苹果观点 果蔬品日报 | 2025-12-31 苹果产区客商增多，红枣库存仍处高位 市场要闻与重要数据 期货方面，昨日收盘苹果2605合约9200元/吨，较前一日变动+37元/吨，幅度+0.40%。现货方面，山东栖霞80# 一 二级晚富士价格4.10元/斤，较前一日变动+0.00元/斤，现货基差AP05+-1000，较前一日变动-37；陕西洛川70# 以 上半商品晚富士价格4.20元/斤，较前一日变动+0.00元/斤，现货基差AP05-800，较前一日变动-37。 近期市场资讯，库内晚富士主流交易稳定，整体交易氛围一般，果农货成交较为有限。目前陕西部分产区果农货 询价增多，但实际成交仍有限，但主流仍以客商发自存货源为主；甘肃产区客商按需调果农货源，包装发货较为 稳定，走货尚可。山东产区成交较为零星，少量75#货源出库为主，维纳斯、奶油果按需出库，其余货源交易不多。 栖霞80#一二级片红果农意向成交价3.7-4.5元/斤，65#、70#出库价格1.8-2.2元/斤附近。陕西洛川产区果农统货出库 价格3.5-4.0元/斤，半商品出库价格4.0-4.3元/斤。甘肃产区静宁果农半商品5-6元/斤，果农一般通货出库价格 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the price of the Apple Futures 2601 contract rose, with a weekly increase of about 0.11%. The trading of late Fuji apples has slowed down, and shipments from the producing areas are mainly for packing and delivering previously ordered goods. As of November 27, 2025, the cold - storage inventory of apples in the main producing areas across the country was 7.6675 billion tons, a decrease of 64,100 tons from the previous week. The market arrival volume in the sales areas has increased, but the trading atmosphere remains weak. The increasing market volume of citrus fruits has squeezed the sales space of apples. In the short term, the apple futures price is expected to remain at a high level. Attention should be paid to the impact of other substitute fruits [4][9]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Highlights - **Market Review**: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of about 0.11% [4][9]. - **Market Outlook**: Late Fuji apple trading slowed. As of November 27, 2025, the national cold - storage inventory decreased by 64,100 tons from last week. The storage ratio in Shandong and Shaanxi decreased. The arrival volume in the sales areas increased, but the trading was weak due to the impact of substitute fruits. The apple futures price is expected to remain high in the short term [4]. - **Future Trading Tips**: Monitor fruit prices and consumption [4]. 3.2 Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2601 contract rose by about 0.11% this week. As of the end of this week, the net position of the top 20 in apple futures was 6,091 lots, and the number of apple futures warehouse receipts was 0 [9][15]. - **Spot Market**: As of November 28, 2025, the mainstream price of bagged Red Fuji 80 and above first - and second - grade fruit farmer goods in Qixia, Yantai, Shandong was 4.0 yuan per catty; the price of bagged Fuji apples 75 and above in Yiyuan, Shandong was 2.60 yuan per catty [18]. 3.3 Industry Situation and Options - **Supply Side**: As of November 27, 2025, the cold - storage inventory of apples in the main producing areas across the country was 7.6675 billion tons, a decrease of 64,100 tons from the previous week. The storage ratio in Shandong was 54.11%, a decrease of 0.18% from the previous week, and in Shaanxi it was 58.44%, a decrease of 0.66% from the previous week [23]. - **Demand Side**: - As of November 27, the average daily early - morning vehicle arrival volume at major apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was suspended (represented by 0) [27]. - As of November 21, 2025, the average wholesale price of all apple varieties was 9.40 yuan per kilogram, a week - on - week decrease of 0.03 yuan per kilogram; the wholesale price of Fuji apples was 9.07 yuan per kilogram, a week - on - week decrease of 0.05 yuan per kilogram [32]. - As of November 21, 2025, the weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.13 yuan per kilogram, a week - on - week increase of 0.05 yuan per kilogram [36]. - In October 2025, China's apple export volume was 80,000 tons, a month - on - month increase of 14.29%, and the export value was 779.12 million US dollars, a month - on - month increase of 12.62% [40]. - **Options Market**: Information about the implied volatility of at - the - money options in the apple options market this week was presented in a chart, but no specific data was given [41]. 3.4 Futures - Stock Correlation - A chart of the price - earnings ratio of Honghui Fruit & Vegetable Co., Ltd. was presented, but no specific analysis or data interpretation was provided [43][44]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the price of the Apple Futures 2601 contract decreased with a weekly decline of approximately 1.36%. Shandong and Shanxi apples are still being stored, with ground transactions gradually ending and limited trading of inventory goods. As of November 19, 2025, the total cold - storage inventory of apples in the main producing areas of China was 7.7316 billion tons, an increase of 89,200 tons from the previous week. The sales market is average, and the substitution effect of citrus fruits should be noted. In the short term, the apple futures price is expected to remain at a high level [4][9]. 3. Summary by Directory 3.1 Week - to - Week Highlights - **Market Review**: The price of the Apple Futures 2601 contract decreased this week, with a weekly decline of about 1.36% [4][9]. - **Market Outlook**: Apples in Shandong and Shanxi are still being stored. As of November 19, 2025, the national cold - storage inventory increased by 89,200 tons from the previous week. The sales market is average, and the substitution effect of citrus fruits should be noted. The apple futures price is expected to remain high in the short term [4]. - **Future Trading Tips**: Focus on fruit prices and consumption [4]. 3.2 Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2601 contract decreased by about 1.36% this week. As of this week, the net position of the top 20 in apple futures was 7,572 lots, and the number of apple futures warrants was 0 [9][15]. - **Spot Market**: As of November 21, 2025, the mainstream price of 80 and above first - and second - grade farmer - sourced bagged red Fuji apples in Qixia, Yantai, Shandong was 4.0 yuan per catty; the price of 75 and above bagged Fuji apples in Yiyuan, Shandong was 2.60 yuan per catty [18]. 3.3 Industry Situation and Options - **Supply Side**: As of November 19, 2025, the national cold - storage inventory of apples in the main producing areas was 7.7316 billion tons, an increase of 89,200 tons from the previous week. The storage capacity ratio in Shandong was 54.29%, an increase of 3.02% from the previous week, and that in Shaanxi was 59.10%, a decrease of 0.34% from the previous week [25]. - **Demand Side**: - As of November 20, the average daily number of early - morning arrivals at major apple wholesale markets in Guangdong decreased. The profit of 80 first - and second - grade apple storage merchants was suspended (replaced by 0) [29]. - As of November 14, 2025, the average wholesale price of all apple varieties was 9.43 yuan per kilogram, a week - on - week decrease of 0.06 yuan per kilogram; the wholesale price of Fuji apples was 9.12 yuan per kilogram, a week - on - week increase of 0.08 yuan per kilogram [33]. - As of November 14, 2025, the weekly average wholesale price of 5 types of fruits was 7.07 yuan per kilogram, a week - on - week increase of 0.03 yuan per kilogram [37]. - In September 2025, China's fresh apple exports were about 70,800 tons, with an export value of 69,178,601 US dollars and an average export price of 977.40 US dollars per ton. The export volume increased by 3.51% month - on - month compared with August and decreased by 6.36% year - on - year compared with September 2024. From January to September 2025, China's total fresh apple exports were 600,000 tons, a cumulative year - on - year decrease of 7.50% [41]. - **Options Market**: Information about the implied volatility of at - the - money apple options this week was presented, but specific data was not provided [42]. 3.4 Futures - Stock Correlation - The report presented the price - earnings ratio of Honghui Fruit & Vegetable, but no specific analysis was provided [44].