Report Summary 1. Investment Ratings - Apple: Oscillating on the stronger side [4] - Red dates: Neutral [6] 2. Core Views - Apple market is in a strong state due to pre - May Day holiday stocking, a consumption peak, low inventory, and a shortage of other competing fruits. However, significant price increases in the sales area may slow down the destocking speed and price growth. New - season apple production is still affected by weather factors [3][14]. - Red dates market is in a traditional off - season with weak demand, but the cost of warehouse receipts provides some support. The focus will shift to the growth of new - season red dates, and potential risks exist due to over - production in 2024 [4][19]. 3. Summary by Sections Apple Market Analysis - **Price行情**: The futures price of Apple 2510 contract closed at 8086 yuan/ton this week, a week - on - week increase of 412 yuan/ton or 5.37%. In the spot market, the price in Shandong Qixia and Shaanxi Yan'an showed different changes, and the spot basis decreased [10]. - **Supply and Demand**: As of April 24, 2025, the national apple cold - storage inventory was 309.98 million tons, a week - on - week decrease of 44.58 million tons. The wholesale price of Fuji apples increased. The current shortage of fruits benefits apples. In the production area, the market is strong, and in the sales area, the market is stable [11][12]. - **Outlook**: The market is expected to remain smooth in the next week, with prices remaining stable and slightly stronger. However, high prices may suppress demand. New - season apple production is affected by weather, and factors such as restocking, market sales, and weather need to be monitored [14]. Red Dates Market Analysis - **Price行情**: The futures price of Red dates 2509 contract fluctuated greatly and decreased by 370 yuan/ton or 3.92% week - on - week. The spot price in Hebei remained flat, and the spot basis increased [15]. - **Supply and Demand**: In 2024, Xinjiang's red dates had a bumper harvest, with a yield of about 700,000 tons. The new - season red dates in the core production area have entered the germination stage, and potential risks exist due to over - production in 2024. The market is in an off - season, with weak demand [16][17]. - **Outlook**: The consumption off - season will last until September. Some downstream traders are stocking up for the Dragon Boat Festival. The focus will be on the growth of new - season red dates, and weather changes need to be continuously monitored [19].