Group 1: Report Overview - The report is an apple daily report in the agricultural product research report on March 24, 2024 [1] Group 2: Market Information Spot Price - The Fuji apple price index is 110.41 today, with a decrease of 0.15 compared to the next working day price of 110.56. The average wholesale price of 6 kinds of fruits is 7.84 today, with a decrease of 0.10 compared to the next working day price of 7.94. The prices of various apple varieties such as Luochuan semi - commodity paper - bag 70, Qixia first and second - grade paper - bag 80, etc., remain stable [2] Futures Price - AP01 closes at 8532 today, down 115 from yesterday's close of 8647; AP05 closes at 10144, down 577 from yesterday's close; AP10 closes at 8639, down 191 from yesterday's close. The spreads between different contracts also show corresponding changes [2] Basis - The basis of Qixia first and second - grade 80 - AP01 is - 532 today, up 115 from the previous trading day; the basis of Qixia first and second - grade 80 - AP05 is - 2144, up 577; the basis of Qixia first and second - grade 80 - AP10 is - 639.0, up 191 [2] Group 3: Market News and Views Market News - As of March 19, the national cold - storage apple inventory is 468.43 million tons, a decrease of 31.29 million tons from last week, and the de - stocking speed is at a relatively high level in the same period in recent years. The main market price of apples in the origin remains stable, with smooth transactions. The supply of high - quality goods in cold - storage is tight. The arrival of goods in the market is stable, and the overall sales situation is okay [7] Trading Logic - The fundamental situation of apples is strong, with low cold - storage inventory and poor quality, and the high cost of May contracts in the early stage led to a sharp rise in the price of May contracts. However, considering the high price of the May contract on the disk and the approaching position - limit time for the May contract, the upward momentum and time for the May contract are insufficient. As the key growth period of new - season apples approaches, the market will focus on the production of new - season apples. New - season apples currently have many flower buds, but the high early - stage temperature has increased the accumulated temperature, which may advance the apple flowering period and increase the risk of freezing damage. The current price of the October contract is high, and if the weather is normal later, it is an opportunity to arrange short positions. It is recommended to wait and see [5] Trading Strategy - For the single - side trading of the May contract, it is recommended to leave the market and wait and see. For both arbitrage and options, it is recommended to wait and see [6][8] Group 4: Related Attachments - The report provides 10 related figures, including the price of Qixia first and second - grade paper - bag 80, the price of Luochuan semi - commodity paper - bag 70, AP contract main basis, spreads between different AP contracts, the total apple arrival volume in Chalong, Jiangmen and Xiaqiao, the price of 6 kinds of fruits, the national cold - storage apple inventory, and the national cold - storage apple outbound volume [11][13][21]

Group 1: Report Overview - The report is an agricultural product research report focusing on apples, dated March 23, 2024 [1] Group 2: Market Information Spot Prices - Fuji apple price index is 110.41 today, down 0.15 from the next working day; 6 - fruit average wholesale price is 7.94, up 0.24 from the next working day [2] - Prices of various apple varieties like Luochuan semi - commodity paper - bagged 70, Qixia first and second - grade paper - bagged 80, etc., remain stable [2] Futures Prices - AP01 is 8647, down 25 from yesterday's close; AP05 is 10721, up 110 from yesterday's close; AP10 is 8830, up 3 from yesterday's close [2] - Price differences between different contracts also show certain changes, e.g., AP01 - AP05 is - 2074, down 135 [2] Basis - Qixia first and second - grade 80 - AP01 is - 647, up 25; Qixia first and second - grade 80 - AP10 is - 830.0, down 3 [2] Group 3: Market News and Views Market News - As of March 19, the national cold - storage apple inventory is 4.6843 million tons, a decrease of 0.3129 million tons from last week, and the de - stocking speed is at a relatively high level in recent years [6] - In the origin, the mainstream apple market is stable, with smooth transactions. Cold - storage high - quality goods are in short supply. Market arrivals are stable, and overall sales are okay, with stable mainstream prices [6] - In Shandong, the price of late - maturing paper - bagged Fuji in inventory is stable, with slow transactions for medium - quality goods. In Shaanxi, the mainstream price is stable, but customer purchasing enthusiasm has declined slightly, and high - end goods are still in high demand [6] Trading Logic - Although the apple fundamentals are strong, with low cold - storage inventory and high cost for May contracts, the upward momentum and time for the May contract are insufficient due to the high previous price and upcoming position - limit for the May contract [5] - As the key growth period of new - season apples approaches, the market will focus on the new - season apple production, and the market is starting to pay attention to the expected high accumulated temperature this year [5] Trading Strategies - For the May contract, it is recommended to leave the market and wait and see [7] - For both arbitrage and options, it is recommended to wait and see [7] Group 4: Related Attachments - The report provides multiple charts, including the price trends of Qixia first and second - grade paper - bagged 80, Luochuan semi - commodity paper - bagged 70, AP contract basis, and apple arrival volume in some markets, etc. [9][10][19]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - Although the fundamentals of apples are strong, with low cold - storage apple inventory and high cost of May contracts, the upward momentum and time for the May contract are insufficient due to the high previous price and upcoming position - limit. The market will likely focus on the new - season apple production as the key growing period approaches. With a likely increase in production and more flower buds, the report suggests short - term short - selling of the October contract [5]. Group 3: Market Information Spot Price - Fuji apple price index is 110.41 today, down 0.15 from the next - working - day price. The average wholesale price of 6 kinds of fruits is 7.84, down 0.06 [2]. - The prices of various apple varieties such as Luochuan semi - commercial paper - bagged 70, Qixia first - and second - grade paper - bagged 80, Penglai first - and second - grade paper - bagged 80, and Yiyuan paper - bagged 70 remain unchanged [2]. Futures Price - AP01 is 8622, up 25 from yesterday's close; AP05 is 10118, up 54; AP10 is 8765, up 32 [2]. - The spreads between different contracts have also changed. For example, AP01 - AP05 is - 1496, down 29; AP05 - AP10 is 1353, up 22; AP10 - AP01 is 143, up 7 [2]. Basis - The basis of Qixia first - and second - grade 80 against different contracts has decreased. For example, Qixia first - and second - grade 80 - AP01 is - 622, down 25; Qixia first - and second - grade 80 - AP05 is - 2118, down 54; Qixia first - and second - grade 80 - AP10 is - 765, down 32 [2]. Group 4: Market News - As of March 12, 2026, the apple cold - storage inventory in the main producing areas is 499.72 million tons, a decrease of 27.81 million tons from last week and 24.34 million tons from last year, with a decline of 4.6% [7]. - The main apple market in the producing areas is stable. There are many merchants in the producing areas, starting to stock up for Tomb - sweeping Festival. The cold - storage packaging quantity is acceptable, and some cold - storage owners are reluctant to sell. The market arrival has increased, and the mainstream price remains stable [7]. - In Shandong, the price of high - quality late - maturing paper - bagged Fuji in cold storage is stable. There are merchants packaging in cold storage, mainly in the main producing areas. The cold - storage trading volume is small, and foreign traders mainly purchase medium - and small - sized fruits. The number of merchants has increased. The mainstream price of 80 and above first - and second - grade fruits in Qixia is 3.0 - 3.5 yuan per jin [7]. - In Shaanxi, the mainstream price is stable. The number of merchants has increased, mainly purchasing high - quality goods. The supply of high - quality goods is limited, and the procurement is difficult. In recent days, merchants have become more accepting of high prices. The mainstream price of 70 and above paper - bagged Fuji in Luochuan is 4.0 - 4.5 yuan per jin [7]. Group 5: Trading Strategy Single - side - It is recommended to exit and wait for the May contract and short - sell the October contract at high prices [6]. Arbitrage - It is recommended to wait and see [8]. Options - It is recommended to wait and see [8]. Group 6: Related Attachments - There are multiple graphs in the report, including the price of Qixia first - and second - grade paper - bagged 80, the price of Luochuan semi - commercial paper - bagged 70, AP contract basis, spreads between different AP contracts, apple arrival volume in wholesale markets, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple out - bound volume [10][11][14]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - Although the fundamentals of apples are strong, with low cold - storage apple inventory and poor quality, and high cost of May contracts' warehouse receipts, the upward momentum and time for the May apple contract are insufficient. As the key growing season of new - season apples approaches, the market will focus on the production of new - season apples, which are expected to increase. It is recommended to short the October contract on rallies in the short term [5] Group 3: Summary by Relevant Catalogs First Part: Market Information - **Spot Prices**: The Fuji apple price index is 110.41, down 0.15 from the next - working - day forecast. Prices of various apple varieties such as Luochuan semi - commercial paper - bagged 70, Qixia first - and second - grade paper - bagged 80 remain stable. The average wholesale price of 6 kinds of fruits is 7.90, up 0.04 [2] - **Futures Prices**: AP01 is at 8597, up 62 from yesterday's close; AP05 is at 10064, up 66; AP10 is at 8733, up 90. There are also changes in spreads like AP01 - AP05, AP05 - AP10, and AP10 - AP01 [2] - **Basis**: The basis of Qixia first - and second - grade 80 against AP01, AP05, and AP10 all show declines [2] Second Part: Market News and Views - **Apple Market News** - As of March 12, 2026, the national main - producing area apple cold - storage inventory is 499.72 million tons, a decrease of 27.81 million tons from last week and 24.34 million tons from last year, a 4.6% reduction [7] - In December 2025, the export volume of fresh apples is about 15.65 million tons, a 28.63% increase from the previous month and a 26.76% increase from the same period last year. The import volume is 0.31 million tons, a 21.31% increase from the previous month and a 20.02% increase from the same period last year. The annual cumulative import volume in 2025 is 11.68 million tons, a 19.72% increase from the previous year [7] - The main apple market in the producing area remains stable. There are many merchants in the producing area, starting to stock up for the Tomb - sweeping Festival. The cold - storage packaging volume is okay, and some cold - storage facilities show reluctance to sell. The market arrivals increase, and the mainstream price remains stable [7] - In Shandong, the price of late - maturing paper - bagged Fuji in the cold - storage is stable. There are merchants packaging in the cold - storage, mainly in the main - producing area. The trading volume in the cold - storage is small. Foreign - trade merchants mainly buy medium - and small - sized fruits. In Qixia, the mainstream price of 80 and above first - and second - grade fruits is 3.0 - 3.5 yuan per catty. In Shaanxi, the mainstream price is stable, with an increase in the number of merchants mainly buying high - quality goods. The supply of high - quality goods is scarce, and the procurement is difficult. In Luochuan, the mainstream price of 70 and above cold - storage paper - bagged Fuji is 4.0 - 4.5 yuan per catty [7] - **Trading Logic**: The May contract has limited upward momentum and time. As the key growing season of new - season apples approaches, the market will focus on new - season apple production, which is expected to increase. It is recommended to short the October contract on rallies in the short term [5] - **Trading Strategy** - For the single - side strategy, it is recommended to exit and wait and see for the May contract and short the October contract on rallies [8] - For the arbitrage strategy, it is recommended to wait and see [8] - For the option strategy, it is recommended to wait and see [8] Third Part: Relevant Attachments - The attachments include multiple charts such as the price of Qixia first - and second - grade paper - bagged 80, the price of Luochuan semi - commercial paper - bagged 70, AP contract main - contract basis, spreads between different AP contracts, apple arrivals in some markets, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple out - bound volume [10][11][14]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The exchange decided to raise the trading margin and daily price limit for Apple 2604 and 2605 contracts, causing some funds to leave the market and most of the previous gains to reverse. The price of the May contract has fallen to around 9,900 yuan/ton, and there may be limited room for further decline based on previous warehouse receipt costs. However, if funds are strongly inclined to leave, the price may drop further. With the approaching key growing season of new - season apples, the market is expected to focus on the production of new - season apples, which are likely to have an increased yield, and there are more flower buds year - on - year. It is recommended to short the October contract on rallies in the short term [5][6]. 3. Summary by Directory First Part: Market Information - **Spot Prices**: The Fuji apple price index was 110.41, down 0.15 from the previous trading day. The prices of various apple varieties in different regions remained stable, such as the price of Luochuan semi - commercial paper - bagged 70 apples at 4.20 yuan, unchanged from the previous day. The average wholesale price of 6 kinds of fruits was 7.76 yuan, down 0.25 from the previous day [2]. - **Futures Prices**: AP01 closed at 8,530, down 30; AP05 closed at 9,984, down 252; AP10 closed at 8,636, down 21. The spreads between different contracts also changed, e.g., AP01 - AP05 increased by 222, AP05 - AP10 decreased by 231, and AP10 - AP01 increased by 9 [2]. - **Basis**: The basis of Qixia first - and second - grade 80 apples against AP01 increased by 50 to - 530; against AP05 increased by 252 to - 1,984; against AP10 increased by 21 to - 636 [2]. Second Part: Market News and Views - **Market News**: As of March 12, 2026, the inventory of apples in cold storage in the main production areas was 4.9972 million tons, a decrease of 278,100 tons from the previous week and 243,400 tons year - on - year, a decrease of 4.6%. 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 import volume was 3,100 tons, a month - on - month increase of 21.31% and a year - on - year increase of 20.02%. The annual cumulative import volume in 2025 was 116,800 tons, a year - on - year increase of 19.72%. The prices of apples in the main production areas were stable, with high procurement enthusiasm from merchants, good demand for high - quality goods, and an increase in market arrivals. The overall sales were okay, and the prices of high - quality goods showed an upward trend [7]. - **Trading Logic**: Due to the exchange's decision to raise margins and price limits, funds left the market, causing price drops. The May contract price has limited downward space based on costs, but could fall further if funds continue to leave. The market will focus on new - season apple production, and it is recommended to short the October contract on rallies [5]. - **Trading Strategies**: - **Single - side**: Focus on the October contract and short on rallies in the short term [6]. - **Arbitrage**: It is recommended to wait and see [8]. - **Options**: It is recommended to wait and see [8]. Third Part: Related Attachments - The report provides multiple charts, including the price trends of Qixia first - and second - grade paper - bagged 80 apples, Luochuan semi - commercial paper - bagged 70 apples, AP contract basis, spreads between different AP contracts, apple arrival volumes in some markets, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple outbound volume [10][11][12][14][17][19][21][24].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - The fundamental situation of apples is strong. The cold - storage inventory of apples is at a relatively low level in the same period over the years. As of February 27, 2026, the cold - storage inventory of apples in the main producing areas was 552.92 million tons, a decrease of 19.08 million tons from the previous week and a year - on - year decrease of 18.11 million tons, with a decline of 3.2%. The inventory is only higher than that in the 2018/19 fruit season. Although the apple price is relatively high this season, the pre - Spring Festival sales and out - of - storage situation is okay. From March to April after the Spring Festival is a relatively empty window period for other fruits to be on the market, and the recent apple sales situation has improved, with the inventory reduction speed accelerating compared with last week. With March entering the delivery month, the market pays attention to whether cold - storage apples can meet the delivery requirements and the cost of making warehouse receipts again. The fundamentals of the May apple contract are strong, but the price of the May contract has increased significantly today, and there may be some profit - taking orders for closing positions. It is necessary to be cautious when chasing high. It is recommended to build long positions after a pullback [5]. Group 3: Summary According to the Catalog First Part: Market Information - **Spot Prices**: The Fuji apple price index is 110.41, with the next - working - day price at 110.56, a decrease of 0.15. The prices of various apple varieties such as Luochuan semi - commodity paper - bag 70, Qixia first - and second - grade paper - bag 80, etc., remain stable. The average wholesale price of 6 kinds of fruits is 7.94, with the next - working - day price at 8.00, a decrease of 0.06 [2]. - **Futures Prices**: For AP01, the price is 8573, up 33 from the previous close; AP05 is 10287, down 29 from the previous close; AP10 is 8637, down 15 from the previous close. The spreads between different contracts also have corresponding changes [2]. - **Basis**: The basis of Qixia first - and second - grade 80 - AP01 is - 573, down 33 from the previous trading day; Qixia first - and second - grade 80 - AP05 is - 2287, up 29 from the previous trading day; Qixia first - and second - grade 80 - AP10 is - 637.0, up 15 from the previous trading day [2]. Second Part: Market News and Views - **Apple Market News - Transaction Logic**: As mentioned above, the apple fundamentals are strong, with low inventory, good sales, and market attention on delivery - related issues [5]. - **Transaction Strategy**: For the single - side strategy, considering that the price of the May contract is already high, it is recommended to leave the market and wait and see. For the arbitrage and option strategies, it is also recommended to wait and see [8]. - **Other Data**: As of March 5, 2026, the cold - storage inventory of apples in the main producing areas was 527.53 million tons, a decrease of 25.39 million tons from the previous week and a year - on - year decrease of 21.7 million tons, with a decline of 4.1%. In December 2025, the export volume of fresh apples was about 15.65 million tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. The import volume in December 2025 was 0.31 million tons, a month - on - month increase of 21.31% and a year - on - year increase of 20.02%. The annual cumulative import volume in 2025 was 11.68 million tons, a year - on - year increase of 19.72%. The apple prices in Shandong are stable, while those in some areas of Gansu and Shaanxi have increased slightly [7]. Third Part: Related Attachments - There are 10 figures in total, including the price of Qixia first - and second - grade paper - bag 80, the price of Luochuan semi - commodity paper - bag 70, AP contract main - force basis, spreads between different contracts, apple arrival volume, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple out - of - storage volume [10][11][13]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The fundamental situation of apples is strong. The cold - storage inventory of apples is at a relatively low level in the same period over the years. As of February 27, 2026, the cold - storage inventory of apples in the main producing areas was 552.92 million tons, a decrease of 19.08 million tons from the previous week and a year - on - year decrease of 18.11 million tons, a reduction of 3.2%. The inventory is only higher than that in the 2018/19 fruit season [5]. - Although the apple price is relatively high this fruit season, the sales and delivery situation before the Spring Festival was acceptable. After the Spring Festival, from March to April is a relatively off - season for other fruits to be on the market. Recently, the sales situation of apples has improved, and the inventory reduction speed has accelerated compared with last week [5]. - As March enters the delivery month, the market has once again focused on whether the cold - storage apples can meet the delivery requirements and the cost of making warehouse receipts. The fundamental situation of the May contract for apples is indeed strong, but the price of the May contract has increased significantly today, and there may be some profit - taking orders for closing positions. It is necessary to be cautious when chasing high prices. It is recommended to build long positions after a pullback [5]. 3. Summary by Relevant Catalogs 3.1 Market Information - **Spot Price**: The Fuji apple price index was 110.41, the next - working - day price was 110.56, with a decrease of 0.15. The prices of various apple varieties in different regions remained stable, such as the price of Luochuan semi - commercial paper - bagged 70 apples was 4.20, and the prices of Qixia and Penglai first - and second - grade paper - bagged 80 apples were 4.00 and 4.10 respectively, with no change. The average wholesale price of 6 kinds of fruits was 8.00, and the next - working - day price was 8.06, with a decrease of 0.06 [2]. - **Futures Price**: For AP01, the price was 8540, the previous closing price was 8586, with a decrease of 46; for AP05, the price was 10316, the previous closing price was 10753, with a decrease of 437; for AP10, the price was 8652, the previous closing price was 8690, with a decrease of 38. The spreads between different contracts also changed, such as AP01 - AP05 increased by 391, AP05 - AP10 decreased by 399, and AP10 - AP01 increased by 8 [2]. - **Basis**: The basis of Qixia first - and second - grade 80 apples against AP01 was - 540, an increase of 46 compared with the previous trading day; against AP05 was - 2316, an increase of 437; against AP10 was - 652.0, an increase of 38 [2]. 3.2 Market News and Views - **Apple Market News** - As of March 5, 2026, the cold - storage inventory of apples in the main producing areas was 527.53 million tons, a decrease of 25.39 million tons from the previous week and a year - on - year decrease of 21.7 million tons, a reduction of 4.1% [7]. - In December 2025, the export volume of fresh apples was about 15.65 million tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. The import volume was 0.31 million tons, a month - on - month increase of 21.31% and a year - on - year increase of 20.02%. The cumulative import volume in 2025 was 11.68 million tons, a year - on - year increase of 19.72% [7]. - In Shandong, the apple price remained stable, the number of customers increased, and in Shaanxi, the demand for high - quality goods was good, and the purchasing enthusiasm of merchants was relatively high. The market arrivals increased slightly, sales were stable, and prices were stable [7]. - In Shandong, the price of late - maturing paper - bagged Fuji high - quality apples in cold storage was stable, and there were merchants packing in the cold storage, concentrated in the main producing areas. Currently, the trading volume in the cold storage was not large, and foreign trade merchants mainly purchased medium - and small - sized fruits, and the number of merchants increased compared with before. In Qixia, the mainstream quotation of 80 and above first - and second - grade paper - bagged Fuji apples was 3.0 - 3.5 yuan per catty. In Shaanxi, the mainstream price was stable, the number of merchants increased, mainly purchasing high - quality goods. Recently, the transactions were good, the supply of high - quality goods was less, and the purchasing difficulty was relatively large. In Luochuan, the mainstream price of cold - storage paper - bagged Fuji 70 and above was 4.0 - 4.5 yuan per catty, priced according to quality [7]. - **Trading Logic**: The apple market has a strong fundamental situation. The low inventory, good pre - and post - festival sales, and market attention during the delivery month all support the market. However, due to the significant increase in the price of the May contract, there may be profit - taking, and it is recommended to build long positions after a pullback [5]. - **Trading Strategy** - **Unilateral**: Considering that the price of the May contract is already relatively high, it is recommended to leave the market and wait and see [8]. - **Arbitrage**: Go long on the May contract and short on the October contract [8]. - **Options**: It is recommended to wait and see [8]. 3.3 Related Attachments The report provides 10 figures, including the price trends of Qixia first - and second - grade paper - bagged 80 apples, Luochuan semi - commercial paper - bagged 70 apples, AP contract main basis, spreads between different AP contracts, the arrival volume of apples in wholesale markets, the price of 6 kinds of fruits, the cold - storage inventory of apples in the whole country, and the cold - storage apple delivery volume, etc. The data sources are mainly Galaxy Futures, Steel Union, and Wind Information [10][11][13]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Apple's fundamentals are strong. The current cold - storage apple inventory is at a relatively low level compared to the same period in previous years. As of February 27, 2026, the cold - storage apple inventory in the main producing areas of the country was 5.5292 million tons, a decrease of 190,800 tons from the previous week and a year - on - year decrease of 181,100 tons, a decline of 3.2%. This inventory level is only higher than that of the 2018/19 fruit season, being the second - lowest in recent years [16]. - Although the apple price is relatively high this fruit season, the pre - Spring Festival sales and delivery situation was acceptable. After the Spring Festival, March and April are the relative off - seasons for other fruits to be on the market, and the recent apple sales situation has improved, with the inventory reduction speed accelerating compared to the previous week [16]. - As March enters the delivery month, the market has once again focused on whether cold - storage apples can meet the delivery requirements and the cost of making warehouse receipts. The fundamentals of the May apple contract are indeed strong, but the price of the May contract has increased significantly today, and there may be some profit - taking positions being closed, so caution is needed when chasing high prices [16]. 3. Summary by Relevant Catalogs 3.1 Spot Analysis - Apple producing areas have different sales situations, with the overall sales atmosphere remaining stronger in the west and weaker in the east. In the western region, merchants are actively seeking high - quality goods. In the Gansu producing area, the price of high - quality goods has increased, and some merchants have turned to Qingyang, Gansu and Shaanxi to look for high - quality goods. The sales of general and lower - quality common apples from fruit farmers are average, and merchants have low enthusiasm for purchasing such goods. In the Shandong producing area, the overall sales are average, some merchants are bargaining for goods, and the overall transactions are still mainly low - priced goods [6]. - In the sales areas, the overall post - festival market sales are stable. The post - festival market arrival volume is low, and the sales have begun to slow down [6]. - Main producing area prices: In the Shandong producing area, the number of merchants inspecting cold - storage apples in the Qixia area is acceptable. Merchants replenish their supplies as needed, and the transactions after some customers inquire about prices are average. In the Qixia area, the replenishment is mainly general common goods, and there are a small number of high - quality goods transactions, with limited overall transactions. Some fruit farmers are willing to lower prices. In the Penglai area, the transactions are mainly third - grade goods, and some merchants are looking for high - quality goods to supplement the market. In the Shaanxi producing area, the number of merchants has increased, and some merchants have transferred from the Gansu producing area to Shaanxi to look for high - quality goods. The price of high - quality goods in the Yan'an area is slightly firm, but the overall transactions are still average. The transactions of general common apples from fruit farmers are not fast, and merchants have low enthusiasm for seeking common goods [6]. 3.2 Supply Analysis - Inventory monitoring: As of March 5, 2026, the national cold - storage inventory ratio was about 35.73%, 2.29 percentage points lower than the same period last year. From February 26 to March 4, 2026, the national cold - storage capacity ratio decreased by 1.82 percentage points, and the inventory reduction rate was 36.05%. After the Spring Festival, the delivery was mainly concentrated in the northwest producing area, and the sales in the Shandong producing area were stable. In Shandong, the cold - storage capacity ratio was 40.97%, and the cold - storage capacity ratio decreased by 1.51 percentage points this week. In Shaanxi, the cold - storage capacity ratio was 31.78%, and the cold - storage capacity ratio decreased by 1.98 percentage points this week. In Gansu, the cold - storage capacity ratio was 29.84%, and the cold - storage capacity ratio decreased by 1.85 percentage points this week [11]. - Steel Union data: As of March 4, 2026, the cold - storage apple inventory in the main producing areas of the country was 5.2753 million tons, a decrease of 253,900 tons compared to the previous week, and the inventory reduction was accelerating compared to the previous week [11]. 3.3 Demand Analysis - In the Chalong market in Guangdong, the number of early - morning arrival vehicles has slightly increased compared to the first week after the Spring Festival, with an average of about 18.4 vehicles per day during the week. The market prices of Shandong 80 late - Fuji apples are 3.8 - 4 yuan per catty in baskets and 4.5 - 5.5 yuan per catty in boxes, and the actual transactions are priced according to quality. The prices of Luochuan late - Fuji apples are 4.0 - 5.5 yuan per catty for 70 and above in baskets, and the prices of Jingning late - Fuji apples are 5.8 - 7.5 yuan per catty for 70 and above in boxes. Currently, the number of arrival vehicles in the market is not large, the backlog in the market transfer warehouse is not serious, the willingness of second - and third - level wholesalers to purchase is not high, the market is relatively quiet, and the selling prices are chaotic [14]. - Substitute prices: According to data from the Ministry of Agriculture and Rural Affairs, on February 5, the average wholesale price of 6 key - monitored fruits was 8.04 yuan per kilogram, slightly higher than last Friday, and at a high level compared to the same period in recent years [14]. - Profit situation: In the 2025 - 2026 production season, the profit of storage merchants for Qixia 80 first - and second - grade apples was about 0.3 yuan per ton, the same as last week [14]. 3.4 Trading Strategy - Trading logic: Apple's fundamentals are strong, but the price of the May contract has increased significantly, and there may be some profit - taking positions being closed, so caution is needed when chasing high prices [16]. - Unilateral: It is recommended to wait and see in the short term [16]. - Arbitrage: Wait and see [16]. - Options: It is recommended to wait and see [16].

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - The apple fundamentals are strong. The cold storage inventory of apples is at a relatively low level in the same period over the years. As of February 27, 2026, the cold storage inventory of apples in the main producing areas across the country was 5.5292 million tons, a decrease of 190,800 tons from the previous week and a year - on - year decrease of 181,100 tons, with a decline of 3.2%. The inventory is only higher than that in the 2018/19 fruit season. Although the apple price is relatively high this fruit season, the pre - Spring Festival shipment and warehousing situation is acceptable. After the Spring Festival, from March to April is a relatively off - season for other fruits to be on the market, and the recent apple shipment situation has improved, with the inventory removal speed accelerating compared to last week. As March enters the delivery month, the market pays attention to whether the cold - storage apples can meet the delivery requirements and the cost of making warehouse receipts. The fundamentals of the May contract of apples are indeed strong, but the price of the May contract has increased significantly today, and there may be some profit - taking orders for closing positions. It is necessary to be cautious when chasing high. It is recommended to build long positions after a pullback [6]. 3. Summary by Relevant Catalogs 3.1 Market Information - **Spot Prices**: The Fuji apple price index is 107.22, with a change of - 0.30 compared to the next working day. The prices of various types of apples such as Luochuan semi - commercial paper - bagged 70, Qixia first - and second - grade paper - bagged 80, etc., remain unchanged. The average wholesale price of 6 kinds of fruits is 7.97, with no change [3]. - **Futures Prices**: AP01 is 8596, up 68 from the previous close; AP05 is 10449, up 166 from the previous close; AP10 is 8748, up 104 from the previous close. The spreads between different contracts also have corresponding changes, such as AP01 - AP05 is - 1853, down 98; AP05 - AP10 is 1701, up 62; AP10 - AP01 is 152, up 36 [3]. - **Basis**: The basis of Qixia first - and second - grade 80 compared to different contracts has decreased. For example, Qixia first - and second - grade 80 - AP01 is - 596, down 68; Qixia first - and second - grade 80 - AP10 is - 748.0, down 104; Qixia first - and second - grade 80 - AP05 is - 2449, down 166 [3]. 3.2 Market News and Views - **Apple Market News**: As of February 27, 2026, the cold - storage inventory of apples in the main producing areas across the country was 5.5292 million tons, a decrease of 190,800 tons from the previous week and a year - on - year decrease of 181,100 tons, with a decline of 3.2%. 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 import volume in December 2025 was 3100 tons, a month - on - month increase of 21.31% and a year - on - year increase of 20.02%. The annual cumulative import volume in 2025 was 116,800 tons, a year - on - year increase of 19.72%. In the western production area, the prices of some specifications of goods have increased slightly due to more customers looking at the goods and good enthusiasm for purchasing high - quality goods. The mainstream market in the Shandong production area is stable, with the quoted prices of high - quality goods of individual storage merchants slightly increased, but the actual transaction prices have not changed significantly. The market arrival is good, the shipment is stable, and the price is stable. The prices of apples in Shaanxi Yan'an Luochuan and Shandong Yantai Qixia are stable, and the transaction is smooth [8]. - **Trading Logic**: The apple fundamentals are strong. The cold - storage inventory is low, the pre - Spring Festival shipment is acceptable, and the post - Spring Festival shipment has improved. As March enters the delivery month, the market focuses on delivery requirements and warehouse - receipt costs. The May contract has strong fundamentals, but the price increase today is large, so it is necessary to be cautious when chasing high. It is recommended to build long positions after a pullback [6]. - **Trading Strategy**: For the single - side strategy, go long on the May contract on dips; for the arbitrage strategy, go long on the May contract and short on the October contract; for the option strategy, it is recommended to wait and see [9]. 3.3 Relevant Attachments - The report provides 10 figures, including the price trends of Qixia first - and second - grade paper - bagged 80, Luochuan semi - commercial paper - bagged 70, the basis of AP contracts, the spreads between different AP contracts, the arrival volume of apples in wholesale markets, the prices of 6 kinds of fruits, the cold - storage inventory of apples across the country, and the cold - storage apple outbound volume, etc., with data sources from Galaxy Futures, Steel Union, and Wind Information [11][12][14]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The current cold storage inventory of apples is at a relatively low level in the same period over the years. As of February 27, 2026, the cold storage inventory of apples in the main producing areas across the country was 5.5292 million tons, a decrease of 190,800 tons from the previous week and a year - on - year decrease of 181,100 tons, a decrease of 3.2%. The fundamentals of the May contract of apples are relatively strong, but the price of the May contract has increased significantly today. There may be some profit - taking orders for closing positions, so be cautious when chasing high. It is recommended to build long positions after a pullback [5]. Group 3: Summary by Directory First Part: Market Information - **Spot Price**: The Fuji apple price index was 107.22, down 0.30 from the next working day. The prices of various grades of apples in different regions remained stable. The average wholesale price of 6 kinds of fruits was 7.97, up 0.14 from the next working day [2]. - **Futures Price**: AP01 was 8528, up 58 from the previous close; AP05 was 10283, up 387 from the previous close; AP10 was 8644, up 26 from the previous close. The spreads between different contracts also changed [2]. - **Basis**: The basis of Qixia first - and second - grade 80 - AP01 was - 528, down 58 from the previous trading day; the basis of Qixia first - and second - grade 80 - AP05 was - 2283, down 387 from the previous trading day; the basis of Qixia first - and second - grade 80 - AP10 was - 644.0, down 26 from the previous trading day [2]. Second Part: Market News and Views - **Transaction Logic**: The cold storage inventory of apples is at a relatively low level. Although the apple price is high this fruit season, the pre - Spring Festival shipment and warehousing situation is okay. After the Spring Festival, from March to April is a relatively off - season for other fruits to be on the market, and the recent apple shipment situation has improved, and the de - stocking speed has accelerated compared with last week. As March enters the delivery month, the market has once again focused on whether the cold - storage apples can meet the delivery requirements and the cost of making warehouse receipts [5]. - **Transaction Strategy**: For the May contract, go long on dips; for arbitrage, go long on the May contract and short on the October contract; for options, it is recommended to wait and see [8]. Third Part: Related Attachments - The report provides multiple charts, including the price charts of Qixia first - and second - grade paper - bag 80 apples, Luochuan semi - commercial paper - bag 70 apples, AP contract main basis, spreads between different AP contracts, the total apple arrival volume in Chalong, Jiangmen, and Xiaqiao, the price of 6 kinds of fruits, the national cold - storage apple inventory, and the national cold - storage apple outbound volume [10][11][12]