Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Late Fuji apple trading has slowed down. In Shandong, the warehousing work is basically finished, with ground trading mainly for direct market delivery by merchants, and in - warehouse trading starting. The foreign trade channel continues to seek goods, with small fruits selling well and the outbound rate slightly faster than last year. In Shaanxi, products are gradually leaving the warehouse, with Luochuan mainly packaging goods in merchants' hands and having a light cold - storage trading atmosphere. The arrival volume in the sales area has increased, but the trading atmosphere remains light. The increase in the listing volume of citrus fruits squeezes the apple sales space. Apple futures prices are expected to remain high in the short term, and the impact of alternative fruits should be noted [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9712 yuan/ton, with a month - on - month increase of 866; the main contract position is 8144 hands; the net long position of the top 20 futures positions is 120323 hands, with a month - on - month increase of 5896 [2] 3.2 Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 5.25 yuan/jin, 2.6 yuan/jin, 4.2 yuan/jin, and 4 yuan/jin respectively, with no month - on - month change [2] 3.3 Upstream Situation - The national apple output is 5128.51 million tons, and the output in a certain area is 168.34 million tons [2] 3.4 Industry Situation - The weekly apple wholesale price is 9.38 yuan/kg, with a month - on - month decrease of 0.02; the average wholesale price of Fuji apples is 9.06 yuan/kg; the national apple cold - storage total inventory is 766.75 million tons, with a month - on - month decrease of 6.41; the storage capacity ratios of Shandong and Shaanxi apples are 0.54 and 0.58 respectively, with month - on - month decreases of 0.01; the monthly apple export volume is 80,000 tons, with an increase of 10,000 tons; the monthly import amount of fresh and dried fruits and nuts is 1.334364 billion US dollars, with a decrease of 503,616 US dollars; the year - on - year monthly apple export amount is - 14.3%; the weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0 yuan/jin [2] 3.5 Downstream Situation - The weekly wholesale prices of pears, bananas, and watermelons are 6.76 yuan/kg, 5.41 yuan/kg, and 6 yuan/kg respectively, with month - on - month increases of 0.05, 0.22, and 0.04; the early - morning average daily arrival vehicle numbers at Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets are 16, 25.2, and 19.2 respectively, with month - on - month increases of 3.8, 1.4, and 3.2 [2] 3.6 Option Market - The implied volatility of at - the - money call and put options for apples is 1.85% and 17.51% respectively, with month - on - month decreases of 15.66 and 9.27 [2] 3.7 Industry News - The trading of inventory apples remains light. In Shandong and Shaanxi, there are few inquiring merchants, mainly self - picking by merchants. In Gansu, the sales of Huaniu apples are okay, while the trading of Fuji apples has slowed down slightly, with little change in transaction prices [2]