1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report - This week, the price of the main Zhengzhou jujube contract rose slightly, with a weekly increase of about 0.34%. The temperature of grey jujubes in the main producing area of Xinjiang is generally higher than the same period in recent years, and the jujube trees may sprout ahead of schedule. As of March 26, 2026, the physical inventory of 36 sample points of jujubes this week was 11,459 tons, a decrease of 81 tons from last week, a month - on - month decrease of 0.70% and a year - on - year increase of 6.07%. With the warming weather, jujubes are gradually entering the off - season of consumption. The spot market's purchase and sales atmosphere is relatively light, and downstream buyers mostly maintain a strategy of purchasing on demand, lacking the willingness for centralized restocking. The overall trading activity is not high, and the market trading sentiment is relatively cautious. It is expected that the jujube price will still be in the bottom - building state in the future [9]. 3. Summary According to the Directory 3.1. Weekly Summary - This week, the price of the main Zhengzhou jujube contract rose slightly, with a weekly increase of about 0.34%. The jujube trees in Xinjiang may sprout ahead of schedule. As of March 26, 2026, the inventory of 36 sample points decreased by 0.70% month - on - month and increased by 6.07% year - on - year. The market is in the off - season, and the trading sentiment is cautious. The future jujube price is expected to be in the bottom - building state. Future trading should pay attention to spot prices and the consumer side [9]. 3.2. Futures and Spot Market - **Futures price**: The price of the Zhengzhou jujube 2605 contract rose slightly this week, with a weekly increase of about 0.34% [12]. - **Top 20 positions in futures**: As of this week, the net position of the top 20 in jujube futures was - 19,731 lots [16]. - **Futures warehouse receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 4,273 [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 - 350 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 230 yuan/ton [26]. - **Purchase price of bulk jujubes in the main producing area**: As of March 27, 2026, 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 [29]. - **Spot price of first - grade jujubes**: As of March 27, 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 [33]. - **Spot price of special - grade jujubes**: As of March 27, 2026, the spot price of special - grade grey jujubes in Cangzhou, Hebei was 9.10 yuan/kg, and the wholesale price in Henan was 9.50 yuan/kg [37]. 3.3. Industry Chain Situation - **Supply side - Inventory**: As of March 26, 2026, the physical inventory of 36 sample points of jujubes was 11,459 tons, a decrease of 81 tons from last week, a month - on - month decrease of 0.70% and a year - on - year increase of 6.07% [41]. - **Supply side - Production decline possibility**: The jujube production in the 2025/26 production season is expected to decline [45]. - **Demand side - Export volume**: In February 2026, China's jujube export volume was 2,017,112 kg, the export value was 32,204,511 yuan, the export average price was 15,965.65 yuan/ton, the export volume decreased by 56.25% month - on - month and 28.96% year - on - year. The cumulative export from January to February was 6,627,373 kg, a cumulative year - on - year decrease of 9.71% [49]. - **Demand side - BOCE Xinjiang jujube trading**: This week, the BOCE Xinjiang jujube "Good Brand" had a small amount of orders [54]. 3.4. Options Market and Futures - Stock Association - **Options market**: The implied volatility of at - the - money options for jujubes this week is presented in the relevant chart [55]. - **Stock market - Haoxiangni**: The price - to - earnings ratio chart of Haoxiangni is provided [57].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - This week, the price of the main contract of Zhengzhou jujube futures declined, with a weekly drop of about 2.80%. The spot market's purchasing and sales atmosphere is relatively weak, and downstream buyers mostly maintain a strategy of purchasing as needed, lacking the willingness for centralized restocking. The overall trading activity is low, and market sentiment is cautious. As of March 19, 2026, the physical inventory of 36 sample points of jujubes this week was 11,540 tons, a decrease of 160 tons from last week, a month - on - month decrease of 1.37%, and a year - on - year increase of 5.60%. The domestic jujube inventory showed a slight downward trend this week, but the market has gradually entered the seasonal off - season for consumption. With the continuous rise in temperature and the increasing supply of seasonal fruits, the terminal consumption demand for jujubes is expected to show a seasonal weakening trend [7]. 3. Summary According to the Directory 3.1 Week - to - Week Summary - **Market Review**: The price of the main contract of Zhengzhou jujube futures declined this week, with a weekly drop of about 2.80% [7]. - **Market Outlook**: The spot market is weak, downstream buyers purchase as needed, and the market is in a seasonal off - season. The terminal consumption demand for jujubes is expected to weaken seasonally [7]. - **Future Trading Tips**: Pay attention to spot prices and the consumer side [7]. 3.2 Futures and Spot Market - **Futures Price**: The price of the Zhengzhou jujube 2605 contract declined this week, with a weekly drop of about 2.80% [12]. - **Top 20 Positions**: As of this week, the net position of the top 20 in jujube futures was - 20,632 lots [15]. - **Futures Warehouse Receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 4,112 [19]. - **Futures Spread**: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2605 contract and the 2609 contract was - 395 yuan/ton [22]. - **Basis**: As of this week, the basis between the spot price of Hebei gray jujubes and the main contract of jujube futures was 300 yuan/ton [25]. - **Purchase Price in Main Producing Areas**: As of March 20, 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 [28]. - **First - Grade Jujube Spot Price**: As of March 20, 2026, the wholesale price of first - grade gray jujubes in Cangzhou, Hebei was 3.95 yuan/jin, and in Henan was 4.15 yuan/jin [32]. - **Special - Grade Jujube Spot Price**: As of March 20, 2026, the spot price of special - grade gray jujubes in Cangzhou, Hebei was 9.14 yuan/kg, and the wholesale price in Henan was 9.50 yuan/kg [36]. 3.3 Industry Chain Situation - **Supply Side - Inventory**: As of March 19, 2026, the physical inventory of 36 sample points of jujubes this week was 11,540 tons, a decrease of 160 tons from last week, a month - on - month decrease of 1.37%, and a year - on - year increase of 5.60% [41]. - **Supply Side - Production**: The jujube production in the 2025/26 production season is expected to decline [45]. - **Demand Side - Export**: In February 2026, China's jujube export volume was 2,017,112 kg, the export value was 32,204,511 yuan, the export average price was 15,965.65 yuan/ton, the export volume decreased by 56.25% month - on - month and 28.96% year - on - year. The cumulative export from January to February was 6,627,373 kg, a cumulative year - on - year decrease of 9.71% [48]. - **Demand Side - BOCE Trading**: This week, the order volume of BOCE Xinjiang Jujube Good Brand had a small amount of transactions [53]. 3.4 Options Market and Futures - Stock Correlation - **Options Market**: The implied volatility of at - the - money options for jujubes this week is presented in the relevant chart [54]. - **Stock Market - Hao Xiang Ni**: The price - to - earnings ratio chart of Hao Xiang Ni is provided [56].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - This week, the price of the main contract of Zhengzhou jujube rebounded, with a weekly increase of about 0.78%. The weather in Xinjiang's jujube - producing areas will cool down, and due to the generally higher accumulated temperature in the main producing areas since winter, jujube trees may germinate earlier. The inventory of 36 sample points decreased slightly this week, and the downstream customers mainly purchase on - demand. Affected by other commodities and good quality, the short - term upward driving force of jujube prices has increased [9][11]. 3. Summary According to the Directory 3.1. Weekly Key Points Summary - **Market trend**: The price of the main contract of Zhengzhou jujube rebounded this week, with a weekly increase of about 0.78% [9][11]. - **Market outlook**: Xinjiang's jujube - producing areas will cool down, and jujube trees may germinate earlier. As of March 12, 2026, the physical inventory of 36 sample points was 11,700 tons, a decrease of 117 tons from last week, a month - on - month decrease of 0.99% and a year - on - year increase of 7.39%. The market trading atmosphere is stable, and the short - term upward driving force of jujube prices has increased [9]. - **Future trading tips**: Pay attention to spot prices and the consumer side [9]. 3.2. Futures and Spot Market - **Futures price**: The price of the Zhengzhou jujube 2605 contract rebounded this week, with a weekly increase of about 0.78% [11]. - **Top 20 positions**: As of this week, the net position of the top 20 in jujube futures was - 20,018 lots [15]. - **Futures warehouse receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 4,027 [19]. - **Futures price difference**: As of this week, the price difference between the Zhengzhou Commodity Exchange's jujube futures 2605 contract and the 2609 contract was - 370 yuan/ton [22]. - **Basis**: As of this week, the basis between the spot price of Hebei grey jujube and the main contract of jujube futures was 115 yuan/ton [25]. - **Purchase price of bulk jujubes in the main producing areas**: As of March 13, 2026, 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 [28]. - **Spot price of first - grade jujubes**: As of March 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 [32]. - **Spot price of special - grade jujubes**: As of March 13, 2026, the spot price of special - grade grey jujubes in Cangzhou, Hebei was 9.21 yuan/kg, and the wholesale price in Henan was 9.50 yuan/kg [36]. 3.3. Industrial Chain Situation - **Supply side - inventory**: As of March 12, 2026, the physical inventory of 36 sample points was 11,700 tons, a decrease of 117 tons from last week, a month - on - month decrease of 0.99% and a year - on - year increase of 7.39% [40]. - **Supply side - possible decline in production**: The jujube production in the 2025/26 production season is expected to decline [44]. - **Demand side - export volume**: In December 2025, China's jujube export volume was 5,071,577 kg, the export value was 79,876,362 yuan, 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% [47]. - **Demand side - BOCE Xinjiang jujube trading**: This week, the order volume of BOCE Xinjiang jujube had a small amount of transactions [52]. 3.4. Options Market and Futures - Stock Correlation - **Options market**: The report shows the implied volatility of at - the - money options for jujubes this week, but no specific data is provided [53]. - **Stock market - Haoxiangni**: The report shows the price - to - earnings ratio of Haoxiangni, but no specific analysis is provided [55].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - As of March 5, 2026, the physical inventory of 36 sample points of red dates this week was 11,817 tons, a decrease of 35 tons from last week, a month - on - month decrease of 0.30% and a year - on - year increase of 8.04%. The inventory decreased slightly this week. The market is slowly recovering after the Spring Festival, the downstream replenishment is average, and the inventory removal speed is slow. The downstream trade replenishment is average, and the processing plants have not started work intensively. As the weather warms up, the red date purchase and sales enter the off - season. However, recently, due to the linkage of other varieties and the low - price support, the red date price may continue to rise in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of red dates was 9,140 yuan/ton, with a month - on - month increase of 155 yuan/ton. The main contract position was 135,986 lots, with a month - on - month increase of 8,149 lots. The net long position of the top 20 futures positions was - 17,334 lots, with a month - on - month increase of 2,716 lots. The number of warehouse receipts was 4,031, and the effective warehouse receipt forecast was 48, with no month - on - month change [2] 3.2现货市场 - The unified price of red dates in Kashi was 6.5 yuan/kg, with no month - on - month change; the wholesale price of first - grade grey dates in Hebei was 3.95 yuan/jin, with no month - on - month change; the unified price of red dates in Alar was 5.65 yuan/kg, with no month - on - month change; the wholesale price of first - grade grey dates in Henan was 4.15 yuan/jin, with no month - on - month change; the unified price of red dates in Aksu was 5.15 yuan/kg, with no month - on - month change; the special - grade price of red dates in Henan was 9.5 yuan/kg, with no month - on - month change; the special - grade price of red dates in Hebei was 9.2 yuan/kg, with a month - on - month decrease of 0.01 yuan/kg; the special - grade price of red dates in Guangdong was 10 yuan/kg, with no month - on - month change; the first - grade price of red dates in Guangdong was 8.8 yuan/kg, with no month - on - month change [2] 3.3 Upstream Market - The annual output of red dates was 606.9 tons, with an increase of 318.7 tons; the planting area was 199.3 hectares, with a decrease of 4.1 hectares [2] 3.4 Industry Situation - The national red date inventory was 11,817 tons, with a month - on - month decrease of 35 tons; the monthly export volume of red dates was 5,071,577 kg, with an increase of 1,534,011 kg; the cumulative export volume of red dates was 34,362,765 kg, with an increase of 5,071,577 kg [2] 3.5 Downstream Situation - The cumulative sales volume of red dates of Hao Xiang Ni was 36,480.43 tons, with a decrease of 2,981.06 tons; the cumulative year - on - year output of red dates of Hao Xiang Ni was 1.47%, with a decrease of 34.59 percentage points; the average daily arrival volume of red dates in Ruyifang Market was - 1.87 vehicles; the monthly average wholesale price of red dates was 3.13 yuan/kg, with an increase of 0.47 yuan/kg [2] 3.6 Industry News - The price in Hebei Cuierzhuang Market was stable, with a small amount of goods arriving. The reference price of the special - grade old goods was 8.30 yuan/kg, and the downstream purchased according to demand. One vehicle of goods arrived at Guangdong Ruyifang Market, the price was mainly stable, and the merchants took goods according to demand. The market transaction was average. After the Spring Festival, the market recovered slowly, the spot price was at a low level in recent years, and the inventory was at a relatively high point in recent years [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - This week, the price of the main contract of Zhengzhou jujube rebounded with a weekly increase of about 2.73%. After the Spring Festival, the market recovery was slow, the spot price was at a relatively low level in recent years, and the inventory was at a relatively high level in recent years. As of March 5, 2026, the physical inventory of 36 sample points of jujube this week was 11,817 tons, a decrease of 35 tons from last week, a month - on - month decrease of 0.30% and a year - on - year increase of 8.04%. The downstream replenishment was average, the processing plants had not started work intensively, and with the warming weather, jujube sales entered the off - season [9]. 3. Summary According to the Directory 3.1 Week - to - Week Summary - **Market Review**: The price of the main contract of Zhengzhou jujube rebounded this week, with a weekly increase of about 2.73% [9]. - **Market Outlook**: After the Spring Festival, the market recovery was slow, the spot price was at a low level in recent years, and the inventory was at a relatively high level. The inventory decreased slightly this week, the market was slowly recovering, the downstream replenishment was average, and the inventory removal speed was slow. As the weather warms up, jujube sales enter the off - season [9]. - **Future Trading Tips**: Pay attention to spot prices and the consumer side [9]. 3.2 Futures and Spot Market - **Futures Price**: The price of the Zhengzhou jujube 2605 contract rebounded this week, with a weekly increase of about 2.73% [13]. - **Top 20 Positions**: As of this week, the net position of the top 20 in jujube futures was - 20,523 lots [14]. - **Warehouse Receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 3,869 [19]. - **Futures Spread**: As of this week, the spread between the 2605 and 2609 contracts of Zhengzhou Commodity Exchange jujube futures was - 355 yuan/ton [22]. - **Basis**: As of this week, the basis between the spot price of Hebei gray jujube and the main contract of jujube futures was 165 yuan/ton [25]. - **Purchase Price in Main Producing Areas**: As of March 6, 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 [28]. - **First - Grade Jujube Spot Price**: As of March 6, 2026, the wholesale price of first - grade gray jujube in Cangzhou, Hebei was 3.95 yuan/jin, and in Henan was 4.15 yuan/jin [32]. - **Special - Grade Jujube Spot Price**: As of March 6, 2026, the spot price of special - grade gray jujube in Cangzhou, Hebei was 9.19 yuan/kg, and the wholesale price in Henan was 9.50 yuan/kg [36]. 3.3 Industry Chain Situation - **Supply - Side - Inventory**: As of March 5, 2026, the physical inventory of 36 sample points of jujube this week was 11,817 tons, a decrease of 35 tons from last week, a month - on - month decrease of 0.30% and a year - on - year increase of 8.04% [41]. - **Supply - Side - Yield**: The jujube yield in the 2025/26 production season is expected to decline [45]. - **Demand - Side - Export**: In December 2025, China's jujube export volume was 5,071,577 kg, the export value was 79,876,362 yuan, 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, with a cumulative year - on - year decrease of 3.58% [48]. - **Demand - Side - BOCE Trading**: This week, the order volume of BOCE Xinjiang Jujube Good Brand had a small amount of transactions [53]. 3.4 Options Market and Futures - Stock Correlation - **Options Market**: Information about the implied volatility of at - the - money options of jujube this week is presented in the report, but specific data is not described in the text [54]. - **Stock Market - Haoxiangni**: The report shows the price - to - earnings ratio chart of Haoxiangni, but specific data is not described in the text [56].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - In 2025, the opening price of Xinjiang red dates showed an obvious trend of high - opening and low - closing. The futures price first rose rapidly due to the damage of the first - crop flowers and the supply law of alternate - bearing years, but then fell sharply after the output became clear [2][40]. - Red dates are non - essential consumer goods, and their demand has limited fluctuations. The high inventory level throughout the year has suppressed the upward movement of red date prices [2]. - Looking forward to 2026, due to the unmet expected reduction in red date output in the 2025/26 season and the large carry - over inventory from the previous year, red dates may face more severe inventory pressure. The follow - up market reversal depends on the weather in upstream production areas after June. Without unexpected events, the red date futures price is pessimistically predicted to hit a record low in the new year [3]. - The operation suggestion is to focus on the bottom support of 8,000 yuan within the year. It is recommended to short on rallies in the first half of the year and participate in long positions based on the actual growth of new red dates in the second half of the year. The general direction is bearish [3][97]. 3. Summary by Relevant Catalogs 3.1 Red Date Industry Chain Analysis - The red date industry chain consists of three links: planting, acquisition and processing, and terminal consumption. The processing level of red date products is low, and the industry chain is short [19]. - Red date planting in China is characterized by high regional concentration, a rapid increase in planting area and output, and the dominance of the grey jujube variety. Xinjiang has become the most important red date production area in China [19]. 3.2 Red Date Futures and Options Contracts 3.2.1 Red Date Futures Contracts - Trading variety: Dried red dates; trading unit: 5 tons/hand; minimum price change: 5 yuan/ton; daily price limit: ±5% of the previous trading day's settlement price; minimum trading margin: 7% of the contract value; contract delivery months: January, March, May, July, September, and December [21]. 3.2.2 Red Date Options Contracts - Contract type: Call options and put options; trading unit: 1 hand of dried red date futures contract; minimum price change: 1 yuan/ton; expiration date: the same as the last trading day; exercise price: covers a certain price range around the previous trading day's settlement price of the underlying futures contract [23]. 3.3 Red Date Delivery Quality Standards - The benchmark product should meet the first - class grade specifications of the national standard for dried red dates, with an evenness tolerance of ≤60%, 180 < number of fruit grains per kilogram ≤230, a dry - basis total sugar content of ≥75%, a moisture content of 15% ≤ moisture content ≤25%, and general impurities of ≤0.1% [25][26]. 3.4 Red Date Substitute Delivery Products and Premium/Discount Regulations - Different ranges of the number of fruit grains per kilogram have corresponding premium and discount regulations. For example, when the number of fruit grains per kilogram ≤180, the premium is 1,200 yuan/ton; when 230 < number of fruit grains per kilogram ≤280, the discount is 1,800 yuan/ton [29]. 3.5 Red Date Delivery Fees - Storage fees: 3 yuan/ton/day in Xinjiang and 2.5 yuan/ton/day in the inland; transfer fee of warehouse receipts (including transfer in futures - to - cash transactions): 0.5 yuan/ton; delivery handling fee: 0.5 yuan/ton; inbound and outbound fees: 50 yuan/ton [31]. 3.6 Red Date Market Review and Trend Analysis 3.6.1 Historical Market Review - Since the listing of red date futures in 2019, the price has gone through five stages, including periods of stable operation, sharp rise and fall, and consolidation [34][36][40]. 3.6.2 2025 Red Date Futures Market Review - In 2025, the red date futures price experienced four stages: "oscillating downward - rapid upward - rapid downward - weak consolidation". The price was affected by factors such as supply, demand, and weather [44]. 3.6.3 2025 Red Date Trading Volume and Turnover - In 2025, the cumulative trading volume of red date futures was 37.1781 million lots, a year - on - year increase of 145.71%, and the cumulative trading value was 1.886049 trillion yuan, a year - on - year increase of 129.95% [49]. 3.7 Production Supply and Import - Export Situation 3.7.1 Production Supply - Red date planting in China is concentrated in northern regions, especially in Xinjiang. The grey jujube variety has an obvious advantage. The planting area has decreased in recent years, and the estimated output in 2025 is around 550,000 tons [53][56][59]. 3.7.2 Import - Export - China's red date imports are negligible, and exports account for a small proportion, with little impact on domestic prices. In 2025, the export volume was 34,400 tons, basically the same as the previous year [63][65]. 3.8 Red Date Demand Analysis - Red dates are traditional health foods, and online sales are increasing. However, as non - essential consumer goods, their demand is weak, and the inventory is high, which suppresses the price [69]. 3.9 Red Date Supply - Demand Balance Sheet Forecast and Analysis - The supply of red dates in the 2025 - 2026 season is under significant pressure, but the consumption is expected to be slightly optimistic. The overall supply - demand situation may remain loose [73]. 3.10 Red Date Arbitrage Opportunities Outlook - Considering the seasonal trend of red dates, it is advisable to consider a sell 5 - 9 spread arbitrage operation [74]. 3.11 Option Analysis Strategy Suggestions - When the red date futures price is in the stage of gambling on the opening price, the volatility is likely to increase, and it is advisable to go long on volatility. It is recommended to consider buying call options at a low price during weather disturbances and the opening - price gambling stage [75][78]. 3.12 Red Date Enterprise Futures and Option Hedging Cases - Two cases are provided, showing how red date processing enterprises use futures and options to hedge risks and achieve certain results [79][81]. 3.13 Red Date Futures Technical Analysis and Outlook 3.13.1 Seasonal Analysis - The price of red dates has obvious seasonal trends. The period from harvest to before the Spring Festival is a peak demand season, while the post - Spring Festival period is a consumption off - season. The period from July to September is prone to price increases [91]. 3.13.2 Technical Analysis - In 2025, the red date futures price first rose and then fell. It is expected to remain at a low level in the first half of 2026, and the growth of new red dates in the second half needs to be monitored [94]. 3.14 Related Stocks and Their Price - Increase/Decrease Statistics - The stock of Hao Xiang Ni (002582.SZ) in the mid - downstream of the red date industry chain had an annual increase of 56.39%, with an initial price of 7.59 yuan and a current price of 11.87 yuan [100].

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].

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 declined, with a weekly drop of approximately 2.85%. The overall pre - Spring Festival sales pace was acceptable, and it was approaching the end of the pre - holiday stocking period. As of February 5, 2026, the physical inventory of 36 sample points of jujubes was 11,888 tons, a decrease of 1,255 tons from last week, a 9.55% month - on - month decrease and a 12.84% year - on - year increase. The pre - holiday sales situation was similar to that of the same period last year. Affected by the Spring Festival holiday, long - distance logistics had basically stopped, but local logistics could still operate normally. Due to the decentralized acquisition structure of the 2025 production season and the industry's generally cautious expectation for the new season after the holiday, risk control should be noted as the long holiday approached. Future trading should focus on spot prices and the consumer side [9]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Review**: The price of the main contract of Zhengzhou jujube futures declined this week, with a weekly drop of about 2.85% [9]. - **Market Outlook**: The pre - Spring Festival sales pace was acceptable, and it was near the end of the pre - holiday stocking. The inventory of 36 sample points decreased month - on - month. The pre - holiday sales were similar to last year. Long - distance logistics stopped, and local logistics was normal. The industry was cautious about the post - holiday market. Risk control was needed as the holiday approached. Future trading should focus on spot prices and the consumer side [9]. 3.2 Futures and Spot Market - **Futures Price**: The price of the Zhengzhou jujube 2605 contract declined this week, with a weekly drop of about 2.85% [11]. - **Top 20 Positions**: As of this week, the net position of the top 20 in jujube futures was - 20,558 lots [12]. - **Futures Warehouse Receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 3,350 [15]. - **Futures Spread**: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2605 contract and the 2609 contract was - 225 yuan/ton [19]. - **Basis**: As of this week, the basis between the Hebei grey jujube spot price and the main contract of jujube futures was 535 yuan/ton [22]. - **Purchase Price in Main Producing Areas**: As of February 6, 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 [25]. - **First - Grade Jujube Spot Price**: As of February 6, 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 [29]. - **Special - Grade Jujube Spot Price**: As of February 6, 2026, the spot price of special - grade grey jujubes in Cangzhou, Hebei was 9.23 yuan/kg, and the wholesale price in Henan was 9.44 yuan/kg [33]. 3.3 Industry Chain Situation - **Supply Side - Inventory**: As of February 5, 2026, the physical inventory of 36 sample points of jujubes was 11,888 tons, a decrease of 1,255 tons from last week, a 9.55% month - on - month decrease and a 12.84% year - on - year increase [37]. - **Supply Side - Production**: The jujube production in the 2025/26 production season is expected to decline [41]. - **Demand Side - Export**: In December 2025, China's jujube export volume was 5,071,577 kg, the export value was 79,876,362 yuan, 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. The cumulative export from January to December 2025 was 34,362,765 kg, a cumulative year - on - year decrease of 3.58% [44]. - **Demand Side - BOCE Trading**: This week, the BOCE Xinjiang Jujube Good Brand had a small amount of trading in orders [49]. 3.4 Options Market and Futures - Stock Correlation - **Options Market**: The implied volatility of at - the - money options for jujubes this week is presented in the relevant chart, but specific data is not detailed [50]. - **Stock Market - Hao Xiang Ni**: The price - to - earnings ratio chart of Hao Xiang Ni (002582) is presented, but specific data analysis is not provided [52].

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].