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]

苹果出货节奏偏慢，不过整体库存压力较小，加上市场对晚熟富士苹果开秤价预期较高，支撑价格偏强波 研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 动，关注早熟富士上市和质量情况。操作上建议多单持有，注意设置止损控制风险。 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 数据指标 | 最新 | 环比 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 10月合约收盘价:苹果(日,元/吨) 15 主力合约持仓量:苹果(日,手) | 8389 | | 56839 | -1575 | | | 期货前20名持仓:净买单量:苹果 ...

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]

苹果产业日报 2025-07-07 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 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苹果(日,元/吨) | 7733 | -6 10月合约收盘价:苹果(日,元/吨) | 7733 | -6 0 | | | 主力合约持仓量:苹果(日,手) | 89653 | -6669 仓单数量:苹果(日,张) | 0 | | | | 期货前20名持仓:净买单量:苹果(日,手) | 5853 | -1403 | | | | | 山东烟台栖霞现货价格(纸袋80#以上一 | 4.1 | 甘肃静宁苹果现货价格(纸袋75#以上)(日, 0 | 4.5 | 0 | | 现货市场 | 二级果农货)(日,元/斤) 山东沂源苹果现货价格(纸袋75#以上)(日, | | 元/斤) 陕西洛川苹果现货价格(纸袋70#以上半 | | | | | | 2.6 | 0 | 4.2 | 0 | | 上游情 ...

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 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苹果(日,元/吨) | 7643 | -88 10月合约收盘价:苹果(日,元/吨) | 7643 | -88 | | | 主力合约持仓量:苹果(日,手) | 90058 | -17872 仓单数量:苹果(日,张) | 0 | 0 | | | 期货前20名持仓:净买单量:苹果(日,手) | 2486 | -3474 | | | | 现货市场 | 山东烟台栖霞现货价格(纸袋80#以上一 | 4.1 | 甘肃静宁苹果现货价 ...

苹果产业日报 2025-06-09 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苹果(日,元/吨) | 7486 | -220 10月合约收盘价:苹果(日,元/吨) | 7486 | -220 0 | | | 主力合约持仓量:苹果(日,手) | 118357 | 13940 仓单数量:苹果(日,张) | 0 | | | | 期货前20名持仓:净买单量:苹果(日,手) | -1249 | -2184 | | | | 现货市场 | 山东烟台栖霞现货价格(纸袋80#以上一 | 4.1 | 甘肃静宁苹果现货价格(纸袋75#以上)(日, 0 | 4.5 | 0.1 | | | 二级果农货)(日,元/斤) 山东沂源苹果现货价格(纸袋75#以上)(日, | | 元/斤) | | | | | | 2.8 | 0.1 陕西洛川苹果现货价格(纸袋70#以上半 | 4.2 | 0 | | 上游情况 | 元/斤) 苹果园面积:全国(年,千公顷) | 1955.77 | 商品)(日,元 ...