开区是全国最大整装煤田所在地，全国十大露天煤矿中5席落于此，2025年纳税超10亿元企 业5家、超亿元31家，正全力推进"三年内所有矿山零碳"目标。上汽集团则凭借电动智能化技术与全球 资源配置能力，助力准东提升矿山智能化、绿色化开采水平。 2026年1月，新疆准东经济技术开发区管委会与上汽集团旗下上汽红岩、友道智途启动战略合作； 经半个月深度磋商，上汽集团副总裁祖似杰带队赴准东经开区，与管委会主任孟宪民等领导及当地企业 代表完成战略合作框架协议签署，标志着双方从前期业务合作进入全方位、深层次战略协同阶段。同 期，友道智途与易普力（新疆）矿山工程有限公司达成100 台无人矿卡初步合作意向，加速新疆智慧矿 山落地。 此次合作以"互利共赢、创新驱动、可持续发展"为原则，聚焦准东经开区的资源禀赋与上汽集团的 技术优势，覆盖定制化智能装备研发、本地化生产、绿色能源配套、智慧物流、智慧出行及金融服务六 大领域，核心落地两大项目：上汽红岩将在准东分期建设年产能1000台无人驾驶宽体自卸车一体化项 目；友道智途设立辐射新疆全域的区域营运中心。 双方明确，将联合定制适配准东矿区工况的新能源自动驾驶矿卡，推进核心零部件与整 ...

Core Viewpoint - The establishment of an independent new energy storage capacity pricing mechanism by the National Development and Reform Commission and the Energy Administration is expected to stabilize revenue expectations in the energy storage sector and stimulate investment enthusiasm among owners, particularly benefiting state-owned enterprises [1][2]. Group 1: Market Performance - The Southern Fund's New Energy ETF (516160) rose by 2.57%, with a turnover of 3.35% and a transaction volume of 227 million yuan [1]. - Key stocks in the index, such as Zhiyu Technology, Laplace, and GCL-Poly, saw significant increases of 12.79%, 10.41%, and 10.10% respectively [1]. Group 2: Policy Impact - The implementation of the capacity pricing policy is expected to shift the energy storage industry from cost competition to value creation, revealing investment value [1]. - The cancellation of mandatory storage requirements is anticipated to further enhance the investment landscape in the energy storage sector [1]. Group 3: Industry Growth Projections - The domestic energy storage installation is expected to experience rapid growth by 2026, with a focus on leading companies in the energy storage supply chain [1]. - Global energy storage installations are projected to increase significantly, with estimates of 279 GWh, 423 GWh, and 563 GWh for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 44%, 52%, and 33% [2]. Group 4: ETF Composition - The New Energy ETF closely tracks the CSI New Energy Index, which includes companies involved in renewable energy production, application, storage, and related devices [2]. - The top ten weighted stocks in the index include CATL, Sungrow Power, TBEA, and others, reflecting a diverse representation of the new energy sector [2].

Group 1: Core Insights - Dongwu Securities projects Chery Automobile's net profit attributable to shareholders for 2025-2027 to be 18.4 billion, 21.1 billion, and 25.4 billion yuan respectively, with a PE ratio of 14, 11, and 8 times for the same period [1] - The company is recognized as a global technology-oriented automotive enterprise, transitioning towards globalization and intelligence, with a clear ownership structure involving state-owned, strategic investors, and management [1] - Chery's financial performance is bolstered by its strong momentum in new energy vehicles and stable export position, leading to improved financial data [1] Group 2: Brand Strategy - Chery's main brand targets the mainstream market with high cost-performance and diverse powertrain options, while its sub-brands cater to specific segments such as travel, high-end users, and younger demographics [2] - The Jietu brand focuses on travel and light off-road SUVs, while the Xingtu brand targets mid-to-high-end consumers [2] - The iCAR brand is aimed at the younger, personalized electric vehicle market, and the Zhijie brand emphasizes smart experiences through collaboration with Huawei [2] Group 3: Export Strategy - Chery has a phased export strategy starting from developing markets, focusing on key markets like Russia, and expanding into Europe [3] - The Tiggo series is central to Chery's export strategy, offering a mix of internal combustion engine (ICE) and plug-in hybrid electric vehicles (PHEV) to adapt to different regional markets [3] - The company employs a localized approach in its overseas operations, utilizing a dealer authorization system and local assembly to meet market demands [3] Group 4: Technological Development - Chery plans to integrate its subsidiaries and R&D functions by 2025 to enhance its research capabilities [4] - The company adopts a dual-track strategy of self-research and collaboration with leading technology partners like Huawei and Horizon [4] - Chery's vehicle platform strategy includes both traditional fuel and new energy platforms, structured by price range and technology path [4]

Core Viewpoint - The non-ferrous metals market is entering a high volatility phase, influenced by factors such as the Federal Reserve's interest rate narrative and profit-taking activities, leading to significant price fluctuations in precious and non-ferrous metals [2] Group 1: Market Dynamics - Recent price volatility in metals like gold, silver, copper, aluminum, lead, and zinc is attributed to the Federal Reserve's interest rate changes and profit-taking [2] - Market institutions suggest that the non-ferrous metals sector will experience a phase of reduced volatility in trading, maintaining its overall direction, supported by strong fundamentals in the latter part of Q1 [2][6] - The current non-ferrous cycle is characterized by a backdrop of de-globalization, reshaping of overseas manufacturing, and unconventional inventory accumulation, differing from traditional monetary cycles and potentially extending over a longer time frame [2][6] Group 2: Influencing Factors - The nomination of Kevin Warsh as the Federal Reserve Chairman has been identified as a catalyst for increased market volatility, with his hawkish stance leading to significant asset adjustments [3] - Concerns regarding the effectiveness of the "de-dollarization" narrative, geopolitical risk premiums, and rapid price increases driven by liquidity are contributing to market uncertainties [3][4] - The recent sharp declines followed by rebounds are seen as a result of macroeconomic shocks and structural adjustments, rather than a fundamental change in the metal market's logic [4] Group 3: Long-term Outlook - Institutions remain optimistic about the non-ferrous metals sector, expecting a resurgence of upward momentum by mid-year, contingent on stable macroeconomic expectations [6] - The fundamental drivers of low supply, strong demand, and significant inventory accumulation remain unchanged, with expectations of a robust performance in metal prices following short-term corrections [6] - Key investment opportunities in the non-ferrous sector are identified, with gold, copper, and aluminum as primary choices, alongside smaller metals like rare earths, natural uranium, and tin [6]

Group 1 - The chemical sector is showing strong performance, with the Chemical ETF (516020) experiencing a price increase of 3.13% as of the report [1][8] - Key stocks in the sector, including lithium battery, phosphorus chemical, and fluorine chemical industries, are seeing significant gains, with Enjie Co. hitting the daily limit, and Hongda Co. and Duofuduo both rising over 8% [1][8] - The basic chemical sector has attracted substantial capital, with a net inflow of nearly 20 billion yuan, leading among 30 major sectors [5][10] Group 2 - In the first quarter, the prices of mainstream refrigerants are continuing to rise, with R32 long-term contract prices expected to reach 61,200 yuan per ton, a 1.66% increase from the previous quarter [2][10] - The report suggests that with ongoing anti-involution policies, supply constraints in the industry are expected to strengthen, benefiting certain sub-sectors such as chlorine-alkali, pesticides, and polyester filament [2][10] Group 3 - The Chemical ETF (516020) tracks the CSI sub-sector chemical industry theme index, covering popular topics such as AI computing power, anti-involution, robotics, and new energy [3][11] - Investors can also access the Chemical ETF through linked funds (Class A 012537/Class C 012538) for more efficient exposure to the chemical sector [3][11]

2月4日，一场汇聚中法两国顶尖企业、学者与创新领袖的高端对话在深圳市南山区全球服务中心举行。 由法中委员会主办、中国银行、全球服务中心Go Global等单位支持的"中法企业走进深圳创新交流 会"吸引了超过130位中外企业家到场，共同擘画合作未来。 会上，备受瞩目的第十二届法中委员会创新奖征集通道正式开启，标志着新一轮寻找和表彰卓越中法联 合创新成果的旅程，从中国最具活力的创新前沿启航。 在变局中深化两国创新对话 法中委员会汇聚了在中国长期开展业务的知名法国企业。通过委员会，企业携手拓展对华业务，促进中 法合作。作为法中委员会组织的深圳学习考察团核心环节，本次活动汇聚了威立雅、法国电力、施维 雅、OP Mobility、法孚集团，法国巴黎银行等法企代表，以及深圳本土人工智能、新能源、投资等领 域的创新领袖。 活动围绕"新形式人工智能如何从结构层面到商业领域革新企业运营"展开，议程紧凑。法中委员会秘书 长林碧溪在开幕致辞中强调了在变局中深化两国创新对话的重要性。法国前总理、创新奖特使拉法兰通 过视频寄予厚望，法国驻广州总领事罗宏灵则亲临现场，肯定此类平台对促进双向投资的核心价值。 首场圆桌对话聚焦能源、汽车、健 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose. The Treasury bond futures are expected to face some pressure, and a cautious attitude is recommended [6]. - The domestic economic situation is stable, but the recovery momentum is not strong. The valuation of domestic assets is at a low level, and the stock index is expected to gradually move up, and the previous long positions can be held [9]. - The global trade and financial environment is complex. Gold has allocation and hedging value, but the recent sharp rise in precious metals has led to a significant increase in speculative sentiment. It is recommended to exit long positions and wait and see [11]. - The prices of steel products such as rebar and hot - rolled coils may continue the weak oscillation pattern. Investors can pay attention to the opportunity of buying on dips and manage positions carefully [13]. - The iron ore market has a weak supply - demand pattern, and the futures may continue the oscillation pattern in the short term. Investors can pay attention to the opportunity of buying on dips [15]. - The coking coal and coke futures may continue the oscillation pattern in the medium term. Investors can pay attention to the opportunity of buying at low levels [17]. - The ferroalloy market has an overall over - supply pressure, but the cost support is gradually strengthening. After a decline, investors can consider long positions in the low - level range [19]. - The relationship between the US and Iran is volatile, and the capital is still bullish on crude oil. The crude oil rebound is expected to continue, but the main contract is recommended to wait and see for now [20][21]. - The fuel oil supply in Singapore is tightening, and the cost - end crude oil is rebounding. The fuel oil price has room to rise, but the main contract is recommended to wait and see [23][24]. - As the Spring Festival approaches, the demand for polyolefins weakens, and cautious operations are recommended before the festival [26]. - The synthetic rubber market is expected to be in a strong oscillation pattern, and positions should be gradually controlled before the festival [29]. - The natural rubber market is expected to show a wide - range oscillation pattern [31]. - The PVC market is expected to be in a strong oscillation pattern, but attention should be paid to the sustainability of exports and the recovery of demand after the festival [33]. - The urea price is expected to be in an oscillatory and strong pattern, mainly driven by export demand and cost support [37]. - The PX market is expected to be in an oscillatory adjustment pattern. Investors should be cautious and pay attention to the changes in macro - policies and fundamentals [39]. - The PTA market is expected to be in an oscillatory operation pattern. It is recommended to operate carefully and pay attention to oil price changes [41]. - The ethylene glycol market is expected to be in an oscillatory bottom - building pattern. It is recommended to operate carefully and pay attention to port inventory and supply changes [42]. - The short - fiber market is expected to follow the cost - end logic. It is recommended to wait and see carefully and pay attention to cost changes and downstream pre - festival stocking [44]. - The bottle - chip market is expected to follow the cost - end operation. It is recommended to participate cautiously before the festival and pay attention to the implementation of maintenance devices [45]. - The soda ash market has a loose fundamental situation and should be treated with caution [46]. - The glass market is expected to be in an oscillatory pattern before the festival, and attention should be paid to the risk of returning to the fundamentals [48]. - The caustic soda market has high - production, low - demand, and high - inventory characteristics. It should be treated with caution [49]. - The pulp market is expected to have limited fluctuations before the festival [52]. - The lithium carbonate market has strong support at the bottom, but the short - term fluctuations may increase, and risk control is necessary [53]. - The copper market is expected to be in an oscillatory adjustment pattern before the festival [54]. - The aluminum market is expected to be under pressure in the short term [56]. - The zinc market is expected to enter an adjustment period [58]. - The lead market is expected to be in an interval oscillation pattern [60]. - The tin market has support at the bottom, but the short - term fluctuations may intensify, and risk control is necessary [62]. - The nickel market is in an oversupply pattern, and attention should be paid to relevant policies in Indonesia [63]. - For soybean meal, the demand continues to grow moderately, and long - position opportunities in the low - cost support range can be considered; for soybean oil, it is advisable to wait and see after the price leaves the low - cost range [64]. - The palm oil market may consider buying on dips [66]. - The rapeseed meal and rapeseed oil markets are recommended to wait and see for now [69]. - The cotton market is expected to be strong in the medium and long term, but there is pressure on the domestic market in the short term. It is recommended to buy in batches at low levels after a full correction [71]. - The sugar market is expected to be bearish in the medium and long term [75]. - The apple market is expected to be in a small - range oscillation in the short term and strong in the medium and long term. It is recommended to go long in batches after a correction [77]. - The pig market is recommended to wait and see, paying attention to the changes in supply and consumption around the Spring Festival [80]. - The egg market is recommended to wait and see, as the supply in February may remain at a relatively high level [83]. - The corn and corn starch markets are expected to follow the corn market. It is necessary to wait for the release of supply pressure [84]. - The log market shows a strong performance on the disk, but the fundamental improvement needs time. Attention should be paid to external quotes, holiday progress, and shipping dynamics [86]. 3. Summary by Relevant Catalogs Treasury Bonds - On the previous trading day, Treasury bond futures closed up across the board. The central bank carried out reverse repurchase operations, with a net investment of 64.5 billion yuan on the day. The service trade in 2025 showed steady growth [5]. - The macro - economic recovery momentum needs to be strengthened, and the Treasury bond futures are expected to face pressure [6]. Stock Index - On the previous trading day, stock index futures showed mixed trends [8]. - The domestic economic situation is stable, but the recovery momentum is not strong. The stock index is expected to gradually move up, and the previous long positions can be held [9]. Precious Metals - On the previous trading day, the gold and silver futures prices fell. In 2025, domestic gold production increased, but consumption decreased. The US ISM service PMI index declined slightly [11]. - The global trade and financial environment is complex, and gold has allocation and hedging value. However, the short - term market fluctuations may increase, and it is recommended to exit long positions and wait and see [11]. Rebar and Hot - Rolled Coils - On the previous trading day, rebar and hot - rolled coil futures showed a weak oscillation. The demand for rebar is in a year - on - year decline, and the supply pressure increases. The prices may continue the weak oscillation pattern [13]. - Investors can pay attention to the opportunity of buying on dips and manage positions carefully [13]. Iron Ore - On the previous trading day, iron ore futures fell slightly. The demand for iron ore is at a low level, and the port inventory is at a high level. The market supply - demand pattern is weak [15]. - The futures may continue the oscillation pattern in the short term, and investors can pay attention to the opportunity of buying on dips [15]. Coking Coal and Coke - On the previous trading day, coking coal and coke futures fell slightly. The supply of coking coal may decline during the Spring Festival, and the demand for coke is weak [17]. - The futures may continue the oscillation pattern in the medium term, and investors can pay attention to the opportunity of buying at low levels [17]. Ferroalloys - On the previous trading day, manganese - silicon and silicon - iron futures rose slightly. The supply of ferroalloys is still in a loose state, but the short - term oversupply has weakened [19]. - After a decline, investors can consider long positions in the low - level range [19]. Crude Oil - On the previous trading day, INE crude oil rose first and then fell. Speculators increased their net long positions in US crude oil futures and options. The number of active oil and gas rigs in the US increased. OPEC + may maintain the decision to suspend production increases in March [20]. - The relationship between the US and Iran is volatile, and the capital is still bullish on crude oil. The crude oil rebound is expected to continue, but the main contract is recommended to wait and see for now [20][21]. Fuel Oil - On the previous trading day, fuel oil oscillated upwards. The Asian high - sulfur fuel oil market is strong, and the trading volume of Singapore's low - sulfur fuel oil paper futures increased [23]. - The fuel oil supply in Singapore is tightening, and the cost - end crude oil is rebounding. The fuel oil price has room to rise, but the main contract is recommended to wait and see [23][24]. Polyolefins - On the previous trading day, the prices of PP and LLDPE in the market fell. As the Spring Festival approaches, the demand for polyolefins weakens [26]. - Cautious operations are recommended before the festival [26]. Synthetic Rubber - On the previous trading day, synthetic rubber futures fell. The price of raw materials rose, the supply decreased slightly, the demand improved year - on - year, and the inventory increased [28]. - The market is expected to be in a strong oscillation pattern, and positions should be gradually controlled before the festival [29]. Natural Rubber - On the previous trading day, natural rubber futures fell. The overseas supply is shrinking, the demand is expected to be weak, and the inventory is accumulating [31]. - The market is expected to show a wide - range oscillation pattern [31]. PVC - On the previous trading day, PVC futures fell. The price was supported by exports and costs, but the high inventory and weak demand restricted the price increase [33]. - The market is expected to be in a strong oscillation pattern, but attention should be paid to the sustainability of exports and the recovery of demand after the festival [33]. Urea - On the previous trading day, urea futures fell slightly. The supply increased, the demand was driven by exports and the market sentiment, and the industry profit increased [37]. - The price is expected to be in an oscillatory and strong pattern [37]. PX - On the previous trading day, PX futures fell. The PXN spread and short - process profit were slightly compressed, and the PX operating rate increased slightly [39]. - The market is expected to be in an oscillatory adjustment pattern. Investors should be cautious and pay attention to the changes in macro - policies and fundamentals [39]. PTA - On the previous trading day, PTA futures fell. The supply increased slightly, the demand decreased seasonally, and the processing fee rose to the average level of previous years [41]. - The market is expected to be in an oscillatory operation pattern. It is recommended to operate carefully and pay attention to oil price changes [41]. Ethylene Glycol - On the previous trading day, ethylene glycol futures fell. The overall operating load increased, the port inventory continued to accumulate, and the downstream polyester entered the seasonal maintenance period [42]. - The market is expected to be in an oscillatory bottom - building pattern. It is recommended to operate carefully and pay attention to port inventory and supply changes [42]. Short - Fiber - On the previous trading day, short - fiber futures fell. The supply decreased, the terminal demand was weak, and the inventory was at a low level [44]. - The market is expected to follow the cost - end logic. It is recommended to wait and see carefully and pay attention to cost changes and downstream pre - festival stocking [44]. Bottle - Chip - On the previous trading day, bottle - chip futures fell. The processing fee rebounded, the supply was expected to decrease, and the export increased [45]. - The market is expected to follow the cost - end operation. It is recommended to participate cautiously before the festival and pay attention to the implementation of maintenance devices [45]. Soda Ash - On the previous trading day, soda ash futures fell. The production decreased slightly, the inventory increased slightly, and the downstream demand was weak [46]. - The market has a loose fundamental situation and should be treated with caution [46]. Glass - On the previous trading day, glass futures fell. The number of production lines decreased, the factory inventory increased slightly, and the trader inventory increased significantly [48]. - The market is expected to be in an oscillatory pattern before the festival, and attention should be paid to the risk of returning to the fundamentals [48]. Caustic Soda - On the previous trading day, caustic soda futures fell. The production was at a high level, the inventory was still at a high level, and the downstream demand was weak [49]. - The market has high - production, low - demand, and high - inventory characteristics. It should be treated with caution [49]. Pulp - On the previous trading day, pulp futures fell. The inventory continued to accumulate, the domestic supply increased slightly, and the downstream demand was weak [52]. - The market is expected to have limited fluctuations before the festival [52]. Lithium Carbonate - On the previous trading day, lithium carbonate futures fell. The supply is at a high level, the demand in the energy - storage and power - battery sectors is improving, and the inventory is decreasing [53]. - The market has strong support at the bottom, but the short - term fluctuations may increase, and risk control is necessary [53]. Copper - On the previous trading day, copper futures fell. The geopolitical events increased the risk - aversion demand, the mine supply was disturbed, and the terminal consumption entered the off - season [54]. - The market is expected to be in an oscillatory adjustment pattern before the festival [54]. Aluminum - On the previous trading day, aluminum futures fell, and alumina futures rose. The alumina supply is loose, the electrolytic aluminum production growth is limited, and the demand is weak [56]. - The market is expected to be under pressure in the short term [56]. Zinc - On the previous trading day, zinc futures fell. The supply tightened, the demand was weak, and the social inventory has not yet started to accumulate [58]. - The market is expected to enter an adjustment period [58]. Lead - On the previous trading day, lead futures fell slightly. The supply was restricted by the shortage of raw materials, the demand was differentiated, and the inventory was extremely low [60]. - The market is expected to be in an interval oscillation pattern [60]. Tin - On the previous trading day, tin futures fell. The mine supply was tight, the demand showed some resilience, and the inventory decreased [62]. - The market has support at the bottom, but the short - term fluctuations may intensify, and risk control is necessary [62]. Nickel - On the previous trading day, nickel futures fell. The nickel ore policy in Indonesia changed, the production cost increased, the downstream demand was weak, and the inventory was at a relatively high level [63]. - The market is in an oversupply pattern, and attention should be paid to relevant policies in Indonesia [63]. Soybean Meal and Soybean Oil - On the previous trading day, soybean meal futures rose slightly, and soybean oil futures fell. The US bio - fuel tax credit policy improved the demand expectation. The soybean supply is relatively loose, and the demand for soybean meal and soybean oil has different trends [64]. - For soybean meal, the demand continues to grow moderately, and long - position opportunities in the low - cost support range can be considered; for soybean oil, it is advisable to wait and see after the price leaves the low - cost range [64]. Palm Oil - The Malaysian palm oil market fell. The market expects the inventory to decrease, the production to decline, and the export to increase. The domestic palm oil inventory is at a medium level [66]. - The market may consider buying on dips [66]. Rapeseed Meal and Rapeseed Oil - The Canadian rapeseed price rose. The US bio - fuel tax credit policy and the China - Canada tariff policy have an impact on the market. The domestic rapeseed meal and rapeseed oil inventories are at a relatively high level [69]. - The market is recommended to wait and see for now [69]. Cotton - On the previous trading day, domestic cotton futures oscillated. The external market cotton price fell, and the domestic cotton production increased, but the inventory accumulation was lower than expected. The future supply is expected to be tight, and the demand is resilient [71]. - The market is expected to be strong in the medium and long term, but there is pressure on the domestic market in the short term. It is recommended to buy in batches at low levels after a full correction [71]. Sugar - On the previous trading day, domestic sugar futures rebounded slightly, and the external market sugar price fell. India's sugar production is expected to increase, and the domestic sugar supply is sufficient with high imports [75]. - The market is expected to be bearish in the medium and long term [75]. Apple - On the previous trading day, apple futures oscillated. The market is in the late stage of Spring Festival stocking, and the inventory is at a low level in recent years. The new - season apple production and quality have declined [77]. - The market is expected to be in a small - range oscillation in the short

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