Report Industry Investment Rating - Apple: Neutral [4] - Red dates: Neutral [8] Core Views - Apple consumption is currently weak, with slow transactions in most apple - producing areas. The price of high - quality apples remains firm, while that of ordinary and poor - quality apples shows signs of loosening. With the upcoming Spring Festival stocking, the sales situation in the sales areas needs to be continuously tracked. The low excellent fruit rate and inventory this year have led to high prices of high - quality apples, suppressing sales in the sales areas, and low - priced substitute fruits are squeezing the sales space of apples. [3][4] - Red dates have entered the consumption peak season, but the sales speed is only moderate. The new - date acquisition in Xinjiang is almost finished, and the inventory of new and old dates is superimposed, resulting in a relatively loose overall supply. The price is in a low - level shock. Attention should be paid to the actual demand and sales speed in the lunar December consumption market, as well as the consumption release during the Spring Festival peak season. [7][8] Summary by Directory Apple Market News and Important Data - Futures: The closing price of the Apple 2605 contract yesterday was 9,547 yuan/ton, a change of +427 yuan/ton (+4.68%) from the previous day. - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.10 yuan/jin, with no change from the previous day. The spot basis AP05 was - 1,347, a change of - 427 from the previous day. The price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.20 yuan/jin, with no change from the previous day. The spot basis AP05 was - 1,147, a change of - 427 from the previous day. [1] Recent Market Information - The overall market of late Fuji in storage remains stable, but the transaction of in - storage goods is slow. High - cost - performance fruit farmer goods are hard to find. In Shaanxi, the transactions of fruit farmer goods are mainly small - volume extreme - quality goods, and merchants mainly ship their self - stored goods. In Gansu, merchants purchase fruit farmer goods as needed, with stable packaging and shipping and good sales. In Shandong, the transactions are sporadic, mainly with the shipment of 75 and third - grade goods. [2] Market Analysis - Yesterday, the apple futures price opened low and closed high. Most apple - producing areas had slow trading speeds, except for Gansu where the trading was relatively stable. Merchants mainly traded their self - stored goods, and there were few transactions from fruit farmers. The festival trading atmosphere in the producing areas was insufficient. The price of high - quality apples remained firm, while that of ordinary and poor - quality apples loosened. Low - priced substitute fruits in the sales areas had an obvious impact on apples. The Spring Festival stocking may drive sales in the sales areas, so the sales areas need to be continuously monitored. [3] Strategy - Maintain a neutral view. After entering January 2026, the Spring Festival stocking season has begun. However, the low excellent fruit rate and inventory this year have led to high prices of high - quality apples, suppressing sales in the sales areas, and low - priced substitute fruits are squeezing the sales space of apples. [4] Red Dates Market News and Important Data - Futures: The closing price of the Red Dates 2605 contract yesterday was 8,955 yuan/ton, a change of - 10 yuan/ton (- 0.11%) from the previous day. - Spot: The price of first - grade grey dates in Hebei was 8.20 yuan/kg, with no change from the previous day. The spot basis CJ05 was - 755, a change of - 90 from the previous day. [5] Recent Market Information - The acquisition of grey dates in Xinjiang's producing areas has basically ended. The mainstream prices of general - quality dates in different regions vary. In the Hebei Cuierzhuang market, there were 8 trucks of goods arriving, including off - grade and finished products. Local processing plants mainly processed and shipped their own goods, and holders actively sold their goods, while downstream merchants purchased as needed. In the Guangdong Ruyifang market, 8 trucks of goods arrived, mainly from Xinjiang, with a light purchasing and selling atmosphere and general downstream purchases. [6] Market Analysis - The red date futures price fluctuated narrowly yesterday. The acquisition work in Xinjiang, the main producing area of new dates, has ended, with limited remaining goods and reduced inland arrivals. Holders are accelerating the shipment, but the sales speed has been moderate after entering the consumption peak season. The superimposed inventory of new and old dates has led to a relatively loose overall supply. Attention should be paid to the actual demand and sales speed in the lunar December consumption market. [7] Strategy - Maintain a neutral view. The new red dates are in storage, and the old inventory is superimposed, resulting in sufficient supply. Merchants mainly sell their self - purchased goods, and the sales speed in the sales areas is moderate. The price is in a low - level shock. Attention should be paid to the subsequent downstream sales atmosphere, acquisition price changes, and peak - season consumption changes. [8]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - This week, the price of the Apple Futures 2605 contract decreased, with a weekly decline of approximately 1.37%. The market for high - quality stored Fuji apples is relatively stable, while the prices of ordinary fruit - grower supplies are mainly determined by quality. The overall trading atmosphere in the production areas is not strong, and most merchants maintain on - demand procurement. In the short term, the price will mainly fluctuate [4][6]. 3. Summary by Related Catalog 3.1 Week - to - Week Summary - **Market Review**: The price of the Apple Futures 2605 contract decreased, with a weekly decline of about 1.37% [4][6]. - **Market Outlook**: High - quality stored Fuji apples have a relatively stable market. In Shaanxi, some fruit growers are willing to lower prices, and transactions are mainly small amounts of two - grade supplies. In Shandong, transactions are sporadic. In Gansu, merchants purchase fruit - grower supplies as needed, and the packaging and shipping are stable. In the sales areas, cherries, citrus and other fruits are popular, and the short - term price will fluctuate [4]. - **Future Trading Tips**: Monitor fruit prices and consumption [4]. 3.2 Futures and Spot Markets 3.2.1 Futures Market - The current price of the Apple Futures 2605 contract is 9120, with a decline of 39 (0.43%) compared to the previous trading day. The total trading volume is 78,828, and the open interest is 134,224, with a decrease of 5,259. As of this week, the net position of the top twenty in Apple Futures is 1,964 lots, and the number of warehouse receipts is 0 [6][13]. 3.2.2 Spot Market - As of December 31, 2025, the mainstream price of 80 first - and second - grade fruit - grower supplies of bagged Red Fuji in Qixia, Yantai, Shandong is 4.0 yuan per catty, and the price of bagged Fuji apples above 75 in Yiyuan, Shandong is 2.40 yuan per catty [16]. 3.3 Industry Situation and Options 3.3.1 Industry Situation 3.3.1.1 Supply Side - As of December 24, 2025, the cold - storage inventory of apples in the major producing areas nationwide is 7.4404 billion kilograms, a decrease of 89.4 million kilograms from last week. The inventory reduction speed is lower than the same period last year. The storage capacity ratio in Shandong is 52.98%, a decrease of 0.43% from last week, and that in Shaanxi is 56.84%, a decrease of 0.58% from last week [24]. 3.3.1.2 Demand Side - As of December 25, the average daily number of early - morning arriving trucks in the major apple wholesale markets in Guangdong has increased. The profit of 80 first - and second - grade apple storage merchants has paused (represented by 0). As of December 26, the wholesale price of all varieties of apples is 9.30 yuan per kilogram, with no change from last week; the wholesale price of Fuji apples is 9.10 yuan per kilogram, a decrease of 0.20 yuan per kilogram from last week. The weekly average wholesale price of 5 kinds of fruits is 7.74 yuan per kilogram, an increase of 0.13 yuan per kilogram from last week. In November 2025, China's fresh apple exports were about 121,639.681 tons, with an export value of 123,853,780 US dollars and an average export price of 1,018.09 US dollars per ton. The export volume increased by 51.24% compared to October and 12.38% compared to November 2024 [26][31][36][39]. 3.3.2 Options Market - No specific summary content is provided for the implied volatility of at - the - money Apple options this week, only the relevant chart is mentioned [40]. 3.4 Futures - Stock Correlation - A chart of the price - earnings ratio of Honghui Fruit & Vegetable Co., Ltd. is provided, but no specific analysis is given [42][43].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - This week, the price of the Apple Futures 2605 contract declined, with a weekly drop of approximately 3.36%. The trading atmosphere in the late Fuji apple production areas remained weak, and the enthusiasm of merchants for purchasing fruit from farmers decreased. High - quality apples maintained firm prices, while the prices of medium - and low - quality apples showed signs of weakness. As of December 18, 2025, the cold - storage inventory of apples in the main production areas was 752.98 million tons, a decrease of 5.57 million tons from the previous week. The sales in the consumer market were still sluggish, and the increasing supply of tangerines and other citrus fruits impacted apple sales. With the weak demand for the upcoming festivals, there is a possibility of a further short - term price drop [6]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Summary - The price of the Apple Futures 2605 contract fell this week, with a weekly decline of about 3.36%. The trading of apples in production areas was lackluster, and the prices of medium - and low - quality apples were under pressure. The inventory in cold - storage decreased slightly. The sales in the consumer market were poor, affected by substitute fruits, and the festival - related purchasing demand was weak, suggesting a potential short - term price cut [6]. 3.2 Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2605 contract dropped by about 3.36% this week. As of the end of the week, the net position of the top 20 futures holders was 6913 lots, and the number of futures warehouse receipts was 0 [11][17]. - **Spot Market**: As of December 19, 2025, the mainstream price of bagged Red Fuji apples (80 and above, first - and second - grade) from fruit farmers in Qixia, Shandong was 4.0 yuan per catty, and the price of bagged Fuji apples (75 and above) in Yiyuan, Shandong was 2.60 yuan per catty [20]. 3.3 Industry Situation and Options - **Supply**: As of December 18, 2025, the cold - storage inventory of apples in the main production areas was 752.98 million tons, a decrease of 5.57 million tons from the previous week. The storage capacity ratios in Shandong and Shaanxi decreased by 0.32% and 0.44% respectively [27]. - **Demand**: - The average daily number of trucks arriving at major apple wholesale markets in Guangdong increased as of December 18. The profit of 80 first - and second - grade apple storage merchants was 0. - As of December 12, 2025, the average wholesale price of all apple varieties was 9.37 yuan per kilogram, unchanged from the previous week, and the wholesale price of Fuji apples was 9.13 yuan per kilogram, an increase of 0.06 yuan per kilogram from the previous week. - As of December 12, 2025, the weekly average wholesale price of 5 types of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.44 yuan per kilogram, an increase of 0.13 yuan per kilogram from the previous week. - According to customs data, 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 77.912 million US dollars, a month - on - month increase of 12.62% [29][34][38][42]. - **Options**: The implied volatility of at - the - money apple options was presented in the report, but no specific data was provided [43]. 3.4 Futures - Stock Correlation - The report presented the price - to - earnings ratio of Honghui Fruit & Vegetable Co., Ltd., but no specific analysis was provided [45].