Report Industry Investment Rating - No specific investment rating provided in the report [2] Core Viewpoints - As of July 16, 2025, the apple cold storage inventory in the main producing areas of China was 806,000 tons, a decrease of 108,900 tons from the previous week. The sales speed improved slightly compared to the previous week and was similar to the same period last year [2]. - The preliminary estimate of the national apple output in the new season is 37.3664 million tons, an increase of 859,300 tons or 2.35% compared to the 2024 - 2025 production season [2]. - 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 has increased year - on - year, which strongly supports the price. However, the large - scale listing of summer cooling fruits impacts the apple demand, and the price momentum is insufficient. The short - term trend is expected to be oscillating and slightly stronger. It is recommended to focus on the production situation and mainly go short - term long at low prices [2] Summary by Relevant Catalogs Futures Market - The closing price of the October apple futures contract was 7,923 yuan/ton, with a week - on - week increase of 40 yuan/ton. The position of the main contract was 94,770 lots, a decrease of 3,517 lots [2]. - The number of apple warehouse receipts was 0, unchanged from the previous day. The net long position of the top 20 futures holders was 4,977 lots, a decrease of 1,873 lots [2] Spot Market - The spot price of bagged apples above 80 in Qixia, Yantai, Shandong was 4 yuan/jin [2] Upstream Situation - The annual national apple output was 5.12851 million tons, an increase of 168,340 tons. The weekly apple wholesale price was 9.75 yuan/kg, a decrease of 0.01 yuan/kg. The average weekly wholesale price of Fuji apples was 9.89 yuan/kg, an increase of 0.23 yuan/kg [2] - The total national apple cold storage inventory was 806,000 tons, a decrease of 108,900 tons. The warehouse utilization ratio in Shandong was 12%, a decrease of 1%. The warehouse utilization ratio in Shaanxi decreased by 1%. The monthly apple export volume was 50 tons, a decrease of 20,000 tons [2] Industry Situation - The monthly apple export value was 51.525 million US dollars. The monthly import value of fresh and dried fruits and nuts was not clearly presented in the report [2] - The weekly profit of first - and second - grade bagged apple 80 storage merchants was 0.7 yuan/jin, a decrease of 0.2 yuan/jin [2] Downstream Situation - The weekly average wholesale price of tangerines was 9.12 yuan/kg, an increase of 0.28 yuan/kg. The weekly wholesale price of bananas was 6.15 yuan/kg, a decrease of 0.18 yuan/kg. The weekly wholesale price of watermelons was 3.94 yuan/kg [2] - The daily average number of trucks arriving in the morning at the Jiangmen wholesale market in Guangdong was 5.8 vehicles, a decrease of 2 vehicles. The daily average number of trucks arriving in the morning at the Xiaqiao wholesale market in Guangdong was 9.2 vehicles, a decrease of 1.8 vehicles. The daily average number of trucks arriving in the morning at the Chalong wholesale market in Guangdong was 16.6 vehicles, a decrease of 2.8 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples was 17%, a decrease of 0.07%. The implied volatility of at - the - money put options for apples was 17%, a decrease of 0.11% [2]

Core Viewpoint - The event showcasing seasonal fresh fruits from Xinjiang aims to enhance the market presence of these products in the Guangdong-Hong Kong-Macao Greater Bay Area, promoting local agricultural products and supporting farmers' income [10][11][33]. Group 1: Event Overview - The event titled "Seasonal Fresh Fruits from Xinjiang Entering the Bay Area" was held at the 1906 Technology Park in Guangzhou, featuring various fruits such as Tang Wang Ancient Melon and Kashi Melon [3][10]. - The event is part of Guangdong's 2025 "Consumption Assistance Mid-Summer Action," organized by the Guangdong Consumption Assistance Alliance [12][13]. Group 2: Product Highlights - Featured products included Xinjiang's unique fruits like the Kashi Melon, which is renowned for its sweetness and quality, and the Tang Wang Ancient Melon, known for its high sugar content and appealing appearance [18][27]. - The fruits are praised for their flavor and freshness, attracting many visitors to the event [6][7]. Group 3: Market Strategy - The initiative aims to strengthen the consumption assistance efforts and promote Xinjiang's high-quality fruits to the Greater Bay Area and national markets [15][32]. - The event also included online sales platforms to facilitate the purchase of Xinjiang fruits, allowing consumers to enjoy discounts and home delivery [39][40]. Group 4: Support and Collaboration - The event received support from the Agricultural Bank of Guangdong Province, which provided consumer assistance policies and promotional activities [34]. - The Guangdong Consumption Assistance Alliance emphasized the importance of leveraging marketing channels and supply chain advantages to support the development of Xinjiang's fruit industry [32][33].

Core Viewpoint - The apple industry in Yan'an, Shaanxi Province, led by the China Supply Group Yanlong Fruit Industry Co., Ltd., is integrating futures and spot markets to drive local economic development and create unique growth opportunities [1][2]. Group 1: Company Overview - Yanlong Fruit Industry was established in 2017 as a key player in the apple industry, focusing on a "warehousing + trade" model to create a comprehensive service platform that includes online and offline sales, logistics, sorting, and supply chain services [2]. - In May 2021, Yanlong Fruit Industry obtained the qualification for apple futures delivery warehouses, marking its entry into the national financial market [2]. - For the 2024 fruit season, the company stored 20,836.81 tons of apples, achieving a sales revenue of 1.414 billion yuan [2]. Group 2: Futures Market Integration - Yanlong Fruit Industry has successfully provided delivery services for 230 futures contracts (2,300 tons) to 27 clients, establishing itself as a benchmark for futures delivery services in the region [3]. - The company has implemented a high-standard construction of futures delivery warehouses to ensure proper storage conditions, reducing disputes and risks associated with futures delivery [2][3]. Group 3: Risk Management Strategies - The company has faced challenges from price volatility due to increased production and decreased consumption, leading to a proactive approach in risk management through real-time inventory monitoring and futures market hedging [4][5]. - In 2024, approximately 60% of the company's annual operating volume was covered by hedging strategies, effectively stabilizing operational profits despite market fluctuations [5]. Group 4: Community and Agricultural Support - Yanlong Fruit Industry participated in a pilot project combining "order purchasing + insurance + futures + delivery," successfully purchasing 1,973.67 tons of apples at a minimum price of 5 yuan per kilogram, benefiting local farmers [5][6]. - The project addressed issues such as "high yield but low income" for farmers and "difficulties in order fulfillment" for companies, enhancing collaboration between the company and local agricultural producers [6]. Group 5: Educational Initiatives - As a part of the Zhengzhou Commodity Exchange's production and finance base, Yanlong Fruit Industry has taken on the role of educating farmers and businesses about futures knowledge and delivery standards through workshops and one-on-one guidance [7]. - The company aims to increase awareness and understanding of financial tools in the apple industry, promoting high-quality development through financial empowerment [7].

Report Industry Investment Rating - The investment rating for both the apple and red date industries is neutral [3][7] Core Views - For the apple industry, due to the low remaining inventory at the production areas and the expected new - season output being similar to last year, the apple fundamentals have no prominent contradictions, and the short - term price is expected to remain stable. Attention should be paid to the price trend of early - maturing varieties and weather conditions [3] - For the red date industry, as it is at the low point of annual consumption, with high inventory and weak spot trading, and the futures market being sensitive to new - season growth news, caution is needed when going long, and close attention should be paid to the growth of new - season red dates [7] Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2510 contract on the previous day was 7,862 yuan/ton, up 24 yuan/ton or 0.31% from the previous day. Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 3.95 yuan/jin, unchanged from the previous day, with a spot basis of AP10 + 38, down 24 from the previous day; the price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.80 yuan/jin, unchanged from the previous day, with a spot basis of AP10 + 1738, down 24 from the previous day [1] - In the apple production areas, trading is mostly demand - based, and buyers are cautious. In some western cold storages, the area of water - rotten apples has expanded, and some holders are eager to sell. Early - maturing apples are mainly from Dali and Yuncheng, with limited supply and little impact on the market. In Shandong, the market is mainly for sales, and the sales volume is still slow after a slight price drop. In the sales areas, the sales volume is average, and there is an impact from summer - cooling fruits [1] Market Analysis - The apple futures price rose the previous day, and the inventory trading in production areas was relatively stable. In western production areas, the number of inquiries from buyers increased. The national main production areas' sales speed last week was similar to the previous week and slower than the same period last year, and the current inventory is at a near - five - year low [2] - In production areas, the late Fuji market was generally stable but weak last week, with light trading. Buyers were cautious, mainly using their own inventory, and the actual trading volume was limited. In Shandong, some holders and farmers were eager to sell, the price of good apples changed little, and the price of ordinary and lower - grade apples dropped slightly but with limited transactions. In Shaanxi, the trading was stable and light, with limited remaining inventory, mainly concentrated in northern Shaanxi. In Gansu, the sales speed slowed down. Shanxi, Henan, and Liaoning production areas were basically cleared of inventory [2] - In the sales areas, the number of trucks arriving at the Guangdong wholesale market last week decreased slightly compared to the previous week. There was an obvious impact from seasonal fruits. With the increase in temperature, the sales of summer - cooling fruits increased, and some spot traders switched to seasonal fruits, affecting the apple market [2] Strategy - The strategy for the apple industry is neutral. Given the low remaining inventory at production areas and the expected new - season output being similar to last year, the short - term price is expected to remain stable. Attention should be paid to the price trend of early - maturing varieties and weather conditions [3] Red Date Market News and Important Data - Futures: The closing price of the red date 2601 contract on the previous day was 10,280 yuan/ton, down 110 yuan/ton or 1.06% from the previous day. Spot: The price of first - grade Hebei grey dates was 8.60 yuan/kg, unchanged from the previous day, with a spot basis of CJ01 - 1680, up 110 from the previous day [5] - In the Xinjiang grey date main production areas, jujube farmers are actively managing the orchards, and the trees are in the physiological fruit - dropping stage. There has been no concentrated fruit - dropping, and the temperature is suitable for fruit setting. In the Hebei Cuierzhuang market, 5 trucks of dates arrived, and in the Guangdong Ruyifang market, 2 trucks arrived, with buyers purchasing on demand [5] Market Analysis - The red date futures price fell the previous day, reaching a one - month low. The new - season red dates in production areas are at the critical fruit - setting stage. The new - season red dates in main production areas are in the flowering and fruit - setting stage, with different growth in different areas. Due to the large output in 2024, there are potential growth problems in the new season. Some orchards had average first - crop fruit setting, and the market is trading on the expectation of a new - season output reduction. Attention should be paid to the second - and third - crop fruit setting [6] - In the sales areas, the total inventory is at a multi - year high, and it is the traditional off - season. The supply of seasonal fruits is increasing, and the demand for tonics is weak. After the price increase, downstream buyers purchase on demand to replenish safety stocks. The inventory of 36 sample physical warehouses decreased slightly last week [6] Strategy - The strategy for the red date industry is neutral. Given the low consumption period, high inventory, and weak spot trading, and the high sensitivity of the futures market to new - season growth news, caution is needed when going long, and close attention should be paid to the growth of new - season red dates [7]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The late - season old - crop apples' closing prices are basically stable, which may boost the purchase prices of new - crop apples. The high opening prices of early - season new - crop apples may support the market. Short - term trading is recommended to be based on a bullish - biased trading strategy [36] Group 3: Summary by Directory 1. This Week's Market Review - This week, the main contract of apple futures, AP2510, showed a strong performance [7] 2. Supply - Side Situation - As of July 10, 2025, the total remaining cold - storage apple volume in China was 824,400 tons, at the lowest level in the past five years. Shandong's cold - storage remaining volume was 503,400 tons, and Shaanxi's was 219,100 tons [13] 3. Demand - Side Situation - As of July 10, 2025, the national cold - storage inventory ratio was about 6.24%, with a week - on - week decrease of 0.64 percentage points and a year - on - year decrease of 3.35 percentage points. The de - stocking rate was 90.19%. Apples were in the off - season, with slow shipment in the producing areas. Some storage merchants were eager to sell [18] - In May 2025, the export volume of fresh apples was about 45,500 tons, a month - on - month decrease of 37.38% and a year - on - year decrease of 25.15%. The second - quarter export volume in 2025 was expected to decline [20] - As of July 11, the mainstream prices of apples in Qixia, Yantai, Shandong were stable. The number of purchasing merchants was still small, with sluggish transactions. In recent days, the sales enthusiasm of storage merchants has further increased [32]

Core Viewpoint - The article discusses the launch of early-ripening longan in Gaozhou, marking the beginning of the longan season in Lingnan, and highlights the efforts of local government and stakeholders to enhance the quality and marketing of the longan industry [2][6][8]. Group 1: Industry Development - Gaozhou has experienced a bumper harvest for both lychee and longan this year, with lychee sales concluding successfully, prompting a focus on longan marketing [6][7]. - A marketing seminar was held to discuss high-quality development in the longan industry, emphasizing the need to leverage successful lychee marketing strategies for longan [3][8]. Group 2: Government Initiatives - Gaozhou's government is prioritizing longan sales, with a meeting led by local officials to outline strategies for enhancing the longan industry's quality and market presence [15][19]. - Six key requirements were proposed by local officials to improve the longan industry, including enhancing production quality, increasing processing value, expanding sales channels, and strengthening brand recognition [16][19]. Group 3: Stakeholder Engagement - Representatives from major longan-producing towns reported on planting scales, processing status, and past marketing strategies, while also proposing innovative ideas for the industry's development [11][12]. - Discussions among longan enterprises focused on challenges in market expansion, brand building, and price enhancement within the production and sales chain [13].

大宗商品研究所 农产品研发报告 农产品日报 2024 年 07 月 10 日 研究员：刘倩楠 期货从业证号： F3013727 投资咨询证号： Z0014425 联系方式： :liuqiannan_qh@chinas tock.com.cn 苹果日报 第一部分 市场信息 | 现货价格 | 2 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | 今日价格 | 上一工作日价 | 器跌 | 指标 | 今日价格 | 上一工作日份 | 涨跌 | | 格 | | | | | | 格 | | | 富士苹果价格指数 | 110.52 | 112.49 | -1.97 | 洛川半商品纸袋70 | 4.80 | 4.80 | 0.00 | | 栖霞 一、二级纸袋 80 | 4.10 | 4.10 | 0.00 | 沂源纸袋70 | 2.40 | 2.40 | 0.00 | | 蓬莱一、二级纸袋 80 | 4.20 | 4.20 | 0.00 | 6种水果平均批发价 | 7.38 | 7.29 | 0.09 | | 期货价格 | | | | ...

Core Insights - The article discusses the successful transportation and sales of Huidong Luofushan glutinous rice lychee to northern markets, particularly Beijing, highlighting advancements in preservation technology that have increased procurement volumes [6][9][34]. Group 1: Transportation and Sales - A cold chain truck loaded with glutinous rice lychee departed from Huidong for the Hebei Gaobeidian market [2][3]. - The lychee was ordered by Qiaonong (Beijing) Network Technology Co., which plans to sell it through the Meituan platform in Beijing [4][5]. - The procurement volume of glutinous rice lychee has significantly increased, with over 20,000 pounds purchased this year [9][10]. Group 2: Preservation Technology - Historically, glutinous rice lychee faced challenges in transportation due to its thin skin, which is prone to damage and rapid browning [7][8]. - Recent improvements in preservation technology have allowed for greater procurement and successful transportation to northern markets [8][12]. Group 3: Pricing and Market Demand - The price for glutinous rice lychee at the farm gate is 8 yuan per pound, with a noticeable upward trend in the northern market [22][23]. - In Beijing's premium supermarkets, the price for glutinous rice lychee can reach up to 28 yuan per pound, indicating strong market demand [33].

期货方面，昨日收盘苹果2510合约7658元/吨，较前一日变动-75元/吨，幅度-0.97%。现货方面，山东栖霞80# 一二 级晚富士价格4.10元/斤，较前一日变动+0.00元/斤，现货基差AP10+542，较前一日变动+75；陕西洛川70# 以上半 商品晚富士价格4.80元/斤，较前一日变动+0.00元/斤，现货基差AP10+1942，较前一日变动+75。 近期市场资讯，苹果产区市场维持弱稳运行，客商数量不多，库内货源走货不快，好货价格变动不大，一般货源 价格存在让价空间。西部早熟果目前仍以大荔、运城等地晨阳、夏红、秦阳为主，整体上量有限，对行情影响不 大。西部产区货源剩余不多，存货商自行发市场为主，交易不多，早熟果光果晨阳、秦阳等上市后价格稳定；山 东产区仍以发市场为主，部分货源价格因质量有小幅松动。销区市场走货一般，消暑类水果存在冲击。陕西洛川 产区目前库内70#起步统货4.2-4.5元/斤，70#起步半商品4.5-5.0元/斤，以质论价。 山东栖霞产区果农三级2.5-3元/ 斤，果农80#以上统货3-3.5元/斤，80#一二级条纹4.0-4.5元/斤，80#一二级片红3.8-4.0元/斤。 苹果库内 ...

Group 1 - The trend of luxury fruits is emerging in the United States, with high-end fruits being marketed as premium products, such as the "Omakase" strawberries priced at approximately $14 for a box of six, which is three times the price of strawberries at Walmart [1][2] - The popularity of luxury fruits is driven by social media and food culture, leading to a new market where consumers are willing to pay high prices for rare and exquisite fruits [1][2] - Japanese fruits have particularly influenced the U.S. market, with single strawberries priced at $19 and rare melons costing hundreds of dollars, indicating a significant demand for high-end fruit products [2] Group 2 - The emergence of specialized fruit suppliers is notable, with companies exporting various high-end fruits, including persimmons priced at $128 per box and strawberries at $780 per box [2] - Challenges such as cross-border transportation, tariff policies, and climate change are impacting the luxury fruit supply chain, yet companies like Oishii have successfully mitigated risks through controlled growing environments and effective marketing strategies [2] - The luxury fruit market is prompting American consumers to reassess their perceptions of fruits, emphasizing the importance of quality, rarity, and technological advancements in production [2]