苹果产区交易速度分化，红枣旺季走货一般 苹果观点 市场要闻与重要数据 期货方面，昨日收盘苹果2605合约9583元/吨，较前一日变动-31元/吨，幅度-0.32%。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AP05-1383，较前一日变动+31；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AP05-1183，较前一日变动+31。 近期市场资讯，产区库内晚富士成交氛围略有好转，但整体成交仍显有限，性价比较高的果农货难寻，客商对果 农一般货源拿货积极性不高。目前陕西果农货成交以少量两极货源为主，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，礼盒开始零星包装，少量75#货源、 三级货源出库为主，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3.7 ...

在农副产品物流中心蔬菜批发市场，大大小小的车辆往来穿梭，来自全国各地的新鲜蔬菜堆满货箱。在一家经营山东蔬菜的摊位前，一箱箱萝 卜、土豆、洋葱等蔬菜摆放整齐。 央视网消息：近段时间，各地的农副产品迎来销售旺季。在浙江宁波，市场上的肉类、蔬菜储备充足，价格也相对稳定。 在宁波奉化区的肉禽蛋批发市场，每天上午人头攒动、交易红火。牛羊肉、猪肉占据市场"C位"，各种品类一应俱全。 据了解，该市场近期日均白条肉销售量约1568头、禽类约6.3万羽、蛋类约112吨，供应总体充足，整体价格波动在正常范围。 新年将至，寓意吉祥的年宵花迎来热销，蝴蝶兰最受消费者青睐。 商户杨智萍介绍，蝴蝶兰的品种有20多种，快元旦了，有好多老顾客都在提前预订。老年人喜欢紫色和红色。2025年的销量还可以，每天能卖 20多盆。 除了鲜花，造型精致的盆栽、绿植也很受欢迎。为了迎接新年花卉绿植热销，商户提前备货，确保货源充足，满足消费者多样化、个性化的需 求。 商户马翠梅介绍，从这个星期开始，比之前客流量已经增加了最少有两三成之多，销售量也提高了，需求量大，已经开始备货，而且花色还要 增加。 宁波农副蔬菜批发市场工作人员王琛涵介绍，提前组织经营户加大 ...

伴随气温下降及元旦、春节备货启动，牛羊肉消费旺季来临。山东省畜牧总站最新发布的数据显示，本 周全省牛羊肉量价齐升，其中，牛肉市场交易量同比升高9.47%，均价为65.61元/公斤，同比升高 14.68% ；羊肉市场交易量同比升高8.18%，均价75.03元/公斤，同比升高3.33%。此外，全省猪肉均价 为21.67元/公斤，同比降低22.50%，环比回落0.64%。活猪和猪肉价格跌幅收窄，后市有望触底回升。 据监测，本周全省牛肉均价为65.61元/公斤，环比回升0.32%。随着气温走低，牛肉消费进入旺季，市 场需求向好，价格回暖，但受进口压力影响，回升空间有限。 羊肉价格小幅升高。本周，羊肉均价75.03元/公斤，环比升高0.52%。当前羊肉价格震荡回升，主要是 供求关系阶段性市场供需调整。一方面气温走低，羊肉消费进入冬春旺季；另一方面肉羊出栏逐步收 窄，市场供给有所减少。 据全国畜禽屠宰行业管理系统周报数据显示，本周全省羊屠宰量环比减少1.25%，平均收购价格环比增 长0.15%。尤其是进口羊肉逐步回落，利好国内价格。2025年1—10月，我国累计进口羊肉29.38万吨， 同比减少2.20%，其中10月份进 ...

债券研究 /[Table_Date] 2025.12.15 把握跨年行情布局时机 [Table_Authors] 顾一格(分析师) 转债事件点评 本报告导读： 预计转债市场短期将维持震荡巩固，在临近年底时有望预热反弹。建议均衡配置， 攻守兼备。短期来看，若市场出现因流动性扰动带来的调整，可视作布局时机。 投资要点： | | 021-38038201 | | --- | --- | | | guyige@gtht.com | | 登记编号 | S0880522120006 | [Table_Report] 相关报告 12 月 FOMC会议简评：眼下的鸽与未来的鹰 2025.12.12 跨年攻势序幕有望开启 2025.12.08 压力测试下转债具备韧性 2025.11.24 REIT 打新策略数据跟踪 2025.10.29 买卖国债如何理解：从"长"计议 2025.10.28 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 点 债 券 研 究 事 件 评 [Table_Summary] 过去一周（12 月 8 日-12 月 12 日），A 股市场整体呈现震荡分化格 局，成长风格显著跑赢。主要指数中，创业 ...

Core Viewpoint - The food and beverage industry is gaining market attention as the New Year and Spring Festival consumption peak approaches, with the Ministry of Agriculture and Rural Affairs launching initiatives to boost agricultural product consumption during this period [1][3] Group 1: Consumption Promotion Activities - The Ministry of Agriculture and Rural Affairs has initiated the "Special Products for the New Year" consumption promotion activities, focusing on practical measures to enhance consumption during the festive season [1][3] - The promotion activities will cover five key areas: releasing a directory of local specialty products, organizing holiday-themed consumption events, enhancing agricultural and cultural tourism integration, launching nutrition and health consumption activities, and conducting consumer assistance matching activities [3] Group 2: Market Trends and Retail Strategies - According to Nielsen IQ's report, the Spring Festival consumption market is transitioning from a "transaction space" to a "lifestyle space," indicating a shift in consumer behavior [3] - Retailers are advised to prepare inventory two weeks before the New Year, with a strong growth trend anticipated in the pre-made festive meal market during the Spring Festival [3] - The Ministry of Commerce emphasizes the importance of the retail sector in fostering a complete domestic demand system and driving high-quality development during the 14th Five-Year Plan period [3]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：华泰期货 作者： 李馨 苹果观点 市场要闻与重要数据 期货方面，昨日收盘苹果2605合约9465元/吨，较前一日变动-41元/吨，幅度-0.43%。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AP05-1265，较前一日变动 +41；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AP05-1065， 较前一日变动+41。 近期市场资讯，晚富士库存富士主流行情维持稳定，西部个别产区一般以下货源价格略偏弱，整体交易 多按需进行，出货仍不显快。西部产区客商零星寻货，多以果农两级货源为主，成交有限，甘肃部分产 区客商调花牛及好货出库，成交尚可；部分客商包装自存货源补充市场。山东产区零星出库，外贸渠道 小果走货放缓，少量维纳斯、奶油果按需出库，其余货源基本尚未开始交易。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。甘肃产区静宁果农好货出库价格4.5-5.5 元/斤不等。庆阳出库价格3.8-4. ...

视频丨杨浩凯 12月8日，Apple Store官方旗舰店在电商平台推出年末降价活动，iPhone17Pro及iPhone17Pro Max机型降价300元，降价后iPhone17Pro售价8699元起， iPhone17Pro Max售价9699元起。 苹果2025财年第四季度(截至9月27日，相当于自然年第三季度)及全年财报显示，苹果营收达到1024.66亿美元，超过千亿美元，创下同期历史新高。其 中，iPhone业务净营收490.25亿美元，同比增长约6%，Counterpoint Research的《2025年第三季度中国与美国智能手机周度销量追踪报告》显示，iPhone17 系列在中国和美国上市后的前10天销量较iPhone16系列增长了14%。(详情→) 此外，Counterpoint Research最新发布的监测数据显示，10月苹果在中国智能手机市场交出亮眼成绩单。受iPhone17系列热销拉动，当月苹果在华手机销量 同比激增37%，市场份额一举攀升至25%，这是自2022年以来苹果单月市场份额首次突破四分之一关口。 据智通财经，产业链数据显示，苹果为iPhone17系列规划了充足产能，第三季 ...

Investment Rating - The report maintains a "Buy" rating for Bosideng with a target price of HKD 6.0 [1][4]. Core Insights - Bosideng's revenue for the first half of FY26 increased by 1.4% year-on-year to RMB 89.28 billion, while net profit rose by 5.3% to RMB 11.89 billion, indicating healthy growth [2][4]. - The brand's down jacket business saw an 8.3% increase in revenue to RMB 65.68 billion, although the gross margin declined by 2.0 percentage points to 59.1% [2][4]. - The OEM business faced challenges, with revenue decreasing by 11.7% to RMB 20.44 billion, but gross margin improved by 0.4 percentage points to 20.5% due to better supply chain management [3][4]. - The women's clothing segment experienced an 18.6% decline in revenue to RMB 2.51 billion, reflecting a tough market environment [3][4]. - The company is focusing on optimizing channel quality and enhancing store operations, with a net increase of 88 down jacket stores to 3,558 [3][4]. Financial Summary - For FY26, the projected earnings per share (EPS) are expected to be RMB 0.35, with a growth forecast of 10.1% for revenue and 11.3% for net profit [4][5]. - The gross margin is expected to stabilize around 57.3% for FY26, with a net profit margin of 13.7% [5][14]. - The company anticipates a steady increase in revenue from RMB 28.51 billion in FY26 to RMB 34.70 billion by FY28, with corresponding net profits rising from RMB 3.91 billion to RMB 4.86 billion [5][14].

中辉能化观点 | | 中辉能化观点 | | | --- | --- | --- | | 品种 | 核心观点 | 主要逻辑 | | | | OPEC+维持产量政策不变，淡季供给过剩仍主导市场走势。地缘：俄乌地 缘仍有扰动，乌克兰袭击 CPC 管道，短期提振油价；核心驱动：淡季供 | | 原油 | 谨慎看空 | 给过剩，消费淡季叠加 OPEC+仍在扩产周期，全球海上浮仓以及在途原 | | ★ | | 油激增，美国原油和成品油库存均累库，原油供给过剩压力逐渐上升；关 | | | | 注变量：美国页岩油产量变化，俄乌以及南美地缘进展。策略：空单继续 | | | | 持有。 | | | | 成本支撑下降，需求下降，液化气承压回落。成本端原油受俄乌地缘扰动， | | LPG | | 震荡调整，大趋势仍向下，沙特上调 12 月份 CP 合同价，但盘面已计价； | | ★ | 谨慎看空 | 供需方面，PDH 以及 MTBE 开工率 70%左右，下游化工需求存在韧性； | | | | 库存端改善，港口与厂内库存环比下降。策略：空单继续持有。 | | | | 现货跟涨不足，盘面维持升水结构。国内开工季节性回升，月内到港资源 | ...

Core Viewpoint - The company, Baiwei Storage, is experiencing a surge in consumer demand for its memory products during the Double Eleven shopping festival, leading to stockouts on platforms like JD.com despite having significant inventory reported in its quarterly results [1] Group 1: Inventory and Stock Management - Baiwei Storage reported inventory of 5.695 billion, which includes finished goods, raw materials, work-in-progress, and semi-finished products [1] - The company uses a moving weighted average method for inventory valuation, with detailed information to be disclosed in periodic reports [1] Group 2: Market Demand and Consumer Behavior - The strong consumer purchasing intent is driven by expectations of future price increases, resulting in a significant increase in order quantities [1] - The company is actively organizing restocking efforts to meet the heightened consumer demand [1]