Core Viewpoint - An Yue Ding Cheng Packaging Co., Ltd. has been established with a registered capital of 5 million RMB, indicating a new player in the packaging industry focusing on various manufacturing and sales activities related to paper products and agricultural goods [1] Company Summary - The company is legally represented by Li Xiaoying and has a registered capital of 5 million RMB [1] - The business scope includes manufacturing paper and cardboard containers, selling pulp and paper specialized equipment, and various sales related to agricultural products [1] - The company is also involved in internet sales, primary agricultural product acquisition, and packaging services [1] Industry Summary - The establishment of An Yue Ding Cheng Packaging Co., Ltd. reflects ongoing developments in the packaging industry, particularly in the production of paper-based products [1] - The company’s activities encompass a wide range of sectors, including agriculture and logistics, indicating a diversified approach to business operations [1] - The inclusion of both general and licensed projects suggests compliance with regulatory requirements in the packaging and agricultural sectors [1]

Group 1 - The current Import Expo features six major exhibition areas, focusing on AI, robotics, and smart equipment, while also addressing consumer needs with an increase in imported fruits in China [1] - The debut fruit at this year's expo is the "Desert Crunchy Blueberry" from Peru, which is notably larger than a one-yuan coin and is grown in desert conditions, making it particularly sweet and crunchy [3][4] - China has become the world's largest fruit consumer, accounting for nearly 70% of global watermelon consumption and almost half of apple consumption, as well as being the largest market for kiwifruit [6] Group 2 - The import volume of durians in China is projected to rise from over 800,000 tons in 2022 to over 1.5 million tons in 2024, with new sources from the Philippines and Malaysia filling the market gap during autumn and winter [6] - The variety of pomelo available in China has expanded, with 16 countries and regions now permitted to export pomelos, allowing consumers to enjoy different flavors year-round [8] - Since the first Import Expo in 2018, new imported fruits have consistently been approved for entry into China, with future additions expected from various countries [10]

Core Insights - The eighth China International Import Expo (CIIE) has commenced, with Zespri representing New Zealand for the eighth consecutive year, emphasizing its commitment to the Chinese market [1][2]. Company Performance - Zespri has experienced significant growth in China, with sales increasing by 20 million standard retail boxes over the past eight years, and revenue doubling [5]. - In 2024, Zespri's sales in China are projected to exceed NZD 1.1 billion, with a volume of 1.5 billion kiwifruits, equating to one fruit per Chinese consumer [5]. - For the current year, Zespri anticipates sales of 43.8 million standard retail boxes in China, with the "Gem Red Kiwifruit" accounting for 1.1 million boxes, representing 40% of global sales [5]. Strategic Initiatives - Zespri has signed a memorandum with major Chinese importers and retailers to double its sales over the next decade, expanding from 60 to 120 cities and adding 100,000 premium stores [7]. - The company aims to ensure a stable supply of kiwifruits year-round through scientific management and advanced cold chain technology [7]. Sustainability Efforts - Zespri emphasizes sustainability, launching a carbon-neutral exhibition at the CIIE and promoting healthy living through initiatives like exchanging WeChat steps for gifts [9]. - The company is committed to integrating sustainability into every aspect of its operations, from seed to fruit, and aims to contribute to the "Healthy China 2030" goal through educational programs [9][10]. Long-term Vision - Zespri's long-term vision is to become the world's healthiest fruit brand by 2035, focusing on mutual growth and collaboration with China [10]. - The company recognizes the opportunities presented by the strong economic ties between New Zealand and China, leveraging platforms like the CIIE for growth [10].

Group 1: Market Information - Fuji apple price index dropped from 107.61 to 107.18, a decrease of 0.43 [2] - The average wholesale price of 6 kinds of fruits rose from 7.04 to 7.10, an increase of 0.06 [2] - Futures prices of AP01, AP05, and AP10 decreased by 134, 111, and 70 respectively [2] Group 2: Market News - As of September 25, 2025, the apple cold - storage inventory in the main producing areas was 14.79 tons, a decrease of 6.02 tons from last week [4] - In September 2025, the fresh apple import volume was 0.97 tons, a 17.85% decrease from the previous month and a 1.10% decrease year - on - year; the cumulative import volume from January to September 2025 was 10.81 tons, a 19.49% increase year - on - year [4] - In September 2025, the fresh apple export volume was about 7.08 tons, a 3.50% increase from the previous month and a 6.32% decrease year - on - year [4] - The profit of storage merchants for Qixia 80 first and second - grade apples in the 2024 - 2025 production season was 0.4 yuan/jin, a decrease of 0.1 yuan/jin from last week [5] - The mainstream transaction price of apples in Luochuan, Shaanxi was stable; the price of Qixia apples in Shandong was stable for high - quality goods and slightly declined for general goods [6] Group 3: Trading Logic - New - season apples have a low excellent - fruit rate due to weather, with small fruit diameters, high proportions of water cracks and mold, resulting in low warehouse - receipt production rates and high costs [7] - Apples are prone to deterioration after storage due to disease, increasing preservation difficulty and causing concerns about short shelf - lives for long - term delivery [7] - Merchants face high costs and difficulties in purchasing high - quality apples, and the expected cold - storage volume is low, so the spot price is likely to remain high [7] Group 4: Trading Strategy - For single - side trading, the recent trend of apples is strong, especially for far - month contracts [10] - For arbitrage and options trading, it is recommended to wait and see [11][12]

Core Insights - The article highlights the successful launch of the Gannan navel orange season on November 2, 2025, by JD Fresh, emphasizing the direct sourcing model that benefits both consumers and local farmers [1][9] - Gannan navel oranges are recognized for their high quality and have seen a significant increase in production and affordability this year, with a 20% rise in yield compared to last year [3][5] Group 1: Product Quality and Production - Gannan navel oranges are celebrated for their thin skin, crisp texture, and rich flavor, making them a premium fruit in China [1][5] - The production area in Ruijin spans 168,000 acres, with an expected yield of 135,000 tons this year, marking it as a core production region [5] - The geographical and climatic advantages of Ruijin contribute to the high sugar content and excellent taste of the oranges, with effective accumulated temperature exceeding 5,200 degrees annually [5] Group 2: Market Strategy and Consumer Engagement - JD has implemented a "source direct delivery" model to ensure consumers receive authentic and high-quality Gannan navel oranges, eliminating middlemen and maintaining competitive pricing [7][9] - The establishment of a certification base in collaboration with Ruijin Tuba Xian Company aims to enhance product quality and ensure traceability, with over 1,000 acres dedicated to certified production [9] - JD's promotional efforts include a wide range of pricing options for consumers, with products priced between 11.9 yuan and 34.9 yuan depending on size, catering to diverse consumer needs [11][13] Group 3: Economic Impact and Future Prospects - The collaboration between JD and local farmers is expected to boost the income of orange growers and promote high-quality industrial development in the region [1][9] - JD's comprehensive marketing strategy, including online and offline channels, aims to enhance the brand value of Gannan navel oranges and stimulate local economic growth [13]

Core Insights - The online retail sales of fruits in Shaanxi province reached 16.119 billion yuan from January to September, marking a year-on-year growth of 7.57%, ranking third in the country [1] - Fresh fruits remain the dominant category in online sales, accounting for 85.33% of total sales, with a retail value of 13.754 billion yuan, growing by 7.16% year-on-year [1] - Processed fruit products showed a robust growth with online retail sales of 2.365 billion yuan, reflecting a year-on-year increase of 10.05%, outpacing fresh fruits by 2.89 percentage points [1] Sales Performance - Shaanxi's fruit online retail sales are only behind Shandong and Guangdong provinces, showcasing strong market performance [1] - The cities of Weinan, Xianyang, and Yan'an are key contributors, with Weinan leading at 3.996 billion yuan in online sales, followed by Xianyang and Yan'an at 3.251 billion yuan and 3.160 billion yuan respectively, together accounting for 64.56% of total sales [1] - Cities like Xi'an, Yulin, and Ankang experienced significant growth rates of 17.59%, 15.61%, and 13.75% respectively, achieving double-digit growth [1] Product Categories - Shaanxi apples and kiwis continue to perform well, with online retail sales of 3.106 billion yuan for apples (up 11.13%) and 1.906 billion yuan for kiwis (up 9.16%) [2] - The number of regional public brands for Shaanxi fruits increased to 66, up by 5 from the previous year, generating online retail sales of 11.403 billion yuan [2] Cross-Border E-commerce - The cross-border e-commerce for Shaanxi fruits showed positive growth, achieving online retail sales of 115 million yuan, a year-on-year increase of 18.22%, significantly higher than local fruit sales [2] - Apples, pears, and kiwis are the top-selling fruits in cross-border markets, with Thailand, Vietnam, and Russia identified as major export destinations, highlighting the growing market influence of Shaanxi fruits in Belt and Road countries [2]

Group 1: Market Information - The Fuji apple price index was 107.18, down 0.43 from the previous trading day; the average wholesale price of 6 fruits was 7.21, up 0.01 [2] - Among futures prices, AP01 was 9268, up 70 from the previous night; AP05 was 9664, down 20; AP10 was 8453, down 57 [2] Group 2: Market News and Views Apple Market News - As of September 25, 2025, the cold - storage inventory of apples in the main producing areas of China was 147,900 tons, a decrease of 60,200 tons from the previous week [5] - In August 2025, the export volume of fresh apples was about 68,400 tons, a month - on - month increase of 27.6% and a year - on - year decrease of 17.6%. From January to August 2025, the cumulative export volume was about 532,700 tons, a year - on - year decrease of 7.7%. In August 2025, the import volume was 11,800 tons, a month - on - month decrease of 33.3% and a year - on - year decrease of 15.3%. From January to August 2025, the cumulative import volume was 98,400 tons, a year - on - year increase of 22% [5] - The apple market in the producing areas remained stable yesterday. In Shandong, the purchasing enthusiasm of merchants was good, mainly trading in general goods. In the northwest producing areas, the acquisition was in the middle - late stage, and the proportion of unharvested goods was small, with cold - storage warehousing continuing [6] - In the 2024 - 2025 production season, the profit of storage merchants for 80 first - and second - grade apples in Qixia was 0.4 yuan per catty, a decrease of 0.1 yuan per catty from the previous week [7] - The mainstream transaction prices of apples in Luochuan, Shaanxi and Qixia, Shandong were stable. In Luochuan, the mainstream price of semi - commercial 70 and above apples was 3.5 - 4.0 yuan per catty. In Qixia, the price of new - season paper - bag Fuji 80 and above first - and second - grade apples was 3.5 - 5.0 yuan per catty [8] Trading Logic - The high - quality fruit rate of new - season apples is poor this year due to weather. The apple quality is low, the fruit diameter is small, and the proportion of water cracks and mold diseases has increased. The high - quality fruit rate is poor, resulting in a low apple warehouse - receipt production rate and high warehouse - receipt costs [9] - The poor apple quality makes it difficult to preserve, and the market is worried that cold - storage apples cannot be preserved until the far - month delivery. The apple storage volume may be lower than expected, and the high - quality effective inventory may be even lower [9] - Recently, the apple price has shown a strong trend, but considering the large increase and high current price, the upward space may be relatively limited [11] Trading Strategy - For unilateral trading, it is recommended that previous long positions take profits and wait and see [12] - For arbitrage and options, it is recommended to wait and see [13][14] Group 3: Related Attachments - The report includes 10 figures, such as the price of Qixia first - and second - grade paper - bag 80 apples, the price of Luochuan semi - commercial paper - bag 70 apples, AP contract main - force basis, and the price difference between different AP contracts, etc. [16][17][23]

Report Overview - Report Title: Apple Weekly: The Quality of New Season Apples is Average, and Merchants are Actively Purchasing [1] - Researcher: Liu Qiannan [1] - Industry: Apple Report Industry Investment Rating No relevant content provided. Report's Core View - The late Fuji apples in the new season are increasing in supply, but the picking, storage, and demand are facing challenges. The price of high - quality apples is stable, while the price of ordinary apples is chaotic. The futures price is expected to be slightly stronger in the short term due to the expected low excellent fruit rate [6][15]. Summary by Section Part 1: Logical Analysis and Trading Strategies 1. Spot Analysis - New season late Fuji apples: The supply increased this week, with the picking and storage progress lagging behind last year. In the western region, the trading of late Fuji is entering the middle and late stages, and merchants are actively buying high - quality apples but cautious about ordinary ones. In Shandong, the supply is limited, and it's difficult for merchants to buy enough high - quality apples. The trading in the sales area is still sluggish, and the demand is under pressure [6]. - Main producing area prices: In Shandong, the prices of 85 first - and second - grade late Fuji are 4 - 4.5 yuan/jin, 80 first - and second - grade are 3.5 - 4.0 yuan/jin, 80 first - and second - grade semi - are 3.3 - 3.5 yuan/jin, and the general goods are 2.0 - 3.0 yuan/jin. In Shaanxi, the prices of Luochuan 70 and above semi - commercial apples are around 3.7 - 4.2 yuan/jin, and the general goods are 3.4 - 3.6 yuan/jin. The labor cost in the producing area is high [6]. 2. Supply Analysis - Cold storage inventory: The cold storage inventory statistics are suspended. As of October 9, 2025, the cold storage inventory of apples in the main producing areas was 6.79 tons. The 2024 - 2025 production season inventory has ended, and the 2025 - 2026 production season is in the purchasing stage. The national storage volume in 2025 is expected to be counted from late October to early November [11]. 3. Demand Analysis - Sales area situation: In the Guangdong Chalong market, the number of daily arrivals is about 24.6 vehicles. The sales of high - quality new season late Fuji are okay, while the sales of ordinary ones are slow, and there is inventory pressure in the transit warehouse. The average wholesale price of 6 key fruits on October 24 was 7.02 yuan/kg, at a medium level in recent years. The profit of storage merchants in Qixia is suspended from statistics. The market arrival volume increased this week, the sales speed is stable, the mainstream transaction price is stable, and the profit margin of traders is large [14]. 4. Trading Strategies - Trading logic: Due to the small fruit diameter in some areas of Shaanxi and the water - crack problem caused by continuous rainfall, the excellent fruit rate of late - maturing Fuji is expected to be low. The opening price of late - maturing Fuji is high, and the cost of making futures warehouse receipts is high. The futures price is expected to be slightly stronger in the short term [15]. - Strategies: Unilateral: Apple prices are expected to be slightly stronger in the short term due to the expected low excellent fruit rate. Arbitrage: Go long on November contracts and short on January contracts. Options: It is recommended to wait and see [15]. Part 2: Weekly Data Tracking 1. Apple Supply and Demand Situation - No specific text data provided, but there are charts showing apple export volume, planting area, consumption, production, and deep - processing volume from 2018 - 2023 [19]. 2. Inventory and Shipment (Mysteel) - No specific text data provided, but there are charts showing the cold storage inventory and shipment volume trends of apples in China, Shandong, and Shaanxi from 2016/17 - 2024/25 [22][23]. 3. Spread and Basis - No specific text data provided, but there are charts showing the basis of January, May, and October contracts and the spreads between 1 - 5, 5 - 10, and 10 - 1 contracts from 2019 - 2026 [26].

Core Insights - Malaysia's durian harvest season in October sees popular varieties like "Musang King," "Black Thorn," and "Sultan King" becoming available, with enhanced logistics and technology facilitating faster delivery to China [1][2] - The export of Malaysian durians to China has exceeded 70%, with the signing of a plant quarantine agreement in 2024 allowing fresh durians to be exported to China [2][3] - The introduction of "air cold chain + cross-border customs clearance" has enabled fresh durians to reach Chinese consumers within 36 hours, significantly improving the supply chain efficiency [2][3] Industry Developments - The number of flights from China to Malaysia has increased to over 500 weekly, covering major cities and extending to smaller cities, enhancing travel convenience for consumers [3] - The implementation of a visa exemption policy has further boosted travel between the two countries, allowing for spontaneous trips to enjoy fresh durians [3] - Technological advancements in quality control, such as the "Durian Detective" system, provide three-dimensional non-destructive testing of durian quality, improving the accuracy of quality assessments [4][5] Market Trends - The growth of e-commerce platforms and B2B procurement chains has enabled more small and medium-sized enterprises to participate in the durian export market, expanding market coverage [2][3] - The use of advanced scanning technology allows for detailed internal assessments of durians, enhancing the overall quality control process [4][5] - The collaboration between Malaysia and China in the durian trade is becoming faster, more stable, and smarter, driven by improved logistics and technological innovations [5]

Core Insights - Malaysia's durian harvest season in October sees popular varieties like "Musang King," "Black Thorn," and "Sultan King" becoming available, with enhanced logistics and technology facilitating faster delivery to China [1][2] Group 1: Market Dynamics - Over 70% of Malaysia's durian exports are directed to China, which is one of the largest durian consumption markets globally [2] - The signing of a plant quarantine agreement in 2024 will allow fresh durians to be exported to China, further boosting Malaysia's durian industry [2] - The introduction of "air cold chain + cross-border customs clearance" allows for rapid delivery to major Chinese cities, with the fastest delivery time being just 36 hours [2] Group 2: Technological Advancements - A new non-destructive quality inspection system called "Durian Detective" enables three-dimensional quality checks, ensuring traceability from farm to consumer [5] - The use of advanced scanning technology allows for precise assessment of durian quality, including internal structure and potential defects [4][5] - The technology is expected to expand beyond durians to other tropical fruits, enhancing quality management across various products [5] Group 3: Travel and Accessibility - The number of flights from China to Malaysia exceeds 500 weekly, with routes extending to various cities, making travel for durian enthusiasts more accessible [3] - Visa exemption policies have increased the flow of travelers between the two countries, facilitating easier access to durian tasting experiences [3] - New flight routes are being established to further connect Chinese cities with Malaysia, enhancing opportunities for consumers to experience fresh durians [3]