Report Industry Investment Rating - The investment rating for both the apple and jujube industries is neutral [4][8] Core Viewpoints - For apples, the current inventory level is low, providing price support. The new season is about to start, and the market has high expectations for the opening price, with the price expected to be stronger in the west than in the east [4] - For jujubes, if the yield and quality fall short of expectations, the upward trend may continue. Otherwise, the jujube futures price will face a volatile pattern with limited upside and strong downside support [8] Summary by Relevant Catalogs Apple Market News and Important Data - Futures: The closing price of the Apple 2601 contract this week was 8,401 yuan/ton, a week-on-week increase of 128 yuan/ton or 1.55% [1] - Spot: In Shandong's Qixia area, the price of 80 first and second-grade apples was 7,600 yuan/ton, unchanged from last week. In Shaanxi's Luochuan area, the price of 70 semi-commodity apples was 9,600 yuan/ton, also unchanged from last week [1] Recent Market Information - Cold storage inventory: As of September 24, 2025, the national main apple-producing area cold storage inventory was 121,800 tons, a week-on-week decrease of 41,400 tons. The remaining inventory was concentrated in Shandong [2] - Production area: The inventory spot market was stronger in the east than in the west. The price of mid-late varieties in the west remained stable at a high level. In Shandong, the old Fuji inventory was not cleared, and the general cargo price was slightly weak [2] - Sales area: The number of early morning arrivals at the Guangdong Chalong market decreased slightly compared to last week. As the Double Festival approached, the market began to stock up, and the arrival volume increased slightly, but the overall sales were average [2] Market Analysis - The Double Festival stocking is in the later stage, and the late Fuji in the east and west is entering the bag-removing period. The inventory in Shandong has not been cleared, and the general cargo price is slightly weak. The western pickling Fuji is gradually being listed, and the price is stable at a high level [3] Strategy - Maintain a neutral view. The current inventory level is low, and the price has bottom support. The new season is about to start, and the market has high expectations for the opening price, with the price expected to be stronger in the west than in the east [4] Jujube Market News and Important Data - Futures: The Jujube 2601 contract rebounded this week. As of September 26, the closing price was 11,285 yuan/ton, a week-on-week increase of 615 yuan/ton or 5.76% [5] - Spot: The purchase price of Xinjiang grey jujubes in the 2024 production season was concentrated between 4.50 - 5.50 yuan/kg, with a reference average purchase price of 5.33 yuan/kg. The price of first-grade grey jujubes in Hebei was 9,500 yuan/ton, unchanged from last week [5] Recent Market Information - New season jujubes: The jujube trees in the main production areas are in the sugar-accumulation period. The temperature in Xinjiang has dropped slightly, and no extreme weather has occurred. The market has a relatively clear judgment on the new season's yield trend, and concerns about quality have decreased [6] - Sales area: The arrival volume in the sales area market was low this week. The off-peak to peak-season transition period saw general downstream purchasing enthusiasm and weak Double Festival stocking [6] Market Analysis - The 2024 production season had a large jujube yield and high inventory, but the quality was poor. The market is gradually transitioning from the off-season to the peak season, but the inventory pressure remains, and the supply-demand contradiction has not been substantially alleviated [7] Strategy - Maintain a neutral view. If the yield and quality fall short of expectations, the upward trend of jujubes may continue. Otherwise, the jujube futures price will face a volatile pattern with limited upside and strong downside support [8]

Group 1: Report Industry Investment Ratings - Not provided in the given content Group 2: Report's Core Views - The view on finished products is that they will run in a volatile and consolidating manner, with the price center moving down and running weakly [1][3] - The view on aluminum ingots is that they are expected to maintain a high - level operation in the short term, with prices supported by pre - holiday stocking [1][4] Group 3: Summary by Relevant Catalogs Finished Products - Yunnan and Guizhou short - process construction steel enterprises will stop production for maintenance from mid - January, with an estimated impact of 741,000 tons on building steel production. In Anhui, 6 short - process steel mills will stop production, with a daily impact of about 16,200 tons [2][3] - From December 30, 2024, to January 5, 2025, the transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% week - on - week decrease and a 43.2% year - on - year increase [3] - Finished product prices hit a new low recently, with a pessimistic market sentiment in the context of weak supply and demand. This year's winter storage is sluggish, providing little price support [3] Aluminum - The supply of the aluminum market has a small increase due to the climbing of replacement capacity, and the supply - demand pattern is improving marginally. The operating rate of domestic aluminum downstream processing enterprises increased by 0.8 percentage points to 63.0% [3] - The aluminum cable sector is the main driving force, with the operating rate rising by 1.8 percentage points to 67%. The operating rates of primary aluminum alloy and aluminum plate and strip sectors increased by 1% and 0.8% respectively. The aluminum profile operating rate remained flat at 54.60%, and the aluminum foil industry has limited upward momentum [3] - On September 25, the electrolytic aluminum ingot inventory in domestic mainstream consumption areas was 617,000 tons, a decrease of 21,000 tons compared with Monday and last Thursday. Short - term downstream purchasing increased, and the spot premium was firm [3] - In the medium - term, aluminum consumption is generally warming up, with stable growth in the automotive industry, growth expectations in the power industry, and marginal improvement in the construction industry [3]

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views - The price of finished products is expected to move in a volatile and consolidating manner, with its center of gravity shifting downward and showing a weak performance [1][3] - The price of aluminum ingots is expected to remain high in the short term, with the market's supply - demand pattern improving marginally and social inventory decreasing due to pre - holiday stocking [3][4] Group 3: Summary by Related Catalogs Finished Products - Yungui region's short - flow construction steel producers will have a shutdown and maintenance period from mid - January, with a resumption around the 11th to 16th day of the first lunar month, affecting a total output of 741,000 tons. In Anhui, 1 out of 6 short - flow steel mills stopped production on January 5, and most others will stop around mid - January, with a daily output impact of about 16,200 tons [2][3] - From December 30, 2024, to January 5, 2025, the transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [3] - The price of finished products continued to decline with a new low, and the market sentiment was pessimistic under the weak supply - demand pattern and lackluster winter storage [3] Aluminum - Macroscopically, there are increasing differences within the Fed on future monetary policy, and a balance needs to be struck between high inflation and a weak employment market [2] - The supply of the aluminum market has a slight increase due to the ramping - up of replacement capacity, and the supply - demand pattern is improving marginally. As of last Thursday, the national metallurgical - grade alumina's total built - in capacity is 110.32 million tons/year, and the total operating capacity is 92.33 million tons/year, with the weekly operating rate up 0.92 percentage points to 83.69% [3] - The overall aluminum consumption is warming up, with stable growth in the automotive industry, growth expectations in the power industry, and marginal improvement in the construction industry. The operating rate of processed materials is rising steadily [3] - On September 25, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 617,000 tons, a decrease of 21,000 tons from Monday and last Thursday [3]

Market News and Important Data - The closing price of the red date futures contract for 2601 was 10,735 yuan/ton, an increase of 65 yuan/ton or 0.61% from the previous day [1] - The current price of first-grade gray dates in Hebei is 9.50 yuan/kg, unchanged from the previous day, with a basis of CJ01-1235, which decreased by 65 [1] - Xinjiang gray dates are entering the sugar accumulation stage, with a focus on precise weather control and disease prevention [1] Market Analysis - The price of red dates rose yesterday, with reports of minor damage in some production areas and slight fluctuations in sales area prices [2] - The expected inventory for the 2024 production season is high, but the quality is poor, leading to a gradual transition from the off-season to the peak season [2] - The estimated new season production is between 560,000 to 620,000 tons, with strong expectations for a reduction in output [2] Strategy - The strategy is neutral, with a focus on the impact of rainfall on the quality of new season dates [3] - If future assessments of production and quality do not meet current expectations, the upward trend in red dates may continue [3]

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]

Group 1: Investment Ratings - Cotton: Neutral [1] - Sugar: Neutral with a slightly bearish bias [1] Group 2: Core Views - **Cotton**: On Wednesday, ICE U.S. cotton fell 0.09% to 66.65 cents per pound, and CF601 decreased 0.32% to 14,075 yuan per ton. The Fed is likely to cut interest rates in September, and the U.S. weather and drought area changes should be monitored. In the domestic market, sentiment fluctuated, and the Zhengzhou cotton futures price moved lower. After the issuance of 200,000 tons of processing trade import quotas, inventory concerns eased. New cotton supply-demand contradictions are not significant, but there will be pressure from high yields and support from "scrambling to buy" expectations. The short - term price is expected to fluctuate, and macro and weather changes should be watched [1]. - **Sugar**: Brazil's Conab lowered the 2025/26 sugar production forecast by 3.1% to 44.5 million tons. Domestic sugar spot prices were lowered, and the futures price continued to decline with reduced positions. The double - festival stocking provides limited support, and future import pressure will trouble the market. A slightly bearish and fluctuating view is maintained, and the support at the previous low will be tested. Attention should be paid to the August import data [1]. Group 3: Summary by Catalog 1. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was 45, unchanged; the main contract basis was 1,267, up 33. The Xinjiang spot price was 15,249 yuan per ton, up 14 yuan, and the national price was 15,342 yuan per ton, up 8 yuan [2]. - **Sugar**: The 1 - 5 contract spread was 32, down 3; the main contract basis was 365, up 2. The Nanning spot price was 5,920 yuan per ton, down 30 yuan, and the Liuzhou price was 5,985 yuan per ton, down 10 yuan [2]. 2. Market Information - **Cotton**: On August 27, the cotton futures warehouse receipt quantity was 6,859, down 118, with 2 valid forecasts. The cotton arrival prices in different regions were reported, and the yarn and short - fiber cloth load and inventory data were provided [3]. - **Sugar**: On August 27, the sugar spot prices in Nanning and Liuzhou decreased. The sugar futures warehouse receipt quantity was 14,906, down 409, with 1 valid forecast [3][4]. 3. Chart Analysis - **Cotton**: Charts show the closing price, basis, 1 - 5 spread, 1% tariff quota internal - external spread, warehouse receipts and valid forecasts, and the China Cotton Price Index, with data from 2021 - 2025 [6][9][11]. - **Sugar**: Charts show the closing price, basis, 1 - 5 spread, and warehouse receipts and valid forecasts, with data from 2021 - 2025 [14][17]