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]

Group 1: Report Summary - Title: Apple Weekly Report: Demand Shows Well, Apple Prices Stable with a Slight Increase [1] - Researcher: Liu Qiannan [1] - Report Sections: Logical Analysis and Trading Strategies; Weekly Data Tracking [2][15] Group 2: Logical Analysis and Trading Strategies Spot Analysis - Cold storage apple inventory is at the lowest level in the same period of the past five years, with high - priced goods mainly in Shandong and northern Shaanxi. Market demand decreases in May due to rising temperatures and more seasonal fruits. Shandong has strong reluctance to sell, and purchase has become more cautious. Shaanxi has stable prices, but limited tradable volume and high reluctance to sell [5]. - In Shandong, the weighted average price of bagged Fuji 80 and above first - and second - grade goods is 4.16 yuan/jin, up 0.02 yuan/jin (0.48% MoM, 10.34% YoY). The Thursday closing price is 4.19 yuan/jin, up 0.05 yuan/jin (1.21%) from April 30. In Shaanxi, the weighted average price of bagged Fuji 70 and above is 3.87 yuan/jin, flat MoM and up 0.1657% YoY, with the Thursday closing price flat from April 30 [5]. Supply Analysis - As of May 8, 2025, the national cold storage inventory ratio is 14.47%, down 3.98 ppts in two weeks, 10.77 ppts lower than last year. Shandong's cold storage capacity ratio is 21.72%, down 5.08 ppts; Shaanxi's is 13.62%, down 4.21 ppts. As of May 16, the national main - producing area cold storage inventory is 228.86 tons, down 37.91 tons MoM [10]. Demand Analysis - Recent apple arrivals in Chalong, Jiangmen, and Xiaqiao are average, with 63 - 76 trucks this week. The average wholesale price of 6 key fruits on May 8 is 7.92 yuan/kg, up 0.29 yuan/kg from last Friday. The profit of Qixia 80 first - and second - grade storage merchants in the 2024 - 2025 season is 0.9 yuan/jin, flat MoM [13]. Trading Strategies - Trading logic: Low cold storage inventory, good demand, and potential impacts on new fruit production may lead to a slightly bullish trend. - Unilateral: Short - term, go long on AP10 at low prices. - Arbitrage: Wait and see. - Options: Wait and see [14] Group 3: Weekly Data Tracking Apple Supply and Demand - Data on apple exports, planting area, consumption, etc., are presented in charts [17] Inventory and Shipment - Charts show trends in national and Shandong cold storage apple inventory and national cold storage apple shipment [19][21] Spread and Basis - Charts show 1 - 5, 5 - 10, 10 - 1 spreads, and 1 - month, 5 - month, 10 - month basis [24]