Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The delayed listing of new - season late - Fuji apples and the differentiation in inventory quality are the main market contradictions. The scarcity of high - quality goods supports the bottom price of the spot market, but weak trading restricts the upside potential. The current futures market is in a volatile pattern under the influence of multiple and short - selling factors. It is recommended to hold long positions in AP2601 [3][18]. 3. Summary by Directory Apple 2601 Contract Market Review - **Production Areas**: In Shandong, the price of inventory paper - bagged late - Fuji apples (80 and above) is 3.00 - 4.00 yuan/jin (flake - red, first and second - grade), 2.50 - 3.00 yuan/jin (flake - red, general goods); 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 General (75 and above) is 1.50 - 1.80 yuan/jin. In Shaanxi, the price of paper - bagged early - Fuji apples (70 and above, semi - commercial) is 4.50 - 4.85 yuan/jin, and the general goods price is 3.50 - 3.60 yuan/jin [7]. - **Inventory**: As of September 26, 2025, the cold - storage inventory of apples in the main producing areas nationwide was 121,800 tons, a decrease of 41,400 tons from the previous week, and the sales speed slowed down [9]. - **Downstream Sales Areas**: In the Guangdong Chalong market, the number of trucks arriving in the morning has decreased compared with the previous period. The average number of trucks arriving per week is about 51. The arrival volume 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 okay, but the profit of merchants is average, and the terminal sales speed is not fast [12]. - **Other Fruit Prices**: As of the 23rd week of 2025, the average wholesale price of six 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. The average wholesale prices of Kyoho grapes, Fuji apples, 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 [15].