1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The trading on the ground in the western apple - producing areas has basically ended, and some cold - storage facilities have started to ship goods. In the Shandong producing area, the quality of the current apple supply has declined, and it is difficult to find high - quality goods. The purchasing of high - quality goods by merchants is active, while the acquisition of ordinary goods is relatively cautious. The new - season late - maturing Fuji apples are increasing in volume, but the progress of picking and cold - storage warehousing is delayed compared to the same period last year. The trading atmosphere in the sales areas is still dull, and the demand side is under pressure. The market should focus on cold - storage warehousing data, which adds uncertainty to the market. Previous long - position holders have taken profits, and new positions should be observed in the short term [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main apple futures contract is 8861 yuan/ton, and the main contract's open interest is 125,052 hands, a decrease of 7077 hands. The net long position of the top 20 futures holders is 2542 hands, a decrease of 4820 hands [2] 3.2 Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5 yuan/jin, unchanged; in Shandong Yiyuan (paper - bagged, above 75) is 2.3 yuan/jin, a decrease of 0.05 yuan/jin; in Shaanxi Luochuan (paper - bagged, above 70 semi - second - grade fruit farmer's goods) is 4.1 yuan/jin, unchanged; in Shandong Yantai Qixia (paper - bagged, above 80 second - grade fruit) is 3.7 yuan/jin, unchanged [2] 3.3 Upstream Situation - The national apple output is 5128.51 million tons, an increase of 168.34 million tons, and the weekly wholesale price of apples is 9.53 yuan/kg [2] 3.4 Industry Situation - The average wholesale price of Fuji apples is 9.15 yuan/kg, a decrease of 0.11 yuan/kg. The total national apple cold - storage inventory is 70,000 tons. The cold - storage capacity utilization ratio in Shandong is 0.01, and in Shaanxi is 0. The monthly export volume of apples is 70,000 tons, and the monthly export value is 18.3798 million US dollars, an increase of 2.486845 million US dollars. The monthly import value of fresh, dried fruits and nuts is 6917.9 million US dollars [2] 3.5 Downstream Situation - The average wholesale price of tangerines is 6.74 yuan/kg, a decrease of 0.56 yuan/kg; the wholesale price of bananas is 5.08 yuan/kg, an increase of 0.26 yuan/kg; the wholesale price of watermelons is 5.46 yuan/kg, an increase of 0.01 yuan/kg. The average daily number of incoming trucks in the morning at the Guangdong Jiangmen wholesale market is 16.2 vehicles, an increase of 0.4 vehicles; at the Guangdong Xiaqiao wholesale market is 20.6 vehicles; at the Guangdong Chalong wholesale market is 27.6 vehicles, an increase of 3 vehicles [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 21.67%, a decrease of 0.04%, and the implied volatility of at - the - money put options is 22.58%, an increase of 0.87% [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The overall inventory pressure of apples in the warehouse is not large, and the market has high expectations for the opening price of late - maturing Fuji apples, which supports the price to fluctuate strongly. It is recommended to close long positions and wait and see when the price is high [2] Summary by Relevant Catalogs Futures Market - The closing price of the October apple contract decreased by 57 yuan/ton, and the position of the main contract decreased by 3346 lots to 53,493 lots. The net long position of the top 20 futures decreased by 1089 lots to 4,730 lots [2] Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, and Shaanxi Luochuan remained unchanged, at 4 yuan/jin, 2.3 yuan/jin, and 4 yuan/jin respectively [2] Upstream Situation - The national apple output was 5128.51 million tons, and the average wholesale price of Fuji apples increased by 0.04 yuan/kg to 9.75 yuan/kg. The total national apple cold - storage inventory decreased by 5.48 million tons to 33.97 million tons. The apple export volume increased by 10,000 tons to 50,000 tons [2] Industry Situation - The apple export amount decreased by 212,886 million US dollars to 1,742,602 million US dollars, and the import amount of fresh, dried fruits and nuts was 6328.4 million US dollars. The profit of first - and second - grade paper - bag apple 80 storage merchants was 0.4 yuan/jin [2] Downstream Situation - The average wholesale price of tangerines decreased by 1.07 yuan/kg to 8.69 yuan/kg, the fruit wholesale price of bananas decreased by 0.1 yuan/kg to 5.6 yuan/kg, and the fruit wholesale price of watermelons increased by 3 yuan/kg to 3.51 yuan/kg. The morning average daily arrival vehicle volumes in Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets changed to 14.4, 17.2, and 27.2 vehicles respectively [2] Option Market - The implied volatility of at - the - money call options for apples was 21.38%, and the implied volatility of at - the - money put options decreased by 18.16 percentage points to 3.22% [2] Industry News - On September 3, 2025, rainfall in western production areas affected the picking and listing of early Fuji apples. The transaction of Shandong inventory Fuji apples was still light [2] Viewpoint Summary - The new - season apple output is expected to be 3736.64 million tons, an increase of 85.93 million tons or 2.35% compared with the 2024 - 2025 production season. As of August 27, 2025, the national main - producing area apple cold - storage inventory decreased by 5.48 million tons week - on - week. The overall quality of early - maturing fruits was poor, and the market was worried about the late - maturing Fuji apples' quality and high opening price expectations [2]

Report Summary 1. Report Industry Investment Rating - The report suggests holding long positions and setting stop - losses to control risks [2] 2. Core View - The inventory apple shipment rhythm is slow, but the overall inventory pressure is small. The market's high expectation for the opening price of late - maturing Fuji apples supports the price to fluctuate strongly. Attention should be paid to the listing and quality of early - maturing Fuji apples [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the October apple contract is 8389 yuan/ton, and the position of the main contract is 56,839 lots, a decrease of 1,575 lots. The net long position of the top 20 futures holders is 5,819 lots, an increase of 441 lots [2] Spot Market - The spot prices of apples in Gansu Jingning (paper - bagged above 75), Shandong Yiyuan (paper - bagged above 75), and Shaanxi Luochuan (paper - bagged above 70 semi - commodities) are 4 yuan/jin, 2.3 yuan/jin, and 4 yuan/jin respectively, with no change [2] Upstream Situation - The national apple output is 5,128.51 million tons, an increase of 168.34 million tons. The average wholesale price of apples is 9.74 yuan/kg, and that of Fuji apples is 9.54 yuan/kg, an increase of 0.04 yuan/kg. The total national apple cold - storage inventory is 33.97 million tons, a decrease of 5.48 million tons. The storage ratios of Shandong and Shaanxi are 0.06 and 0.01 respectively, with Shandong's decreasing by 0.01. The monthly apple export volume is 50,000 tons, an increase of 10,000 tons [2] Industry Situation - The monthly import value of fresh, dried fruits and nuts is 1,997.6 million US dollars, and the monthly apple export value is 6328.4 million US dollars, a decrease of 212,886 million US dollars. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0.4 yuan/jin [2] Downstream Situation - The average weekly wholesale prices of tangerines, bananas, and watermelons are 8.69 yuan/kg, 5.7 yuan/kg, and 3.5 yuan/kg respectively. The weekly average early - morning arrival vehicle volumes at Guangdong Jiangmen, Chalong, and Xiaqiao wholesale markets are 14.4, 2.8, and 17.2 vehicles respectively, with Jiangmen and Xiaqiao increasing by 3 and 5 vehicles respectively [2] Option Market - The implied volatility of at - the - money call and put options for apples are 21.38% and 3.22% respectively, with the put option's decreasing by 18.16% [2] Industry News - On September 2, 2025, early - maturing Fuji apples in the western production area were gradually on the market. Merchants' enthusiasm for purchasing high - quality goods was okay, with obvious price differences based on quality. The quality of Gansu Huaniu apples was better than that of Gala apples, and the price remained stable and weak. Shandong's inventory of Fuji apples continued to be cleared. The apple 2510 contract rose 0.38% on Tuesday. The preliminary estimate of the national apple output is 3,736.64 million tons, an increase of 85.93 million tons or 2.35% compared to the 2024 - 2025 production season [2] Viewpoint Summary - As of August 27, 2025, the national main - producing area apple cold - storage inventory was 33.97 million tons, a decrease of 5.48 million tons from last week. The increase in early - maturing fruit supply affected the inventory clearance speed, and the sales speed slowed down year - on - year and month - on - month. The transaction of paper - bagged Gala apples in the western production area ended, and early - maturing Fuji apples were on the market. The overall quality of early - maturing fruits was not good, and the market was worried about the late - maturing Fuji apples. The high expectation for the opening price of late - maturing Fuji apples was due to the excellent fruit rate issue [2]

Report's Industry Investment Rating - Not provided Report's Core View - The spot inventory of apples is low, which strongly supports prices. However, as the listing volume of Gala apples gradually increases, the price increase rhythm is constrained, and the market will operate with short - term fluctuations. It is recommended to conduct range trading and pay attention to the coloring and listing of early - maturing apples [2] Summary by Relevant Catalogs Futures Market - The closing price of the October apple contract is 8,103 yuan/ton, with a week - on - week increase of 39; the holding volume of the main contract is 76,448 lots, a week - on - week decrease of 5,066; the number of apple warehouse receipts is 0; the net long position of the top 20 futures holders is - 970 lots, a week - on - week decrease of 357 [2] Spot Market - The spot price of apples in Shandong Yantai Qixia (paper - bagged grade - II fruit from growers, above 80) is 4 yuan/jin; in Gansu Jingning (paper - bagged above 75) is 4 yuan/jin; in Shandong Yiyuan (paper - bagged above 75) is 2.3 yuan/jin; in Shaanxi Luochuan (paper - bagged semi - commercial products above 70) is 4 yuan/jin [2] Upstream Situation - The annual national apple output is 5,128.51 million tons; the weekly apple wholesale price is 9.66 yuan/kg, a week - on - week decrease of 0.03; the weekly average wholesale price of Fuji apples is 9.48 yuan/kg, a week - on - week decrease of 0.03 [2] Industry Situation - The total national apple cold - storage inventory is 46.01 million tons, a week - on - week decrease of 7.38; the weekly storage capacity ratio of apples in Shandong is 0.08, a week - on - week decrease of 0.01; in Shaanxi is 0.02, unchanged; the monthly apple export volume is 50,000 tons, an increase of 10,000 tons; the monthly apple export value is 63.284 million US dollars; the monthly import value of fresh and dried fruits and nuts is 19.976 million US dollars; the weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0.4 yuan/jin, a week - on - week decrease of 0.1 [2] Downstream Situation - The weekly average wholesale price of tangerines is 10.11 yuan/kg, a week - on - week decrease of 0.04; the weekly wholesale price of watermelons is 3.54 yuan/kg, a week - on - week decrease of 0.14; the weekly wholesale price of bananas is 5.75 yuan/kg, a week - on - week decrease of 0.13; the weekly early - morning average daily arrival volume of trucks at the Guangdong Jiangmen wholesale market is 7.6, a week - on - week decrease of 0.8; at the Guangdong Xiaqiao wholesale market is 9.6, a week - on - week decrease of 1.4; at the Guangdong Chalong wholesale market is 15, a week - on - week decrease of 1 [2] Option Market - The implied volatility of at - the - money call options for apples is 17.3%, a day - on - day decrease of 2.91; the implied volatility of at - the - money put options for apples is 17.3%, a day - on - day decrease of 2.91 [2] Industry News - On August 21, 2025, the supply volume of Gala apples in the western production areas increased steadily, with overall poor quality, small fruit sizes, and few high - quality products. Prices showed a significant polarization, and the market was stable but weak. In the Shandong production area, there was still pressure in the trading of inventory apples. Cold - storage operators and fruit growers continued to actively dispose of inventory, and the transaction prices remained stable but weak, with transactions concluded through negotiation. On Thursday, the apple 2510 contract rose 0.20%. According to Mysteel's preliminary statistics based on bagging volume survey data, the national apple output is expected to be 3,736.64 million tons, an increase of 85.93 million tons or 2.35% compared with the 2024 - 2025 production season [2] Viewpoint Summary - As of August 20, 2025, the inventory of apples in the main national production areas was 39.45 million tons, a week - on - week decrease of 6.56 million tons. With the increase in the supply of early - maturing apples, the inventory clearance speed was affected, and the sales speed slowed down slightly compared with the previous week. The old - crop inventory was low, but the overall sales speed slowed down. In the western production area, the supply volume of paper - bagged Gala apples increased, the transaction price showed a slight downward trend, and fruit growers actively disposed of inventory [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The current apple inventory is at a low level compared to the same period in the past five years, and the purchase price of early - maturing varieties has increased year - on - year, which strongly supports the price. However, the large - scale listing of summer cooling fruits impacts apple demand, resulting in insufficient price momentum. The short - term trend is expected to be slightly bullish with fluctuations. Continued attention should be paid to the production situation [2] Summary by Relevant Catalogs Futures Market - The closing price of the October apple contract was 7,840 yuan/ton, a decrease of 22 yuan; the position of the main contract was 96,814 lots, a decrease of 144 lots; the number of apple warehouse receipts was 0; the net long position of the top 20 futures holders was 7,606 lots, a decrease of 1,200 lots [2] Spot Market - The spot price of Shandong Yantai Qixia (paper - bagged, above 80, second - grade fruit farmer's goods) was 4 yuan/jin, with no change [2] Upstream Situation - The national apple production was 5,128.51 million tons, an increase of 168.34 million tons. According to preliminary estimates, the national apple production in the new season will be 3,736.64 million tons, an increase of 85.93 million tons or 2.35% compared to the 2024 - 2025 production season [2] Industry Situation - The weekly apple wholesale price was 9.76 yuan/kg, an increase of 0.03 yuan; the average wholesale price of Fuji apples was 9.66 yuan/kg, an increase of 0.12 yuan; the total national apple cold - storage inventory was 91.49 million tons, a decrease of 7.82 million tons; the storage ratio of Shandong apples was 0.13, a decrease of 0.01; the storage ratio of Shaanxi apples was 0.06, a decrease of 0.01; the monthly apple export volume was 50,000 tons, a decrease of 20,000 tons; the monthly apple export value was 51.525 million US dollars, a decrease of 25.529 million US dollars; the monthly import value of fresh and dried fruits and nuts was 2,201,050.17 million US dollars; the weekly profit of first - and second - grade paper - bagged 80 apple storage merchants was 0.9 yuan/jin, an increase of 0.1 yuan; the weekly average wholesale price of tangerines was 9.12 yuan/kg, an increase of 0.28 yuan; the weekly fruit wholesale price of bananas was 6.15 yuan/kg, a decrease of 0.18 yuan [2] Downstream Situation - The weekly fruit wholesale price of watermelons was 3.94 yuan/kg, an increase of 0.01 yuan; the average daily number of early - morning arriving trucks at the Guangdong Jiangmen wholesale market was 7.8, with no change; the average daily number of early - morning arriving trucks at the Guangdong Xiaqiao wholesale market was 11, a decrease of 0.8; the average daily number of early - morning arriving trucks at the Guangdong Chalong wholesale market was 19.4, a decrease of 0.6 [2] Option Market - The implied volatility of at - the - money call options for apples was 17.29%, an increase of 0.45%; the implied volatility of at - the - money put options for apples was 17.3%, an increase of 0.46%; the 60 - day historical volatility of apples was 15.15%, with no change [2] Industry News - On July 16, 2025, there were few remaining apples in the western production areas, mainly concentrated in the Luochuan area, and the enthusiasm of merchants to purchase was okay with stable prices. In the Shandong production area, the remaining fruit farmer's goods were mainly large fruits, and the medium and small fruits had basically been cleared. The trading speed of large fruits was slow, and transactions were mainly through bargaining. Merchant - owned goods were mainly self - picked and shipped, with little change in the market [2] Viewpoint Summary - As of July 9, 2025, the inventory of apple cold - storage in the national main production areas was 91.49 million tons, a decrease of 7.81 million tons compared to the previous week. The inventory turnover speed changed little compared to the previous week and was still slower than the same period last year. The storage ratio in the Shandong production area was 13.21%, a decrease of 0.77% compared to the previous week, and the inventory reduction speed was slower year - on - year. The storage ratio in the Shaanxi production area was 5.72%, a decrease of 0.71% compared to the previous week, and the inventory turnover was slightly faster than the previous week [2]

Report Industry Investment Rating - Not provided Core Viewpoints - Summer sees a large influx of summer fruits, which impacts apple demand and slows down the sales pace However, the current inventory is at a five - year low, strongly supporting prices, so the market is expected to show a slightly bullish and volatile trend Follow - up attention should be paid to the production situation [2] Summary by Directory Futures Market - The closing price of the apple futures main contract is 7,838 yuan/ton, with a change of 24 The closing price of the October contract is also 7,838 yuan/ton, with a change of 24 The main contract's open interest is 94,201 lots, a decrease of 8,538 The number of warehouse receipts is 0 The net long position of the top 20 futures holders is 8,023 lots, a decrease of 526 [2] Spot Market - In Shandong Yantai Qixia, the spot price of bagged apples (above 80) is 4 yuan/jin In Gansu Jingning, the spot price of bagged apples (above 75) is 4 yuan/jin In Shandong Yiyuan, the spot price of bagged apples (above 75) is 2.4 yuan/jin In Shaanxi Luochuan, the spot price of bagged apples (above 70) is 4 yuan/jin [2] Upstream Situation - The national apple orchard area is 1,955.77 thousand hectares, a decrease of 19.58 The national apple production is 5,128.51 tons, an increase of 168.34 tons [2] Industry Situation - The weekly wholesale price of apples is 9.76 yuan/kg, with a change of 0.03 The national total cold - storage inventory of apples is 91.49 tons, a decrease of 7.82 tons The average wholesale price of Fuji apples is 9.66 yuan/kg, with a change of 0.12 The storage ratio in Shandong is 0.13, a decrease of 0.01 The storage ratio in Shaanxi is 0.06, a decrease of 0.01 The monthly export volume of apples is 50,000 tons, a decrease of 20,000 tons The monthly export value of apples is 5,152.5 million US dollars, a decrease of 2,552.9 million US dollars The monthly import value of fresh and dried fruits and nuts is not specified The profit of storage merchants for first - and second - grade bagged apples (80) is 0.9 yuan/jin, an increase of 0.1 yuan/jin [2] Downstream Situation - The weekly average wholesale price of tangerines is 9.12 yuan/kg, an increase of 0.28 The weekly wholesale price of pears is 6.73 yuan/kg, with a change of - 0.8 The weekly wholesale price of bananas is 6.33 yuan/kg, a decrease of 0.14 The weekly wholesale price of watermelons is 3.93 yuan/kg, a decrease of 0.03 The average daily early - morning arrival of trucks at the Jiangmen wholesale market in Guangdong is 7.8, with no change The average daily early - morning arrival of trucks at the Xiaqiao wholesale market in Guangdong is 11 The average daily early - morning arrival of trucks at the Chalong wholesale market in Guangdong is 19.4, a decrease of 0.6 [2] Options Market - The implied volatility of at - the - money call options for apples is 16.75%, a decrease of 0.21 The implied volatility of at - the - money put options for apples is 16.74%, a decrease of 0.18 [2] Industry News - On July 14, 2025, inventory trading in production areas showed slight improvement, with more inquiring and purchasing merchants In the western production areas, large companies in cold storage were relatively active in packaging and purchasing, and the transaction price rebounded In Shandong, transactions were mostly negotiated, and the market price was chaotic The preliminary estimate of the national apple production in the new season is 3,736.64 tons, an increase of 85.93 tons (2.35%) compared to the 2024 - 2025 season [2] Viewpoint Summary - As of July 9, 2025, the cold - storage inventory of apples in the main production areas was 91.49 tons, a decrease of 7.81 tons from the previous week The sales speed was not much different from the previous week and was still slower than the same period last year The storage ratio in Shandong was 13.21%, a decrease of 0.77% from the previous week, and the de - stocking speed was slower than the same period last year The storage ratio in Shaanxi was 5.72%, a decrease of 0.71% from the previous week, and the sales were slightly faster than the previous week [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - On July 7, 2025, due to high - temperature weather, the market in Shandong's apple cold - storage area became dull, with weakening prices and slower sales. In the western producing areas, some apple quality issues led to lower purchasing enthusiasm and price cuts. The new - season apple production situation is clearer, with an expected 5% - 10% reduction in Shaanxi compared to last year. As of July 2, 2025, the national cold - storage inventory decreased week - on - week, and the destocking speed was slow. The current inventory at a five - year low supports prices, but the large supply of summer fruits impacts apple demand. After bagging, farmers' willingness to sell increases, so apples are expected to run slightly stronger in the short - term with limited driving force. Follow - up attention should be paid to production [2][3] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the apple futures main contract was 7,733 yuan/ton, down 6 yuan; the 10 - month contract closing price was also 7,733 yuan/ton, down 6 yuan. The main contract's open interest was 89,653 lots, a decrease of 6,669 lots, and the number of warehouse receipts was 0. The net long position of the top 20 futures holders was 5,853 lots, down 1,403 lots [2] Spot Market - The spot price of Shandong Yantai Qixia apples (paper - bagged, 80 and above, second - grade fruit farmer's goods) was 4.1 yuan/jin; the spot price of Gansu Jingning apples (paper - bagged, 75 and above) was 4.5 yuan/jin; the spot price of Shandong Yiyuan apples (paper - bagged, 75 and above) was 2.6 yuan/jin; the spot price of Shaanxi Luochuan apples (paper - bagged, 70 and above, semi - commercial) was 4.2 yuan/jin [2] Upstream Situation - The national apple orchard area was 1,955.77 thousand hectares, a decrease of 19.58 thousand hectares. The national apple output was 5,128.51 million tons, an increase of 168.34 million tons. The weekly average wholesale price of apples was 9.73 yuan/kg, and that of Fuji apples was 9.54 yuan/kg, up 0.03 yuan/kg. The national apple cold - storage inventory was 99.31 million tons, a decrease of 7.6 million tons. The cold - storage capacity ratio in Shandong was 0.14, down 0.01, and in Shaanxi was 0.06, down 0.01. The monthly apple export volume was 50,000 tons, a decrease of 20,000 tons, and the export value was 51.525 million US dollars, a decrease of 25.529 million US dollars. The monthly import value of fresh and dried fruits and nuts was 2,201,050.17 million US dollars [2] Industry Situation - The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants was 0.8 yuan/jin, a decrease of 0.1 yuan/jin. The weekly average wholesale price of tangerines was 8.84 yuan/kg, up 0.16 yuan/kg; that of pears was 6.68 yuan/kg, down 0.04 yuan/kg; that of bananas was 6.47 yuan/kg, down 0.03 yuan/kg; and that of watermelons was 3.96 yuan/kg, down 0.02 yuan/kg [2] Downstream Situation - The average daily number of early - morning arriving trucks at the Guangdong Jiangmen wholesale market was 7.8, unchanged; at the Guangdong Xiaqiao wholesale market was 11.8, an increase of 0.8; and at the Guangdong Chalong wholesale market was 20, an increase of 1.2 [2] Option Market - The implied volatility of at - the - money call options for apples was 16.73%, a decrease of 0.37%, and that of at - the - money put options was 16.71%, a decrease of 0.36% [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The apple market is expected to fluctuate in the short - term. Although the current low inventory supports prices, the increasing competition and substitution from other fruits, along with a potential increase in farmers' willingness to sell, put pressure on apple prices. Continued attention should be paid to bagging conditions [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 7,643 yuan/ton, down 88 yuan; the closing price of the October contract is also 7,643 yuan/ton, down 88 yuan. The main contract's open interest is 90,058 lots, down 17,872 lots, and the number of warehouse receipts is 0. The net long position of the top 20 futures holders is 2,486 lots, down 3,474 lots [2] 3.2 Spot Market - The spot price of apples in Shandong Yantai Qixia (paper - bagged, above 80) is 4.1 yuan/jin, that in Gansu Jingning (paper - bagged, above 75) is 4.5 yuan/jin, in Shandong Yiyuan (paper - bagged, above 75) is 2.6 yuan/jin, and in Shaanxi Luochuan (paper - bagged, above 70) is 4.2 yuan/jin, with no change in all cases [2] 3.3 Upstream Situation - The national apple orchard area is 1,955.77 thousand hectares, down 19.58 thousand hectares, and the national apple output is 5,128.51 million tons, up 168.34 million tons [2] 3.4 Industry Situation - The weekly wholesale price of apples is 9.59 yuan/kg, up 0.02 yuan; the average wholesale price of Fuji apples is 9.56 yuan/kg, up 0.12 yuan. The total national apple cold - storage inventory is 116.49 million tons, down 10.97 million tons. The storage capacity ratio in Shandong is 0.16, down 0.01, and in Shaanxi is 0.08, down 0.01. The monthly apple export volume is 50,000 tons, down 20,000 tons, and the export value is 51.525 million US dollars, down 25.529 million US dollars. The monthly import value of fresh and dried fruits and nuts is 22,010.50171064370.17 million US dollars. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0.9 yuan/jin, with no change [2] 3.5 Downstream Situation - The weekly average wholesale price of tangerines is 8.5 yuan/kg, up 0.38 yuan; the wholesale price of pears is 6.75 yuan/kg, up 0.05 yuan; the wholesale price of bananas is 6.61 yuan/kg, down 0.15 yuan; the wholesale price of watermelons is 4.11 yuan/kg, down 0.13 yuan. The average daily early - morning arrival of trucks at the Guangdong Jiangmen wholesale market is 10.25, up 2.25; at the Guangdong Xiaqiao wholesale market is 14.25, up 2.45; and at the Guangdong Chalong wholesale market is 22.25, up 1.45 [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 15.72%, up 0.24%, and that of at - the - money put options is 15.71%, up 0.23% [2] 3.7 Industry News - On June 23, 2025, the trading atmosphere in apple - producing areas improved, with more inquiring and inspecting merchants, but most had a wait - and - see and price - pressing attitude. Cold - storage shipments were mainly from merchants' own packaged goods. The prices of high - quality and early - season apples were stable, while buyers significantly pressured the prices of low - quality and end - season apples. In the new - season apple aspect, the bagging work in the producing areas is ending, and the production situation is becoming clear. The apple production in Shaanxi's main producing areas is expected to decrease by 5% - 10% compared to the same period last year [2] 3.8 Viewpoint Summary - As of June 18, 2025, the national main - producing areas' apple cold - storage inventory was 116.49 million tons, down 10.97 million tons from last week. The shipment speed was basically the same as last week but slower than the same period last year. The storage capacity ratio in Shandong was 16.43%, down 0.86% from last week, and the de - stocking speed slowed down. Shandong is currently in the busy farming season, with light overall trading. The storage capacity ratio in Shaanxi was 8.9%, down 0.76% from last week, and the shipment was slightly slower than last week [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - The weak demand, slow sales pace, slower inventory clearance progress, and reduced expectation of production decline have weakened the supporting factors, leading to a significant drop in apple prices. Follow - up attention should be paid to the bagging situation [2][3] Group 3: Summary by Related Catalogs 1. Futures Market - The closing price of the apple futures main contract (daily, yuan/ton) is 7486, down 220; the closing price of the October contract (daily, yuan/ton) is also 7486, down 220. The main contract's open interest (daily, lots) is 118357, up 13940, and the number of warehouse receipts (daily, sheets) is 0. The net long position of the top 20 futures holders (daily, lots) is - 1249, down 2184 [2] 2. Spot Market - The spot price of Shandong Yantai Qixia apples (paper - bagged, above 80, first - and second - grade fruit farmer's goods, daily, yuan/jin) is 4.1; the spot price of Gansu Jingning apples (paper - bagged, above 75, daily, yuan/jin) is 4.5, up 0.1; the spot price of Shandong Yiyuan apples (paper - bagged, above 75, daily, yuan/jin) is 2.8, up 0.1; the spot price of Shaanxi Luochuan apples (paper - bagged, above 70, semi - commodity, daily, yuan/jin) is 4.2 [2] 3. Upstream Situation - The national apple orchard area (annual, thousand hectares) is 1955.77, down 19.58; the national apple production (annual, ten thousand tons) is 4960.17, up 202.99 [2] 4. Industry Situation - The wholesale price of apples (weekly, yuan/kg) is 9.47, down 0.01; the average wholesale price of Fuji apples (weekly, yuan/kg) is 9.47, up 0.16. The total national apple cold - storage inventory (weekly, ten thousand tons) is 138.2, down 13.76. The storage capacity ratio of Shandong apples (weekly) is 0.17, down 0.01; the storage capacity ratio of Shaanxi apples (weekly) is 0.1, down 0.01. The monthly export volume of apples (tons) is 70000, down 30000; the monthly export value of apples (ten thousand US dollars) is 7705.4, down 1995.6. The monthly import value of fresh and dried fruits and nuts (ten thousand US dollars) is 1136680, up 268476. The profit of first - and second - grade paper - bagged 80 apple storage merchants (weekly, yuan/jin) is 0.9 [2] 5. Downstream Situation - The average wholesale price of tangerines (weekly, yuan/kg) is 8.04, up 0.15; the wholesale price of Ya pears (weekly, yuan/kg) is 6.63, up 0.08; the wholesale price of bananas (weekly, yuan/kg) is 7, up 0.01; the wholesale price of watermelons (weekly, yuan/kg) is 4.42, down 0.28. The average daily early - morning arrival of trucks at the Guangdong Jiangmen wholesale market (weekly, vehicles) is 9.75, down 3.5; at the Guangdong Xiaqiao wholesale market (weekly, vehicles) is 16.75, down 5; at the Guangdong Chalong wholesale market (weekly, vehicles) is 26.75, down 3.25 [2] 6. Options Market - The implied volatility of at - the - money call options for apples (daily, %) is 16.4, down 0.17; the implied volatility of at - the - money put options for apples (daily, %) is also 16.4, down 0.17 [2] 7. Industry News - On June 8, 2025, the trading in apple production areas was rather dull. There were not many merchants in cold - storage facilities inquiring and inspecting goods. A small amount of purchases had relatively strict requirements for the quality of goods. Transactions were mainly made through bargaining, and the market situation did not change much. In terms of new - season apples, as the bagging work continues, the production problem is becoming clearer. In areas where a production decline was previously expected, the expectation of a decline has weakened. According to market research on the fruit - setting and bagging situation in the main apple - producing areas of Shaanxi, the fruit - setting and bagging situation in Shaanxi this year has a production decline of no more than 5% - 10% compared with the same period last year [2] 8. Viewpoint Summary - As of June 4, 2025, the inventory of apples in cold - storage facilities in the national main producing areas is 138.20 ten thousand tons, a decrease of 13.77 ten thousand tons compared with last week. This week, the storage capacity ratio in the Shandong production area is 17.29%, a decrease of 0.93% compared with last week, and the inventory clearance speed has slowed down compared with the previous period. The Shandong production area is currently in the busy bagging season, with fewer merchants in the area. The sales of apples have slowed down compared with the previous period, and the packaging and shipment from cold - storage facilities have decreased. This week, the storage capacity ratio in the Shaanxi production area is 9.66%, a decrease of 1.16% compared with last week, and the sales are slightly slower than last week. During the week, it was mainly merchants shipping their previously self - stored goods, with limited in - warehouse transactions. Some suitable goods were hard to find, and the asking prices of inventory holders have not shown an obvious loosening [2]