Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The current market inventory of apples is low, and the market demand is in the off - season with general spot sales. The new - season apple production is expected to change little compared to this season. Given the general apple demand, the short - term trend is expected to be weak [8]. 3. Summary by Relevant Catalogs Market Information - **Spot Prices**: The Fuji apple price index was 110.29, up 0.06 from the previous trading day. The prices of various apple varieties such as Luochuan semi - commodity paper - bagged 70, Qixia first - and second - grade paper - bagged 80 remained stable. The average wholesale price of 6 kinds of fruits was 6.88, down 0.03 [3]. - **Futures Prices**: AP01 was 8027, down 77 from yesterday; AP05 was 8012, down 47; AP10 was 8150, down 80. The spreads between different contracts also changed, e.g., AP01 - AP05 was 12, down 30 [3]. Market News and Views - **Inventory**: As of August 13, 2025, the apple cold - storage inventory in the main producing areas of the country was 460100 tons, a decrease of 75800 tons from the previous week, and the shipping speed slowed down slightly [4]. - **Import and Export**: In June 2025, the fresh apple import volume was 18700 tons, a month - on - month increase of 5.32% and a year - on - year increase of 6.37%. The cumulative import volume from January to June 2025 was 69000 tons, a year - on - year increase of 36.63%. The export volume in June was about 37000 tons, a month - on - month decrease of 18.62% and a year - on - year decrease of 38.55% [6]. - **Market Conditions**: The mainstream price of apples in the origin was stable, the cold - storage shipment enthusiasm was high, but the purchasing of merchants was cautious. Many merchants preferred early - maturing apples and had low enthusiasm for purchasing cold - storage Fuji. The market arrival volume was okay, the transaction was stable, and the price remained stable [6]. - **Profit**: The profit of storage merchants for Qixia 80 first - and second - grade apples in the 2024 - 2025 production season was 0.4 yuan per catty, down 0.1 yuan per catty from last week [7]. - **Spot Price in Qixia**: The mainstream price of apples in Qixia, Shandong was stable. The prices of different grades and types of apples were given, and the purchasing enthusiasm of merchants was general [7]. Trading Logic - The spot market has low inventory and is in the off - season of demand, with general sales. The new - season production is expected to be similar to this season, and the short - term trend is expected to be weak due to general demand [8]. Trading Strategy - **Single - side**: Considering the general downstream demand recently, the short - term trend is expected to be weak, and short - selling on rallies can be considered [9]. - **Arbitrage**: It is recommended to wait and see [9]. - **Options**: It is recommended to wait and see [9].