Report Industry Investment Rating - The investment rating for the apple sector in the agricultural, forestry, and livestock industry is "Bullish" [1] Core View - Apple futures prices have corrected, and the main contract has shifted. The closing price of the 2601 contract is 8,288 yuan/ton, down 0.04%. The market focus is shifting from the supply side to demand verification. It is recommended that investors wait and see and choose the opportunity to operate after the new season's output is clear and the consumption peak season starts [1] Summary by Directory Market Review - Apple futures prices have corrected, and the main contract has shifted. The closing price of the 2601 contract is 8,288 yuan/ton, down 0.04% [1] Important Information - In Shandong, the price of bagged late Fuji 80 is between 3.80 - 4.00 yuan/jin (striped red, first and second grades); the price of bagged late Fuji above 80 is between 3.00 - 3.50 yuan/jin (striped red, general goods), and the price of the third - grade bagged late Fuji above 80 is between 2.50 - 2.80 yuan/jin. The price of the first and second - grade bagged striped 80 is between 4.10 - 4.50 yuan/jin. In Shaanxi, the semi - commercial price of bagged late Fuji starting from 70 is between 4.70 - 4.80 yuan/jin. In Gansu, the price of mountain semi - commercial fruit of late Fuji above 75 in Renda Town is about 4.50 yuan/jin [1] Market Logic - Rainfall in Shaanxi and Gansu production areas has ended, and the bag - removing work of late Fuji has begun. The current transactions in the production areas are mainly based on inventory Gala, Red Star, and Huaniu. In Shandong, the remaining supply of Red General is small, and the quality is poor. The new - season apple's early - maturing fruit purchase price in the northwest is 0.2 - 0.4 yuan/jin higher year - on - year, and the opening price of late - maturing Red Fuji is expected to be strong. The market focus is shifting from the supply side to demand verification [1] Trading Strategy - Hold long positions in the AP2601 contract [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The quality of early - maturing apples is poor, and it is speculated that the high - quality fruit rate of Fuji apples will also be poor. Considering the continuous rainfall in the western producing areas, the quality may be affected. However, as the current price is not low, the price of apples is expected to fluctuate in the short term [8]. - For trading strategies, new - season apples may have a low high - quality fruit rate, but the current price is not low, so the short - term trend is expected to be mainly volatile. It is recommended to wait and see for arbitrage and options trading [9]. 3. Summary by Directory Market Information - **Spot Prices**: The Fuji apple price index was 109.50, up 0.07 from the previous trading day. The prices of various apple varieties such as Luochuan semi - commercial paper - bagged 70, Qixia first - and second - grade paper - bagged 80, and Penglai first - and second - grade paper - bagged 80 remained unchanged. The average wholesale price of 6 kinds of fruits was 6.95, up 0.10 [3]. - **Futures Prices**: AP01 was 8288, down 3 from the previous close; AP05 was 8203, down 16; AP10 was 8486, up 31. The spreads between different contracts also changed, with AP01 - AP05 up 13, AP05 - AP10 down 47, and AP10 - AP01 up 34 [3]. - **Basis**: The basis of Qixia first - and second - grade 80 against AP01 was - 688, up 3; against AP05 was - 603, up 16; against AP10 was - 886.0, down 31 [3]. Market News and Views - **Apple Market News** - As of September 3, 2025, the cold - storage inventory of apples in the main producing areas of China was 27.35 tons, a decrease of 6.62 tons from the previous week. The inventory turnover speed increased slightly due to the limited supply of early - maturing Fuji apples in the west [6]. - In July 2025, the export volume of fresh apples was about 5.36 tons, a month - on - month increase of 44.95%. The import volume was 1.77 tons, a month - on - month decrease of 5.73% and a year - on - year increase of 8.47%. From January to July 2025, the cumulative import volume was 8.66 tons, a year - on - year increase of 29.76%. The impact of imports on the domestic market was limited [6]. - The apple market in the producing areas was generally stable. Cold - storage goods were in high demand during the Mid - Autumn Festival, and the Red General apples had sufficient supply but a shortage of high - quality goods. The purchase price of pre - harvest apples in the northwest was high, and the market arrival volume was stable with stable transaction prices [6]. - In the 2024 - 2025 production season, the profit of Qixia 80 first - and second - grade apple storage merchants was 0.4 yuan per catty, a decrease of 0.1 yuan per catty from the previous week [7]. - The mainstream price of apples in Qixia, Shandong was stable. The price of 80 above first - and second - grade fruit farmer's slice - red apples was 3.0 - 3.5 yuan per catty, and the striped ones were 3.0 - 4.2 yuan per catty. The price of third - grade fruit was 2.5 - 2.6 yuan per catty, and the unified - grade goods were 2.8 - 3.0 yuan per catty. The Red General apples had a poor color and quality, with a transaction price of 1.5 - 1.6 yuan per catty [7]. - **Trading Logic**: The poor high - quality fruit rate of early - maturing apples implies a possible low high - quality fruit rate for Fuji apples. The continuous rainfall in the western producing areas may affect the quality. However, due to the current high price, the short - term trend is expected to be volatile [8]. - **Trading Strategy** - **Unilateral**: New - season apples may have a low high - quality fruit rate, but the current price is not low, so the short - term trend is expected to be mainly volatile [9]. - **Arbitrage**: It is recommended to wait and see [9]. - **Options**: It is recommended to wait and see [9]. Related Attachments The report provides multiple charts, including the prices of Qixia first - and second - grade paper - bagged 80 apples, Luochuan semi - commercial paper - bagged 70 apples, 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 in China, and the cold - storage apple出库量 in China [13][15][23]. The data sources are mainly Galaxy Futures, Steel Union, and Wind Information [15][17][23].

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report [3][18] 2) Core Viewpoints - The market is in a complex situation of dual - festival stocking and the alternation of new and old seasons. The delay in the listing of new - season late - Fuji apples and the differentiation of inventory quality are the main market contradictions. The scarcity of high - quality goods supports the bottom price of the spot, but weak trading restricts the upward space. The futures market maintains a volatile pattern under the influence of multiple and short factors. It is recommended to hold long positions in AP2601 [3]. - As the weather turns cooler, the supply of seasonal fruits decreases, and the demand for Mid - Autumn and National Day gift boxes boosts the apple consumption market. The purchasing enthusiasm of merchants increases, and the sales speed accelerates. The acquisition price of late - maturing Fuji may benefit from the high opening price of early - and mid - maturing apples and festival consumption expectations. It is necessary to focus on the climate impact on the high - quality fruit rate of late - maturing Fuji and the opening price dynamics from late September to early October. It is recommended to hold long positions in AP2601 [18]. 3) Summary by Relevant Catalogs Apple Production Areas - **Shandong**: The price of inventory paper - bagged late - Fuji apples (80 and above, slice - red, first - and second - grade) is 3.00 - 4.00 yuan/jin; the price of paper - bagged late - Fuji apples (80 and above, slice - red, general goods) is 2.50 - 3.00 yuan/jin; the price of inventory striped late - Fuji apples (80 and above, first - and second - grade) is 3.50 - 4.50 yuan/jin. The price of cream generals (75 and above) is 1.50 - 1.80 yuan/jin, and the e - commerce procurement enthusiasm is fair [6]. - **Shaanxi**: The price of paper - bagged early - Fuji apples (70 and above, semi - commercial) is 4.50 - 4.85 yuan/jin, and the price of general goods is 3.50 - 3.60 yuan/jin [6]. Apple Inventory As of September 12, 2025, the cold - storage inventory of apples in the main producing areas of the country was 20.91 tons, a decrease of 6.44 tons compared with the previous week, and the sales speed slowed down compared with the previous week. As of September 17, the national apple cold - storage inventory decreased by 4.59 tons to 16.32 tons week - on - week, reflecting the digestion effect of holiday demand on inventory [3][8]. Downstream Sales Areas In the Guangdong Chalong market, the number of trucks arriving in the morning has decreased week - on - week, with an average of about 51 trucks per week. The number of arriving trucks has increased slightly compared with the previous off - season. The market is still dominated by Fuji apples, with an increase in early - maturing Gala apples. The sales of early - maturing apples are fair, but the profits of merchants are average. The terminal sales speed is not fast, the digestion speed of high - quality goods is fair, and the digestion of poor - quality goods is slow. Seasonal fruits impact the apple market sales, the number of arriving trucks in the market is still at a low level, the terminal digestion has slowed down slightly, and second - and third - level wholesalers maintain on - demand purchases [11]. Other Fruit Prices As of the 23rd week of 2025, the average wholesale price of six kinds of fruits monitored by the Ministry of Agriculture and Rural Affairs was 8.04 yuan/kg, a week - on - week increase of 0.25 yuan/kg. Among them, the average wholesale prices of Kyoho grapes, Fuji apples, Ya pears, and pineapples increased by 1.51 yuan/kg, 0.29 yuan/kg, 0.03 yuan/kg, and 0.05 yuan/kg respectively compared with the 22nd week. The average wholesale prices of bananas and watermelons decreased by 0.03 yuan/kg and 0.34 yuan/kg respectively compared with the 22nd week [14].

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core View of the Report - The current market inventory is low, demand is in the off - season, and spot sales are average. New - season apple production is likely to change little from this season. Early - maturing apples have a low high - quality fruit rate, with high - quality ones priced high and low - quality ones priced low. It is expected that the price of new - season Fuji apples will be high at the beginning of listing, and the short - term futures market will fluctuate slightly stronger, suggesting to buy long positions on dips for new - season apples [9] 3. Summary by Directory Market Information - Fuji apple price index is 109.50, up 0.07 from the previous trading day; 6 - fruit average wholesale price is 6.93, up 0.08. AP01 futures price is 8277, up 16; AP05 is 8222, up 9; AP10 is 8389, up 15. The basis of Qixia first - and second - class 80 - AP01 is - 677, down 16; Qixia first - and second - class 80 - AP10 is - 789.0, down 15; Qixia first - and second - class 80 - AP05 is - 622, down 9 [3] Market News and Views - **Inventory and Trade Data**: As of August 29, 2025, the national main - producing area apple cold - storage inventory is 339,700 tons, a decrease of 276,400 tons from four weeks ago and a year - on - year decrease of 43.9%. In July 2025, fresh apple exports were about 53,600 tons, a month - on - month increase of 44.95%. Imports were 17,700 tons, a month - on - month decrease of 5.73% and a year - on - year increase of 8.47%. The cumulative imports from January to July 2025 were 86,600 tons, a year - on - year increase of 29.76% [6] - **Market Conditions and Prices**: In Shandong, cold - storage apple prices are stable, with low - quality goods having less transactions. In the northwest, early - maturing apples are in good demand, and the order price of early - maturing Fuji is high. The mainstream apple prices in Qixia, Shandong are stable, and the number of cold - storage buyers has increased recently [7][8] - **Profit**: The profit of Qixia 80 first - and second - class storage merchants in the 2024 - 2025 production season is 0.4 yuan/jin, down 0.1 yuan/jin from last week [8] - **Trading Logic**: Spot inventory is low, demand is in the off - season, and sales are average. New - season production is expected to change little, and the high - quality fruit rate of early - maturing apples is low, so it is expected that the price of new - season Fuji will be high at the beginning [9] - **Trading Strategies**: For new - season apples, it is recommended to build long positions on dips, buy low and sell high. It is recommended to wait and see for arbitrage and options trading [10][11][12] Related Drawings - The report includes 10 figures, such as the price of Qixia first - and second - class paper - bag 80, the price of Luochuan semi - commercial paper - bag 70, AP contract main basis, and national cold - storage apple inventory [15][19][25]

Report Industry Investment Rating - No information provided Core Viewpoints - This week, the price of Apple Futures Contract 2510 increased by 1.37%. According to preliminary estimates, the national apple production in the new season will be 37.3664 million tons, a year-on-year increase of 2.35%. As of August 13, 2025, the cold storage inventory of apples in the main producing areas was 460,100 tons, with a slightly slower shipping speed. The old - crop inventory is low, and the sales pressure is not large, but the overall shipping speed has slowed down. With the increase in the listing volume of Gala apples, it may restrain the price increase. It is recommended to conduct short - term trading on Apple Futures Contract 2510 and pay attention to the coloring and listing of early - maturing apples [6][7]. Summary by Directory 1. Week - to - Week Summary - **Market Review**: The price of Apple Futures Contract 2510 rose 1.37% this week [6][11]. - **Market Outlook**: The estimated national apple production in the new season is 37.3664 million tons, an increase of 859,300 tons (2.35%) compared to the 2024 - 2025 season. As of August 13, 2025, the cold - storage inventory was 460,100 tons, a decrease of 75,800 tons from last week. The shipping speed slowed slightly. The old - crop inventory is low, and the sales pressure is small, but the overall shipping speed has slowed. The supply of bagged Gala apples in the western region is increasing, but the purchasing enthusiasm of buyers is average. Low inventory supports prices, but the increasing supply of Gala apples may restrict price increases [6]. - **Strategy Recommendation**: It is recommended to conduct short - term trading on Apple Futures Contract 2510 [7]. - **Future Trading Tips**: Monitor the destocking rate, consumption, and new - crop production [8]. 2. Futures and Spot Markets - **Futures Market**: The price of Apple Futures Contract 2510 increased by 1.37% this week. As of this week, the net short position of the top 20 futures holders was 3,167 lots, and the number of futures warrants was 0 [11][16]. - **Spot Market**: As of August 15, 2025, the mainstream price of 80 first - and second - grade farmer - sourced bagged Red Fuji apples in Qixia, Shandong was 4 yuan per jin; the price of bagged 75 and above Fuji apples in Yiyuan, Shandong was 2.3 yuan per jin [19]. 3. Industry Conditions and Options - **Supply Side**: As of August 13, 2025, the cold - storage inventory of apples in the main producing areas was 460,100 tons, a decrease of 75,800 tons from last week. The storage capacity ratios in Shandong, Shaanxi, and Gansu decreased by 1.06%, 0.47%, and 0.48% respectively compared to last week [26]. - **Demand Side**: - As of August 14, the average daily number of trucks arriving at major apple wholesale markets in Guangdong decreased. The profit of 80 first - and second - grade apple storage merchants was 0.4 yuan per jin [30]. - As of August 8, 2025, the average wholesale price of Fuji apples was 9.51 yuan per kilogram, a 1.65% decrease from the previous period; the average wholesale price of all apples was 9.69 yuan per kilogram, a 0.62% decrease [35]. - As of August 8, 2025, the weekly average wholesale price of five types of fruits (including Fuji apples, bananas, tangerines, pears, and watermelons) was 7.01 yuan per kilogram, a 1.27% decrease from the previous period [39]. - In June 2023, China's fresh apple exports were 40,000 tons, a 20% decrease from the previous month and a 38.6% decrease from the same period last year [42]. - **Substitute Products**: As of August 8, 2025, the weekly average wholesale price of five types of fruits (including Fuji apples, bananas, tangerines, pears, and watermelons) was 7.01 yuan per kilogram, a 1.27% decrease from the previous period [39]. - **Options Market**: The document only mentions the implied volatility chart of at - the - money apple options this week, without specific data [43]. 4. Futures - Stock Correlation - The document only provides a chart of the price - earnings ratio of Honghui Fruit, without specific data [47].

Group 1: Report Overview - The report is an Apple Daily in the Agricultural Products R & D Report by the Commodity Research Institute, dated July 16, 2024 [2] Group 2: Market Information - **Spot Price**: The price of Qixia first - and second - grade paper - bagged 80 apples dropped from 4.10 to 3.95, Penglai's from 4.20 to 4.05, while prices of Luochuan semi - commodity paper - bagged 70 and Yiyuan paper - bagged 70 remained unchanged at 4.80 and 2.40 respectively. The average wholesale price of 6 kinds of fruits rose from 7.27 to 7.29 [3] - **Futures Price**: AP01 decreased from 7713 to 7697, AP05 from 7742 to 7740, and AP10 from 7862 to 7840. The spread AP01 - AP05 dropped from - 29 to - 43, AP05 - AP10 increased from - 120 to - 100, and AP10 - AP01 decreased from 149 to 143 [3] - **Basis**: The basis of Qixia first - and second - grade 80 apples against AP01 decreased from 487 to 203, against AP05 from 458 to 160, and against AP10 from 338 to 60 [3] Group 3: Market News and Views Apple Market News - **Inventory**: As of July 9, 2025, the cold - storage inventory of apples in the main producing areas was 91.49 million tons, a decrease of 7.81 million tons from the previous week. The shipment speed was similar to the previous week and still slower than the same period last year [4] - **Transaction**: Yesterday's transaction price remained stable, the number of buyers increased, and the overall transaction volume slightly increased. Storage merchants were willing to sell, and the overall market shipment volume was still slow. The prices of early - maturing apples were higher than last year [7] - **Profit**: In the 2024 - 2025 production season, the profit of Qixia 80 first - and second - grade storage merchants was 0.7 yuan per catty, a decrease of 0.1 yuan per catty from the previous week [7] - **Spot Price**: In Shandong Yantai Qixia, the mainstream apple prices were stable. The prices of different grades and varieties were in certain ranges, and the transaction increased with slightly higher buyer enthusiasm [7] Trading Logic - Currently, the market inventory is low, demand is in the off - season, and spot shipments are average. The new - season apple production is expected to change little from this season. Before the new - season apples are on the market, the supply is low and demand is weak, with little supply - demand contradiction, so the short - term trend is expected to be volatile [8] Trading Strategy - **Unilateral**: Adopt a long - biased strategy on dips [9] - **Arbitrage**: It is recommended to wait and see [9] - **Options**: Sell put options [9] Group 4: Related Attachments - The report includes 10 figures, such as the price of Qixia first - and second - grade paper - bagged 80 apples, Luochuan semi - commodity paper - bagged 70 apples, AP contract main - contract basis, and the spread between different AP contracts, as well as the arrival volume of apples in wholesale markets and the prices of 6 kinds of fruits [13][15][22]

Group 1: Report General Information - Report title: Apple Daily Report, July 15, 2024 [2] - Report type: Agricultural product research report - Researcher: Liu Qiannan [2] Group 2: Market Information Spot Prices - The index of Gongqian Suye is 110.95, up 0.89 from the previous trading day. The price of Luochuan semi - commercial paper - bag 70 is 4.80, unchanged. The price of Qixia first - and second - grade paper - bag 80 is 3.95, down 0.15. The price of Penglai first - and second - grade paper - bag 80 is 4.05, down 0.15. The price of Yiyuan paper - bag 70 is 2.40, unchanged. The average wholesale price of 6 kinds of fruits is 7.27, down 0.06 [3] Futures Prices - AP01 is 7713, up 24 from the previous close; AP05 is 7742, down 6; AP10 is 7862, up 24. AP01 - AP05 is - 29, up 30; AP05 - AP10 is - 120, down 30; AP10 - AP01 is 149, unchanged [3] Basis - The basis of Qixia first - and second - grade 80 against AP01 is 187, down 324; against AP05 is 158, down 294; against AP10 is 38, down 324 [3] Group 3: Market News and Views Apple Market News - As of July 9, 2025, the cold - storage inventory of apples in the main producing areas of China is 91.49 million tons, a decrease of 7.81 million tons from last week. The shipping speed is similar to last week and still slower than the same period last year [4] - In May 2025, the import volume of fresh apples is 1.78 million tons, a month - on - month decrease of 7.04% and a year - on - year increase of 16.77%. The cumulative import volume from January to May 2025 is 5.02 million tons, a year - on - year increase of 52.78%. The export volume in May 2025 is about 4.55 million tons, a month - on - month decrease of 37.38% and a year - on - year decrease of 25.15% [7] - Today, the mainstream transaction price of apples in the producing areas remains stable. The number of buyers has slightly increased in the past two days, and the purchasing enthusiasm has slightly improved. Buyers are mainly looking for striped red apples, but the satisfactory supply is scarce. The storage merchants' willingness to sell is good. In the Shaanxi production area, early - maturing apples of different varieties are gradually on the market, and the purchase price of the current listed supply is mostly higher than the same period last year [7] - In the 2024 - 2025 production season, the profit of Qixia 80 first - and second - grade storage merchants is 0.7 yuan per catty, a decrease of 0.1 yuan per catty from last week [7] - The mainstream price of apples in Qixia, Shandong is stable. The price of 80 and above first - and second - grade fruit farmers' striped red apples is 3.3 - 3.8 yuan per catty, and the striped ones are 3.3 - 4.2 yuan per catty. The price of merchants' striped red apples is 3.8 - 4.2 yuan per catty, and the striped ones are 3.8 - 4.8 yuan per catty. The price of general goods is 2.8 - 3.0 yuan per catty, and the third - grade merchants' goods are 2.5 - 3.0 yuan per catty. The mainstream transaction price of 70 apples is 2.5 - 2.7 yuan per catty, priced according to quality. The number of buyers has slightly increased, and the transaction is stable [8] Trading Logic - On the spot side, the current market inventory is low, the market demand is in the off - season, and the spot sales are average. The output of the new - season apples is expected to change little compared with this season. Before the new - season apples are on the market, the supply is low and the demand is weak, and the market supply - demand contradiction is not significant. The short - term trend is expected to be volatile [9] Trading Strategies - Unilateral: Adopt a long - biased strategy when the price is low - Arbitrage: It is recommended to wait and see - Options: Sell put options [10] Group 4: Related Attachments - The report includes 10 figures, such as the price of Qixia first - and second - grade paper - bag 80 apples, the price of Luochuan semi - commercial paper - bag 70 apples, the basis of AP contracts, the price difference 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 delivery volume [14][23][29]

Group 1: Report Overview - Report Title: Apple Daily Report, May 22, 2024 [2] - Researcher: Liu Qiannan [2] - Contact: liuqiannan_qh@chinastock.com.cn [2] Group 2: Market Information Spot Prices - Fuji Apple Price Index: 108.50, up 0.24 from the next working day [3] - 6 Kinds of Fruit Average Wholesale Price: 7.67, down 0.05 from the next working day [3] Futures Prices - AP01: 7469, down 150 from yesterday's close [3] - AP05: 7636, down 130 from yesterday's close [3] - AP10: 7552, down 120 from yesterday's close [3] Basis - Qixia First and Second - Grade 80 - AP01: 731, up 150 from the previous trading day [3] - Qixia First and Second - Grade 80 - AP05: 564, up 130 from the previous trading day [3] - Qixia First and Second - Grade 80 - AP10: 648, up 120 from the previous trading day [3] Group 3: Market News and Views Apple Market News - Cold - Storage Inventory: As of May 16, 2025, the cold - storage inventory in major apple - producing areas was 2.2886 million tons, a decrease of 0.3791 million tons from last week, at a five - year low [4] - Export and Import: In April 2025, fresh apple exports were about 72,600 tons, a month - on - month decrease of 24.41% and a year - on - year decrease of 1.77%. Imports were 19,100 tons, a month - on - month increase of 102.29% and a year - on - year increase of 63.56%. The cumulative imports from January to April 2025 were 32,400 tons, a year - on - year increase of 83.87% [7] - Market Price: The mainstream apple prices in the origin remained stable. Storage merchants were actively selling, and market traders mainly purchased as needed. The overall wholesale market was stable [7] - Profit: The profit of Qixia 80 first and second - grade storage merchants in the 2024 - 2025 production season was 0.9 yuan per catty, up 0.2 yuan per catty from last week [7] - Spot Price: In Qixia, Shandong, the demand for apple slice - red goods was good. The prices of different grades of apples remained stable [8] Trading Logic - The apple cold - storage inventory this year is at a low level since 2019. Before the new apples are on the market, the supply is likely to be tight. The current market sales are okay, and the spot price is strong, which supports the apple price. In addition, the windy and hot - dry weather in the western producing areas in April affected apple fruit - setting in some areas. It is expected that the apple trend will continue to be slightly stronger in a volatile manner [9] Trading Strategies - Unilateral: Build long positions in AP10 at low prices in the short term [10] - Arbitrage: It is recommended to wait and see [11] - Options: It is recommended to wait and see [12] Group 4: Related Attachments - The report includes 10 related charts, such as the price of Qixia first and second - grade paper - bag 80 apples, the price of Luochuan semi - commercial paper - bag 70 apples, AP contract basis, and apple arrival volume in wholesale markets [16][18][24]

Group 1: Report Overview - The report is an apple daily report from the Commodity Research Institute, dated May 21, 2024 [2] Group 2: Market Information Spot Prices - The Fuji apple price index is 108.50, up 0.24 from the previous trading day. The average wholesale price of 6 fruits is 7.70, down 0.13 [3] - Prices of various apple varieties such as Luochuan semi - commodity paper - bag 70, Qixia first and second - grade paper - bag 80, etc., remained stable compared to the previous trading day [3] Futures Prices - AP01 closed at 7619, down 104 from the previous close; AP05 closed at 7766, down 83; AP10 closed at 0, down 7784 [3] - The spreads between different contracts also changed, e.g., AP01 - AP05 was - 147, down 21 [3] Basis - The basis of Qixia first and second - grade 80 against AP01 is 581, up 104; against AP05 is 434, up 83; against AP10 is 8200, up 7784 [3] Group 3: Market News and Views Apple Market News - As of May 16, 2025, the cold - storage inventory of apples in the main producing areas of China was 2.2886 million tons, a decrease of 379,100 tons from the previous week, and the current cold - storage inventory is at a five - year low [4] - Yesterday, the mainstream price of apples in the producing areas remained stable. The supply of slice - red apples was tight with good demand, and the mainstream transaction price showed a firming trend. Other specifications' prices remained stable. Cold - storage trading volume was average, and most merchants had completed their Dragon Boat Festival stocking [7] - The profit of Qixia 80 first and second - grade apple storage merchants in the 2024 - 2025 production season is 0.9 yuan per catty, up 0.2 yuan per catty from last week [7] - In Shandong Yantai Qixia, the demand for slice - red apples is good. The price ranges for different types of apples are provided, and the overall transaction is stable. In Shaanxi Yan'an Luochuan, the cold - storage apple price is stable, with less remaining inventory in the warehouse and merchants reluctant to sell [8] Trading Logic - This year's apple cold - storage inventory is at the lowest level since 2019. Before the new apples are on the market, the market supply is likely to be tight. The current market sales are okay, and the spot price is strong, which supports the apple price. In addition, the windy and hot - dry weather in the western producing areas in April affected apple fruit - setting in some areas. It is expected that the apple price will continue to fluctuate slightly upwards [9] Trading Strategies - For the single - side strategy, it is recommended to build long positions in AP10 at low prices in the short term [10] - For the arbitrage and option strategies, it is recommended to wait and see [11][12] Group 4: Related Attachments - The report includes 10 related charts, such as the price chart of Qixia first and second - grade paper - bag 80 apples, the price chart of Luochuan semi - commodity paper - bag 70 apples, and the chart of AP contract main basis [16][18][22]

Group 1: Report Information - Report Title: Apple Daily Report, May 12, 2024 [2] - Researcher: Liu Qiannan [2] - Contact: liuqiannan_qh@chinastock.com.cn [2] Group 2: Market Information Spot Prices - Chiba Prefecture Index: 115.09, down 0.15 from the previous day [3] - Luochuan Semi-commodity Paper Bag 70: 4.30, unchanged [3] - Qixia First and Second Grade Paper Bag 80: 4.10, unchanged [3] - Penglai First and Second Grade Paper Bag 80: 4.20, unchanged [3] - Yiyuan Paper Bag 70: 2.40, unchanged [3] - Average Wholesale Price of 6 Fruits: 7.92, down 0.09 [3] Futures Prices - AP01: 7772, up 52 from the previous close [3] - AP05: 7872, down 94 [3] - AP10: 7837, up [3] - AP01 - AP05: -100, up 146 [3] - AP05 - AP10: -119, down 119 [3] - AP10 - AP01: -27, down 27 [3] Basis - Qixia First and Second Grade 80 - AP01: 428, down 52 [3] - Qixia First and Second Grade 80 - AP05: 328, up 94 [3] - Qixia First and Second Grade 80 - AP10: 363.0, down 25 [3] Group 3: Market News and Views Apple Market News - As of May 16, 2025, the cold storage inventory of apples in the main producing areas of China was 2.2886 million tons, a decrease of 379,100 tons from the previous week, and the current cold storage inventory is at a five - year low [4] - In March 2024, the export volume of fresh apples was about 96,000 tons, a month - on - month increase of 40.8% and a year - on - year increase of 1.7%. From January to March 2025, the cumulative export volume was about 255,600 tons, a year - on - year increase of 9.5%. In March 2025, the import volume of fresh apples was 9,500 tons, a month - on - month increase of 535.7% and a year - on - year increase of 167.1%. From January to March 2025, the cumulative import volume was 13,300 tons, a year - on - year increase of 123.9% [7] - Last Friday, the mainstream market in the origin remained stable. The number of cold storage merchants in the origin was okay, but the procurement became more cautious. The willingness of cargo owners to ship goods increased, but the asking prices were still high. During the weekend, the cold storage trading volume in the Shandong production area decreased, and the shipping speed slowed down. The market arrivals decreased slightly, the shipping situation was average, and the mainstream wholesale price remained stable [7] - In the 2024 - 2025 production season, the profit of Qixia 80 first and second - grade storage merchants was 0.9 yuan/jin, an increase of 0.2 yuan/jin from last week [7] - The price of apples in Qixia, Yantai, Shandong was stable. The price of fruit growers' first and second - grade slice - red apples above 80 was 3.5 - 3.8 yuan/jin, striped apples were 3.5 - 4.5 yuan/jin, merchants' slice - red apples were 4.0 - 4.5 yuan/jin, striped apples were 4.0 - 5.0 yuan/jin. The price of general goods was 2.8 - 3.0 yuan/jin, and the price of third - grade merchants' goods was 2.5 - 3.0 yuan/jin. The mainstream transaction price of 70 apples was 2.5 - 2.7 yuan/jin, priced according to quality. The willingness of cold storage to ship goods increased, merchants' procurement was cautious, and the overall transaction and shipping slowed down [8] Trading Logic - This year's apple cold storage inventory is at a low level, the lowest since 2019. Therefore, it is very likely that the market supply of apples will be tight before the new fruit is launched this fruit season. At present, the market sales are okay, and the spot price is strong, which forms a certain support for the apple price. In addition, the strong wind + high - temperature and drought weather in the western production areas in April of the new fruit season has indeed affected the fruit setting of apples in some production areas. In general, it is expected that the apple trend will continue to be slightly stronger in a volatile manner [9] Trading Strategies - Unilateral: Short - term, build long positions in AP10 on dips [10] - Arbitrage: It is recommended to wait and see [11] - Options: It is recommended to wait and see [12] Group 4: Related Attachments - Figures include Qixia First and Second Grade Paper Bag 80 Price, Luochuan Semi - commodity Paper Bag 70 Price, AP Contract Main Basis, AP10 - AP01, AP05 - AP10, AP10 - AP05, Total Apple Arrivals in Chalong, Jiangmen, and Xiaqiao, 6 - Fruit Price, National Cold Storage Apple Inventory, National Cold Storage Apple Outbound Volume [16][18][22][24][28] - Data sources are Galaxy Futures, Steel Union, and Wind Information [18][20][24]