Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the price of the main contract of Zhengzhou jujube futures declined, with a weekly drop of approximately 2.36%. The physical inventory of 36 sample points was 10,320 tons, a decrease of 110 tons from last week, a 1.05% week - on - week decrease and a 74.89% year - on - year increase. As the weather gets hotter and seasonal fresh fruits are on the market, the demand for jujubes is in a seasonal off - peak, and inventory digestion is slow. The new - season jujube trees are in the critical fruit - setting period, and their growth is relatively good. The production reduction may be less than expected. It is expected that the price of the main jujube contract will be weakly volatile in the short term. Attention should be paid to the situation of the second - crop flowers and fruits. Future trading should focus on weather impacts and the consumer end [8][11]. Summary by Directory 1. Weekly Summary - **Market Review**: The price of the main contract of Zhengzhou jujube futures declined, with a weekly drop of about 2.36% [8][11]. - **Market Outlook**: The physical inventory of 36 sample points was 10,320 tons, a 1.05% week - on - week decrease and a 74.89% year - on - year increase. Due to seasonal factors, jujube demand is weak, and inventory digestion is slow. The new - season jujube trees are growing well, and the production reduction may be less than expected. The price of the main contract is expected to be weakly volatile in the short term. Attention should be paid to the second - crop flowers and fruits [8]. - **Future Trading Tips**: Focus on weather impacts and the consumer end [8]. 2. Futures and Spot Market - **Futures Price**: The price of the main contract of Zhengzhou jujube futures dropped by about 2.36% this week [11]. - **Top 20 Positions**: As of this week, the net position of the top 20 in jujube futures was - 22,674 lots [13]. - **Warehouse Receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 8,971 [18]. - **Futures Spread**: As of this week, the spread between the 2509 and 2601 contracts of Zhengzhou Commodity Exchange jujube futures was - 1020 yuan/ton [21]. - **Basis**: As of this week, the basis between the Hebei gray jujube spot price and the main jujube futures contract was - 630 yuan/ton [22]. - **New - Season Purchase Price**: As of July 18, 2025, the purchase prices of jujube bulk goods in Aksu, Alar, and Kashgar were 4.8 yuan/kg, 5.2 yuan/kg, and 6 yuan/kg respectively [25]. - **First - Class Spot Price**: As of July 18, 2025, the wholesale prices of first - class gray jujubes in Cangzhou, Hebei, and Henan were 4.3 yuan/jin and 4.35 yuan/jin respectively [30]. - **Superior - Grade Spot Price**: As of July 18, 2025, the wholesale prices of superior - grade gray jujubes in Cangzhou, Hebei, and Henan were 9.71 yuan/kg and 9.8 yuan/kg respectively [34]. 3. Industry Chain Situation - **Supply - Side - Inventory**: According to Mysteel's data, the physical inventory of 36 sample points was 10,320 tons, a 1.05% week - on - week decrease and a 74.89% year - on - year increase, showing a slight decline this week [38]. - **Supply - Side - Production**: The jujube crop is growing well, and it is expected that the production in the 2024/25 season will recover [43]. - **Demand - Side - Export**: In May 2025, China's jujube export volume was 2,229,227 kg, a 5.61% year - on - year decline. From January to May, the cumulative export volume was 15,350,567 kg, a 16.99% cumulative year - on - year increase [47]. - **Demand - Side - BOCE Trading**: This week, the order volume of the BOCE Xinjiang Zao Hao brand was not traded [51]. 4. Options Market and Futures - Stock Correlation - **Options Market**: The implied volatility of the at - the - money jujube options this week is presented in the relevant chart, but no specific data is given [53]. - **Stock Market - Haoxiangni**: A chart of Haoxiangni's price - earnings ratio is provided, but no specific data or analysis is given [55].