Report Industry Investment Rating - No information provided Core Views - Overall, apple demand during the Spring Festival was decent, but the enthusiasm for purchasing low - cost and average - quality apples was poor. The price of the apple's main futures contract is expected to fluctuate [2] Summary by Relevant Catalogs Futures Market - The closing price of the apple's main futures contract is 9,799 yuan/ton, and the main contract's open interest is 116,571 lots, with a week - on - week increase of 3,989 lots. The net long position of the top 20 futures holders is 11,644 lots [2] 现货市场 - The spot price of apples in Gansu Jingning (paper - bagged 75 and above) is 5.25 yuan/jin, and in Shandong Yiyuan (paper - bagged 75 and above) is 2.4 yuan/jin. The spot price in Shaanxi Luochuan (paper - bagged 70 and above semi - commodity) is 4.2 yuan/jin, and in Shandong Yantai Qixia (paper - bagged 80 and above) is 3.7 yuan/jin, with no week - on - week change [2] Upstream Situation - The national apple production is 5,128.51 million tons, and the second - grade fruit farmer's goods are 168.34 yuan/jin [2] Industry Situation - The weekly apple wholesale price is 9.56 yuan/kg, and the average wholesale price of Fuji apples is 9.31 yuan/kg, with a week - on - week increase of 0.02 yuan/kg. The total national apple cold - storage inventory is 552.92 million tons, with a week - on - week decrease of 19.08 million tons. The storage capacity ratio of Shandong apples is 0.43, with a week - on - week decrease of 0.01; the storage capacity ratio of Shaanxi apples is 0.44, with a week - on - week decrease of 0.02. The monthly apple export volume is 160,000 tons, with an increase of 40,000 tons. The monthly import amount of fresh and dried fruits and nuts is 1.775355 billion US dollars, with an increase of 657,409 US dollars. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0.3 yuan/jin, with no week - on - week change [2] Downstream Situation - The weekly wholesale price of pears is 6.81 yuan/kg, with a week - on - week increase of 0.07 yuan/kg; the weekly wholesale price of bananas is 6.45 yuan/kg, with a week - on - week increase of 0.01 yuan/kg; the weekly wholesale price of watermelons is 7.12 yuan/kg, with a week - on - week increase of 0.05 yuan/kg. The average daily number of trucks arriving in the morning at the Guangdong Jiangmen wholesale market is 30.2, with an increase of 2.4; at the Guangdong Xiaqiao wholesale market is 37, and at the Guangdong Chalong wholesale market is 55.2, with an increase of 4 [2] Option Market - The implied volatility of at - the - money call options for apples is 26.08%, with a week - on - week decrease of 1.51%; the implied volatility of at - the - money put options for apples is 26.08%, with a week - on - week decrease of 1.47% [2] Industry - Apple merchants in the production areas restock as needed. Gansu merchants have good restocking enthusiasm, while Shandong's transactions are average. The overall price of fruit farmers' goods is stable, and some fruit farmers are willing to lower prices. In the sales areas, the sales of gift - boxed and basket - packed apples are good, and the number of trucks arriving after the Spring Festival has decreased. The price of first - and second - grade slice - red fruit farmers' goods in Qixia is 3.2 - 4.5 yuan/jin, and the price of 80 general goods is 2.5 - 3 yuan/jin. In the Shaanxi Luochuan production area, the ex - warehouse price of fruit farmers' general goods is 3.5 - 4.0 yuan/jin, and the ex - warehouse price of semi - commodities is 4.0 - 4.3 yuan/jin. In the Gansu production area, the price of fruit farmers' semi - commodities in Jingning is 5 - 6 yuan/jin, and the ex - warehouse price of general goods is 3.7 - 5 yuan/jin [2]