Report Summary 1. Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the price of the main contract of Zhengzhou jujube futures rose, with a weekly increase of about 1.73%. The 36 sample physical inventories decreased by 0.30% week - on - week and increased by 12.90% year - on - year. After the pre - Spring Festival stocking, market trading is mainly for short - distance replenishment. Future focus should be on the actual digestion capacity during the Spring Festival and the start rhythm and intensity of downstream replenishment after the festival [10]. - The 2025/26 jujube production season is expected to see a decline in output [46]. - In December 2025, China's jujube export volume increased by 43.36% month - on - month and decreased by 18.20% year - on - year. The cumulative export volume from January to December 2025 decreased by 3.58% year - on - year [49]. 3. Summary by Directory 3.1 Week - by - Week Highlights Summary - **Market Review**: The price of the main contract of Zhengzhou jujube futures rose this week, with a weekly increase of about 1.73% [10]. - **Market Outlook**: As of February 12, 2026, the physical inventory of 36 sample points was 11,852 tons, a 0.30% week - on - week decrease and a 12.90% year - on - year increase. After the pre - Spring Festival stocking, market trading is mainly for short - distance replenishment. Future focus should be on the Spring Festival digestion capacity and post - festival downstream replenishment [10]. - **Future Trading Tips**: Pay attention to spot prices and the consumer side [10]. 3.2 Futures and Spot Markets - **Price Trend**: The price of the Zhengzhou jujube 2605 contract rose this week, with a weekly increase of about 1.73% [14]. - **Top 20 Positions**: As of this week, the net position of the top 20 in jujube futures was - 14,493 lots [17]. - **Warehouse Receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 3,766 [21]. - **Futures Spread**: As of this week, the spread between the 2605 and 2609 contracts of Zhengzhou Commodity Exchange jujube futures was - 195 yuan/ton [24]. - **Basis**: As of this week, the basis between the Hebei grey jujube spot price and the main contract of jujube futures was 335 yuan/ton [27]. - **Purchase Price in Main Producing Areas**: As of February 13, 2026, the purchase price of jujube bulk goods in Aksu was 5.15 yuan/kg, in Alar was 5.65 yuan/kg, and in Kashgar was 6.5 yuan/kg [30]. - **First - Grade Jujube Spot Price**: As of February 13, 2026, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei was 3.95 yuan/jin, and in Henan was 4.15 yuan/jin [34]. - **Super - Grade Jujube Spot Price**: As of February 13, 2026, the spot price of super - grade grey jujubes in Cangzhou, Hebei was 9.18 yuan/kg, and the wholesale price in Henan was 9.50 yuan/kg [38]. 3.3 Industry Situation - **Supply Side - Inventory**: As of February 12, 2026, the physical inventory of 36 sample points was 11,852 tons, a 0.30% week - on - week decrease and a 12.90% year - on - year increase [42]. - **Supply Side - Production Decline Possibility**: The 2025/26 jujube production season is expected to see a decline in output [46]. - **Demand Side - Export Volume**: In December 2025, China's jujube export volume was 5,071,577 kg, with an export value of 79,876,362 yuan and an average export price of 15,749.81 yuan/ton. The export volume increased by 43.36% month - on - month and decreased by 18.20% year - on - year. The cumulative export volume from January to December 2025 was 34,362,765 kg, a 3.58% year - on - year decrease [49]. - **Demand Side - BOCE Trading**: This week, the order volume of BOCE Xinjiang Jujube Hao Brand had a small amount of transactions [54]. 3.4 Options Market and Futures - Stock Correlation - **Options Market**: Information about this week's implied volatility of at - the - money jujube options is presented in a chart, but no specific numerical data is given [55]. - **Stock Market - Haoxiangni**: A chart shows the price - to - earnings ratio of Haoxiangni, but no specific analysis is provided [57].

瑞达期货研究院 「2026.02.06」 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 取 更 多 资 讯 业务咨询 添加客服 关 注 我 们 获 目录 本周红枣期货价格走势 图1、郑枣主力合约价格走势 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」 3 行情回顾：本周郑枣主力合约价格下跌，周度跌幅约2.85%。 行情展望：年前整体走货节奏尚可，临近年关备货收尾阶段。据 Mysteel 农产品 调研数据统计，截至2026年2月5日红枣本周36家样本点物理库存在11888吨， 较上周减少1255吨，环比减少9.55%，同比增加12.84%，样本点库存环比下降。 从多数样本客户的反馈及市场实际情况来看，年前整体走货情况与去年同期相 比差异不大。受春节假期影响，目前远途物流已基本停运，但省内物流仍可正 常发运。由于25产季的收购结构较为分散，且行业对年后新季行情普遍持谨慎 预期。长假临近，注意风险控制。 未来交易提示： 1、现货价格2、消费端 「 期现市场情况」 来源：郑商所 瑞达期货研究院 本周郑枣2605合约价格下跌 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The price of the main contract of Zhengzhou jujube futures rose this week, with a weekly increase of about 1.70%. The Spring Festival is the traditional peak season for jujube consumption, and entering the twelfth lunar month is the last wave of stocking period before the Spring Festival. Due to the relatively dispersed acquisition structure in the 2025 production season, the industry generally has a cautious expectation for the new season's market after the Spring Festival. Therefore, most holders tend to actively sell goods to reduce inventory pressure. The inventory of 36 sample physical warehouses decreased this week, but the current sales speed is slower compared to the same period last year, and the expected pre - holiday sales volume accounts for 40 - 50% of the mainland procurement volume, with limited subsequent growth space. The 2025/26 jujube production season is expected to see a decline in production [10][13] 3. Summary According to the Directory Week - ly Key Points Summary - Future trading prompts include spot prices and the consumer side - The price of the main contract of Zhengzhou jujube futures rose this week, with a weekly increase of about 1.70% - The Spring Festival is the peak consumption season for jujubes, but the industry is cautious about the post - holiday market. Holders are eager to sell to reduce inventory - As of January 29, 2026, the physical inventory of 36 sample points was 13,143 tons, a decrease of 925 tons from last week, a 6.58% month - on - month decrease and a 23.99% year - on - year increase. The current sales speed is slower than last year, and the expected pre - holiday sales volume accounts for 40 - 50% of the mainland procurement volume [10] Futures and Spot Market - Futures price: The price of the Zhengzhou jujube 2605 contract rose this week, with a weekly increase of about 1.70% [13] - Futures positions: As of this week, the net position of the top 20 in jujube futures was - 18,529 lots [15] - Futures warehouse receipts: As of this week, the number of Zhengzhou jujube warehouse receipts was 3,317 [20] - Futures price difference: As of this week, the price difference between the Zhengzhou Commodity Exchange jujube futures 2605 contract and the 2609 contract was - 215 yuan/ton [23] - Basis: As of this week, the basis between the spot price of Hebei grey jujubes and the main contract of jujube futures was 350 yuan/ton [26] - Spot purchase price: As of January 30, 2026, the purchase price of Aksu jujube bulk goods was 5.15 yuan/kg, Alar was 5.65 yuan/kg, and Kashgar was 6.5 yuan/kg - First - grade jujube spot price: As of January 30, 2026, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei was 4.1 yuan/jin, and in Henan was 4.15 yuan/jin - Special - grade jujube spot price: As of January 30, 2026, the spot price of special - grade grey jujubes in Cangzhou, Hebei was 9.30 yuan/kg, and the wholesale price in Henan was 9.44 yuan/kg [29][30][35] Industry Chain Situation - Supply side - inventory: As of January 29, 2026, the physical inventory of 36 sample points was 13,143 tons, a decrease of 925 tons from last week, a 6.58% month - on - month decrease and a 23.99% year - on - year increase [39] - Supply side - production: The jujube production in the 2025/26 production season is expected to decline [43] - Demand side - export: In December 2025, China's jujube export volume was 5,071,577 kg, the export value was 79,876,362 yuan, and the export average price was 15,749.81 yuan/ton. The export volume increased by 43.36% month - on - month and decreased by 18.20% year - on - year. From January to December 2025, the cumulative export volume was 34,362,765 kg, a cumulative year - on - year decrease of 3.58% [46] - Demand side - BOCE trading: This week, the BOCE Xinjiang Zao Hao brand had only a small amount of orders [51] Options Market and Futures - Stock Linkage - Options market: The implied volatility of at - the - money jujube options this week was mentioned, but no specific data was provided - Stock market - Haoxiangni: The price - to - earnings ratio of Haoxiangni was presented, but no specific analysis was provided [52][54]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The price of the main contract of Zhengzhou jujube futures declined this week, with a weekly decline of about 0.85% [9][11]. - The current time has entered the traditional peak stocking period before the Spring Festival. However, downstream channels have a low willingness to make large - order purchases, and the terminal market generally maintains a low - inventory strategy of "buying and selling as needed", resulting in fragmented demand transmission. With only more than ten days left before the national logistics network shuts down, close attention should be paid to the stocking intensity in the last stage before the festival [9]. - The 2025/26 jujube production season is expected to see a decline in jujube output [40]. 3. Summary by Directory 3.1. Weekly Highlights - Future trading tips include monitoring spot prices and the consumer side [9]. - As of January 22, 2026, the physical inventory of 36 sample jujube points this week was 14,068 tons, a decrease of 347 tons from last week, a month - on - month decrease of 2.41%, and a year - on - year increase of 32.72% [9][36]. - The Hebei sales area continued to receive goods, and prices were stable but weak [9]. 3.2. Futures and Spot Market - **Futures price**: The price of the Zhengzhou jujube 2605 contract declined this week, with a weekly decline of about 0.85% [11]. - **Top 20 positions**: As of this week, the net position of the top 20 in jujube futures was - 18,571 lots [12]. - **Warehouse receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 3,298 [17]. - **Futures price spread**: As of this week, the price spread between the 2605 and 2609 contracts of Zhengzhou Commodity Exchange jujube futures was - 240 yuan/ton [20]. - **Basis**: As of this week, the basis between the spot price of Hebei grey jujube and the main contract of jujube futures was 460 yuan/ton [23]. - **Purchase price in main production areas**: As of January 23, 2026, the purchase price of general - quality jujubes in Aksu was 5.15 yuan/kg, in Alar was 5.65 yuan/kg, and in Kashgar was 6.5 yuan/kg [26]. - **First - grade jujube spot price**: As of January 23, 2026, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei was 4.1 yuan/jin, and in Henan was 4.15 yuan/jin [27]. - **Special - grade jujube spot price**: As of January 23, 2026, the spot price of special - grade grey jujubes in Cangzhou, Hebei was 9.26 yuan/kg, and the wholesale price in Henan was 9.44 yuan/kg [32]. 3.3. Industry Chain Situation - **Supply side**: - As of January 22, 2026, the 36 - sample jujube inventory decreased by 2.41% month - on - month and increased by 32.72% year - on - year [36]. - The jujube output in the 2025/26 production season is expected to decline [40]. - **Demand side**: - In December 2025, China's jujube export volume was 5,071,577 kg, with an export value of 79,876,362 yuan and an average export price of 15,749.81 yuan/ton. The export volume increased by 43.36% month - on - month and decreased by 18.20% year - on - year. From January to December 2025, the cumulative export was 34,362,765 kg, with a cumulative year - on - year decrease of 3.58% [43]. - This week, the BOCE Xinjiang Jujube Good Brand had only a small amount of orders [48]. 3.4. Options Market and Futures - Stock Correlation - **Options market**: Information on the implied volatility of at - the - money jujube options this week was presented, but no specific numerical summary was provided [49]. - **Stock market**: The price - to - earnings ratio of Hao Xiang Ni (002582) was shown, but no specific numerical analysis was provided [51][52].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The current market focus has shifted to the consumer side. The price of the main contract of Zhengzhou jujube futures decreased this week, with a weekly decline of about 3.01%. The inventory of 36 sample points decreased by 5.78% week - on - week as of January 14, 2026, while it increased by 35% year - on - year. The jujube has entered the peak stocking period, and the enthusiasm of downstream customers to purchase goods has increased. Attention should be paid to the pre - holiday stocking situation [10] 3. Summary According to the Directory 3.1 Week - on - Week Summary - Future trading prompts include spot price and consumer side - The price of the main contract of Zhengzhou jujube futures decreased this week, with a weekly decline of about 3.01% - As of January 14, 2026, the physical inventory of 36 sample points was 14,415 tons, a decrease of 885 tons from last week, a week - on - week decrease of 5.78%, and a year - on - year increase of 35% - The jujube has entered the peak stocking period, and the enthusiasm of downstream customers to purchase goods has increased. Attention should be paid to the pre - holiday stocking situation [10] 3.2 Futures and Spot Market - The price of Zhengzhou jujube 2605 contract decreased this week, with a weekly decline of about 3.01% [12] - As of this week, the net position of the top 20 in jujube futures was - 19,483 lots [13] - As of this week, the number of Zhengzhou jujube warehouse receipts was 3,271 [18] - As of this week, the price difference between Zhengzhou Commodity Exchange jujube futures 2605 contract and 2609 contract was - 235 yuan/ton [21] - As of this week, the basis between Hebei ash jujube spot price and the main contract of jujube futures was 595 yuan/ton [24] - As of January 16, 2026, the purchase price of Aksu jujube was 5.15 yuan/kg, Alar jujube was 5.65 yuan/kg, and Kashgar jujube was 6.5 yuan/kg - As of January 16, 2026, the wholesale price of first - grade ash jujube in Cangzhou, Hebei was 4.1 yuan/jin, and in Henan was 4.15 yuan/jin - As of January 16, 2026, the spot price of special - grade ash jujube in Cangzhou, Hebei was 9.47 yuan/kg, and the wholesale price in Henan was 9.47 yuan/kg [28][35] 3.3 Industry Chain Situation - Supply side: As of January 14, 2026, the physical inventory of 36 sample points was 14,415 tons, a decrease of 885 tons from last week, a week - on - week decrease of 5.78%, and a year - on - year increase of 35%; the jujube output in the 2025/26 production season is expected to decline [39][43] - Demand side: In November 2025, China's jujube export volume was 3,537,566 kg, the export amount was 53,004,642 yuan, the export average price was 14,983.36 yuan/ton, the export volume increased by 60.42% month - on - month and decreased by 5.18% year - on - year. From January to November, the cumulative export was 29,291,188 kg, a cumulative year - on - year decrease of 0.50%; the BOCE Xinjiang jujube good brand trading was inactive this week [47][52] 3.4 Option Market and Futures - Stock Correlation - Option market: The implied volatility of at - the - money options of jujube this week is mentioned, but specific data is not given - Futures - stock correlation: The price - earnings ratio of Haoxiangni is presented in the report, but no specific analysis is provided [55]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The acquisition of Xinjiang grey dates is coming to an end, and the market focus is shifting to the consumer end. The acquisition in the production areas is basically finished, and the overall flow of market goods is stable. It is common for traders to stockpile raw materials in Xinjiang. As the twelfth lunar month approaches, the festival stocking demand is expected to drive the market into a phased peak of sales. The current spot price is generally stable, and the jujube price may fluctuate in the short term. [2] 3. Summary by Relevant Catalog Futures Market - The closing price of the main futures contract for jujubes is 9,130 yuan/ton, with a week-on-week increase of 70. The main contract's open interest is 121,118 lots, a week-on-week decrease of 734. The net long position of the top 20 futures holders is -18,881 lots, a week-on-week increase of 1,167. The number of warehouse receipts is 2,979, and the total effective warehouse receipt forecast is 504. [2] Spot Market - The prices of Kashgar jujube bulk goods, Hebei first-grade grey dates, Alar jujube bulk goods, Aksu jujube bulk goods, Hebei jujube premium grade, Guangdong jujube premium grade, and Guangdong jujube first-grade are 6.5 yuan/kg, 4.1 yuan/jin, 5.65 yuan/kg, 5.15 yuan/kg, 9.5 yuan/kg, 10 yuan/kg, and 8.8 yuan/kg respectively, with no significant week-on-week changes. The prices of Henan first-grade grey dates, Henan jujube premium grade are 4.15 yuan/jin and 9.5 yuan/kg respectively. [2] Upstream Market - The annual jujube output is 6.069 million tons, a year-on-year increase of 3.187 million tons, and the planting area is 1.993 million hectares, a year-on-year decrease of 41,000 hectares. [2] Industry Situation - The national jujube inventory is 15,300 tons, a week-on-week decrease of 349 tons. The monthly jujube 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] Downstream Situation - The cumulative quarterly sales volume of Hao Xiang Ni's jujubes is 36,480.43 tons, a decrease of 2,981.06 tons. The year-on-year cumulative production growth rate of Hao Xiang Ni's jujubes is 1.47%, a decrease of 34.59 percentage points. The average daily arrival volume of jujubes at Ruyifang Market is 6.2 vehicles, an increase of 0.8 vehicles, and the monthly average wholesale price of jujubes is 10.33 yuan/kg, an increase of 0.46 yuan/kg. [2] Industry News - 6 trucks of goods arrived at the parking area of Hebei Cuierzhuang Market, including substandard and finished products. Local processing plants mainly processed and shipped their own goods, and holders were actively selling. Downstream merchants made purchases as needed, and some holders reported improved sales. 5 trucks of goods arrived at the Guangdong Market, the price remained stable, the enthusiasm of downstream buyers increased, and the market transactions were acceptable. [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the price of the main contract of Zhengzhou jujube futures rose, with a weekly increase of about 2.06%. The acquisition of Xinjiang grey jujubes is almost finished, and the market focus has shifted to the consumer side. As the twelfth lunar month approaches, the festival stocking demand is expected to drive the market into a phased peak of sales. Attention should be paid to the actual sales speed at the terminal and the performance of inventory reduction in channels [10][12]. - The 2025/26 jujube production season is expected to see a decline in output. As of January 8, 2026, the physical inventory of 36 sample jujube points was 15,300 tons, a decrease of 349 tons from last week, a month - on - month decrease of 2.23%, and a year - on - year increase of 41.27% [38][42]. - In November 2025, China's jujube export volume was 3,537,566 kilograms, with an export value of 53,004,642 yuan and an average export price of 14,983.36 yuan/ton. The export volume increased by 60.42% month - on - month and decreased by 5.18% year - on - year. From January to November, the cumulative export was 29,291,188 kilograms, with a cumulative year - on - year decrease of 0.50% [46]. 3. Summary by Directory 3.1 Week - on - Week Summary - Future trading tips include monitoring spot prices and the consumer side. The acquisition in the production areas is basically over, and the flow of goods in the market is generally stable. Traders commonly stockpile raw materials in Xinjiang. As the festival approaches, the demand for stocking is expected to drive the market [10]. 3.2 Futures and Spot Market - **Futures price**: The price of the Zhengzhou jujube 2605 contract rose this week, with a weekly increase of about 2.06%. As of the end of the week, the latest price was 9,150, up 35 or 0.38% [12]. - **Top 20 positions**: As of the end of the week, the net position of the top 20 in jujube futures was - 20,939 lots [13]. - **Warehouse receipts**: As of the end of the week, the number of Zhengzhou jujube warehouse receipts was 2,523 [16]. - **Futures spread**: As of the end of the week, the spread between the Zhengzhou Commodity Exchange jujube futures 2605 contract and the 2609 contract was - 160 yuan/ton [20]. - **Basis**: As of the end of the week, the basis between the spot price of Hebei grey jujubes and the main contract of jujube futures was 320 yuan/ton [23]. - **Purchase price in the main production areas**: As of January 9, 2026, the purchase price of general jujubes in Aksu was 5.15 yuan/kg, in Alar was 5.65 yuan/kg, and in Kashgar was 6.5 yuan/kg [26]. - **Spot price of first - grade jujubes**: As of January 9, 2026, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei was 4.1 yuan/jin, and in Henan was 4.15 yuan/jin [30]. - **Spot price of special - grade jujubes**: As of January 9, 2026, the spot price of special - grade grey jujubes in Cangzhou, Hebei was 9.47 yuan/kg, and the wholesale price in Henan was 9.5 yuan/kg [34]. 3.3 Industry Chain Situation - **Supply side - Inventory**: As of January 8, 2026, the physical inventory of 36 sample jujube points was 15,300 tons, a decrease of 349 tons from last week, a month - on - month decrease of 2.23%, and a year - on - year increase of 41.27% [38]. - **Supply side - Production**: The jujube output in the 2025/26 production season is expected to decline [42]. - **Demand side - Export volume**: In November 2025, China's jujube export volume was 3,537,566 kilograms, with an export value of 53,004,642 yuan and an average export price of 14,983.36 yuan/ton. The export volume increased by 60.42% month - on - month and decreased by 5.18% year - on - year. From January to November, the cumulative export was 29,291,188 kilograms, with a cumulative year - on - year decrease of 0.50% [46]. - **Demand side - BOCE trading**: This week, the order volume of BOCE Xinjiang Zao Hao Pai had a small amount of transactions [51]. 3.4 Options Market and Futures - Stock Correlation - **Options market**: Information about the implied volatility of at - the - money jujube options this week is provided, but specific data is not summarized here [52]. - **Stock market - Haoxiangni**: Information about the price - earnings ratio of Haoxiangni is presented, but specific data is not summarized here [54].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The market supply is sufficient, and the spot prices are stable. As the twelfth lunar month approaches, the market anticipates a peak demand season, leading to a rebound in jujube futures prices, but the sustainability of this rebound needs attention [2] 3. Summary by Category Futures Market - The closing price of the main jujube futures contract is 9,150 yuan/ton, with a week-on-week increase of 175 yuan/ton. The open interest of the main contract is 118,101 lots, with a week-on-week increase of 4,071 lots. The net long position of the top 20 futures holders is -20,431 lots, with a week-on-week decrease of 4,108 lots. The number of warehouse receipts is 2,263, and the total valid warehouse receipt forecasts is 745, with a week-on-week decrease of 107 [2] 现货市场 - The unified price of Kashgar jujubes is 6.5 yuan/kg, the wholesale price of first-grade grey jujubes in Hebei is 4.1 yuan/jin, the unified price of Alar jujubes is 5.65 yuan/kg, the wholesale price of first-grade grey jujubes in Henan is 4.15 yuan/jin, the unified price of Aksu jujubes is 5.15 yuan/kg, the price of special-grade jujubes in Henan is 9.5 yuan/kg, the price of special-grade jujubes in Hebei is 9.5 yuan/kg with a week-on-week increase of 0.04 yuan/kg, the price of special-grade jujubes in Guangdong is 10.4 yuan/kg, and the price of first-grade jujubes in Guangdong is 9 yuan/kg [2] Upstream Market - The annual jujube output is 6.069 million tons, with an increase of 3.187 million tons, and the planting area is 1.993 million hectares, with a decrease of 41,000 hectares [2] Industry Situation - The current national jujube inventory is 15,649 tons, with a week-on-week decrease of 249 tons (a 1.57% week-on-week decrease and a 38.34% year-on-year increase). The monthly jujube export volume is 3,537,566 kg, with an increase of 1,332,346 kg, and the cumulative monthly jujube export volume is 29,291,188 kg, with an increase of 3,537,566 kg [2] Downstream Situation - The cumulative quarterly sales volume of Hao Xiang Ni's jujubes is 36,480.43 tons, with a decrease of 2,981.06 tons. The cumulative year-on-year quarterly jujube production growth rate is 1.47%, with a decrease of 34.59 percentage points. The average daily number of jujube trucks arriving at Ruyifang Market is 1.27, and the monthly average wholesale price of jujubes is 5.4 yuan/kg [2] Industry News - According to Mysteel agricultural product research data, the physical inventory of 36 sample points this week is 15,649 tons, a 1.57% week-on-week decrease and a 38.34% year-on-year increase. The sample point inventory has decreased week-on-week. The purchase of grey jujubes in Xinjiang production areas is coming to an end, with limited remaining supply and few transactions in each production area. Raw material purchases in production areas are mainly based on quality, adhering to the principle of better quality commanding higher prices [2] Viewpoint Summary - In the sales areas, the Hebei Cuierzhuang Market receives both finished products and substandard products. Local processing plants mainly process and sell their own goods, and holders of goods are actively selling. Downstream merchants mainly purchase according to demand. The Ruyifang Market in Guangdong mainly receives goods from Xinjiang, and the transactions are average [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The price of the main Zhengzhou jujube contract fell this week, with a weekly decline of about 0.17%. The acquisition of grey jujubes in Xinjiang's production areas is coming to an end, and there is limited remaining supply and few transactions. The raw material acquisition in production areas is based on quality, adhering to the principle of better quality commanding a higher price. In the sales markets, the Hebei Cuierzhuang market has received both finished products and sub - standard jujubes. Local processing plants mainly process and sell their own goods, and holders are actively selling, while downstream customers purchase as needed. The Guangdong Ruyifang market mainly receives goods from Xinjiang, with average transactions. Overall, the market supply is sufficient, but the "peak season not prosperous" situation in demand persists. It is expected that the short - term weakness will continue [9][10] 3. Summary by Directory 3.1 Week - to - Week Key Points Summary - Future trading tips include monitoring spot prices and the consumer side - The price of the main Zhengzhou jujube contract fell, with a weekly decline of about 0.17% - The acquisition of grey jujubes in Xinjiang's production areas is ending, with limited remaining supply and few transactions. The sales markets have sufficient supply but weak demand, and short - term weakness is expected to continue [9] 3.2 Futures and Spot Market - **Futures Price**: The price of the Zhengzhou jujube 2605 contract fell this week, with a weekly decline of about 0.17% [10] - **Top 20 Positions**: As of this week, the net position of the top 20 in jujube futures was - 16,613 lots [13] - **Warehouse Receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 2,120 [17] - **Futures Spread**: As of this week, the spread between the Zhengzhou Commodity Exchange's jujube futures 2605 contract and 2609 contract was - 265 yuan/ton [18] - **Basis**: As of this week, the basis between the Hebei grey jujube spot price and the main jujube futures contract was 615 yuan/ton [23] - **Purchase Price in Main Production Areas**: As of December 31, 2025, the purchase price of jujube bulk goods in Aksu was 5.15 yuan/kg, in Alar was 5.65 yuan/kg, and in Kashgar was 6.5 yuan/kg [26] - **First - Grade Jujube Spot Price**: As of December 31, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei was 4.15 yuan/jin, and in Henan was 4.35 yuan/jin [30] - **Superior - Grade Jujube Spot Price**: As of December 31, 2025, the spot price of superior - grade grey jujubes in Cangzhou, Hebei was 9.53 yuan/kg, and the wholesale price in Henan was 9.7 yuan/kg [34] 3.3 Industry Chain Situation - **Supply Side - Inventory**: According to Mysteel's agricultural product research data, as of December 25, 2025, the physical inventory of 36 sample points of jujubes this week was 15,898 tons, a decrease of 210 tons from last week, a month - on - month decrease of 1.30%, and a year - on - year increase of 37.17% [39] - **Supply Side - Production Decline Possibility**: The jujube production in the 2025/26 season is expected to decline [43] - **Demand Side - Export Volume**: According to customs data, in November 2025, China's jujube export volume was 3,537,566 kg, the export value was 53,004,642 yuan, the export average price was 14,983.36 yuan/ton. The export volume increased by 60.42% month - on - month and decreased by 5.18% year - on - year. The cumulative export from January to November was 29,291,188 kg, with a cumulative year - on - year decrease of 0.50% [47] - **Demand Side - BOCE Xinjiang Jujube Trading**: The BOCE Xinjiang jujube "Good Brand" had few transactions this week [52] 3.4 Options Market and Futures - Stock Correlation - **Options Market**: The implied volatility of at - the - money jujube options this week is presented in the report, but no specific data is summarized here - **Stock Market - Hao Xiang Ni**: The report shows the price - to - earnings ratio chart of Hao Xiang Ni (002582), but no specific data is analyzed [56]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - This week, the price of the main contract of Zhengzhou jujube futures rose, with a weekly increase of about 0.96%. From the current supply - demand situation, the supply of sub - standard products has increased significantly. The inventory of 36 sample points decreased by 1.30% week - on - week and increased by 37.17% year - on - year. The acquisition in Xinjiang is coming to an end, and the processing enterprises are speeding up production and sales. The sales area is entering the peak consumption season, and the short - term decline in jujube prices may slow down [9][10] 3. Summary According to the Directory 3.1 Week - on - Week Summary - Future trading tips include monitoring spot prices and the consumer side - This week, the price of the main contract of Zhengzhou jujube futures rose, with a weekly increase of about 0.96% - As of December 25, 2025, the physical inventory of 36 sample points of jujubes was 15,898 tons, a decrease of 210 tons from last week, a week - on - week decrease of 1.30% and a year - on - year increase of 37.17% - The acquisition in Xinjiang is coming to an end. Processing enterprises in Xinjiang and the mainland are actively arranging production and accelerating the pace of shipment. The market arrival volume is gradually increasing. The sales area is entering the peak consumption season, and the short - term decline in jujube prices may slow down [9] 3.2 Futures and Spot Market - **Futures price trend**: The price of the Zhengzhou jujube 2605 contract rose this week, with a weekly increase of about 0.96% [10] - **Top 20 positions**: As of this week, the net position of the top 20 in jujube futures was - 15,321 lots [13] - **Warehouse receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 1,092 [17] - **Futures price spread**: As of this week, the price spread between the Zhengzhou Commodity Exchange jujube futures 2605 contract and the 2609 contract was - 250 yuan/ton [18] - **Basis**: As of this week, the basis between the spot price of Hebei grey jujubes and the main contract of jujube futures was 580 yuan/ton [23] - **Purchase price of bulk jujubes in the main production areas**: As of December 26, 2025, the bulk jujube price in Aksu was 5.15 yuan/kg, in Alar was 5.65 yuan/kg, and in Kashgar was 6.5 yuan/kg [26] - **Spot price of first - grade jujubes**: As of December 26, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei was 4.20 yuan/jin, and in Henan was 4.35 yuan/jin [30] - **Spot price of special - grade jujubes**: As of December 26, 2025, the spot price of special - grade grey jujubes in Cangzhou, Hebei was 9.56 yuan/kg, and the wholesale price in Henan was 9.7 yuan/kg [34] 3.3 Industry Chain - **Supply side - Inventory**: As of December 25, 2025, the physical inventory of 36 sample points of jujubes was 15,898 tons, a decrease of 210 tons from last week, a week - on - week decrease of 1.30% and a year - on - year increase of 37.17% [39] - **Supply side - Production decline possibility**: The jujube production in the 2025/26 season is expected to decline [43] - **Demand side - Export volume**: In October 2025, China's jujube export volume was 2,205,220 kg, with an export value of 35,238,139 yuan and an average export price of 15,979.42 yuan/ton. The export volume decreased by 3.44% month - on - month and 33.29% year - on - year. The cumulative export from January to October 2025 was 25,753,622 kg, a cumulative year - on - year increase of 0.18% [47] - **Demand side - BOCE Xinjiang jujube trading**: This week, the BOCE Xinjiang jujube "Good Brand" had a small amount of orders [52] 3.4 Options Market and Futures - Stock Relationship - **Options market**: The implied volatility of at - the - money jujube options this week is presented in the report, but no specific data is summarized here - **Stock market - Haoxiangni**: The report shows the price - to - earnings ratio chart of Haoxiangni, but no specific analysis data is summarized here