瑞达期货研究院 「2025.09.26」 苹果市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信服 务 号 业务咨询 添加客服 「 周度要点小结」 行情回顾：本周苹果期货2601合约价格上涨，周度涨幅1.55%。 行情展望：新季苹果：西部晚熟富士陆续进入大面积脱袋阶段，采青富士继续交 易，整体质量尚可，果个略有不均。库存果，据Mysteel统计，截至2025年9月24 日，全国主产区苹果冷库库存量为12.18万吨，较上周减少4.14万吨，山东产区库 容比为2.62%，较上周减少0.89%，山东产区去库速度略走快，目前山东剩余库存 多集中于栖霞等乡镇，周内整体走货一般。周内昂林、烟富等中熟苹果交易活跃， 库存果走货仍显一般。但伴随红将军陆续进入后期，库内货源看货客商略增。好 货价格较为稳定，果农通货价格偏弱，双节带动效应一般，关注下周晚富士摘袋 进度。 2 策略建议：操作上，建议苹果2601合约短期多思路为主。 未来交易提示： 1、中熟富士上市量 2、消费 目录 1、周度要点小结 2、期现市场 3、产业情况及期权 4、期股关联 「 期货市场情况」 本周苹 ...

Core Viewpoint - The company will continue to focus on its core business of fruits and vegetables despite the change in its actual controller, who has a background in pharmaceuticals [3][4]. Group 1: Event Overview - The company participated in the "2025 Guangdong Listed Companies Investor Online Reception Day" and held a half-year performance briefing on September 19, 2025 [1]. - The event was conducted through the "Panorama Roadshow" website, allowing for interactive communication with investors [1]. Group 2: Key Questions and Responses - The company confirmed that it will maintain its focus on the fruits and vegetables business, emphasizing its experience and market share in this sector [3]. - There are currently no plans for collaboration with Teng Rui Pharmaceutical, and any future cooperation will be disclosed in accordance with legal requirements [3][4]. - The company is open to strategic development opportunities, including potential mergers or asset injections, but will adhere to strict evaluation and disclosure processes [4][5]. - The establishment of Shanghai Juhui Ze Pharmaceutical Technology Co., Ltd. is seen as an initial attempt to optimize business layout and enhance competitiveness, not a shift to a pharmaceutical focus [4]. - The company has prepared marketing strategies for the upcoming Mid-Autumn Festival and National Day, including the promotion of its "Fengshou Ge" brand products [4]. - Future growth will be driven by maintaining focus on core business, innovation, and improving operational quality and profitability [5]. - The company has outlined a three-year shareholder return plan (2025-2027) to ensure cash dividends and protect minority investors' rights [5].

Core Insights - The article highlights the transformation of agricultural product sales through Douyin (TikTok) e-commerce, enabling farmers to sell directly to consumers, thus improving their income and reducing waste [1][9][25]. Group 1: Sales and Market Trends - From September 2024 to September 2025, Douyin e-commerce is projected to sell 10.2 billion agricultural products, averaging 24.48 million packages shipped daily [1][3]. - The sales of agricultural products through Douyin have seen significant growth, with shelf and search scenarios driving sales up by 54% and 95% year-on-year, respectively [3][26]. - The platform has facilitated over 546,000 creators in promoting agricultural products, enhancing market reach and consumer education [27]. Group 2: Case Studies of Successful Farmers - Gao Meng, founder of the "Peach Xiaomeng" brand, transitioned from a pharmaceutical management role to support local farmers, achieving significant sales through Douyin e-commerce [8][9]. - The brand has garnered a loyal customer base, with over 170,000 repeat customers and a 50% repurchase rate, demonstrating the effectiveness of quality assurance and customer engagement [11][13]. - Liang Haiyang, who shifted from furniture to agricultural products, successfully targeted health-conscious consumers, achieving profitability by focusing on niche markets [14][24]. Group 3: Supportive Policies and Cost Management - Douyin e-commerce has implemented various supportive policies, including commission waivers for fresh produce, which have saved businesses significant operational costs [25][26]. - The platform's initiatives have allowed businesses like "Peach Xiaomeng" and "Fengdeng Jiuyue" to save substantial amounts, enabling them to invest in better cold chain logistics and packaging [25][26]. - The introduction of interest-free loans for small agricultural businesses has further supported their growth and operational expansion [25].

Core Viewpoint - The Zhengzhou Commodity Exchange has released new guidelines for apple futures delivery to enhance delivery efficiency and facilitate industry participation, effective from the 2510 contract [1][4]. Group 1: Guidelines Overview - The guidelines serve as a detailed supplement to the existing apple futures business rules, clarifying the rights and obligations of delivery participants and optimizing the delivery process [1][3]. - The guidelines consist of eight chapters covering various aspects such as delivery service institutions, preparation, on-site delivery, re-inspection, dispute resolution, and supervision [1][3]. - Key specifications include the standards for apple packaging, conditions for delivery agents, sampling rules for on-site inspections, and the responsibilities and consequences for disrupting the delivery process [1][2]. Group 2: Industry Impact - Industry representatives believe the guidelines will enhance confidence in the delivery process, attracting more industry clients to participate [2][3]. - The guidelines align with industry practices, particularly in packaging, which can reduce transportation losses and establish a foundation for standardized sampling and quality inspection [2][3]. - The new rules are expected to streamline the delivery process, shorten delivery times, and clarify responsibilities, thereby improving the overall efficiency of apple futures transactions [2][3][4]. Group 3: Future Developments - The Zhengzhou Commodity Exchange plans to focus on enhancing the service capabilities of delivery institutions and continuously optimizing the delivery process [4]. - Future efforts will include the development of quality inspection instruments to better serve delivery clients and support the high-quality development of the apple industry [4].

Summary of Key Points Core Viewpoint - The announcement from Ningde City Market Supervision Administration highlights the results of food safety supervision and sampling inspections for 2025, indicating a total of 202 batches tested, with 197 passing and 5 failing the safety standards [2]. Group 1: Inspection Results - A total of 202 food samples were tested, including tea products, vegetable products, and edible agricultural products [2]. - Out of the 202 batches, 197 were found to be compliant with safety standards, while 5 batches were deemed non-compliant [2]. Group 2: Actions Taken - The local market supervision departments have been instructed to investigate and handle the non-compliant samples, ensuring that producers and operators fulfill their legal responsibilities to mitigate food safety risks [2]. - Consumers are advised to report any non-compliant food products listed in the announcement by calling the complaint hotline 12315 [2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the price of the Apple Futures 2510 contract declined slightly, with a weekly decrease of 0.08%. New - season early - maturing Fuji apples are gradually entering the market, with prices and quality higher than expected. In the old - crop market, the inventory in cold storage has decreased, and the shipping has accelerated slightly compared to last week. The consumption of inventory apples in the sales area is generally slow, and the market prefers high - quality goods. It is recommended to take a short - term long - position approach for the Apple 2510 contract, and attention should be paid to the pre - holiday stocking for the Double Festival [6]. 3. Summary by Directory 3.1 Weekly Highlights - **Market Review**: The price of the Apple Futures 2510 contract declined slightly this week, with a weekly decrease of 0.08% [6][10]. - **Market Outlook**: New - season early - maturing Fuji apples are gradually entering the market, with prices and quality higher than expected. As of September 3, 2025, the cold - storage inventory of apples in the main producing areas was 273,500 tons, a decrease of 66,200 tons from last week. The shipping has accelerated slightly. In the Shandong production area, some merchants are choosing to adjust inventory Fuji, and the holders are firm in their asking prices. In the Shaanxi production area, the market is in the final stage, and merchants mainly pick up their own inventory. The consumption of inventory apples in the sales area is generally slow, and the market prefers high - quality goods. Attention should be paid to the pre - holiday stocking for the Double Festival [6]. - **Strategy Suggestion**: It is recommended to take a short - term long - position approach for the Apple 2510 contract [6]. - **Future Trading Tips**: Monitor the listing volume of early - maturing Fuji apples and consumption [6]. 3.2 Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2510 contract declined slightly this week, with a weekly decrease of 0.08%. As of this week, the net position of the top 20 in apple futures was 4,290 lots, and the number of apple futures warehouse receipts was 0 [10][16]. - **Spot Market**: As of September 5, 2025, the mainstream price of 80 and above first - and second - grade farmer - supplied bagged red Fuji in Qixia, Yantai, Shandong was 3.7 yuan per catty; the price of bagged 75 and above Fuji apples in Yiyuan, Shandong was 2.3 yuan per catty [19]. 3.3 Industry Situation and Options - **Supply Side**: As of September 3, 2025, the cold - storage inventory of apples in the main producing areas was 273,500 tons, a decrease of 66,200 tons from last week. The shipping has accelerated slightly. The storage capacity ratio in the Shandong production area was 5.46%, a decrease of 0.92% from last week; the storage capacity ratio in the Shaanxi production area was 0.53%, a decrease of 0.48% from last week [27]. - **Demand Side**: - As of September 4, the average daily number of early - morning arrivals at major apple wholesale markets in Guangdong decreased. The profit of 80 first - and second - grade apple storage merchants was 0.30 yuan per catty [31]. - As of August 29, 2025, the wholesale price of all apple varieties was 9.75 yuan per kilogram, a week - on - week increase of 0.01 yuan per kilogram; the wholesale price of Fuji apples was 8.54 yuan per kilogram, a week - on - week increase of 0.04 yuan per kilogram [36]. - As of August 29, 2025, the weekly average wholesale price of 5 types of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 6.85 yuan per kilogram, a week - on - week decrease of 0.02 yuan per kilogram [40]. - As of July 31, 2025, the monthly export volume of apples was 50,000 tons; the monthly export value was 632.84 million US dollars, a month - on - month increase of 46.13%; the cumulative export value was 4,882.89 million US dollars, a month - on - month increase of 14.89% [44]. - **Options Market**: Information about the implied volatility of at - the - money options for apples this week is presented in the form of a graph, but specific data is not mentioned [45]. 3.4 Futures - Stock Correlation - The report shows a graph of the price - to - earnings ratio of Honghui Fruit & Vegetable Co., Ltd., but no specific analysis is provided [47].

Core Viewpoint - The Zhengzhou Commodity Exchange has made significant revisions to the rules governing fresh apple futures to enhance the service quality of the futures market to the real economy and align futures standards more closely with the actual conditions of the spot industry [1][4]. Summary by Relevant Sections Rule Optimization - The revisions include optimizing the alternative delivery price mechanism and further detailing delivery standards to better align with industry practices [1][3]. - The delivery unit has been increased from 10 tons to 20 tons, which reduces the frequency of scattered deliveries and lowers operational costs related to transportation, storage, and inspection [1][3]. - A unified standard for packaging has been established, requiring the use of "iron baskets + white transparent plastic bags" for delivery apples, which enhances delivery and quality inspection efficiency [1][3]. - The delivery process for truck (ship) board has been optimized to shorten delivery times, clarify time nodes for each step, simplify processes, and define responsibilities and special handling procedures [1][4]. Industry Response - Industry representatives believe the revisions address key pain points in current apple spot trading and futures delivery, promoting better integration between spot and futures markets [2][3]. - The adjustments in delivery units and standards are seen as more aligned with actual trading practices, which could attract more industry participants to the apple futures market [2][4]. - The optimization of the delivery process is expected to reduce disputes that have previously arisen during delivery [2][3]. Future Implications - The revisions are anticipated to enhance market integrity by implementing stricter member reviews and linking pre-reporting deposits to curb false reporting [3]. - The changes are expected to improve the efficiency of price discovery and risk management functions in the apple industry, contributing to its high-quality development [4].

Group 1 - Shanghai Juhui Ze Pharmaceutical Technology Co., Ltd. has been established with a registered capital of 10 million yuan [1] - The company's business scope includes import and export of goods, technology import and export, and sales of specialized chemical products (excluding hazardous chemicals) [1] - Juhui Ze is wholly owned by Honghui Fruits and Vegetables (603336) [1]

Core Insights - The rapid development of cold chain technology has enabled the global distribution of fresh fruits, overcoming geographical and temporal limitations, leading to a true "global sharing" of food [1] - Agricultural technology advancements have introduced new fruit varieties, enhancing consumer choices while also raising concerns about the use of chemicals and the nutritional balance of fruits [1] - Industrialized production methods have caused significant ecological damage, including soil degradation and water pollution, posing threats to the environment and future sustainability [2] Industry Developments - The rise of internet technology has provided a turning point for the fruit and vegetable industry, allowing consumers to access detailed information about product origins, growing conditions, and pesticide residue reports, thereby enhancing trust and product quality [2] - Big data and IoT technologies have optimized every stage of the fruit and vegetable supply chain, improving logistics efficiency, reducing waste, and ensuring freshness and taste [4] - Internet platforms have revolutionized marketing strategies in the fruit and vegetable sector, utilizing social media and short videos to engage consumers and enhance brand influence [4]

Core Insights - The development of cold chain technology has enabled the global distribution of fresh fruits, overcoming geographical and temporal barriers [1] - The rise of agricultural technology has led to the creation of novel fruit varieties, enhancing consumer experiences [1] - However, industrialized production methods pose risks, including premature harvesting, chemical ripening, and excessive pesticide use, which can compromise fruit quality and environmental health [1] Group 1: Industry Challenges - Some fruits are harvested before maturity to meet market demand, leading to reliance on chemicals for ripening [1] - The pursuit of perfect appearance through excessive pesticide and growth agent use raises concerns about chemical residues [1] - The industrial production approach threatens ecological balance, causing soil degradation, water pollution, and loss of biodiversity [1] Group 2: Technological Advancements - The rise of internet technology has improved transparency in the fruit and vegetable industry, allowing consumers to access information about origin, growing conditions, and pesticide residue reports [3] - Enhanced supply chain management through big data and IoT technologies has optimized every stage from planting to transportation, improving logistics efficiency and reducing waste [3] - Innovative marketing strategies via social media and short videos have strengthened brand influence and consumer engagement in the fruit and vegetable sector [3]