Report Industry Investment Rating - Not provided Core Viewpoints - Apple futures prices continue to rise, with the main contract breaking through the 10,000 yuan/ton mark and intraday gains exceeding 3%. The core driving factor is the tight supply of high-quality goods, which pushes up the delivery cost and strengthens the support of the delivery logic for the futures price. The polarization pattern in the spot market further intensifies the impact of this logic [1]. - The current total cold storage inventory is lower than in previous years, which is an important fundamental factor supporting apple prices. The tight inventory of high-quality goods further strengthens the delivery logic. In the short term, the delivery logic will still dominate the futures market trend. If the tight supply of high-quality goods persists, the futures price is expected to remain strong, and the polarization pattern in the spot market may continue. In the long term, the market trend depends on the recovery of consumer demand and the expected output of the new season's apples [2]. Summary by Relevant Catalogs Market Conditions - Apple futures prices are rising, with the main contract breaking through 10,000 yuan/ton and intraday gains exceeding 3%. The spot market shows a polarization pattern, with high-quality goods prices remaining firm and poor-quality goods prices under pressure [1]. Inventory - The current total cold storage inventory is lower than in previous years, especially the tight inventory of high-quality goods, which strengthens the delivery logic [2]. Market Outlook - In the short term, the delivery logic will dominate the futures market trend. If the tight supply of high-quality goods persists, the futures price is expected to remain strong, and the polarization pattern in the spot market may continue. In the long term, the market trend depends on the recovery of consumer demand and the expected output of the new season's apples. If consumer demand recovers and there is an expected reduction in output, apple prices are expected to rise; otherwise, the upside space is limited [2]. Operation Suggestion - Hold long positions in the 05 contract [2]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - Apple's futures continued to rise, with the main contract breaking through the RMB 10,000/ton mark and intraday gains exceeding 3% [1] - The recent strength of the apple futures market is driven by the tight supply of high - quality goods, which pushes up the delivery cost and strengthens the support of the delivery logic for the futures price. The polarization in the spot market further exacerbates this impact [1] - The current low cold - storage inventory, especially the tight inventory of high - quality goods, is an important fundamental factor supporting apple prices. In the short term, the delivery logic will still dominate the futures market. If the tight supply of high - quality goods persists, the futures price is expected to remain strong, and the polarization in the spot market may continue. In the long term, the market trend depends on the recovery of consumer demand and the expected output of the new apple season [2] 3. Summaries by Related Content Apple Futures Market - Apple futures prices are rising, with the main contract breaking through RMB 10,000/ton and intraday gains over 3% [1] Spot Market - In Gansu's Renda Town, the price of 75 starting commodity - grade bagged late - season Fuji apples in inventory is RMB 5.00 - 5.50 per jin. In Jingning, buyers pick high - quality goods, and high - quality resources are decreasing [1] - In Shaanxi's Luochuan, the transaction price of semi - commodity bagged late - season Fuji apples over 70 in inventory is RMB 4.10 - 4.30 per jin, with good transactions and a clear price difference for high - quality fruits. In Weinan, the market is dull [1] - In Shandong's Qixia and Yiyuan, the inventory apples are moving slowly, with only sporadic transactions for high - quality goods. In Shanxi's Yuncheng Linyi, the price of inventory Fuji apples has changed little [1] Inventory Situation - The current total cold - storage inventory is lower than in previous years, and the tight inventory of high - quality goods strengthens the delivery logic [2] Market Outlook - In the short term, the delivery logic will dominate the futures market. If the tight supply of high - quality goods continues, the futures price may remain strong, and the polarization in the spot market may persist. In the long term, the market trend depends on the recovery of consumer demand and the expected output of the new apple season [2] Operation Suggestion - Hold long positions in the 05 contract [2]