Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The apple futures main contract AP2510 continued to decline this week with a slight rebound. With the inventory at a five - year low, the supply and demand situation is complex. The current apple is in the off - season, affected by seasonal fruits, and the downstream demand is under pressure. Although the export performance was good in the first quarter, the export volume may slow down. Short - term operation suggests waiting and seeing [8][35] Group 3: Summary by Relevant Catalogs 1. This Week's Market Review - This week, the apple futures main contract AP2510 continued to decline with a slight rebound [8] 2. Supply - side Situation - As of May 15, 2025, the total remaining amount of apples in national cold storage was 1.6582 million tons, at the lowest level in the past five years. The cold - storage remaining amount in Shandong was 951,600 tons, and that in Shaanxi was 447,200 tons. Shaanxi storage merchants generally had a strong reluctance to sell and asked for high prices, while Shandong storage merchants were more willing to ship [13][35] 3. Demand - side Situation - **Inventory and Sales**: As of May 15, 2025, the national cold - storage inventory ratio was about 12.55%, a 1.92 - percentage - point decline from the previous period and a 9.82 - percentage - point decrease year - on - year. The destocking rate was 80.27%. The apple is in the sales off - season, affected by seasonal fruits, the downstream demand is impacted, the enthusiasm of merchants for high - price purchases has declined, the e - commerce platform sales volume has decreased, and the shipping speed in the production area has slowed down [18][35] - **Export**: In March 2025, the export volume of fresh apples was about 96,100 tons, a 40.82% increase from the previous month and a 1.71% increase year - on - year. The cumulative export volume from January to March was about 255,600 tons, a 9.53% increase year - on - year. However, as the price of origin goods rises, the profit margin of traders is compressed, and the export volume may slow down [20] - **Substitute Fruit Price**: Not provided - **Origin Spot Price**: As of May 16, the price of apples in Qixia, Yantai, Shandong was stable. The price of different grades of apples varied, but the high labor price, low packaging volume, and reduced cold - storage trading volume [31]