1. Report Industry Investment Rating - No information provided 2. Core View of the Report - From the current supply - demand situation, the supply of sub - standard products has increased significantly. As of December 25, 2025, the physical inventory of 36 sample points of red dates this week was 15,898 tons, a decrease of 210 tons from last week, a 1.30% decrease month - on - month and a 37.17% increase year - on - year. The inventory of sample points decreased month - on - month. The acquisition in Xinjiang production areas is coming to an end with limited remaining supplies. Processing enterprises in Xinjiang and inland areas are actively arranging production and speeding up the shipment rhythm, and the market arrival volume is gradually increasing. The overall sales in the sales areas remain stable without significant fluctuations. As the sales areas enter the peak consumption season and the market arrival volume increases, the short - term decline of red date prices may be suspended [2] 3. Summary According to Relevant Catalogs Futures Market - The closing price of the futures main contract of red dates is 8,970 yuan/ton, a decrease of 10 yuan; the main contract position is 113,593 lots, an increase of 9179 lots. The net long position of the top 20 futures positions is - 15,312 lots, an increase of 9 lots. The number of warehouse receipts is 1,171, and the total effective warehouse receipt forecast is 1,047, a decrease of 39 [2] 现货市场 - The unified price of Kashgar red dates is 6.5 yuan/kg, unchanged; the wholesale price of first - grade grey dates in Hebei is 4.2 yuan/jin, unchanged; the unified price of Alar red dates is 5.65 yuan/kg, unchanged; the wholesale price of first - grade grey dates in Henan is 4.35 yuan/jin, unchanged; the unified price of Aksu red dates is 5.15 yuan/kg, unchanged; the price of special - grade red dates in Henan is 9.7 yuan/kg, unchanged; the price of special - grade red dates in Hebei is 9.61 yuan/kg, an increase of 0.05 yuan; the price of special - grade red dates in Guangdong is 10.6 yuan/kg, unchanged; the price of first - grade red dates in Guangdong is 9.5 yuan/kg, unchanged [2] Upstream Market - The annual output of red dates is 606.9 tons, an increase of 318.7 tons; the planting area is 1.993 million hectares, a decrease of 41,000 hectares [2] Industry Situation - The national red date inventory is 16,108 tons, an increase of 318 tons; the monthly export volume is 3,537,566 kg, an increase of 1,332,346 kg; the cumulative monthly export volume is 29,291,188 kg, an increase of 3,537,566 kg [2] Downstream Situation - The cumulative quarterly sales volume of Hao Xiang Ni's red dates is 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative year - on - year production growth rate is 1.47%, a decrease of 34.59 percentage points. The average daily arrival volume of red dates at Ruyifang Market is 4.13 vehicles, a decrease of 1 vehicle; the monthly average wholesale price of red dates is 10.33 yuan/kg, an increase of 0.46 yuan [2] Industry News - In Hebei Cuierzhuang Market, more than 10 trucks of goods arrived at the parking area, including sub - standard and finished products. Merchants purchased according to demand, and the transactions were mainly sub - standard products. In Guangdong Ruyifang Market, 10 trucks of goods arrived, with sufficient market supply. Merchants purchased according to demand, and about 1 - 2 trucks were sold in the morning market [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In the third quarter, without continuous bullish weather conditions, the price of jujube futures rose first and then fell, and the position volume reached a record high since its listing [6]. - The spot price of jujubes in the third quarter started high, then declined, and rebounded with overall low - level fluctuations [32]. - There is a large gap in the estimated new - season jujube production in 2025 among different research institutions [49][50]. 3. Summary by Directory 3.1 Jujube Futures and Spot Price Trends - **Futures Price**: The price of jujube futures rose and then fell in the third quarter, with the position volume at a high level since listing. Data on the closing prices of jujube 2509, 2601, and 2505 contracts, as well as the month - to - month spreads between 9 - 1 and 1 - 5 contracts, and the jujube warehouse receipt registration volume are presented [6][10][13]. - **Spot Price**: The spot price of jujubes in the third quarter started high, then declined, and rebounded with overall low - level fluctuations. The spot price of general jujubes in Xinjiang's production areas started high, but the increase was lower than market expectations. By the end of October, the premium of the jujube 2601 contract over the spot (standard Cangzhou special - grade) narrowed [32][35][38]. - **Price Correlation and Volatility**: Jujube futures and apple futures show a weak correlation. The one - year volatility of the jujube 2601 contract is also presented, along with the monthly price change data of jujube spot prices from 2018 - 2025 [42][45][47]. 3.2 Domestic Supply and Demand Situation - **Production**: There is a large gap in the estimated new - season jujube production in 2025 among different research institutions. The estimated production ranges from 20 - 460,000 tons, with a reduction of 14% - 40% compared to the normal - year output of 650,000 tons. In 2024, the jujube production in Xinjiang increased significantly, reaching 700,000 tons, and institutions predict that the production in 2025 may be around 500,000 tons [49][50][53]. - **Inventory**: The spot inventory of jujubes decreases seasonally and will start to accumulate seasonally in November. Data on the inventory, production, consumption, and other aspects from 2019/20 - 2024/25 are also provided [54][56][57]. 3.3 Weather Conditions in October's New - Season Listing Period - The weather was generally good during the new - season jujube listing period in October. The growth stages of jujubes include eight stages: germination, early flowering, full - flowering, young - fruit, rapid - growth, maturity, leaf - falling, and dormancy [58][61][62].