Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report - Old - crop apples have low inventory, but their consumption is affected by the listing of seasonal fruits. New - season early - maturing apples had a higher average opening price than last year, but the price declined significantly in August. The recent price increase in the futures market was due to an agricultural product sales document, but since the impact on apples was limited, the futures price quickly fell after the initial increase [3]. - The futures price is expected to fall further and may drop below 7700 [4]. 3. Summaries According to Related Catalogs Market Information - **Production Area**: The sales of late - Fuji apples are slow, and prices are stable with a slight downward trend. There is limited enthusiasm among merchants to purchase. In the west, the inventory is low, and price polarization is obvious. In Shandong, merchants are trying to lower prices when purchasing, and some fruit farmers are eager to sell. For new - season early - maturing apples, the supply of early - ripening Qinyang is running out, and prices are decreasing after an initial high. Paper - bag Gala apples are starting to be available in some areas, but there are problems with slow color development and greening after bag removal [1]. - **Sales Area**: The number of trucks arriving at the three major markets in Guangdong has increased slightly compared to the previous week. Actual transactions are priced according to quality. The low - priced seasonal fruits are selling well, which is affecting the sales of apples. The terminal consumption has slowed down slightly, and second - and third - level wholesalers are purchasing as needed, with no obvious backlog in transit warehouses [1]. - **Inventory**: As of July 30, according to Steel Union data, the national cold - storage inventory was 61.61 tons, a decrease of 8.84 tons compared to the previous week, and the sales speed slowed down slightly. The storage capacity ratio in Shandong was 10.10%, a decrease of 1.02%, and in Shaanxi it was 2.91%, a decrease of 0.74%. According to Zhuochuang data, the national cold - storage inventory was 57.61 tons, a decrease of 7.2 tons, the storage capacity ratio in Shandong was 7.15%, a decrease of 0.87%, and in Shaanxi it was 4.01%, a decrease of 0.52% [1]. Market Analysis - Old - crop apples have low inventory, but their consumption is affected by seasonal fruits. Although the consumption speed is better than last week, it has been poor recently. New - season early - maturing apples had a higher average opening price than last year, but the price has dropped significantly since August. The recent sharp increase in the futures market was due to an agricultural product sales document, but since the impact on apples was limited, the futures price quickly fell after the initial increase [3]. Futures Price Analysis - The recent trend of the futures price has continued to decline, and it may fall below 7700 [4]. Market Attention Points - Cold - storage出库情况, production area weather conditions, opening price and transaction volume of early - maturing apples [5]. Price Changes | Contract | 2025 - 08 - 04 Closing Price | Change Rate | 2025 - 08 - 01 Price | Change Rate | | --- | --- | --- | --- | --- | | AP01 | 7685 | - 2.66% | Qixia first - and second - grade 80: 3.8 | - 3.8% | | AP03 | 7674 | - 1.79% | Luochuan semi - commercial 70: 4.5 | - 6.25% | | AP04 | 7707 | - 1.35% | Jingning paper - bag 75: 5.6 | - 6.67% | | AP05 | 7800 | - 1.35% | Yiyuan paper - bag 70: 2.3 | 0% | | AP10 | 7758 | - 3.65% | Wanrong paper - plus - film 75: 2.8 | 0% | | AP11 | 7575 | - 2.76% | Futures profit: - 791 | - 20.98% | | AP12 | 7643 | - 2.2% | Theoretical delivery price: 8600 | 0% | | AP01 - 05 | - 115 | 858.33% | Main contract basis: 809 | 35.06% | | AP05 - 10 | 42 | - 128.97% | Warehouse receipts: 0 | 0 | | AP10 - 01 | 73 | - 53.5% | Warehouse receipts + valid forecasts: 0 | - 1 | [7] Yield Forecast - Based on bagging data, it is estimated that the national apple production in the 2025/26 season will increase by 2.35% to 3736.64 tons. Shaanxi's production will increase by 7.57% to 878.84 tons, Shandong's will decrease by 9.89% to 782.37 tons, Gansu's will increase by 2.18% to 379.15 tons, Henan's will increase by 21.09% to 274.28 tons, and Shaanxi (repeated mention, assume it's a different area) will increase by 28.39% to 352.19 tons [2].

Core Viewpoint - The article discusses how Guangdong lychee, known as the "Eastern Love Fruit," has successfully navigated challenges in international markets, particularly in the U.S., through technological advancements and strategic planning [1][3]. Group 1: Transportation and Preservation Challenges - Lychee is a delicate fruit that requires careful handling during long-distance transportation, with a need to maintain a constant temperature of 0°C throughout the shipping process [3]. - The first batch of lychee reached New York when local late-maturing varieties were nearly out of season, necessitating the cultivation of varieties that are suitable for transport and have good taste [3]. - Guangdong has adapted by increasing the planting area of transport-friendly varieties like "White Sugar Lychee" and "Feizixiao," and developing new varieties to extend the supply period [3][4]. Group 2: Technological Innovations - A total of 306 "smart stations" have been established in Maoming to rapidly freeze and pre-cool lychee within one hour of harvest [4]. - Various preservation technologies, including physical, plant-based, biological sources, and new packaging materials, have been implemented, allowing certain varieties to be preserved for up to 40 days [4]. - The transportation system has been upgraded to an efficient network combining air transport, cold chain logistics, and drones [4]. Group 3: Market Expansion and Performance - In the first half of the year, Guangzhou exported 1,099.3 tons of lychee, a 2.5-fold increase year-on-year, with the U.S. becoming the second-largest export market, seeing a 26-fold increase [6]. - Maoming's lychee exports reached 7,070.6 tons, a year-on-year growth of approximately 140%, with a total value of 1.02 billion RMB, up 57% [6]. - Guangdong lychee has gained popularity globally, with over 40 countries and regions importing it, and premium varieties are well-received in international markets [6].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the price of Apple Futures 2510 rose first and then fell, with a weekly decline of 3.09%. The initial estimate of the national apple production in the new season is 3736.64 million tons, a year-on-year increase of 2.35%. As of July 23, 2025, the cold storage inventory of apples in the main producing areas was at a low level in the same period of the past five years, and the purchase price of early-maturing varieties increased slightly year-on-year, which supported the price to fluctuate strongly. However, the large number of summer cooling fruits on the market impacted the demand for apples, and the possible increase in the output of new-season apples might restrict the price increase. The upper limit to watch is 8140 yuan/ton. It is recommended to hold the long orders of Apple 2510 contract cautiously and take profits at high positions [5]. 3. Summary by Directory 3.1 Week - on - Week Summary - **Market Review**: The price of Apple Futures 2510 rose first and then fell this week, with a weekly decline of 3.09% [5][10]. - **Market Outlook**: The estimated national apple production in the new season is 3736.64 million tons, an increase of 85.93 million tons or 2.35% compared with the 2024 - 2025 production season. As of July 23, 2025, the national cold storage inventory was 70.45 million tons, a decrease of 10.15 million tons from last week. The inventory in Shandong, Shaanxi, and Gansu decreased, but the destocking speed was different. The current inventory is at a low level in the same period of the past five years, and the purchase price of early - maturing varieties increased slightly year - on - year, supporting the price. However, the large number of summer fruits on the market and the possible increase in new - season output may restrict the price increase [5]. - **Strategy Suggestion**: It is recommended to hold the long orders of Apple 2510 contract cautiously and take profits at high positions [5]. - **Future Trading Tips**: Pay attention to the destocking rate, consumption, and new - crop output [6]. 3.2 Futures and Spot Markets - **Futures Market**: As of this week, the net short position of the top 20 in Apple Futures was 288 lots, and the number of warehouse receipts was 0 [16]. - **Spot Market**: As of August 1, 2025, the mainstream price of 80 and above first - and second - grade fruit farmers' goods of bagged Red Fuji in Qixia, Yantai, Shandong was 4 yuan/jin, and the price of bagged Fuji apples above 75 in Yiyuan, Shandong was 2.4 yuan/jin [19]. 3.3 Industry Situation and Options - **Supply Side**: As of July 30, 2025, the cold storage inventory of apples in the main producing areas was 61.61 million tons, a decrease of 8.84 million tons from last week. The destocking speed slowed down slightly. The destocking speed in Shandong, Shaanxi, and Gansu was still slow, and the inventory was low [24]. - **Demand Side**: - As of July 31, the average daily arrival of trucks in the main apple wholesale markets in Guangdong decreased. The profit of 80 first - and second - grade apple storage merchants was 0.6 yuan/jin [28]. - As of July 25, 2025, the average wholesale price of Fuji apples was 9.73 yuan/kg, a month - on - month decrease of 1.62%, and the wholesale price of apples was 9.72 yuan/kg, a month - on - month decrease of 0.31% [33]. - As of July 25, 2025, the weekly average wholesale price of five kinds of fruits (including Fuji apples, bananas, tangerines, pears, and watermelons) was 7.13 yuan/kg, a month - on - month decrease of 2.6% [37]. - In June 2023, the export volume of fresh apples in China was 4 million tons, a month - on - month decrease of 20% and a year - on - year decrease of 38.6% [40]. - **Options Market**: Information about the implied volatility of at - the - money options of apples this week was presented in a chart, but no specific data was given [41]. 3.4 Futures - Stock Correlation - A chart of the price - earnings ratio of Honghui Fruit and Vegetable was presented, but no specific analysis was given [43].

Core Viewpoint - The article highlights the transformation of the passion fruit industry in Beiliu, Guangxi, driven by the rise of e-commerce and live streaming, particularly through Douyin (TikTok), which has significantly increased sales and improved the livelihoods of local farmers [6][11][33] Group 1: Industry Overview - Beiliu is known as the "Hometown of Passion Fruit" in China, with the industry facing challenges a decade ago due to low prices and limited market demand [6][10] - The total industrial output value of passion fruit in Beiliu has reached 3 billion yuan, becoming a pillar industry for the local economy [6] - Since June 2023, the average daily order volume for Guangxi passion fruit on Douyin has exceeded 300,000, with a daily transaction value surpassing 3 million yuan, marking a 12-fold year-on-year increase [6] Group 2: Company Strategy - Dongyun Group, the leading company in Beiliu's passion fruit sector, has adopted a strategy of introducing high-quality varieties like "Qinmi No. 9" and utilizing Douyin for marketing [11][15] - The company has achieved a repurchase rate of 70% for its products, indicating strong customer satisfaction and market acceptance [15] - The average income for farmers growing "Qinmi No. 9" has increased significantly, with earnings per mu (approximately 0.067 hectares) now ranging from 5,000 to 10,000 yuan, compared to just 1,000 yuan previously [15] Group 3: E-commerce Impact - The emergence of e-commerce has revolutionized agricultural sales, requiring product quality and integrity, which has led to a focus on high-quality produce [10][11] - Live streaming has become a key marketing tool, with the company conducting "day and night" broadcasts to engage customers and educate them about passion fruit [29][33] - The use of short videos to showcase the correct consumption methods of passion fruit has helped to change public perception and increase its popularity as a daily fruit [12][29]

Report Industry Investment Rating - Apple: Neutral [3] - Red dates: Neutral to bullish [8] Core Views - Apple: The apple market is generally quiet, but the remaining inventory is at a historical low, which provides some support for prices. The short - term price is expected to remain stable, and attention should be paid to the listing and trading of new - season early - maturing apples [2][3]. - Red dates: The red date futures rose slightly. The second and third batches of flower setting in the production area are better than expected, and the arrival volume in the sales area is small during the off - season. The new - season production is estimated to decline, and attention should be paid to the weather in the production area and the last batch of flowers [7]. Market News and Important Data Apple - Futures: The closing price of the apple 2510 contract yesterday was 7915 yuan/ton, a change of +7 yuan/ton from the previous day, with a change rate of +0.09% [1]. - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.80 yuan/jin, unchanged from the previous day; the price of 70 and above semi - commercial late Fuji in Shaanxi Luochuan was 4.80 yuan/jin, unchanged from the previous day [1]. Red dates - Futures: The closing price of the red date 2601 contract yesterday was 10805 yuan/ton, a change of +15 yuan/ton from the previous day, with a change rate of +0.14% [4]. - Spot: The price of first - grade grey dates in Hebei was 8.90 yuan/kg, unchanged from the previous day [4]. Market Analysis Apple - The apple futures price rose yesterday. The remaining inventory in the warehouse is low, the early - maturing apples have quality problems, and the number of new - season bagged fruits is slightly lower than the previous season. The sales in the production and sales areas are slow, and the terminal demand has not improved significantly. However, the low inventory supports the price. This week, attention should be paid to the game between merchants' price - pressing and fruit farmers' acceptance, and the price performance of QinYang apples in the west after centralized listing [2]. Red dates - The red date futures rose slightly yesterday. The second and third batches of flower setting in the production area are better than expected, and the arrival volume in the sales area is small during the off - season. The new - season jujubes are in the physiological fruit - dropping stage, and the overall production is estimated to decline by 5 - 10% compared with 2022 and 20 - 25% compared with 2024, with an estimated output of 56 - 62 million tons. Attention should be paid to the weather in the production area and the last batch of flowers [7]. Strategy Apple - Maintain a neutral strategy. Since the current remaining inventory in the production area is low and the expected output of the new season changes little from last year, the apple fundamentals have no prominent contradictions, and the short - term price is expected to remain stable. Pay attention to the listing and trading of new - season early - maturing apples [3]. Red dates - Adopt a neutral - to - bullish strategy. Recently, funds are very sensitive to the growth of new - season red dates, and the news from the production area has a great impact on the futures market. The futures and spot prices may fluctuate strongly in the future under the expectation of production decline and the reality of improved spot transactions. Pay close attention to the growth of new - season red dates [8].

Core Viewpoint - The article highlights the transformation of the passion fruit industry in Beiliu, Guangxi, driven by e-commerce and live streaming, which has significantly increased sales and improved the livelihoods of local farmers [4][8][50]. Group 1: Industry Overview - Beiliu is known as the "hometown of passion fruit" in China, with the industry facing challenges a decade ago due to low prices and a lack of market demand [8][28]. - The total industrial output value of the passion fruit industry in Beiliu has reached 3 billion yuan, becoming a pillar industry for the local economy [8]. - Since June 2023, the average daily order volume for Guangxi passion fruit on Douyin has exceeded 300,000, with daily sales exceeding 3 million yuan, marking a 12-fold year-on-year increase [8]. Group 2: Company Strategy - Dongyun Group, the leading company in Beiliu's passion fruit sector, has adopted live streaming on Douyin to market its products nationwide, achieving an average daily shipment of 30,000 orders [4][8]. - The company transitioned from traditional purple-skin passion fruit to the higher-quality "Qinmi No. 9" variety, which has a higher cultivation cost but better market acceptance [17][23]. - The average income for farmers growing "Qinmi No. 9" has increased to between 5,000 and 10,000 yuan per mu, compared to only 1,000 yuan previously [23]. Group 3: Market Dynamics - The introduction of e-commerce has changed the agricultural trading landscape, requiring product grading and honesty in transactions, which has helped improve the quality of passion fruit sold [14][50]. - The price of passion fruit had been declining due to oversupply and poor-quality products, leading to significant losses for farmers [11][14]. - The market for passion fruit saw a revival with the rise of new tea drinks and the popularity of fruit teas, which increased demand for passion fruit [11][8]. Group 4: Consumer Engagement - The Douyin account @Chunxiangguo Fresh Flagship Store has achieved a repurchase rate of 70%, indicating strong consumer interest and satisfaction [22]. - The company has utilized short videos to educate consumers on the proper way to eat passion fruit, helping to reshape public perception that passion fruit is overly sour [20][45]. - Live streaming has been employed to create a more engaging shopping experience, with the company conducting 24-hour live broadcasts to showcase the fruit and its cultivation process [44][50].

Core Viewpoint - The article highlights the significant growth and international expansion of Guangdong lychee exports, driven by improvements in quality, technology, and marketing strategies, while also emphasizing the need for a clear product grading system to enhance global recognition and value consensus [1][2][8]. Group 1: Export Growth and Market Expansion - In the first half of the year, Guangzhou exported 1,099.3 tons of lychee, a year-on-year increase of 250%, with ASEAN as the largest market, followed by the US with a staggering 2,600% increase [1]. - Maoming's lychee exports reached 7,070.6 tons, up approximately 140%, with a value of 102 million RMB, reflecting a 57% increase [1]. - Guangdong's lychee exports have reached over 8,000 tons annually, accounting for 55% of the national total, benefiting 1.8 million lychee farmers [1]. Group 2: Quality and Technological Upgrades - Guangdong is recognized for its rich lychee genetic resources and diverse cultivation areas, with popular varieties like "Feizixiao" and "Baitangying" being favored in international markets due to their thicker skin and better preservation [5]. - The introduction of ultra-low temperature freezing technology allows lychee to be preserved in a "sleep" state, enabling year-round availability [5]. - The development of deep processing products, such as lychee vinegar and juice, has enhanced the product's appeal in international markets [5]. Group 3: Marketing Strategies and Brand Development - Guangdong has shifted from a single wholesale export model to a layered marketing network tailored to different target markets, enhancing brand visibility and penetration [7]. - The launch of the "Oriental Love Fruit" brand aims to create a cultural narrative around Guangdong lychee, drawing on historical references and modern marketing strategies [11][12]. - The collaboration with influencers and the use of creative marketing campaigns, such as the "1-minute peeling lychee" challenge, have contributed to the brand's growing recognition [12]. Group 4: Challenges and Future Directions - Despite the growth, Guangdong lychee still faces challenges in establishing a clear international grading system, which is crucial for enhancing consumer recognition and value perception [9][13]. - The lack of a unified grading standard leads to misconceptions about lychee quality among international consumers, necessitating ongoing market education [13]. - The article suggests that Guangdong's lychee industry must continue to innovate and improve its branding and marketing efforts to compete with other high-end fruits globally [10][12].

Core Insights - The establishment of the Shigatse International Land Port enhances trade efficiency between Tibet and South Asia, significantly reducing transportation time for goods [1][2] - The trade volume between Tibet and Nepal is projected to reach 5.12 billion yuan in 2024, marking an 84.8% increase, with Tibet's exports to Nepal growing by 22.1% in the first half of the year [2] Group 1: Infrastructure and Logistics - The Shigatse International Land Port, operational since August last year, offers strategic advantages with quick access to key locations such as Shigatse Airport and major border ports [1] - Transportation time from Tibet to Kathmandu is reduced to approximately 15 days via land routes, compared to 45 days by sea through southeastern coastal regions [1] Group 2: Trade Growth and Economic Impact - The trade volume between Tibet and Nepal is expected to reach 5.12 billion yuan in 2024, representing an 84.8% increase and accounting for 32.7% of the total trade between China and Nepal [2] - In the first half of this year, Tibet's exports to Nepal amounted to 2.193 billion yuan, reflecting a year-on-year growth of 22.1% [2] Group 3: Agricultural Exports - The Linzhi region, known for its high-altitude apple production, is a key contributor to Tibet's agricultural exports, with plans to export 1,000 tons of apples this year [2] - The establishment of a green channel for fresh fruit exports has facilitated quicker customs clearance, benefiting local farmers and enhancing income [2] Group 4: Future Development Plans - The Lhasa Customs aims to support the integration of foreign trade with local agricultural, light industry, and cultural tourism sectors, transitioning border economies from mere transit to diversified economic activities [3]

Core Viewpoint - The mango industry in Tianyang District, Baise, Guangxi, is significantly boosting local employment and income opportunities for residents, establishing a comprehensive industry chain from planting to sales [2][3][4]. Industry Overview - Tianyang District is recognized as "China's first mango hometown," with a mango planting area of 420,000 mu (approximately 280 square kilometers) and an expected output of 380,000 tons of high-quality mangoes this year [14]. - The district's agricultural wholesale market is the largest and best-equipped mango wholesale market in the area, hosting over 100 fruit merchants during the mango season [15][20]. Employment Impact - The mango industry has created numerous job opportunities, allowing local residents to work close to home. During peak mango season, the market can employ over 3,000 temporary workers daily, with daily wages ranging from 150 to 200 yuan [17][18]. - Workers involved in sorting can earn up to 6,000 yuan per month, while daily wages for general laborers are around 200 to 300 yuan [8][12][18]. Market Activity - The daily trading volume in the wholesale market is approximately 3,000 tons, with around 300 to 400 vehicles involved in the transactions, primarily distributing to coastal regions such as Guangdong, Fujian, and Hainan [20][21].

Core Viewpoint - The article highlights the transformation of Yangshan peach sales from traditional methods to modern e-commerce platforms, emphasizing the importance of quality and branding in driving consumer demand and local economic growth [1][3][10]. Group 1: Sales and Market Dynamics - Yangshan peaches are now sold through e-commerce platforms, significantly improving sales and reducing the risk of unsold inventory [1][3]. - The introduction of policies like "100 billion subsidies" and "1 trillion support" has enhanced the price-performance ratio of Yangshan peaches, attracting more consumers [1][8][10]. - Online sales have grown to account for approximately 60% of total sales for local peach farmers, with only 10% sold offline [3][9]. Group 2: Quality Control and Brand Protection - Local farmers prioritize the quality of peaches at every stage, from harvesting to packaging, to maintain their brand reputation [1][5][6]. - Strict selection criteria are applied to ensure only high-quality peaches are sold, with specific standards for weight, sugar content, and appearance [5][6]. - The introduction of a new geographic indication product certification and traceability system aims to enhance consumer trust in the quality of Yangshan peaches [7]. Group 3: Economic Impact and Employment - The peach industry in Yangshan is projected to generate over 2 billion yuan in total output value, contributing significantly to local economic development [10]. - The growth of the e-commerce sector has led to job creation, with local farmers forming operational teams and employing seasonal workers during peak harvest times [10]. - The success of Yangshan peaches has inspired local entrepreneurs to explore online sales, further boosting the local economy [8][9].