Report Industry Investment Rating - Not mentioned in the report Core Viewpoint - The apple futures market is expected to remain volatile at a high level before the Spring Festival. Low inventory provides some support for the market, and the operation should be based on a volatile mindset [37] Summary by Directory 1. This Week's Market Review - The main contract of apple futures, AP2605, first rose and then fell, maintaining an overall volatile market. The festival stocking effect boosted the market to rise slightly, but on Friday, the general decline in the commodity market led to a weakening of the apple futures market [8] 2. Supply - side Situation - As of January 29, 2026, the national cold - storage apple inventory was 6.0101 billion tons, and the national cold - storage inventory ratio was about 45.63%. The defective rate of low - price fruits from fruit farmers was relatively high, and the number of packaging workers increased recently [13] 3. Demand - side Situation - **Cold - storage shipment volume**: As of January 29, 2026, the national cold - storage capacity ratio decreased by 2.38 percentage points, and the de - stocking rate was 18.32%. In Shandong, the cold - storage capacity ratio was 48.36%, a decrease of 1.57 percentage points this week. In Shaanxi, the cold - storage capacity ratio was 43.15%, a decrease of 2.56 percentage points this week. The shipment speed in the producing areas has accelerated due to the Spring Festival stocking peak [18] - **Export volume**: In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. The overseas demand increased due to the Christmas and New Year festivals, leading to a significant month - on - month increase in export volume [22] - **Spot price in the producing area**: As of January 30, the apple price in Qixia, Yantai, Shandong was stable. The intended price of first - and second - grade fruit farmer's slice - red apples above 80 was 3.7 - 4.0 yuan per catty, and that of striped apples was 4.0 - 4.7 yuan per catty. The intended price of first - and second - grade merchant's apples above 80 was 4.2 - 5.2 yuan per catty. The price of first - to third - grade fruit farmer's apples above 80 was 3.0 - 3.5 yuan per catty, the price of general goods was 2.5 - 3.0 yuan per catty, and the price of third - grade apples was 1.8 - 2.5 yuan per catty. The number of packaging workers increased recently, and the shipment situation was okay [33]