Core Viewpoint - The red date industry is characterized by a "merchant" model, focusing on procurement, processing, and sales, where controlling acquisition costs and increasing sales revenue are crucial for profit enhancement [5][10]. Cost Control - The red date procurement season is concentrated, and due to agricultural and industrial policy attributes, the feedback from sales results after the transfer of goods is relatively limited. The aggressive procurement strategy for aged dates in the 23/24 season may not effectively control acquisition costs [5][10]. - The high acquisition costs during production reduction years (21/22, 23/24) have a significant impact on profits, indicating that the industry struggles to pass on high costs to downstream consumers [10][13]. Sales Revenue - Approximately 50% of red date consumption occurs during the winter-spring peak season (December to March), with the remaining 50% spread over the following 6-7 months. The sales performance during the peak season is critical for setting annual expectations [5][10]. - If prices drop quickly during the winter-spring peak season, it is unlikely that the off-peak season will perform well, leading to a tendency for the industry to maintain a holding price and reluctance to sell during this period [10][13]. Industry Structure - The red date industry chain is relatively simple, with upstream producers primarily consisting of various farmers in the main production area of Xinjiang, and downstream consumers being end-users who directly consume red dates [7][8]. - The middle-tier "merchant-type" enterprises are responsible for procurement, processing, and sales, facing challenges in managing acquisition costs and ensuring profitability [8][9]. Strategic Focus - The industry must focus on "opening up sources and saving costs" to achieve better profits, which involves expanding sales channels and controlling acquisition costs through various methods [10][13]. - The unique consumption characteristics of red dates necessitate a strategic approach to maximize the product of price and sales volume after procurement [13][15].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The current jujube market is at a critical period of transition between the old and new seasons, with prices in the sales areas showing small fluctuations. The jujube in the main production areas has not been harvested on a large scale yet and is expected to start after the frost. Attention should be paid to the acquisition progress and price changes. The inventory in the sample points continues to decline. As the new season approaches, some merchants are actively selling their inventory to raise funds for the new - season acquisition. With the cooling weather, the downstream's enthusiasm for purchasing has increased, and the market trading atmosphere has improved. It is expected that the jujube market will fluctuate within a range in the future [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main jujube futures contract is 11,385 yuan/ton, down 35 yuan; the main contract's open interest is 180,042 lots, up 7,595 lots. The net long position of the top 20 futures holders is - 8,723 lots, down 2,282 lots. The number of warehouse receipts is 0, and the effective warehouse receipt forecast is 0 [2] Spot Market - The prices of jujube in various regions are mostly stable. For example, the price of general - grade jujube in Kashgar is 6 yuan/kg, the wholesale price of first - grade grey jujube in Hebei is 4.75 yuan/jin, and the price of special - grade jujube in Hebei has increased by 0.11 yuan/kg to 10.69 yuan/kg [2] Upstream Market - The annual jujube output is 6.069 million tons, an increase of 3.187 million tons; the planting area is 1.993 million hectares, a decrease of 41,000 hectares [2] Industry Situation - The national jujube inventory is 9,009 tons, down 158 tons; the monthly jujube export volume is 2,364,893 kg, an increase of 580,729 kg; the cumulative monthly jujube export volume is 21,264,731 kg, an increase of 2,364,893 kg [2] Downstream Situation - The cumulative sales volume of jujube of Hao Xiang Ni is 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative year - on - year jujube production growth rate is 1.47%, a decrease of 34.59 percentage points [2] Industry News - In Hebei's Cui'erzhuang market, 8 trucks of jujubes arrived, with reference prices for special - grade jujubes at 10.50 - 11.70 yuan/kg and small first - grade jujubes at 8.40 - 8.90 yuan/kg. The downstream purchased as needed, and the transactions were okay. In Guangdong's Ruyifang market, 6 trucks of jujubes arrived, with the supply continuing. The prices varied according to the quality, and the mainstream prices were temporarily stable [2]

Core Viewpoint - The company "Hao Xiang Ni" is exploring new paths for high-quality development in the red date industry, integrating cultural empowerment, technological assistance, and ecological co-construction to enhance the value and global influence of red dates [1][2][3] Group 1: Cultural Empowerment - The company has established the China Red Date Museum and regularly hosts events like the Red Date Harvest Festival, embedding red date culture into the entire industry chain from planting to sales [1] - The "Oriental Date Gift" product series has been showcased internationally, serving as a cultural ambassador for Chinese agricultural heritage [1] Group 2: Technological Innovation - The company has invested 440 million yuan in a freeze-drying production facility that utilizes vacuum dehydration technology to preserve over 95% of the nutritional content of red dates [2] - The company aims to improve its agricultural product processing ratio from the current 2.61:1 to a target of 3:1 to 4:1, indicating a focus on increasing added value [2] - Innovations include the development of functional products like black gold dates and eight-treasure tea, as well as the integration of IoT technology in digital planting bases for real-time monitoring [2] Group 3: Ecological Co-construction - The company promotes a "company + cooperative + farmer" model, enhancing red date quality and increasing farmers' incomes by over 30% [3] - The integration of planting, processing, and cultural tourism has transformed the red date harvest season into a regional cultural tourism IP, attracting hundreds of thousands of visitors annually [3] - The company's efforts reflect a broader shift in Chinese agriculture from quantity to quality, with cultural empowerment, technological innovation, and ecological co-construction becoming key strategies for branding agricultural products [3]

Group 1: Report Industry Investment Rating - No industry investment rating is provided in the report. Group 2: Core View of the Report - The new - season main - producing area's jujube growth is better than last year, and the new jujubes are expected to be harvested about a week earlier than last year. Attention should be paid to the new jujube purchase price. The physical inventory of 36 sample points as of October 9, 2025, decreased by 36 tons compared with last week, a 0.39% month - on - month decrease and a 93.89% year - on - year increase. During the Double Festival, the arrival volume in the sales area was small, and the number of customers was average. It is recommended to temporarily wait and see for the Zhengzhou Jujube 2601 contract in the short term [2]. Group 3: Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the futures main contract for jujubes was 11,110 yuan/ton, a decrease of 20 yuan; the main contract's open interest was 160,756 lots, a decrease of 2,198 lots. The net long position of the top 20 futures holders was - 3,401 lots, a decrease of 630 lots. The number of warehouse receipts was 0, and the total valid warehouse receipt forecasts were 0 [2]. 3.2 Spot Market - The unified price of Kashgar jujubes was 6 yuan/kg, the wholesale price of first - grade grey jujubes in Hebei was 4.75 yuan/jin, the unified price of Alar jujubes was 5.2 yuan/kg, the wholesale price of first - grade grey jujubes in Henan was 4.75 yuan/jin, the unified price of Aksu jujubes was 4.8 yuan/kg, the price of special - grade jujubes in Henan was 10.5 yuan/kg, the price of special - grade jujubes in Hebei was 10.61 yuan/kg (an increase of 0.06 yuan), the price of special - grade jujubes in Guangdong was 11.6 yuan/kg, and the price of first - grade jujubes in Guangdong was 10.6 yuan/kg [2]. 3.3 Upstream Market - The annual jujube output was 6.069 million tons, an increase of 3.187 million tons; the jujube planting area was 1.993 million hectares, a decrease of 41,000 hectares [2]. 3.4 Industry Situation - The national jujube inventory was 9,167 tons, a decrease of 36 tons; the monthly jujube export volume was 2,364,893 kg, an increase of 580,729 kg; the cumulative monthly jujube export volume was 21,264,731 kg, an increase of 2,364,893 kg [2]. 3.5 Downstream Situation - The cumulative quarterly sales volume of jujubes by Hao Xiang Ni was 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative year - on - year quarterly jujube production growth rate was 1.47%, a decrease of 34.59 percentage points [2]. 3.6 Industry News - In the Hebei Cuierzhuang market, 5 trucks of jujubes arrived, and after the weather cleared, the number of customers increased, with about 40% of the market transactions. In the Guangdong Ruyifang market, 1 truck of jujubes arrived, the price remained stable, and customers purchased as needed, with fair transactions in the market and cold storage [2].

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core Viewpoints - The price of the Hebei Cuierzhuang market is temporarily stable. Affected by the weather, the arrival of goods in the parking area of the market is small, and inland merchants have successively gone to the production areas to prepare for the new season. The price of the Guangdong Ruyifang market is also stable, with general transactions as downstream merchants purchase according to demand. The growth of red dates in the new - season main production areas is relatively better than that of the same period last year. Affected by the solar terms, the new jujubes are expected to be harvested about one week earlier than last year. Currently, the signed volume is small and the jujubes have not been harvested yet. Attention should be paid to the purchase price of new jujubes. The inventory of 36 sample physical warehouses decreased slightly. During the double - festivals, the arrival of goods in the sales areas was small, and the purchasing of merchants was average. For the Zhengzao 2601 contract, short - term observation is recommended [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for red dates is 11,130 yuan/ton, a decrease of 15 yuan; the main contract's open interest is 162,954 lots, an increase of 4,970 lots. The net long position of the top 20 futures holders is - 2,771 lots, a decrease of 863 lots. The number of warehouse receipts is 0, and the valid warehouse receipt forecast is also 0 [2]. 现货市场 - The prices of red dates in various regions are mostly stable. For example, the price of general - grade red dates in Kashgar is 6 yuan/kg, the wholesale price of first - grade grey dates in Hebei is 4.75 yuan/jin, etc. Only the price of special - grade red dates in Hebei increased by 0.04 yuan/kg to 10.55 yuan/kg [2]. Upstream Market - The annual output of red dates is 606.9 million tons, an increase of 318.7 million tons; the planting area is 1.993 million hectares, a decrease of 0.041 million hectares [2]. Industry Situation - The national red date inventory is 9,167 tons, a decrease of 36 tons compared to last week, a 0.39% decrease month - on - month and a 93.89% increase year - on - year. The monthly export volume of red dates is 2,364,893 kg, an increase of 580,729 kg; the cumulative export volume is 21,264,731 kg, an increase of 2,364,893 kg [2]. Downstream Situation - The cumulative sales volume of red dates of Hao Xiang Ni in the quarter is - 2,981.06 tons, and the cumulative production volume is 36,480.43 tons. The cumulative year - on - year production growth rate is 1.47%, and the sales volume growth rate is - 34.59% [2]. Industry News - The price of the Hebei Cuierzhuang market is stable with a small arrival of goods. Inland merchants are going to the production areas for the new season. The Guangdong Ruyifang market has 2 trucks of arrivals, with stable prices and general transactions. The new - season red dates in the main production areas are growing better than last year and are expected to be harvested about one week earlier [2].

Group 1: Report Industry Investment Rating - Not mentioned Group 2: Core View of the Report - The red date market is at a critical period of transition between old and new seasons, with the main - producing areas' grey dates entering the sugar - increasing stage. The physical inventory of 36 sample points in the red date market this week is 9,247 tons, a decrease of 74 tons from last week, a 0.79% week - on - week decrease and an 80.64% year - on - year increase. The arrival volume in the sales area market is small, the downstream purchasing enthusiasm is average, and the overall trading atmosphere is weak. There is a technical correction in red date prices on the market. It is recommended to wait and see in the short term and pay attention to holiday stocking [2] Group 3: Summary According to the Directory Futures Market - The closing price of the main futures contract for red dates is 10,970 yuan/ton, with a week - on - week increase of 185 yuan/ton. The position of the main contract is 158,928 lots, with a week - on - week increase of 2,813 lots. The net long position of the top 20 futures holders is - 8,985 lots, with a week - on - week decrease of 2,617 lots. The number of warehouse receipts is 7,063 lots, with a week - on - week decrease of 341 lots. The total valid warehouse receipt forecast is 58 lots, with no week - on - week change [2] Spot Market - The prices of red date bulk goods in Kashgar, Alar, and Aksu are 6 yuan/kg, 5.2 yuan/kg, and 4.8 yuan/kg respectively, with no week - on - week change. The wholesale prices of first - grade grey dates in Hebei and Henan are 4.75 yuan/jin, with no week - on - week change. The prices of special - grade red dates in Hebei, Henan, and Guangdong are 10.48 yuan/kg, 10.5 yuan/kg, and 11.7 yuan/kg respectively, with only the Hebei price having a week - on - week increase of 0.02 yuan/kg. The price of first - grade red dates in Guangdong is 10.6 yuan/kg, with no week - on - week change [2] Upstream Market - The annual output of red dates is 606.9 tons, with a year - on - year increase of 318.7 tons. The planting area is 199.3 hectares, with a year - on - year decrease of 4.1 hectares [2] Industry Situation - The national red date inventory is 9,247 tons, with a week - on - week decrease of 74 tons. The monthly export volume of red dates is 2,364,893 kg, with a month - on - month increase of 580,729 kg. The cumulative monthly export volume is 21,264,731 kg, with an increase of 2,364,893 kg [2] Downstream Situation - The cumulative quarterly sales volume of red dates of Hao Xiang Ni is - 2,981.06 tons. The cumulative quarterly year - on - year production growth rate is 1.47%, with a decrease of 34.59 percentage points [2] Industry News - In the Hebei Cuierzhuang market, 3 trucks of red dates arrived, and the prices remained stable. The reference arrival price for special - grade red dates is 10.60 yuan/kg, and for first - grade red dates is 9.60 yuan/kg, with downstream purchasing according to demand. In the Guangdong Ruyifang market, 2 trucks of red dates arrived, and the spot prices remained stable. Due to the typhoon alert in Guangdong, the number of purchasing customers is small, and the trading volume is average [2]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The current jujube market is at a critical period of transition between old and new seasons. The main - producing areas' grey jujubes are in the sugar - increasing stage. The physical inventory of 36 sample points in the jujube market this week is 9247 tons, a decrease of 74 tons from last week, a 0.79% month - on - month decrease and an 80.64% year - on - year increase. The arrival volume in the sales area market is small, the downstream purchasing enthusiasm is average, and the overall trading atmosphere is weak. There is a technical repair in jujube prices on the market. It is recommended to wait and see in the short term and pay attention to holiday stocking [2] 3. Summary According to Related Catalogs 3.1 Futures Market - The closing price of the futures main contract for jujube is 10,780 yuan/ton, with a daily increase of 45 yuan; the main contract's open interest is 153,661 lots, an increase of 3,842 lots. The net long position of the top 20 futures holders is - 5,690 lots, a decrease of 35 lots. The number of warehouse receipts is 7,640 sheets, a decrease of 683 sheets, and the effective warehouse receipt forecast is 58 sheets, unchanged [2] 3.2 Spot Market - The prices of jujube in various regions are mostly stable. For example, the general - grade jujube price in Kashgar is 6 yuan/kg, the first - grade grey jujube wholesale price in Hebei is 4.75 yuan/jin, and the special - grade jujube price in Hebei has increased by 0.16 yuan/kg to 10.46 yuan/kg [2] 3.3 Upstream Market - The annual jujube output is 606.9 million tons, an increase of 318.7 million tons, and the planting area is 1.993 million hectares, a decrease of 41,000 hectares [2] 3.4 Industry Situation - The national jujube inventory is 9,247 tons, a decrease of 74 tons from last week. The monthly jujube export volume is 2,364,893 kg, an increase of 580,729 kg, and the cumulative monthly export volume is 21,264,731 kg, an increase of 2,364,893 kg [2] 3.5 Downstream Situation - The cumulative quarterly sales volume of jujubes of好想你is 36,480.43 tons, a decrease of 2,981.06 tons, and the cumulative quarterly year - on - year jujube production growth rate is 1.47%, a decrease of 34.59 percentage points [2] 3.6 Industry News - The Hebei Cui'erzhuang market has no arrivals due to weather, with narrow price fluctuations, and downstream purchases as needed. The Guangdong Ruyifang market has 2 trucks of arrivals, with reference prices for special - grade jujubes at 11.80 yuan/kg and second - grade jujubes at 9.00 - 9.10 yuan/kg, and there is a small amount of morning trading [2]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report [2] 2. Core View - The current jujube market is at a critical period of transition between old and new seasons. The main - producing areas' grey jujubes are in the sugar - increasing period. The physical inventory of 36 sample points in the distribution market decreased by 74 tons week - on - week, a 0.79% decline, and increased by 80.64% year - on - year. The arrival volume in the distribution market is small, downstream purchasing enthusiasm is general, and the double - festival stocking intensity is average with a weak overall trading atmosphere. It is recommended to take a short - term bearish view [2] 3. Summary by Directory Futures Market - The closing price of the futures main contract for jujube is 10,735 yuan/ton, the main contract position is 149,819 lots (a week - on - week increase of 2,097 lots), the net long position of the top 20 futures holders is - 5,655 lots (a week - on - week decrease of 2,038 lots), the number of warehouse receipts is 8,323 (a week - on - week decrease of 107), and the effective warehouse receipt forecast is 58 (unchanged) [2] Spot Market - The unified price of Kashgar jujubes is 6 yuan/kg, the wholesale price of first - grade grey jujubes in Hebei and Henan is 4.75 yuan/jin, the unified price of Alar jujubes is 5.2 yuan/kg, the unified price of Aksu jujubes is 4.8 yuan/kg, the price of special - grade jujubes in Henan is 10.5 yuan/kg, the price of special - grade jujubes in Hebei is 10.3 yuan/kg (a week - on - week decrease of 0.03 yuan/kg), the price of special - grade jujubes in Guangdong is 11.7 yuan/kg, and the price of first - grade jujubes in Guangdong is 10.6 yuan/kg, all unchanged except as noted [2] Upstream Market - The annual jujube output is 606.9 million tons (an increase of 318.7 million tons), and the planting area is 1.993 million hectares (a decrease of 41,000 hectares) [2] Industry Situation - The national jujube inventory is 9,247 tons (a week - on - week decrease of 74 tons), the monthly jujube export volume is 1,784,164 kg (an increase of 19,057 kg), and the cumulative monthly jujube export volume is 18,899,838 kg [2] Downstream Situation - The cumulative sales volume of jujubes of Hao Xiang Ni is 36,480.43 tons (a decrease of 2,981.06 tons), and the cumulative year - on - year jujube production is 1.47% (a decrease of 34.59 percentage points) [2] Industry News - The Hebei Cuierzhuang market received 6 trucks of jujubes, with reference prices of 10.50 yuan/kg for special - grade and 8.50 yuan/kg for second - grade, and there was little market trading. The Guangdong Ruyifang market received 5 trucks of jujubes, with spot prices fluctuating slightly, and customers purchased according to demand with an average daily trading volume of about 1 truck in the morning market [2]

红枣产业日报 2025-09-17 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 数据指标 | 项目类别 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货主力合约收盘价:红枣(日,元/吨) | 期货市场 | 10815 | 10 主力合约持仓量:红枣(日,手) | 143509 | 2418 | | 期货前20名持仓:净买单量:红枣(日,手) | | -4072 | -754 仓单数量:红枣(日,张) | 8871 | -29 | | 有效仓单预报:红枣:小计( ...

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Report's Core View - The red date market is currently in a critical "lean period" with complex market sentiment and price trends, where contradictions and games co - exist. The downstream demand is weak, and the old - crop inventory remains high. The supply - demand contradiction has not been effectively alleviated. It is recommended to wait and see in the short term [2] 3. Summary by Relevant Directory 3.1 Futures Market - The closing price of the main futures contract for red dates is 11,225 yuan/ton, up 190 yuan. The main contract's open interest is 137,721 lots, an increase of 6,880 lots. The net long position of the top 20 futures holders is - 4,067 lots, up 3,027 lots. The number of warehouse receipts is 9,194, a decrease of 131. The total effective warehouse receipt forecasts are 93 lots, up 42 lots [2] 3.2 Spot Market - The unified price of red dates in Kashi is 6 yuan/kg, unchanged; in Alar, it is 5.2 yuan/kg, unchanged; in Aksu, it is 4.8 yuan/kg, unchanged. The wholesale price of first - grade grey dates in Hebei and Henan is 4.75 yuan/jin, unchanged. The prices of special - grade red dates in Henan, Hebei, and Guangdong are 10.5 yuan/kg, 10.37 yuan/kg (up 0.02 yuan), and 11.7 yuan/kg respectively, with the latter two unchanged. The first - grade red date price in Guangdong is 10.6 yuan/kg, unchanged [2] 3.3 Upstream Market - The annual red date output is 606.9 million tons, an increase of 318.7 million tons. The planting area is 1.993 million hectares, a decrease of 41,000 hectares [2] 3.4 Industry Situation - The national red date inventory is 9,410 tons, a decrease of 46 tons from last week, a month - on - month decrease of 0.49% and a year - on - year increase of 76.45%. The monthly export volume is 1,784,164 kg, an increase of 19,057 kg. The cumulative monthly export volume is 18,899,838 kg, an increase of 1,784,164 kg [2] 3.5 Downstream Situation - The cumulative quarterly sales volume of red dates by Hao Xiangni is 36,480.43 tons, a decrease of 2,981.06 tons. The cumulative year - on - year production growth rate is 1.47%, a decrease of 34.59 percentage points [2] 3.6 Industry News - In the Hebei Cuierzhuang market, 1 truck of sub - standard red dates arrived, with sporadic arrivals recently. The reference price of non - standard special - grade red dates is 9.45 yuan/kg, and first - grade is 8.45 yuan/kg, with general overall transactions. In the Guangdong Ruyifang market, 2 trucks arrived, with stable spot prices and small - volume transactions. In the sales area market, the arrival volume is low, and the downstream procurement enthusiasm is general, with a cold trading atmosphere [2] 3.7 Viewpoint Summary - As of September 4, 2025, the physical inventory of 36 sample points of red dates is 9,410 tons, a decrease of 46 tons from last week, a month - on - month decrease of 0.49% and a year - on - year increase of 76.45%. The sample - point inventory has a slight decline, but the supply pressure remains [2]