红枣产业日报 2025-11-26 成交一般，短期郑枣期价预计低位运行为主。 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 环比 数据指标 | 最新 | 最新 | 环比 | | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:红枣(日,元/吨) -15 主力合约持仓量:红枣(日,手) | 9160 | 113843 | -3396 | | | 期货前20名持仓:净买单量:红枣(日,手) -2997 仓单数量:红枣(日,张) | -10058 | 0 | 0 | | | 有效仓单 ...

成交一般，短期郑枣期价预计低位运行为主。 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 | 数据指标 | | 项目类别 最新 环比 数据指标 最新 | | 环比 | | --- | --- | --- | --- | --- | | 期货主力合约收盘价:红枣(日,元/吨) | | 9175 -50 主力合约持仓量:红枣(日,手) 117239 期货市场 | | -4404 | | 期货前20名持仓:净买单量:红枣(日,手) | | -7061 -3339 仓单数量:红枣(日,张) | 0 | 0 | | 有效仓单预报:红枣:小计(日,张) | | 536 108 | | | | 喀什红枣统货价格(日,元/公斤) | | 6.8 0 河北一级灰枣批发价格(日,元/斤) 现货市场 | 0.1 | 4.45 | | 阿拉尔红枣统货价格(日,元/公斤) | | 5.5 -0.15 河南一级灰枣批发价格(日,元/斤) | 0 | 4.45 | | 阿克苏红枣统货价格(日,单位:元/公斤) | | -0.35 河南红枣特级价格(元/公斤) 5.15 | 0 | 9.8 | | ...

Report Industry Investment Rating - No relevant information provided Core Views - This week, the price of the main contract of Zhengzhou jujube futures fell, with a weekly decline of about 2.12%. The Xinjiang main - producing area of grey jujubes is in the late stage of harvesting, and the acquisition progress in Aksu and other places has accelerated. As of November 19, 2025, the physical inventory of 36 sample points of jujubes this week was 10,330 tons, an increase of 490 tons from last week, a month - on - month increase of 4.98% and a year - on - year increase of 101.76%. The acquisition progress in the main producing areas is about 50%. The product prices in the sales areas continue to fall, the downstream purchasing enthusiasm is not high, and the market transactions are average. The spot price is expected to be weakly stable, and the short - term Zhengzhou jujube futures price is expected to run at a low level [9]. Summary According to the Directory 1. Week - on - Week Summary - Future trading reminders include spot prices and the consumer side. The price of the main contract of Zhengzhou jujube futures fell this week, with a weekly decline of about 2.12%. The Xinjiang main - producing area of grey jujubes is in the late stage of harvesting, and the acquisition progress in Aksu and other places has accelerated. The sample point inventory has increased. The acquisition progress in the main producing areas is about 50%, and the acquired goods are being shipped. The product prices in the sales areas continue to fall, the downstream purchasing enthusiasm is not high, and the market transactions are average. The spot price is expected to be weakly stable, and the short - term Zhengzhou jujube futures price is expected to run at a low level [9]. 2. Futures and Spot Market - **Futures price**: The price of the Zhengzhou jujube 2601 contract fell this week, with a weekly decline of about 2.12% [14]. - **Top 20 positions**: As of this week, the net position of the top 20 in jujube futures was - 11,650 lots [15]. - **Warehouse receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 0 [20]. - **Futures spread**: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2601 contract and the 2605 contract was - 180 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 675 yuan/ton [26]. - **Purchase price in the main producing area**: As of November 21, 2025, the purchase price of Aksu jujube bulk goods was 5.5 yuan/kg, that of Alar was 5.65 yuan/kg, and that of Kashgar was 6.8 yuan/kg [29]. - **First - grade jujube spot price**: As of November 21, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei was 4.4 yuan/jin, and that in Henan was 4.45 yuan/jin [33]. - **Super - grade jujube spot price**: As of November 21, 2025, the spot price of super - grade grey jujubes in Cangzhou, Hebei was 9.67 yuan/kg, and the wholesale price in Henan was 9.8 yuan/kg [37]. 3. Industry Chain Situation - **Supply side - Inventory**: As of November 19, 2025, the physical inventory of 36 sample points of jujubes this week was 10,330 tons, an increase of 490 tons from last week, a month - on - month increase of 4.98% and a year - on - year increase of 101.76% [41]. - **Supply side - Production decline possibility**: The jujube production in the 2025/26 season is expected to decline [45]. - **Demand side - Export volume**: In September 2025, China's jujube export volume was 2,283,671 kg, the export value was 36,347,933 yuan, the export average price was 15,916.449 yuan/ton, the export volume decreased by 3.43% month - on - month and 13.54% year - on - year. From January to September 2025, the cumulative export volume was 23,548,402 kg, a cumulative year - on - year increase of 5.12% [47]. - **Demand side - BOCE trading**: This week, the order volume of BOCE Xinjiang Jujube Good Brand had a small amount of transactions [52]. 4. Options Market and Futures - Stock Correlation - **Options market**: Information about the implied volatility of at - the - money options of jujubes this week is presented in a chart, but specific data is not described in text [53]. - **Stock market - Haoxiangni**: A chart of the price - earnings ratio of Haoxiangni is provided, but no specific analysis is given [55].

Report Summary 1) Report Industry Investment Rating No investment rating provided in the report. 2) Core View of the Report - Xinjiang's new - season jujube acquisition in some areas is over, and the picking progress in other areas is 3 - 40%. Merchant purchasing enthusiasm has weakened [2]. - As of November 6, 2025, the physical inventory of 36 sample points of jujubes this week was 9,541 tons, an increase of 193 tons from last week, a 2.06% week - on - week increase and a 131.35% year - on - year increase [2]. - Merchants are more active in purchasing cost - effective old jujubes and less enthusiastic about purchasing new - season raw materials. The producing areas are in the concentrated picking stage, and attention should be paid to changes in buyers' purchasing enthusiasm and structure [2]. - The prices in the sales areas have been slightly reduced, and downstream customers mostly wait and make purchases as needed. For operations, previously held short positions can take profits, and new positions should wait and see [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the main jujube futures contract was 9,495 yuan/ton, a decrease of 90 yuan; the main contract's open interest was 149,416 lots, a decrease of 811 lots [2]. - The net long position of the top 20 futures holders was - 7,710 lots, a decrease of 2,254 lots; the number of warehouse receipts was 0, unchanged; the total number of effective warehouse receipt forecasts was 0, unchanged [2]. Spot Market - The prices of Kashgar jujube bulk goods, Hebei and Henan first - grade grey jujube wholesale, Henan, Hebei, Guangdong jujube special - grade, and Guangdong jujube first - grade remained unchanged. The prices of Alar and Aksu jujube bulk goods decreased by 0.15 yuan/kg and 0.3 yuan/kg respectively, and the price of Hebei jujube special - grade decreased by 0.09 yuan/kg [2]. Upstream Market - The annual jujube output 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 jujube inventory this week was 9,541 tons, an increase of 193 tons; the monthly jujube export volume was 2,283,671 kg, a decrease of 81,222 kg; the cumulative monthly jujube export volume was 23,548,402 kg, an increase of 2,283,671 kg [2]. Downstream Situation - The cumulative quarterly sales volume of jujubes of Hao Xiang Ni was 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative year - on - year quarterly jujube production growth rate was 1.47%, a decrease of 34.59 percentage points [2]. Industry News - In Hebei Cuierzhuang Market, 6 trucks of jujubes arrived, with the reference price of special - grade jujubes at 9.80 - 10.20 yuan/kg and first - grade jujubes at 9.20 yuan/kg, showing a weakening trend. The prices of new - season finished products were slightly adjusted, with new - season special - grade jujubes at 10.80 - 11.30 yuan/kg and new - season first - grade jujubes at 9.80 - 10.30 yuan/kg [2]. - In Guangdong Ruyifang Market, 3 trucks of jujubes arrived, with stable prices. The purchasing enthusiasm of downstream merchants was average, and about 1 truck was sold [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The physical inventory of 36 sample points of jujubes this week is 9348 tons, an increase of 245 tons from last week, a month - on - month increase of 2.69% and a year - on - year increase of 120.78%. The price in the Hebei market has slightly decreased, and merchants pick and choose to make small - volume transactions. It is expected that the producing areas will enter the centralized picking stage in early November. Short - term investment should be on the sidelines [2] 3. Summary by Directory Futures Market - The closing price of the main futures contract of jujubes is not clearly given, the main 135 - contract position is 178,859 hands, a decrease of 1,615 hands; the net long position of the top 20 futures holders is 299 hands; the number of warehouse receipts is 0, and the effective warehouse receipt forecast is 0 [2] Spot Market - The prices of jujube products in various regions have different changes. For example, the price of Kashgar jujube bulk goods decreased by 0.15 yuan/kg, the price of first - grade grey jujubes in Hebei decreased by 0.05 yuan/jin, and the price of first - grade grey jujubes in Henan remained unchanged at 4.75 yuan/jin [2] Upstream Market - The annual jujube output is 318.7 million tons, and the planting area is 606,900 hectares, a decrease of 4.1% [2] Industry Situation - The national jujube inventory is 245 tons (weekly), the monthly jujube export volume is 9,348 kg, a decrease of 81,222 kg, and the cumulative monthly jujube export volume is 23,548,402 kg [2] Downstream Situation - The cumulative sales volume of jujubes of Hao Xiang Ni decreased by 2,981.06 tons (quarterly), and the cumulative year - on - year jujube output increased by 1.47% [2] Industry News - In the Hebei Cuierzhuang market, 6 trucks of jujubes arrived, with the reference price of special - grade jujubes at 9.90 - 10.00 yuan/kg and second - grade jujubes at 7.60 yuan/kg. The market is mainly trading old - season jujubes. In the Guangdong Ruyifang market, 7 trucks of jujubes arrived, with the reference price of special - grade jujubes at 11.80 yuan/kg and first - grade jujubes at 10.80 yuan/kg, and the price remained stable. Xinjiang merchants are actively purchasing, and the point - price shipments of futures - cash companies have increased [2]

Group 1: Report Summary - The report analyzes the price - driving logic of jujube futures and spot under the dual pressure of supply and demand, and provides corresponding operation strategies [5][8][9] Group 2: Market Conditions Futures Price - Since October 20, the jujube futures market has declined continuously, with a cumulative decline of 11.17%. As of last Friday's close, the CJ601 contract was reported at 10,145 yuan/ton, down 1.46%, with a trading volume of 245,521 lots and an open interest of 180,474 lots [5][13] Spot Price - The maturity of Xinjiang jujubes is earlier than last year. The orchard - booking in Hotan and Qiemo is basically completed and in the shipping stage. The mainstream orchard - booking price is 6.50 - 8.00 yuan/kg. The unified - grade prices in Aksu, Alar and Kashgar are stable at 6.75 yuan/kg, 7.15 yuan/kg and 7.5 yuan/kg respectively [6][17] - The prices in the sales areas are under pressure and the trading is light. The arrival in Guangdong Ruyifang decreased by 0.5 trucks compared with the previous week. The prices in markets such as Cui'erzhuang and Henan are in different ranges [7][20] Group 3: Inventory, Profit, and Trade Inventory - The inventory of 36 sample enterprises last week was 9,348 tons, a 2.23% decrease from the previous week and a 73.07% increase year - on - year. The old jujubes are not digested and the new ones are about to be listed, increasing short - term supply pressure [7][24] Profit - The average purchase price of grey jujubes in Xinjiang's main producing areas is 5.33 yuan/kg (2024 season). The first - grade finished product price in Hebei's sales area is 9.00 - 9.80 yuan/kg. The freight from Aksu to Cangzhou is 650 yuan/ton, and the gross profit is 2.32 yuan/kg, a 0.05 - yuan/kg decrease from the previous week [28] Import and Export - In September 2025, China's jujube export volume was 2,283,671 kg, with an export value of 36,347,933 yuan and an average export price of 15,916.449 yuan/ton. The export volume decreased by 3.43% from the previous month and 13.54% year - on - year. The cumulative export from January to September was 23,548,402 kg, a 5.12% increase year - on - year [32] Group 4: Outlook and Strategies Market Outlook - Jujubes are at the core node of the alternation of old and new supplies. The new jujubes in the producing areas are harvested earlier. The high inventory of old jujubes and weak demand exacerbate the supply - demand imbalance. If the warehouse receipt registration scale increases unexpectedly, it will increase the pressure on the near - month contract. The market will be in a weak shock pattern [8][33] Operation Strategies - For single - side trading, adopt a short - term high - selling strategy and pay attention to the purchase price in the producing areas, transactions and sales in the sales areas. For arbitrage and options, take a wait - and - see approach [9][34]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report - The price of the main contract of Zhengzhou jujube futures fell this week, with a weekly decline of about 5.63%. [10][13] - Xinjiang merchants are highly motivated to purchase jujubes, actively finalizing orchard and tree contracts, and shipping the harvested jujubes to the inland. The number of spot-futures companies selling at the point price has increased, and some merchants are actively purchasing old-season jujubes, leading to a growth trend in the sample inventory. [10] - As of October 31, 2025, the physical inventory of 36 sample points for jujubes this week was 9,348 tons, an increase of 245 tons from last week, a month-on-month increase of 2.69%, and a year-on-year increase of 120.78%. [10][43] - In the sales area market, the price in the Hebei market has slightly decreased, and merchants are selectively purchasing with small transactions. The price acceptance is currently average. It is expected that the production area will enter the concentrated harvesting stage in early November. Attention should be paid to the changes in the purchasing enthusiasm and volume of merchants. [10] - It is recommended to take a short-term bearish view on the Zhengzhou jujube 2601 contract. [10] 3. Summary by Directory 3.1 Week - ly Key Points Summary - Future trading reminders include monitoring spot prices and consumer demand. [10] - The price of the main contract of Zhengzhou jujube futures fell this week, with a weekly decline of about 5.63%. [10] - The physical inventory of 36 sample points for jujubes as of October 31, 2025, was 9,348 tons, an increase of 245 tons from last week, a month-on-month increase of 2.69%, and a year-on-year increase of 120.78%. [10] - It is expected that the production area will enter the concentrated harvesting stage in early November, and attention should be paid to the changes in the purchasing enthusiasm and volume of merchants. [10] - It is recommended to take a short-term bearish view on the Zhengzhou jujube 2601 contract. [10] 3.2 Futures and Spot Market - The price of the Zhengzhou jujube 2601 contract fell this week, with a weekly decline of about 5.63%. [13] - As of this week, the net position of the top 20 in jujube futures was -4,425 lots. [17] - As of this week, the number of Zhengzhou jujube warehouse receipts was 0. [21] - As of this week, the price difference between the Zhengzhou Commodity Exchange jujube futures 2601 contract and the 2605 contract was 30 yuan/ton. [24] - As of this week, the basis between the Hebei grey jujube spot price and the main contract of jujube futures was 255 yuan/ton. [28] - As of October 31, 2025, the purchase price of general jujubes in Aksu was 6.75 yuan/kg, in Alar was 7.15 yuan/kg, and in Kashgar was 7.5 yuan/kg. [31] - As of October 31, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei, and Henan was 4.75 yuan/jin. [35] - As of October 31, 2025, the spot price of special - grade grey jujubes in Cangzhou, Hebei, was 10.40 yuan/kg, and the wholesale price in Henan was 10.5 yuan/kg. [39] 3.3 Industry Chain Situation - Supply side: As of October 31, 2025, the physical inventory of 36 sample points for jujubes was 9,348 tons, an increase of 245 tons from last week, a month-on-month increase of 2.69%, and a year-on-year increase of 120.78%. The jujube production in the 2024/25 season increased to 6.069 million tons [43][46]. - Demand side: In September 2025, China's jujube export volume was 2,283,671 kg, with an export value of 36,347,933 yuan, an average export price of 15,916.449 yuan/ton. The export volume decreased by 3.43% month - on - month and 13.54% year - on - year. From January to September 2025, the cumulative export volume was 23,548,402 kg, a cumulative year - on - year increase of 5.12%. The BOCE Xinjiang jujube good brand trading was冷清 this week, with only a small amount of orders being filled [48][53]. 3.4 Option Market and Futures - Stock Correlation - Option market: Information on the implied volatility of at - the - money jujube options this week was presented [54]. - Stock market: The price - to - earnings ratio of Hao Xiang Ni was shown [56].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - This week, the price of the main contract of Zhengzhou jujube futures declined, with a weekly decline of approximately 5.87%. The supply - side pressure will gradually emerge in the future, and the probability of jujube price continuing to decline increases. It is recommended to adopt a short - selling strategy at high levels for the Zhengzhou jujube 2601 contract in the short term [10][14] - Affected by the solar terms, the picking time of grey jujubes is earlier than last year. The market focus is on the supply of goods available for making warehouse receipts. New - season jujubes have not been picked on a large scale, but inland jujube merchants have gone to the production areas to purchase goods. The acceptance of new goods in the market deserves attention [10] Summary According to the Directory 1. Weekly Key Points Summary - **Future Trading Tips**: Pay attention to the spot price and the consumer side [10] - **Market Review**: The price of the main contract of Zhengzhou jujube futures declined this week, with a weekly decline of about 5.87% [10] - **Market Outlook**: The picking time of grey jujubes is earlier. As of October 23, 2025, the physical inventory of 36 sample points was 9103 tons, an increase of 94 tons from last week, a month - on - month decrease of 1.04%, and a year - on - year increase of 109.22%. The supply - side pressure will gradually emerge, and the jujube price is likely to continue to fall. Focus on the mainstream purchase price and quality of new jujubes [10] - **Strategy Suggestion**: Adopt a short - selling strategy at high levels for the Zhengzhou jujube 2601 contract in the short term [10] 2. Futures and Spot Market - **Futures Price**: The price of the Zhengzhou jujube 2601 contract declined this week, with a weekly decline of about 5.87% [14] - **Top 20 Positions**: As of this week, the net position of the top 20 in jujube futures was - 10441 lots [15] - **Warehouse Receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 0 [18] - **Futures Spread**: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2601 contract and the 2605 contract was 95 yuan/ton [22] - **Basis**: As of this week, the basis between the spot price of Hebei grey jujubes and the main contract of jujube futures was - 100 yuan/ton [25] - **Purchase Price in Main Production Areas**: As of October 24, 2025, the purchase price of general jujubes in Aksu was 4.80 yuan/kg, in Alar was 5.2 yuan/kg, and in Kashgar was 6.0 yuan/kg [28] - **First - Class Jujube Spot Price**: As of October 24, 2025, the wholesale price of first - class grey jujubes in Cangzhou, Hebei, and Henan was 4.75 yuan/jin [32] - **Special - Grade Jujube Spot Price**: As of October 24, 2025, the spot price of special - grade grey jujubes in Cangzhou, Hebei, was 10.65 yuan/kg, and the wholesale price in Henan was 10.5 yuan/kg [36] 3. Industry Situation - **Supply Side - Inventory**: As of October 23, 2025, the physical inventory of 36 sample points was 9103 tons, an increase of 94 tons from last week, a month - on - month decrease of 1.04%, and a year - on - year increase of 109.22% [40] - **Supply Side - Yield**: In the 2024/25 production season, the jujube yield increased to 606.9 million tons due to good crop growth [43] - **Demand Side - Export Volume**: In August 2025, China's jujube export volume was 2364893 kg, the export value was 39713257 yuan, the average export price was 16792.84 yuan/ton, with a month - on - month increase of 32.55% and a year - on - year decrease of 25.20%. From January to August 2025, the cumulative export volume was 21264731 kg, with a cumulative year - on - year increase of 7.76% [47] - **Demand Side - BOCE Trading**: This week, the order volume of BOCE Xinjiang Jujube Hao Brand had a small amount of transactions [52] 4. Options Market and Futures - Stock Correlation - **Options Market**: The implied volatility of at - the - money jujube options this week is mentioned, but no specific data is provided [53] - **Stock Market -好想你**: The price - earnings ratio of Hao Xiang Ni is presented in the form of a graph, but no specific data is provided [55]

1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Report's Core View - In the main grey - jujube producing areas in Xinjiang, the process of orchard contracting is progressing rapidly. Some areas are in the process of jujube picking, and the picking time is slightly earlier than last year. The mainstream price is 6.50 - 8.00 yuan/kg with high - quality products commanding higher prices. Given the large carry - over inventory of old crops, the supply - side pressure is expected to gradually emerge, and the probability of jujube prices continuing to decline increases. Attention should be paid to the mainstream purchase price and quality of new jujubes. [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the futures main contract for jujubes is 11,165 yuan/ton, down 100 yuan; the main contract's open interest is down 2,275 hands. The net long position of the top 20 futures holders is - 11,201 hands, down 5,837 hands. The number of warehouse receipts and the effective warehouse receipt forecast are both 0, with no change. [2] 3.2现货市场 - The prices of jujube in various regions are mostly stable, with only the special - grade jujube price in Hebei slightly down 0.01 yuan/kg to 10.69 yuan/kg. The prices of other grades and regions remain unchanged. [2] 3.3 Upstream Market - The annual jujube output is 606.9 million tons, an increase of 318.7 million tons, and the planting area is 199.3 million hectares, a decrease of 4.1 million hectares. [2] 3.4 Industry Situation - The national jujube inventory is 2,283,671 tons, a decrease of 158 tons. The monthly jujube export volume decreased by 81,222 kg, and the cumulative monthly export volume is 23,548,402 kg. [2] 3.5 Downstream Situation - The cumulative quarterly sales volume of jujubes of Hao Xiang Ni is - 2,981.06 tons, and the cumulative quarterly production volume is 36,480.43 tons, with a year - on - year decrease of 34.59%. [2] 3.6 Industry News - In Hebei's Cui'erzhuang market, 5 trucks of jujubes arrived, and the prices are stable. In Guangdong's Ruyifang market, 5 trucks of jujubes arrived, with prices weakly stable. Some suppliers with average - quality goods offered small discounts, and customers were selective in purchasing. [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The current jujube market is at a critical juncture between the old and new seasons, with prices in the sales areas showing small fluctuations. The jujubes in the main production areas have not been harvested on a large scale yet, and it is expected to start after the Frost's Descent. Attention should be paid to the acquisition progress and price changes. - The inventory of the 36 sample points continued to decline. As the new season is approaching, some merchants are actively selling their inventory to raise funds for the new season's acquisition. With the cooling weather, the downstream purchasing enthusiasm has increased, and the market trading atmosphere has improved. - It is expected that the jujube market will fluctuate within a certain range in the future. It is recommended to wait and see for the short - term operation of the Zhengzhou Jujube 2601 contract [10]. 3. Summary by Directory 3.1 Week - to - Week Key Points Summary - Future trading reminders: Spot price and consumer end. - Market review: The price of the main contract of Zhengzhou jujube rose this week, with a weekly increase of about 2.47%. - Market outlook: The jujube market is in the transition period. The inventory decreased, and the downstream purchasing enthusiasm increased. It is expected to fluctuate within a range. - Strategy recommendation: Wait and see for the short - term operation of the Zhengzhou Jujube 2601 contract [10]. 3.2 Futures and Spot Market - Futures price: The price of the Zhengzhou Jujube 2601 contract rose this week, with a weekly increase of about 2.47% [13]. - Futures positions: As of this week, the net position of the top 20 in jujube futures was - 6441 lots [14]. - Futures warehouse receipts: As of this week, the number of Zhengzhou jujube warehouse receipts was 0 [19]. - Futures spreads: As of this week, the spread between the Zhengzhou Commodity Exchange's Jujube 2601 contract and the 2605 contract was - 10 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 - 840 yuan/ton [25]. - Spot prices: As of October 17, 2025, the unified purchase prices of jujubes in Aksu, Alar, and Kashgar were 4.80 yuan/kg, 5.2 yuan/kg, and 6.0 yuan/kg respectively; the wholesale prices of first - grade grey jujubes in Hebei Cangzhou and Henan were 4.75 yuan/jin; the spot prices of special - grade grey jujubes in Hebei Cangzhou and Henan were 10.58 yuan/kg and 10.5 yuan/kg respectively [28][32][36]. 3.3 Industry Chain Situation - Supply side: - Inventory: As of October 16, 2025, the physical inventory of 36 sample points was 9009 tons, a decrease of 158 tons from last week, a month - on - month decrease of 1.72%, and a year - on - year increase of 94.58% [40]. - Yield: In the 2024/25 production season, the jujube yield increased to 606.9 million tons [43]. - Demand side: - Exports: In August 2025, China's jujube export volume was 2364893 kg, with an export value of 39713257 yuan, an average export price of 16792.84 yuan/ton, a month - on - month increase of 32.55% and a year - on - year decrease of 25.20%. From January to August 2025, the cumulative export of jujubes was 21264731 kg, a cumulative year - on - year increase of 7.76% [47]. - BOCE trading: This week, the order volume of BOCE Xinjiang Jujube Good Brand had a small amount of transactions [52]. 3.4 Options Market and Futures - Stock Correlation - Options market: Information about the implied volatility of at - the - money jujube options this week was provided, but no specific data was given [53]. - Futures - stock correlation: A chart of the price - to - earnings ratio of Hao Xiang Ni was presented, but no specific analysis was given [55].