1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The follow - up market trend depends on the peak - season consumption performance. If terminal demand is released as expected, inventory clearance may speed up and support price stability; if consumption falls short of expectations, existing inventory pressure may intensify. With short - term supply being loose and demand showing no obvious improvement, the jujube price is expected to remain weak. [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for jujube is 8,890 yuan/ton, with a increase of 140 yuan. The main contract's open interest is 117,319 lots, a decrease of 11,950 lots. [2] - The net long position of the top 20 futures holders is - 12,784 lots, an increase of 1,373 lots. The number of warehouse receipts is 1,092, and the total valid warehouse receipt forecast is 675, a decrease of 394. [2] 3.2 Spot Market - The prices of jujube in various regions are mostly stable, with only the price of Hebei's top - grade jujube slightly decreasing by 0.03 yuan/kg to 9.53 yuan/kg. [2] 3.3 Upstream Market - The annual jujube output is 6.069 million tons, an increase of 3.187 million tons, and the planting area is 1.993 million hectares, a decrease of 41,000 hectares. [2] 3.4 Industry Situation - The national jujube 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, and the cumulative monthly export volume is 29,291,188 kg, an increase of 3,537,566 kg. [2] 3.5 Downstream Situation - The cumulative quarterly sales volume of Hao Xiang Ni's jujube is 36,480.43 tons, a decrease of 2,981.06 tons, and the cumulative year - on - year production growth rate is 1.47%, a decrease of 34.59 percentage points. [2] - The average daily number of trucks arriving at the Ruyifang market is 5.13, a decrease of 0.25 trucks. The monthly average wholesale price of jujube is 10.33 yuan/kg, an increase of 0.46 yuan/kg. [2] 3.6 Industry News - In Hebei's Cui'erzhuang market, there is a small amount of goods arriving, and due to the weather, the number of purchasing customers is average. In the Guangdong Ruyifang market, 2 trucks of jujube arrive, and the price is stable. The Xinjiang procurement is almost over, with some merchants still looking for goods and storing them in dry warehouses in Xinjiang. [2]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The acquisition of grey jujubes in the main production areas of Xinjiang is nearing completion, with an overall progress of about 90%. As of December 4, 2025, the physical inventory of 36 sample points of jujubes this week was 13,910 tons, an increase of 3,062 tons from last week, a month - on - month increase of 28.23%, and a year - on - year increase of 135.16% [2]. - This week, the acquisition progress of jujubes in the Third Agricultural Division of Xinjiang and Maigaiti area has accelerated. Enterprises and merchants from various places have high enthusiasm for procurement, and the order signing volume has increased significantly. The prices of products in the sales areas have also stabilized. With the increase in downstream procurement, some holders have tentatively adjusted their quotes slightly. The subsequent actual sales volume should be noted. In the short term, the price center has begun to rise. If the actual demand improves, the probability of price rebound will increase [2]. 3. Summary by Directory Futures Market - The closing price of the main futures contract for jujubes was 9,290 yuan/ton, with a week - on - week increase of 55 yuan/ton. The position of the main contract was 105,657 lots, with a week - on - week increase of 43,099 lots [2]. - The net long position of the top 20 futures holders was - 16,060 lots, with a week - on - week increase of 456 lots. The number of warehouse receipts was 850 sheets, with a week - on - week increase of 164 sheets. The total number of effective warehouse receipt forecasts was 642 sheets, with a week - on - week decrease of 164 sheets [2]. Spot Market - The prices of jujube bulk goods in Kashgar, Alar, and Aksu remained unchanged at 6.5 yuan/kg, 5.65 yuan/kg, and 5.15 yuan/kg respectively. The wholesale prices of first - grade grey jujubes in Hebei and Henan were 4.4 yuan/jin and 4.45 yuan/jin respectively, remaining unchanged [2]. - The prices of special - grade jujubes in Henan, Hebei, and Guangdong were 9.9 yuan/kg, 9.84 yuan/kg, and 10.8 yuan/kg respectively. The price of Hebei jujubes increased by 0.02 yuan/kg week - on - week, while the others remained unchanged. The price of first - grade jujubes in Guangdong was 9.6 yuan/kg, remaining unchanged [2]. Upstream Market - The annual jujube output was 6.069 million tons, with an increase of 3.187 million tons compared to the previous year. The planting area was 1.993 million hectares, with a decrease of 41,000 hectares compared to the previous year [2]. Industry Situation - The national jujube inventory was 13,910 tons, with an increase of 3,062 tons compared to the previous week. The monthly jujube export volume was 2,205,220 kg, with a decrease of 78,451 kg compared to the previous month. The cumulative monthly jujube export volume was 25,753,622 kg, with an increase of 2,205,220 kg [2]. Downstream Situation - The cumulative quarterly sales volume of jujubes of Hao Xiang Ni was 36,480.43 tons, with a decrease of 2,981.06 tons compared to the previous period. The cumulative year - on - year production growth rate of jujubes was 1.47%, with a decrease of 34.59 percentage points compared to the previous period [2]. Industry News - The trading in the Cui'erzhuang market in Hebei was mainly for new products. After the new - season harvest, the products were gradually sent back to the factory for processing. At the end of the acquisition in the production area, the procurement cost of merchants was clear, and the enthusiasm of downstream buyers increased, resulting in a stable and firm spot price. In the Ruyifang market in Guangdong, 2 trucks of goods arrived, the mainstream spot price was stable, and downstream merchants purchased according to demand [2].

红枣产业日报 2025-12-03 数据来源第三方(我的农产品网、海关总署、郑商所)，观点仅供参考，市场有风险，投资需谨慎！ 购推进情况。短期郑枣期价维持弱势可能。 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:红枣(日,元/吨) | 9055 | -55 主力合约持仓量:红枣(日,手) | 91023 | -2610 | | | 期货前20名持仓:净买单量:红 ...

瑞达期货研究院 「2025.11.28」 红枣市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 目录 1、现货价格2、消费端 3 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场及期股关联 「 周度要点小结」 行情回顾：本周郑枣主力合约价格冲高回落，周度涨幅约0.33%。 行情展望：新疆主产区新季红枣情况，和田、且末、若羌地区收购结束，阿克 苏地区已售8成左右，阿拉尔地区已售6-7成左右，三师采购进度在2成左右，麦 盖提收购进度在3-4成左右，产区价格趋弱运行。据 Mysteel 农产品调研数据统 计，截止2025年11月28日红枣本周36家样本点物理库存在10848吨，较上周增 加518吨，环比增加5.01%，同比增加90.32%，样本点库存增加。在采购主体方面， 企业收购少量中小客商为采购主体，沧州客商是目前市场的主要采购力量，后 续需继续密切关注各产区剩余货源的收购推进情况。短期郑枣期价维持弱势可 能。 未来交易提示： 「 期现市场情况」 本周红枣期货价格走势 图1、郑枣主力合约价格走势 ...

Report Summary 1. Industry Investment Rating No investment rating provided in the report. 2. Core View The sample - point inventory of red dates has increased. About 50% of the acquisition in major producing areas has been completed, and the acquired goods are being shipped. The acquisition progress in the Third Division and Maigaiti area is relatively slow. The product prices in the sales area continue to decline, the downstream purchasing enthusiasm is low, the market transaction is average, the spot price is expected to be weakly stable, and the Zhengzhou red date futures price is expected to run at a low level in the short term [3]. 3. Summary by Directory 3.1 Futures Market - The closing price of the futures main contract for red dates is 9225 yuan/ton, and the main - contract position is 121,643 lots, a decrease of 13,118 lots compared to the previous period. The net long position of the top 20 futures holders is - 3722 lots, the number of warehouse receipts is 0, and the total effective warehouse - receipt forecast is 428 [3]. 3.2 Spot Market - The prices of red dates in different regions show different trends. For example, the wholesale price of first - grade grey dates in Hebei is 4.35 yuan/jin, a decrease of 0.05 yuan/jin; the wholesale price of first - grade grey dates in Henan is 4.45 yuan/jin, unchanged; the price of special - grade red dates in Hebei is 9.66 yuan/kg, a decrease of 0.01 yuan/kg; the price of special - grade red dates in Guangdong is 11.2 yuan/kg, a decrease of 0.1 yuan/kg [3]. 3.3 Upstream Market - The annual output of red dates is 3.187 million tons, and the planting area is 1.993 million hectares, a decrease of 41,000 hectares [3]. 3.4 Industry Situation - The national red - date inventory is 10,330 tons, an increase of 490 tons compared to the previous week, a 4.98% week - on - week increase and a 101.76% year - on - year increase. The monthly export volume of red dates is 2,205,220 kg, a decrease of 78,451 kg, and the cumulative export volume is 25,753,622 kg [3]. 3.5 Downstream Situation - The cumulative sales volume of red dates of Hao Xiang Ni is 36,480.43 tons, and the cumulative year - on - year growth rate of production is 1.47%, a decrease of 34.59 percentage points [3]. 3.6 Industry News - In the Hebei Cuierzhuang market, 15 trucks of red dates arrived, with reference prices of 9.50 yuan/kg for special - grade, 8.50 - 8.70 yuan/kg for first - grade, and 7.50 yuan/kg for second - grade. In the Guangdong Ruyifang market, 12 trucks of red dates arrived, with reference prices of 10.80 yuan/kg for special - grade and 9.90 yuan/kg for first - grade. The quality of the arrived goods varies, the price difference has widened, and the market acceptance of ordinary goods is poor. The red dates in the Xinjiang main - producing area are in the late stage of being picked, and the acquisition progress in Aksu and other places has accelerated [3].

Core Viewpoint - The main futures contract for red dates experienced a sharp decline, reaching a low of 9190.00 yuan, with a drop of 2.65% as of the report's publication [1] Group 1: Market Performance - The red date futures market is showing weak performance, with the main contract declining over 2% [2] - The lowest price recorded for the red date futures was 9190.00 yuan, indicating a significant downward trend [1] Group 2: Price Trends and Market Dynamics - In the Aksu region, the mainstream transaction price ranges from 5.80 to 6.60 yuan per kilogram, with an average transaction price of 6.2 yuan per kilogram [2] - In the Aral region, the reference mainstream purchase price is between 5.80 and 7.00 yuan per kilogram, with an average of 6.4 yuan per kilogram [2] - The Kashgar region shows prices for certain designated gardens ranging from 6.80 to 7.80 yuan per kilogram, with an average of 7.35 yuan per kilogram [2] - The market in Hebei saw a price adjustment on November 12, with premium red dates priced at 9.96 yuan per kilogram, first-grade at 9.00 yuan, second-grade at 7.9 yuan, and third-grade at 6.5 yuan [2] Group 3: Future Outlook - The market is currently in a wait-and-see mode due to weak feedback from the sales area affecting new date purchase prices [2] - The decline in prices may slow down as red date prices are at historically low levels, with expectations for a potential stabilization in the near term [3] - The increase in supply from the new season and high inventory levels are putting pressure on demand, but there is hope that upcoming peak season consumption may provide a boost [3]

Report Industry Investment Rating - Not provided Core View of the Report - The procurement enthusiasm of merchants in the Xinjiang main - producing area has weakened. The physical inventory of 36 sample points this week increased by 193 tons compared with last week, a month - on - month increase of 2.06% and a year - on - year increase of 131.35%. Merchants are more active in purchasing old goods with high cost - performance, and less enthusiastic about purchasing new - season raw materials in the producing area. The price in the sales area has been slightly reduced, and downstream customers mostly wait and purchase as needed. It is recommended to wait and see in the short term [2] Summary by Related Catalogs Futures Market - The closing price of the futures main contract for red dates was 9365 yuan/ton, a decrease of 130 yuan; the main contract position was 151,592 lots, an increase of 2,176 lots. The net long position of the top 20 futures positions was - 11,102 lots, a decrease of 3,392 lots. The number of warehouse receipts was 0, and the effective warehouse receipt forecast was 0 [2] Spot Market - The unified price of Kashgar red dates was 7.35 yuan/kg, unchanged; the wholesale price of first - grade grey dates in Hebei was 4.5 yuan/jin, unchanged; the unified price of Alar red dates was 6.4 yuan/kg, a decrease of 0.1 yuan; the wholesale price of first - grade grey dates in Henan was 4.6 yuan/jin, unchanged; the unified price of Aksu red dates was 6.2 yuan/kg, a decrease of 0.1 yuan; the special - grade price of red dates in Henan was 10.3 yuan/kg, unchanged; the special - grade price of red dates in Hebei was 9.98 yuan/kg, a decrease of 0.02 yuan; the special - grade price of red dates in Guangdong was 11.5 yuan/kg, unchanged; the first - grade price of red dates in Guangdong was 10.3 yuan/kg, unchanged [2] Upstream Market - The annual output of red dates was 6.069 million tons, an increase of 3.187 million tons; the planting area was 1.993 million hectares, a decrease of 41,000 hectares [2] Industry Situation - The national red date inventory was 9,541 tons, an increase of 193 tons; the monthly export volume was 2,283,671 kg, a decrease of 81,222 kg; the cumulative monthly export volume was 23,548,402 kg, an increase of 2,283,671 kg [2] Downstream Situation - The cumulative quarterly sales volume of red dates of Hao Xiang Ni was - 2,981.06 tons, and the cumulative quarterly year - on - year production increase was 1.47%, a decrease of 34.59 percentage points [2] Industry News - In the Hebei Cuierzhuang market, 4 trucks of red dates arrived. The reference price for special - grade was 10.00 - 10.70 yuan/kg, and for first - grade was 9.00 - 9.70 yuan/kg. New - season finished products were on the market, with a slight price adjustment. In the Guangdong Ruyifang market, 5 trucks of red dates arrived, the price was stable, more new goods were on the market, the reference price for special - grade was 11.50 yuan/kg, and for first - grade was 10.50 yuan/kg. The purchasing enthusiasm of downstream merchants was average [2] Viewpoint Summary - In the Xinjiang main - producing area, the procurement in areas such as Hotan has ended. The picking progress in areas such as Alar and Aksu is 30% - 40%. The procurement enthusiasm of merchants has weakened. The physical inventory of 36 sample points this week increased by 193 tons compared with last week, a month - on - month increase of 2.06% and a year - on - year increase of 131.35%. Merchants are more active in purchasing old goods with high cost - performance, and less enthusiastic about purchasing new - season raw materials in the producing area. The price in the sales area has been slightly reduced, and downstream customers mostly wait and purchase as needed [2] Prompt Attention - There is no news today. The producing area has entered the concentrated picking stage. Attention should be paid to the changes in the purchasing enthusiasm and purchasing structure of buyers [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The current jujube market is at a critical period of transition between the old and new seasons, with prices in the sales areas showing small fluctuations. The jujube in the main production areas has not been harvested on a large scale yet and is expected to start after the frost. Attention should be paid to the acquisition progress and price changes. The inventory in the sample points continues to decline. As the new season approaches, some merchants are actively selling their inventory to raise funds for the new - season acquisition. With the cooling weather, the downstream's enthusiasm for purchasing has increased, and the market trading atmosphere has improved. It is expected that the jujube market will fluctuate within a range in the future [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main jujube futures contract is 11,385 yuan/ton, down 35 yuan; the main contract's open interest is 180,042 lots, up 7,595 lots. The net long position of the top 20 futures holders is - 8,723 lots, down 2,282 lots. The number of warehouse receipts is 0, and the effective warehouse receipt forecast is 0 [2] Spot Market - The prices of jujube in various regions are mostly stable. For example, the price of general - grade jujube in Kashgar is 6 yuan/kg, the wholesale price of first - grade grey jujube in Hebei is 4.75 yuan/jin, and the price of special - grade jujube in Hebei has increased by 0.11 yuan/kg to 10.69 yuan/kg [2] Upstream Market - The annual jujube output is 6.069 million tons, an increase of 3.187 million tons; the planting area is 1.993 million hectares, a decrease of 41,000 hectares [2] Industry Situation - The national jujube inventory is 9,009 tons, down 158 tons; the monthly jujube export volume is 2,364,893 kg, an increase of 580,729 kg; the cumulative monthly jujube export volume is 21,264,731 kg, an increase of 2,364,893 kg [2] Downstream Situation - The cumulative sales volume of jujube of Hao Xiang Ni is 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative year - on - year jujube production growth rate is 1.47%, a decrease of 34.59 percentage points [2] Industry News - In Hebei's Cui'erzhuang market, 8 trucks of jujubes arrived, with reference prices for special - grade jujubes at 10.50 - 11.70 yuan/kg and small first - grade jujubes at 8.40 - 8.90 yuan/kg. The downstream purchased as needed, and the transactions were okay. In Guangdong's Ruyifang market, 6 trucks of jujubes arrived, with the supply continuing. The prices varied according to the quality, and the mainstream prices were temporarily stable [2]

Group 1: Report Industry Investment Rating - Not mentioned Group 2: Core View of the Report - The red date market is at a critical period of transition between old and new seasons, with the main - producing areas' grey dates entering the sugar - increasing stage. The physical inventory of 36 sample points in the red date market this week is 9,247 tons, a decrease of 74 tons from last week, a 0.79% week - on - week decrease and an 80.64% year - on - year increase. The arrival volume in the sales area market is small, the downstream purchasing enthusiasm is average, and the overall trading atmosphere is weak. There is a technical correction in red date prices on the market. It is recommended to wait and see in the short term and pay attention to holiday stocking [2] Group 3: Summary According to the Directory Futures Market - The closing price of the main futures contract for red dates is 10,970 yuan/ton, with a week - on - week increase of 185 yuan/ton. The position of the main contract is 158,928 lots, with a week - on - week increase of 2,813 lots. The net long position of the top 20 futures holders is - 8,985 lots, with a week - on - week decrease of 2,617 lots. The number of warehouse receipts is 7,063 lots, with a week - on - week decrease of 341 lots. The total valid warehouse receipt forecast is 58 lots, with no week - on - week change [2] Spot Market - The prices of red date bulk goods in Kashgar, Alar, and Aksu are 6 yuan/kg, 5.2 yuan/kg, and 4.8 yuan/kg respectively, with no week - on - week change. The wholesale prices of first - grade grey dates in Hebei and Henan are 4.75 yuan/jin, with no week - on - week change. The prices of special - grade red dates in Hebei, Henan, and Guangdong are 10.48 yuan/kg, 10.5 yuan/kg, and 11.7 yuan/kg respectively, with only the Hebei price having a week - on - week increase of 0.02 yuan/kg. The price of first - grade red dates in Guangdong is 10.6 yuan/kg, with no week - on - week change [2] Upstream Market - The annual output of red dates is 606.9 tons, with a year - on - year increase of 318.7 tons. The planting area is 199.3 hectares, with a year - on - year decrease of 4.1 hectares [2] Industry Situation - The national red date inventory is 9,247 tons, with a week - on - week decrease of 74 tons. The monthly export volume of red dates is 2,364,893 kg, with a month - on - month increase of 580,729 kg. The cumulative monthly export volume is 21,264,731 kg, with an increase of 2,364,893 kg [2] Downstream Situation - The cumulative quarterly sales volume of red dates of Hao Xiang Ni is - 2,981.06 tons. The cumulative quarterly year - on - year production growth rate is 1.47%, with a decrease of 34.59 percentage points [2] Industry News - In the Hebei Cuierzhuang market, 3 trucks of red dates arrived, and the prices remained stable. The reference arrival price for special - grade red dates is 10.60 yuan/kg, and for first - grade red dates is 9.60 yuan/kg, with downstream purchasing according to demand. In the Guangdong Ruyifang market, 2 trucks of red dates arrived, and the spot prices remained stable. Due to the typhoon alert in Guangdong, the number of purchasing customers is small, and the trading volume is average [2]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report [2] 2. Core View - The current jujube market is at a critical period of transition between old and new seasons. The main - producing areas' grey jujubes are in the sugar - increasing period. The physical inventory of 36 sample points in the distribution market decreased by 74 tons week - on - week, a 0.79% decline, and increased by 80.64% year - on - year. The arrival volume in the distribution market is small, downstream purchasing enthusiasm is general, and the double - festival stocking intensity is average with a weak overall trading atmosphere. It is recommended to take a short - term bearish view [2] 3. Summary by Directory Futures Market - The closing price of the futures main contract for jujube is 10,735 yuan/ton, the main contract position is 149,819 lots (a week - on - week increase of 2,097 lots), the net long position of the top 20 futures holders is - 5,655 lots (a week - on - week decrease of 2,038 lots), the number of warehouse receipts is 8,323 (a week - on - week decrease of 107), and the effective warehouse receipt forecast is 58 (unchanged) [2] Spot Market - The unified price of Kashgar jujubes is 6 yuan/kg, the wholesale price of first - grade grey jujubes in Hebei and Henan is 4.75 yuan/jin, the unified price of Alar jujubes is 5.2 yuan/kg, the unified price of Aksu jujubes is 4.8 yuan/kg, the price of special - grade jujubes in Henan is 10.5 yuan/kg, the price of special - grade jujubes in Hebei is 10.3 yuan/kg (a week - on - week decrease of 0.03 yuan/kg), the price of special - grade jujubes in Guangdong is 11.7 yuan/kg, and the price of first - grade jujubes in Guangdong is 10.6 yuan/kg, all unchanged except as noted [2] Upstream Market - The annual jujube output is 606.9 million tons (an increase of 318.7 million tons), and the planting area is 1.993 million hectares (a decrease of 41,000 hectares) [2] Industry Situation - The national jujube inventory is 9,247 tons (a week - on - week decrease of 74 tons), the monthly jujube export volume is 1,784,164 kg (an increase of 19,057 kg), and the cumulative monthly jujube export volume is 18,899,838 kg [2] Downstream Situation - The cumulative sales volume of jujubes of Hao Xiang Ni is 36,480.43 tons (a decrease of 2,981.06 tons), and the cumulative year - on - year jujube production is 1.47% (a decrease of 34.59 percentage points) [2] Industry News - The Hebei Cuierzhuang market received 6 trucks of jujubes, with reference prices of 10.50 yuan/kg for special - grade and 8.50 yuan/kg for second - grade, and there was little market trading. The Guangdong Ruyifang market received 5 trucks of jujubes, with spot prices fluctuating slightly, and customers purchased according to demand with an average daily trading volume of about 1 truck in the morning market [2]