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].

1. Report Industry Investment Rating - Apple: Oscillating upward [5] - Red dates: Neutral [7] 2. Core Views of the Report - Apple: In April, apples enter the traditional sales peak season with improved terminal consumption and increased trading activity. Current inventory is at a five - year low, reducing de - stocking pressure. Although short - term prices are expected to be strong, significant price increases in the sales area may slow down price growth. New - season apples are in the flowering period, and some areas have suffered frost damage, with weather being a major factor affecting production expectations. The futures - spot price is expected to be positive in the short term [4][15] - Red dates: The 2024 red date harvest was unexpectedly high, and both futures and spot prices are at historical lows. The current consumption is in the off - season, which will last until September. Some downstream traders are preparing for the Dragon Boat Festival. The cost of red date warehouse receipts provides support, and short - term prices are expected to fluctuate. Future attention should be paid to the growth of new - season red dates and weather changes [5][20] 3. Summary by Relevant Catalogs Apple Market Analysis Price Quotes - Futures: This week, the closing price of the Apple 2510 contract was 7,674 yuan/ton, a week - on - week decrease of 207 yuan/ton, or 2.63%. - Spot: In Shandong Qixia, the price of 80 first - and second - grade apples was 8,100 yuan/ton, unchanged from last week, with a spot basis of AP10 + 426, a week - on - week increase of 207 yuan/ton. In Shaanxi Yan'an, the price of 70 semi - commercial apples was 8,600 yuan/ton, unchanged from last week, with a spot basis of AP10 + 926, a week - on - week increase of 207 yuan/ton [11] Apple Supply and Demand - As of April 16, 2025, the cold - storage inventory of apples in the main producing areas was 3.5456 million tons, a week - on - week decrease of 440,600 tons. The replenishment of merchants was active, and the de - stocking rate was accelerating year - on - year, reaching a five - year low. The average wholesale price of six fruits monitored by the Ministry of Agriculture and Rural Affairs increased slightly, with the price of Fuji apples rising. The current fruit supply is in a transitional period, which is beneficial for apples [12] - In the producing areas, the cold - storage sales speeded up, and merchants were actively restocking. The overall price of late - Fuji apples remained stable at a high level, with some areas showing a slight increase. In the sales areas, the number of arriving trucks in the Guangdong market returned to the pre - holiday level, and the market sales were good [13] Future Outlook - In April, the apple sales season is booming, with improved consumption and increased trading. The current inventory is low, and prices are expected to remain stable and slightly strong next week. However, significant price increases in the sales area may slow down price growth. New - season apples are in the flowering period, and some areas have suffered frost damage, so future weather needs close attention [14][15] Red Date Market Analysis Price Quotes - Futures: As of April 18, the closing price of the Red Date 2509 contract was 9,450 yuan/ton, a week - on - week increase of 70 yuan/ton, or 0.75%. - Spot: In 2024, the purchase price of Xinjiang grey dates was concentrated between 4.50 - 5.50 yuan/kg, with an average purchase price of 5.33 yuan/kg. The spot price of first - grade grey dates in Hebei was 8,300 yuan/ton, unchanged from last week, with a spot basis of CJ09 - 1150, a week - on - week decrease of 70 [16] Red Date Supply and Demand - Supply: The 2024 Xinjiang grey date harvest was abundant, with a yield of about 700,000 tons. The purchase price was between 4.50 - 5.50 yuan/kg, and the average purchase price was 5.33 yuan/kg. The quality was slightly lower, and the cost of warehouse receipts was around 9,000 yuan. New - season red dates are in the germination period, and attention should be paid to potential growth risks and weather changes [17][18] - Sales Areas: The current sales are in the off - season, with increasing supply of seasonal fruits and weakening demand for red dates. The inventory of 36 sample physical warehouses decreased slightly this week, and holders are reluctant to sell at a discount due to low prices [18][19] Future Outlook - The 2024 red date harvest was unexpectedly high, and both futures and spot prices are at historical lows. The current consumption is in the off - season, which will last until September. Some downstream traders are preparing for the Dragon Boat Festival. The cost of red date warehouse receipts provides support, and short - term prices are expected to fluctuate. Future attention should be paid to the growth of new - season red dates and weather changes [20]