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]

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]