1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - As of June 18, 2025, the inventory of apple cold storage in the main producing areas across the country was 1.1649 million tons, a decrease of 109,700 tons from the previous week. The sales speed was basically the same as last week but slower compared to the same period last year. The storage capacity ratio in Shandong and Shaanxi decreased, and the destocking speed slowed down. Other fruits' competition and substitution increased, leading to weak apple demand, a slowdown in sales speed, and potential pressure on apple prices. However, the current low inventory still supports prices, and the market will fluctuate in the short - term. Follow - up attention should be paid to bagging conditions [2] 3. Summary According to Relevant Catalogs Futures Market - The closing price of the apple futures main contract was 7,674 yuan/ton, with a week - on - week increase of 31; the closing price of the October contract was 7,674 yuan/ton, with a week - on - week increase of 31. The position of the main contract was 91,335 lots, with a week - on - week increase of 1,277, and the number of warehouse receipts was 0. The net long position of the top 20 futures holders was 4,117 lots, with a week - on - week increase of 1,631 [2] Spot Market - The spot price of Shandong Yantai Qixia apples (paper - bagged, above 80 first - and second - grade fruit from farmers) was 4.1 yuan/jin, with no week - on - week change; the spot price of Gansu Jingning apples (paper - bagged, above 75) was 4.5 yuan/jin, with no week - on - week change. The spot price of Shandong Yiyuan apples (paper - bagged, above 75) was 2.6 yuan/jin, with no week - on - week change; the spot price of Shaanxi Luochuan apples (paper - bagged, above 70 semi - commercial) was 4.2 yuan/jin, with no week - on - week change [2] Upstream Situation - The national apple orchard area was 1,955.77 thousand hectares, a year - on - year decrease of 19.58 thousand hectares, and the national apple output was 51.2851 million tons, a year - on - year increase of 1.6834 million tons [2] Industry Situation - The weekly wholesale price of apples was 9.59 yuan/kg, a week - on - week increase of 0.02 yuan/kg; the average weekly wholesale price of Fuji apples was 9.56 yuan/kg, a week - on - week increase of 0.12 yuan/kg. The total national apple cold - storage inventory was 1.1649 million tons, a week - on - week decrease of 109,700 tons. The storage capacity ratio in Shandong was 0.16, a week - on - week decrease of 0.01; the storage capacity ratio in Shaanxi was 0.08, a week - on - week decrease of 0.01. The monthly apple export volume was 50,000 tons, a month - on - month decrease of 20,000 tons; the monthly apple export value was 51.525 million US dollars, a month - on - month decrease of 25.529 million US dollars. The monthly import value of fresh and dried fruits and nuts was 2,201,050.17 million US dollars. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants was 0.9 yuan/jin, with no week - on - week change [2] Downstream Situation - The weekly average wholesale price of tangerines was 8.5 yuan/kg, a week - on - week increase of 0.38 yuan/kg; the weekly fruit wholesale price of pears was 6.72 yuan/kg, a week - on - week decrease of 0.03 yuan/kg; the weekly fruit wholesale price of bananas was 6.5 yuan/kg, a week - on - week decrease of 0.11 yuan/kg; the weekly fruit wholesale price of watermelons was 3.98 yuan/kg, a week - on - week decrease of 0.13 yuan/kg. The weekly average number of trucks arriving in the morning at the Jiangmen wholesale market in Guangdong was 10.25, a week - on - week increase of 2.25; the weekly average number of trucks arriving in the morning at the Xiaqiao wholesale market in Guangdong was 14.25, a week - on - week increase of 2.45; the weekly average number of trucks arriving in the morning at the Chalong wholesale market in Guangdong was 22.25, a week - on - week increase of 1.45 [2] Option Market - The implied volatility of at - the - money call options for apples was 16.94%, a week - on - week increase of 1.22%; the implied volatility of at - the - money put options for apples was 16.94%, a week - on - week increase of 1.23% [2] Industry News - On June 25, 2025, the overall apple market in the producing areas showed a stable and weak trend. Merchants preferred to use their own inventory. Affected by quality and price - squeezing by purchasers, the actual transaction price of farmers' apples slightly declined, and transactions were made through bargaining. In the new - season apple situation, the bagging work in the producing areas was coming to an end, and the output problem was becoming clearer. According to market research on the fruit - setting and bagging in the main apple - producing areas in Shaanxi, the fruit - setting and bagging situation this year will not have a particularly large reduction compared to the same period last year, with an expected reduction of 5% - 10% [2]

苹果产业日报 2025-06-19 续继续关注套袋情况。 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苹果(日,元/吨) | 7608 | -42 10月合约收盘价:苹果(日,元/吨) | 7608 | -42 0 | | | 主力合约持仓量:苹果(日,手) | 90416 | 89 仓单数量:苹果(日,张) | 0 | | | | 期货前20名持仓:净买单量:苹果(日,手) | 3323 | -833 | | | | 现货市场 | 山东烟台栖霞现货价格(纸袋80#以上一 | | 甘肃静宁苹果现货价格(纸袋75#以上)(日, | | 0 | | | | 4.1 | 0 | 4.5 | | | | 二级果农货)(日,元/斤) 山东沂源苹果现货价格(纸袋75#以上)(日, | | 元/斤) 陕西洛川苹果现货价格(纸袋70#以上半 | | | | | | 2.6 | 0 | 4.2 | 0 | | 上游情况 | 元/斤) 苹果园面积:全国(年,千公顷) | ...

| 项目类别 | 数据指标 环比 数据指标 | 最新 | 最新 | 环比 | | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苹果(日,元/吨) 42 10月合约收盘价:苹果(日,元/吨) | 7652 | 7652 | 42 0 | | | 主力合约持仓量:苹果(日,手) 4899 仓单数量:苹果(日,张) | 95740 | 0 | | | | 期货前20名持仓:净买单量:苹果(日,手) -538 | 3649 | | | | | 山东烟台栖霞现货价格(纸袋80#以上一 甘肃静宁苹果现货价格(纸袋75#以上)(日, | | | 0 | | | 0 | 4.1 | 4.5 | | | 现货市场 | 二级果农货)(日,元/斤) 元/斤) 山东沂源苹果现货价格(纸袋75#以上)(日, 陕西洛川苹果现货价格(纸袋70#以上半 | | | | | | 0 | 2.6 | 4.2 | 0 | | 上游情况 | 元/斤) 苹果园面积:全国(年,千公顷) -19.58 全国:苹果产量(年,万吨) 商品)(日,元/斤) | 1955.77 | 4960.17 | 202 ...

苹果产业日报 2025-06-10 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苹果(日,元/吨) | 7523 | 37 10月合约收盘价:苹果(日,元/吨) | 7523 | 37 0 | | | 主力合约持仓量:苹果(日,手) | 104728 | -13629 仓单数量:苹果(日,张) | 0 | | | | 期货前20名持仓:净买单量:苹果(日,手) | -21 | 1228 | | | | | 山东烟台栖霞现货价格(纸袋80#以上一 | 4.1 | ...

Group 1: Report Industry Investment Rating - The report does not mention the industry investment rating. Group 2: Core View of the Report - After the May Day holiday this week, the shipping enthusiasm of merchants decreased, and the overall sales speed slowed down slightly compared with before the holiday. The apple market price tended to be stable, and the high - cost - effective supply remained strong. Market customers restocked as needed after the holiday, and the producing areas mainly shipped the previously packed goods. The inventory holders' willingness to sell increased. With the rising temperature, seasonal melons were on the market one after another, and the small - batch purchases decreased slightly. The new - season apples have gradually entered the fruit - setting period. The fruit - setting situation in the western region is differentiated, with poor fruit - setting in some producing areas, while the overall fruit - setting in Shandong is okay. In the future, apples are expected to maintain a high - level volatile trend based on low inventory and growth impacts. [3] Group 3: Summary According to the Directory 1. Weekly View - The overall sales speed of apples slowed down slightly after the May Day holiday, the price was stable, and high - cost - effective supply was strong. New - season apples entered the fruit - setting period with different situations in different regions. Apples are expected to maintain a high - level volatile trend. [3] 2. Market Review - This week, the main apple contract fluctuated at a high level. The apple basis was 263 yuan, an increase of 67 yuan compared with last week. [6] 3. Apple Wholesale Market Price Trend - As of May 9, 2025, the wholesale price of all apple varieties was 9.44 yuan/kg, an increase of 0.15 yuan/kg from last week; the wholesale price of Fuji apples was 8.96 yuan/kg, an increase of 0.22 yuan/kg from last week. Recently, the spot price of Fuji apples has been strong. [12] 4. Main Apple Producing Areas - In Shandong Qixia, the price of 80 first - and second - grade striped apples was 4.00 - 4.50 yuan/jin, etc. In Shaanxi Luochuan, the price of orchard - owner general - grade apples starting from 70 was 4.3 - 4.5 yuan/jin, etc. [17] 5. Cold Storage Situation Analysis - As of May 14, 2025, the apple cold - storage inventory in the main producing areas was 1.951 billion kg, a decrease of 337.6 million kg from last week. The inventory was still at a low level in the past five years. [19] 6. Sales Area Market Summary - In the South China market, the number of trucks arriving at the Guangdong Chalong market decreased. The daily average number of trucks arriving during the week was about 30. The sales were smooth during the May Day holiday and slowed down slightly after the holiday. The market price of Luochuan 80 late - season Fuji apples was 4.5 - 5.5 yuan/jin, etc. [24] 7. Apple Storage Profit Analysis - In the 2024 - 2025 production season, the profit of Qixia 80 first - and second - grade storage merchants was 0.9 yuan/jin, the same as last week. [28] 8. Substitute Price Analysis - As of the 19th week of 2025, the average wholesale price of six fruits monitored by the Ministry of Agriculture and Rural Affairs was 7.82 yuan/kg, an increase of 0.25 yuan/kg compared with the 17th week. The average wholesale prices of bananas, Kyoho grapes, and Fuji apples increased by 0.01 yuan/kg, 0.89 yuan/kg, and 0.22 yuan/kg respectively compared with the 17th week. The average wholesale prices of watermelons and pineapples decreased by 0.28 yuan/kg and 0.06 yuan/kg respectively compared with the 17th week. [33]

长江期货股份有限公司交易咨询业务资格：鄂证监期货字{2014}1号 2025-4-14 【长期研究|棉纺团队】 研究员：洪润霞 执业编号: F0260331 投资咨询号:Z0017099 黄尚海 执业编号: F0270997 投资咨询号:Z0002826 联系人：钟 舟 执业编号: F3059360 顾振翔 执业编号: F3033495 震荡偏强 长江期货苹果产业周报 01 周度观点 1 整体观点：上周清明备货结束，不同产区走货情况有所差异，整体氛围尚可。综合来看，周内苹果较去年同期的去库 速度有所加快，基本面无明显矛盾，西部交易重心转移至客商货源交易，山东成交有所升温。销区方面，受到节日提 振，周内到货有所增加。现货价格方面，周内整体维持稳定为主，部分产区价格稳中偏硬。目前苹果的生长周期已进 入萌芽期，果树开始生长枝丫，后续需重点关注主产区低温天气的实际影响。当前苹果交割博弈加剧，盘面波动加大， 短期来看预计期现货价格偏乐观看待。 2 风险因素：市场消费情况、宏观政策因素 Ø 本周苹果主力震荡偏强运行。 Ø 苹果基差-85元，较上周+139。 02 行情回顾 数据来源：博易大师、IFIND、上海钢联、中果网 ...