1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - This week, the main contract price of Zhengzhou jujube futures fluctuated slightly higher, with a weekly increase of 0.92%. The jujube market is in a seasonal off - peak demand period due to the listing of summer fresh fruits, and the inventory digestion is slow with high old - crop inventory. The new - season jujube is in the critical fruit - setting period, and the market focuses on the weather in the producing areas. The preliminary estimated new - season output is 56 - 62 tons, down 5 - 10% from the normal year of 2022 and 20 - 25% from 2024. The jujube price fluctuates repeatedly in the game between high old - crop inventory and differences in the reduction range of new - season output. It is recommended to wait and see for now [10][13] 3. Summary by Directory 3.1 Week - to - Week Summary - Future trading prompts include weather impact and consumption end. The main contract price of Zhengzhou jujube futures fluctuated slightly higher this week, with a weekly increase of 0.92%. According to Mysteel data, the physical inventory of 36 sample points this week was 10,090 tons, a decrease of 230 tons from last week, a month - on - month decrease of 2.23% and a year - on - year increase of 73.07%. The new - season output is estimated to be 56 - 62 tons, down 5 - 10% from 2022 and 20 - 25% from 2024. It is recommended to wait and see [9][10] 3.2 Futures and Spot Market - **Futures price**: The main contract price of Zhengzhou jujube futures fluctuated slightly higher this week, with a weekly increase of 0.92% [13] - **Top 20 positions**: As of this week, the net position of the top 20 in jujube futures was - 22,674 lots [15] - **Warehouse receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was - 22,736 [20] - **Futures spread**: As of this week, the spread between the 2509 and 2601 contracts of Zhengzhou Commodity Exchange jujube futures was - 1,010 yuan/ton [23] - **Basis**: As of this week, the basis between the spot price of Hebei gray jujube and the main contract of jujube futures was - 635 yuan/ton [24] - **Purchase price of new - season jujube in main producing areas**: As of July 25, 2025, the purchase price of jujube in Aksu was 4.8 yuan/kg, in Alar was 5.2 yuan/kg, and in Kashgar was 6 yuan/kg [27] - **Spot price of first - grade jujube**: As of July 25, 2025, the wholesale price of first - grade gray jujube in Cangzhou, Hebei and Henan was 4.35 yuan/jin [32] - **Spot price of special - grade jujube**: As of July 25, 2025, the wholesale price of special - grade gray jujube in Cangzhou, Hebei was 9.81 yuan/kg, and in Henan was 9.8 yuan/kg [36] 3.3 Industry Chain Situation - **Supply side - Inventory**: According to Mysteel data, the physical inventory of 36 sample points this week was 10,090 tons, a decrease of 230 tons from last week, a month - on - month decrease of 2.23% and a year - on - year increase of 73.07%, and the sample - point inventory decreased [40] - **Supply side - Output**: The crop is growing well, and it is expected that the jujube output in the 2024/25 production season will recover [45] - **Demand side - Export volume**: In June 2025, China's jujube export volume was 1,765,107 kg, a month - on - month decrease of 20.82%. From January to June, the cumulative export volume was 17,115,674 kg, a month - on - month increase of 11.50% [48] - **Demand side - BOCE trading**: This week, the order volume of BOCE Xinjiang Zao Hao brand was not traded [52] 3.4 Option Market and Futures - Stock Correlation - **Option market**: Information about the implied volatility of at - the - money jujube options this week is provided, but no specific data is given [54] - **Stock market - Haoxiangni**: Information about the price - earnings ratio of Haoxiangni is provided, but no specific data is given [56]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Consumption is in the off - season, and the high inventory of old fruits suppresses the price to run weakly. The production area is in the fruit - setting period, and the current growth of jujube trees is good, but the yield is uncertain. Attention should be paid to the situation of the second - crop flowers and fruits [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for jujube is 10,435 yuan/ton, a decrease of 15 yuan; the main contract position is 135,669 lots, a decrease of 679 lots. The net long position of the top 20 futures holders is - 10,779 lots, a decrease of 2,373 lots. The number of warehouse receipts is 8,684, a decrease of 15; the total valid warehouse receipt forecast is 1,954, an increase of 400 [2] 3.2 Spot Market - The unified price of Kashgar jujubes is 6 yuan/kg, unchanged; the wholesale price of first - class gray jujubes in Hebei is 4.3 yuan/jin, a decrease of 0.05 yuan. The unified price of Alar jujubes is 5.2 yuan/kg, unchanged; the wholesale price of first - class gray jujubes in Henan is 4.35 yuan/jin, unchanged. The unified price of Aksu jujubes is 4.8 yuan/kg, unchanged; the price of special - grade jujubes in Henan is 9.8 yuan/kg, unchanged. The price of special - grade jujubes in Hebei is 9.75 yuan/kg, a decrease of 0.02 yuan; the price of special - grade jujubes in Guangdong is 10.8 yuan/kg, an increase of 0.2 yuan. The price of first - class jujubes in Guangdong is 9.4 yuan/kg, an increase of 0.1 yuan [2] 3.3 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] 3.4 Industry Situation - The national jujube inventory is 10,520 tons, a decrease of 168 tons; the monthly jujube export volume is 2,229,227 kg, a decrease of 132,571 kg. The cumulative monthly jujube export volume is 15,350,567 kg, an increase of 2,229,227 kg [2] 3.5 Downstream Situation - The wholesale price of jujubes in Taiyuan Hexi Agricultural and Sideline Products Market in Shanxi Province is 20 yuan/kg, a decrease of 8 yuan. The cumulative quarterly sales volume of Hao Xiang Ni's jujubes is 36,480.43 tons, a decrease of 2,981.06 tons. The cumulative quarterly year - on - year jujube production of Hao Xiang Ni is 1.47%, a decrease of 34.59 percentage points [2] 3.6 Industry News - On July 8th, the temperature in Aksu was between 18 - 32°C, suitable for fruit - setting. Jujube farmers were actively managing their orchards, and the jujube trees were entering the physiological fruit - drop stage. Attention should be paid to fruit - setting and weather changes. With the hot weather, seasonal fresh fruits are on the market, replacing jujubes and other nourishing products. It is the seasonal off - season for jujube demand, and inventory digestion is slow [2] 3.7 Viewpoint Summary - According to Mysteel's agricultural product research data, the physical inventory of 36 sample points in the 27th week was 10,520 tons, a decrease of 168 tons from last week, a 1.57% decrease, and a 71.08% increase year - on - year [2]

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。 | 项目类别 | 数据指标 环比 | 最新 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:红枣(日,元/吨) 1320 主力合约持仓量:红枣(日,手) | 10995 | | 145476 | 30552 | | | 期货前20名持仓:净买单量:红枣(日,手) 238 仓单数量:红枣(日,张) | -14913 | | 8650 | 66 | | | 有效仓单预报:红枣:小计(日,张) 534 喀什红枣统货价格(日,元/公斤) | 1552 | | | | | 现货市场 | | 6 | | 4. ...

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。 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:红枣(日,元/吨) 115 主力合约持仓量:红枣(日,手) | 9710 | | | 124664 | 4959 41 | | | 期货前20名持仓:净买单量:红枣(日,手) | -11211 | | 274 仓单数量:红枣(日,张) | 8584 | | | | 有效仓单预报:红枣:小计(日,张) 喀什红枣统货价格(日,元/公斤) | 1018 | -41 | | | | | 现货市场 | ...

| 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:红枣(日,元/吨) | 9690 | | 160 主力合约持仓量:红枣(日,手) | 117630 | 11753 | | | 期货前20名持仓:净买单量:红枣(日,手) | -12385 | | 1623 仓单数量:红枣(日,张) | 8228 | 0 | | | 有效仓单预报:红枣:小计(日,张) 喀什红枣统货价格(日,元/公斤) | 374 | 72 | | | | | 现货市场 | | | | | | | | | 0 河北一级灰枣批发价格(日,元/斤) 阿拉尔红枣统货价格(日,元/公斤) 0 河南一级灰枣批发价格(日,元/斤) | 6 5.2 | | | 4.18 4.25 | 0.02 0 | | | 阿克苏红枣统货价格(日,单位:元/公斤) | 4.8 | | 0 河南红枣特级价格(元/公斤) | 9.5 | 0 | | | 河北红枣特级价格(元/公斤) | 9.25 | | 0 广东红枣 ...

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。 处于开花期的红枣等林果遭受高温热害风险较高，新作产量忧虑提振红枣期货价格走高。 数据来源第三方(我的农产品网、海关总署、郑商所)，观点仅供参考，市场有风险，投资需谨慎！ 研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 红枣产业日报 2025-06-24 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:红枣(日,元/吨) | 9530 | | 65 主力合约持仓量:红枣(日,手) | 105877 ...

高温影响产量前景，提振价格走高 研究员：张昕 期货从业资格号F03109641 期货投资咨询从业证Z0018457 取 更 多 资 讯 添加客服 关 注 我 们 获 业务咨询 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场及期股关联 「 周度要点小结」 瑞达期货研究院 「2025.06.20」 红枣市场周报 行情回顾：本周郑枣主力价格上涨，周度涨幅约4.77%。 行情展望：随着天气转热，时令鲜果上市，对红枣等滋补类产品形成替代，红 枣需求季节性淡季，库存消化缓慢。据Mysteel农产品调研数据统计本周36家样 本点物理库存在10693吨，较上周减少15吨，环比减少0.14%，同比增加69.51%， 本周样本点库存小幅减少。市场交易氛围一般，年度消费低谷期关注产区新季 长势。产区进入集中环割期，部分枣园一茬坐果量较少，加上6月16日至21日南 疆盆地、东疆和天山北坡的部分区域有35℃及以上的高温天气，处于开花期的 红枣等林果遭受高温热害风险较高，新作产量忧虑提振红枣期货价格走高。策 略建议：操作上，建议郑枣2509合约短期震荡偏强看待。 未来交易提示： 1、天气影响 2、消费端 3 「 期现市 ...

涨幅超过4.8%。 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。 | 项目类别 | 数据指标 数据指标 | 最新 | 环比 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:红枣(日,元/吨) 430 主力合约持仓量:红枣(日,手) | 9440 | | 105264 | 24032 0 | | | 期货前20名持仓:净买单量:红枣(日,手) 343 仓单数量:红枣(日,张) | -12382 | | 8228 | | | | 有效仓单预报:红枣:小计(日,张) | 302 | 0 | | | | 现货市场 | 喀什红枣统货价格(日,元/公斤) 0 河北一级 ...