Report Investment Rating - The investment strategy for both the apple and red date industries is neutral [4][8] Core Viewpoints - The apple market shows a pattern of increased shipping in production areas due to pre - holiday stocking, but weak demand in sales areas. The price is polarized, with high - quality fruit prices remaining firm and farmers' general goods prices under pressure. The overall inventory is still high despite the accelerated de - stocking [3] - The red date market has a large supply pressure due to the combination of old and new inventories. Although the inventory de - stocking speed has increased, the price is still suppressed. The consumption in sales areas has not increased significantly before the Spring Festival, and substitutes are squeezing the market space [7] Market News and Important Data Apple - The closing price of the apple 2605 contract yesterday was 9380 yuan/ton, a change of - 138 yuan/ton from the previous day, a decrease of 1.45%. The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.00 yuan/jin, with no change from the previous day. The spot basis AP05 was - 1380, a change of + 138 from the previous day. The price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.20 yuan/jin, with no change from the previous day. The spot basis AP05 was - 980, a change of + 138 from the previous day [1] Red Date - The closing price of the red date 2605 contract yesterday was 8820 yuan/ton, a change of - 130 yuan/ton from the previous day, a decrease of 1.45%. The spot price of first - grade grey dates in Hebei was 8.00 yuan/kg, with no change from the previous day. The spot basis CJ05 was - 820, a change of + 130 from the previous day [5] Recent Market Information Apple - In production areas, pre - holiday stocking is ongoing, but the overall atmosphere is average. The shipment of gift - boxed apples is okay, and the overall packaging and shipping have slightly accelerated. The transaction volume of farmers' general goods is average, mainly high - grade and third - grade fruits. Some farmers are more eager to sell. In sales areas, the number of incoming trucks has increased, but the sales of apples are not fast due to the impact of competing fruits. It is expected that the shipping volume will slightly increase in the short term, and the price will be stable with a weak trend [2] Red Date - In the 2025 production season, the purchase price range of Xinjiang grey dates is 5.00 - 6.50 yuan/kg. In Hebei Cuierzhuang market, the arrival of goods is small, and downstream buyers purchase as needed. In Guangdong Ruyifang market, 9 trucks of red dates arrived, and the price is stable. The market trading atmosphere is average, and the market will be closed from the 25th of the twelfth lunar month to the 8th of the first lunar month. It is expected that the price will be stable in the short term [6] Market Analysis Apple - Yesterday, the apple futures price fluctuated and declined. With the Spring Festival approaching, pre - holiday stocking has started, and the market trading atmosphere is active, with the出库 speed significantly increasing. Some purchasers still try to lower the price, putting pressure on farmers. In sales areas, the overall shipping rhythm has accelerated, and the market has improved. However, the price is still high compared with competing fruits such as tangerines and cherries. The high - quality fruit price remains firm. In January 2026, the apple market shows a differentiated feature of increased shipping in production areas but weak demand in sales areas. The inventory is still high despite the accelerated de - stocking [3] Red Date - Yesterday, the red date futures price fluctuated and declined. Although the inventory de - stocking speed has increased, the overall supply pressure still exists due to the combination of old and new inventories, and the price is still suppressed. As the number of purchasing merchants increases, the shipping pressure on the inventory has been alleviated to some extent. Before the Spring Festival, the consumption in sales areas has not increased significantly. It is necessary to pay close attention to the shipping situation and consumption atmosphere during the festival [7]