Report Industry Investment Rating - Not provided Core View of the Report - The market recognizes the potential reduction in the output of Xinjiang grey dates in the new season, but there are differences in the output estimates. Overall, the downstream demand is weak, market purchases and sales are average, the old inventory is in a slow de - stocking process, the spot price is stable, and the jujube futures show a volatile trend. It is recommended to wait and see for now, and pay attention to the actual output and opening price in the future [2] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for jujube is 11,380 yuan/ton, the main contract's open interest is 132,192 lots (a decrease of 3,645 lots), the net long position of the top 20 futures holders is - 11,646 lots (an increase of 3,250 lots), the number of warehouse receipts is 10,089, and the total valid warehouse receipt forecasts is 737 [2] 现货市场 - The prices of jujube in different regions vary. For example, the unified - grade jujube price in Kashgar is 6 yuan/kg, the first - grade grey jujube wholesale price in Hebei is 4.8 yuan/jin, and the special - grade jujube price in Guangdong is 11.7 yuan/kg [2] Upstream Market - The annual jujube output is 6.069 million tons (an increase of 3.187 million tons), and the planting area is 1.993 million hectares (a decrease of 41,000 hectares) [2] Industry Conditions - The national jujube inventory is 9,456 tons (a decrease of 63 tons compared to last week, a 0.66% decrease), 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 (an increase of 1,784,164 kg) [2] Downstream Conditions - The jujube wholesale price in the Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi is not clearly stated (a decrease of 8), the cumulative quarterly jujube sales volume of好想你is 36,480.43 tons (a decrease of 2,981.06 tons), and the cumulative quarterly jujube output growth rate of好想你is 1.47% (a decrease of 34.59%) [2] Industry News - On September 2, the weather in Aksu was sunny with a temperature between 13 - 27°C. Jujube farmers were actively engaged in field management. The mainstream per - mu yield was 700 - 800 kg, and the first - crop large fruits were gradually turning red. Attention should be paid to rainfall. On Tuesday, the jujube 2601 contract closed down 0.39%. The jujube output in 2024 increased year - on - year, resulting in the old inventory being much higher than the same period last year [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The market acknowledges the potential reduction in the new season's production, but there are differences in production estimates. Mysteel initially estimates that the new - season production will decrease by 5 - 10% compared to the normal year of 2022 and 20 - 25% compared to 2024, with an expected output of 56 - 62 million tons. Before the production is finalized, the expectation of a new - season production cut supports the red date futures price. However, as the previous price increase has digested the positive impact of the production cut, the driving force for the red date 2601 contract has weakened. It is expected to have a short - term strong adjustment, and attention should be paid to the actual new - season production. It is recommended to focus on short - term trading [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main red date futures contract is 11,470 yuan/ton. The main contract's open interest is 136,661 lots, with an increase of 1,130 lots. The net long position of the top 20 futures holders is 1,464 lots, and the number of warehouse receipts is 9,826. The total number of valid warehouse receipt forecasts is 1,237, with an increase of 1 [2]. 3.2现货市场 - The prices of red date products in different regions remain stable. For example, the unified price of red dates in Kashgar is 6 yuan/kg, the wholesale price of first - grade grey dates in Hebei is 4.8 yuan/jin, and the price of special - grade red dates in Guangdong is 11.5 yuan/kg [2]. 3.3 Upstream Market - The annual red date production is 3.187 million tons, and the planting area is 1.993 million hectares, with a decrease of 4.1 in the area [2]. 3.4 Industry Situation - The national red date inventory is 9,686 tons, a decrease of 98 tons compared to last week, with a month - on - month decrease of 1.00% and a year - on - year increase of 79.94%. The monthly export volume of red dates is 1,765,107 kg, a decrease of 464,120 kg. The cumulative monthly export volume is 17,115,674 kg [2]. 3.5 Downstream Situation - The wholesale price of red dates in the Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi is 20 yuan/kg, a decrease of 8 yuan/kg. The cumulative sales volume of red dates of Hao Xiang Ni is 36,480.43 tons, a decrease of 2,981.06 tons. The cumulative year - on - year production of Hao Xiang Ni's red dates is 1.47%, a decrease of 34.59% [2]. 3.6 Industry News - On August 21st, in the Alar region, the weather changed from light rain to cloudy with temperatures between 16 - 28°C. Jujube farmers are actively engaged in field management, and the jujubes are about to enter the sugar - increasing period. Attention should be paid to the impact of rainfall on the fruits. On Thursday, the red date 2601 contract closed up 0.39% [2].

落地前，新作减产预期支撑红枣期货价格，但是随着前期价格上涨消化减产利多，红枣2601合约短期偏强 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 调整，关注新作产量。操作上，建议短线交易为主。 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。 红枣产业日报 2025-08-20 | 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) | 11530 | -20 ...

Group 1: Report Information - Report Name: Red Date Industry Daily Report 2025 - 08 - 18 [1] - Researcher: Zhang Xin [2] - Futures Practitioner Qualification Number: F03109641 [2] - Futures Investment Consulting Practitioner Certificate Number: Z0018457 [2] Group 2: Report Industry Investment Rating - Not provided Group 3: Report Core View - Not provided Group 4: Summary by Related Catalogs Futures Market - Futures main contract closing price of red dates: 11,520 yuan/ton, down 25 yuan [2] - Main contract open interest of red dates: 139,877 hands, down 1,592 hands [2] - Net long positions of the top 20 futures holders of red dates: -15,508 hands, up 527 hands [2] - Warehouse receipt quantity of red dates: 9,214 sheets [2] - Effective warehouse receipt forecasts of red dates: 1,913 sheets, up 104 sheets [2] Spot Market - Kashi red date general cargo price: 6 yuan/kg, unchanged [2] - Hebei first - grade gray jujube wholesale price: 4.8 yuan/jin, unchanged [2] - Alar red date general cargo price: 5.2 yuan/kg, unchanged [2] - Henan first - grade gray jujube wholesale price: 4.75 yuan/jin, unchanged [2] - Aksu red date general cargo price: 4.8 yuan/kg, unchanged [2] - Henan red date special - grade price: 10.5 yuan/kg, unchanged [2] - Hebei red date special - grade price: 10.45 yuan/kg, unchanged [2] - Guangdong red date special - grade price: 11.5 yuan/kg, unchanged [2] - Guangdong red date first - grade price: 10.5 yuan/kg, unchanged [2] Upstream Market - Red date annual output: 606.9 million tons, up 318.7 million tons [2] - Red date planting area: 1.993 million hectares, down 41,000 hectares [2] Industry Situation - National red date inventory: 9,686 tons, down 98 tons [2] - Red date monthly export volume: 1,765,107 kg, down 464,120 kg [2] - Red date cumulative export volume: 17,115,674 kg, an increase of 1,765,107 kg [2] Downstream Situation - Red date wholesale price at Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi Province: 20 yuan/kg, down 8 yuan [2] - Accumulated sales volume of red dates of Hao Xiang Ni: 36,480.43 tons, down 2,981.06 tons [2] - Year - on - year growth rate of red date production of Hao Xiang Ni: 1.47%, down 34.59 percentage points [2] Industry News - No news today [2] View Summary - No news today [2] Prompt Attention - No news today [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - On Tuesday, the red date 2601 contract closed down 0.9%. The physical inventory of 36 red date sample points in the 32nd week was 9,784 tons, a decrease of 255 tons from the previous week, a 2.54% week - on - week decrease and a 72.62% year - on - year increase. The market's purchasing and sales atmosphere improved, and the de - stocking process was good. The new crop is in the critical fruit - setting period, and the market focuses on the weather in the production areas. The highest temperature in Xinjiang will be high in the next few days. Preliminary estimates suggest that the new - season output will be 560,000 - 620,000 tons, a 5 - 10% decrease compared to the normal year of 2022 and a 20 - 25% decrease compared to 2024, but the reduction is less than that in 2023. Overall, the warming purchasing and sales atmosphere and the expected reduction in new - season output support the short - term strong and volatile trend of red date futures prices. Technically, the red date 2601 contract ended its four - day consecutive increase but remained above the moving average system. It is recommended to go long on dips and control risks [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the red date futures main contract was 11,550 yuan/ton, down 135 yuan; the main contract's open interest was 145,796 lots, down 7,763 lots. The net long position of the top 20 futures holders was - 18,480 lots, up 1,350 lots; the number of warehouse receipts was 9,214, unchanged; the total valid warehouse receipt forecasts were 1,809 [2]. 现货市场 - The unified - grade red date prices in Kashgar, Alar, and Aksu were 6 yuan/kg, 5.2 yuan/kg, and 4.8 yuan/kg respectively, all unchanged. The wholesale prices of first - grade grey dates in Hebei and Henan were 4.75 yuan/jin and 4.6 yuan/jin respectively, both up 0.1 yuan/jin. The prices of special - grade red dates in Henan, Hebei, and Guangdong were 10.3 yuan/kg, 10.41 yuan/kg, and 11.5 yuan/kg respectively, up 0.3 yuan/kg, 0.19 yuan/kg, and 0.2 yuan/kg respectively. The first - grade red date price in Guangdong was 10.5 yuan/kg, up 0.3 yuan/kg [2]. Upstream Market - The annual red date output was 6.069 million tons, an increase of 3.187 million tons; the planting area was 1.993 million hectares, a decrease of 41,000 hectares [2]. Industry Situation - The national red date inventory was 9,784 tons, a decrease of 255 tons; the monthly export volume was 1,765,107 kg, a decrease of 464,120 kg; the cumulative monthly export volume was 17,115,674 kg [2]. Downstream Situation - The wholesale price of red dates in the Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi was 20 yuan/kg, down 8 yuan. The cumulative sales volume of red dates of Hao Xiang Ni was 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative year - on - year production increase was 1.47%, and the cumulative year - on - year sales increase was - 34.59% [2]. Industry News - On August 12, the temperature in Aksu was between 18 - 34°C. Jujube farmers were actively engaged in field management. According to the on - the - spot research in mid - July, the mainstream per - mu yield was 700 - 800 kg. Attention should be paid to the impact of weather changes on yield and quality [2].

Report Industry Investment Ratings - Not provided in the given content Core Views - **Domestic Economy**: In July, China's export performance was strong, with non-US countries supporting exports and electromechanical products showing competitive advantages. However, future export growth is expected to decline gradually, and the decision - makers' policies are expected to improve the price index [2]. - **RMB Exchange Rate**: The US dollar is weak, and non - US currencies are generally strong. The short - term exchange rate between the US dollar and the RMB is expected to be supported in the range of 7.15 - 7.23, with a likely anchor at 7.20 [3]. - **Stock Index**: The domestic economic data did not exceed market expectations, and the short - term market is expected to continue the trend of shrinking volume and oscillation. Wait for the release of domestic financial data and US inflation data [5]. - **Treasury Bonds**: The liquidity has improved, and the primary market situation is better than expected. It is recommended to hold long positions [6]. - **Container Shipping**: The SCFI European line continues to decline. The futures price is expected to be in a volatile or slightly declining trend in the short - to - medium term [8]. - **Precious Metals**: Gold and silver are expected to be bullish in the medium - to - long term and strong in the short term. It is recommended to buy on dips [12]. - **Aluminum Industry Chain**: Aluminum prices are expected to fluctuate at a high level, alumina is expected to be in a weak oscillation, and casting aluminum alloy is expected to oscillate [13][14][15]. - **Nickel and Stainless Steel**: The nickel and stainless - steel market is expected to oscillate in the range of 118,000 - 126,000 yuan/ton and 12,500 - 13,100 yuan/ton respectively [16]. - **Lithium Carbonate**: The supply of lithium resources is expected to tighten, and investors need to be cautious about holding positions [17]. - **Industrial Silicon and Polysilicon**: Industrial silicon is expected to be in a volatile and slightly upward state, and polysilicon is expected to be in a wide - range oscillation [21]. - **Black Metals**: Steel products are expected to be in a volatile and slightly upward state in the short term, and iron ore is in a narrow - range oscillation. Coal and coke are not pessimistic in the medium - to - long term, and ferroalloys are recommended to be lightly bought on dips [22][24][28]. - **Energy and Chemicals**: Crude oil is at risk of decline, LPG remains in a loose situation, PTA - PX is recommended to expand the processing fee, ethylene glycol is recommended to be bought on dips, methanol 09 is weak, PP and PE are in an oscillatory state, PVC is to be short - allocated, pure benzene and styrene have weak short - term unilateral drives, fuel oil is weak, low - sulfur fuel oil is dragged down by crude oil, asphalt is in a weak oscillation, urea is in a weak oscillation, and glass, soda ash, and caustic soda are in a game between reality and expectation [30][32][37][40][42][43][46][48][50] Summary by Relevant Catalogs Macro - **Domestic**: In July, China's CPI was flat year - on - year, and the decline of PPI narrowed. The export was strong, and the decision - makers introduced a series of livelihood policies [1][2]. - **Overseas**: The US non - farm payrolls data was revised downwards, and the market's expectation of the Fed's interest rate cut increased. There were various international events such as potential US - Russia cease - fire agreements and tariff policies [1] RMB Exchange Rate - **Market Performance**: The on - shore RMB against the US dollar depreciated. The US dollar index was weak, and non - US currencies were strong [2][3] - **Influencing Factors**: The market's expectation of the Fed's interest rate cut, the US domestic economic situation, China's export performance, and the central bank's guidance [3][4] Stock Index - **Market Review**: The stock index oscillated, and the trading volume decreased. The futures index volume decreased, and the bullish sentiment declined [5] - **Influencing Factors**: Domestic economic data, policy support, and the upcoming release of financial and inflation data [5] Treasury Bonds - **Market Performance**: Treasury futures opened high and closed low, then rebounded. The liquidity improved, and the primary market situation was better than expected [5][6] - **Influencing Factors**: Liquidity improvement, the issuance of local bonds, and the impact of VAT adjustment [6] Container Shipping - **Market Performance**: The container shipping index (European line) futures oscillated, and the SCFI European line continued to decline [7][8] - **Influencing Factors**: Shipping company performance, geopolitical risks, and shipping company price adjustments [8] Precious Metals - **Market Performance**: Gold and silver prices fluctuated, affected by tariff policies and Fed news. Fund positions and inventory changed [9][10][11] - **Influencing Factors**: US tariff policies, Fed interest rate cut expectations, and China's gold reserve increase [9][10] Aluminum Industry Chain - **Aluminum**: The price oscillated, affected by inventory and the approaching peak season [13] - **Alumina**: The supply was excessive, the price was under pressure, and the cost was the support [14] - **Casting Aluminum Alloy**: The supply and demand were good, and the price followed the aluminum price [15] Nickel and Stainless Steel - **Market Performance**: The prices oscillated, and the fundamentals provided some support [16] - **Influencing Factors**: Supply and demand of nickel ore, nickel iron, and stainless steel, and macro - level factors such as tariffs and interest rate cut expectations [16] Lithium Carbonate - **Market Performance**: The futures price rose, and the inventory increased [16][17] - **Influencing Factors**: Mine - end news, production and demand of the lithium battery industry chain, and the suspension of mining operations [16][17] Industrial Silicon and Polysilicon - **Market Performance**: The prices oscillated, and the production and demand of the industry changed [17][18][19] - **Influencing Factors**: Production capacity changes, market demand, and the adjustment of registered brands [18][19][20] Black Metals - **Steel Products**: The prices oscillated, and the supply and demand were affected by production restrictions and market demand [22] - **Iron Ore**: The price oscillated in a narrow range, and the supply and demand were affected by coal prices and steel demand [22][23][24] - **Coal and Coke**: The prices oscillated strongly, and the supply and demand were affected by production inspections, imports, and downstream demand [24][25] - **Ferroalloys**: The prices fluctuated with coal prices, and the supply and demand were affected by steel production and raw material supply [26][27][28] Energy and Chemicals - **Crude Oil**: The price declined, and the supply and demand were affected by seasonal factors and geopolitical events [28][29][30] - **LPG**: The price was under pressure, and the supply was loose while the demand was slightly improved [31][32] - **PTA - PX**: The price followed the cost, and there was a supply - demand gap in August [32][33] - **Ethylene Glycol**: The price oscillated, and the supply and demand were in a weak balance [36] - **Methanol**: The 09 contract was weak, and the port inventory increased [37][38] - **PP and PE**: The prices oscillated, and the supply and demand were in a state of change [39][40][42] - **PVC**: The price was high - valued and high - inventory, and it was recommended to be short - allocated [43] - **Pure Benzene and Styrene**: The short - term unilateral drive was weak, and the supply and demand situation was different [43][44][46] - **Fuel Oil and Low - Sulfur Fuel Oil**: The prices were affected by supply, demand, and inventory factors [46] - **Asphalt**: The price was in a weak oscillation, and the supply and demand were affected by weather and funds [47][48] - **Urea**: The price was in a weak oscillation, and the supply and demand were affected by export and agricultural demand [49][50] - **Glass, Soda Ash, and Caustic Soda**: The prices were in a game between reality and expectation, and the supply and demand were different [50][51][53]

Core Viewpoint - The successful completion of the first red date futures delivery by vehicle (ship) in Xinjiang marks a significant breakthrough for the red date industry, enhancing trade flexibility and operational efficiency for companies involved in the sector [1][4]. Group 1: Industry Development - Xinjiang has evolved into a crucial distribution center for red dates in China, with many regions sourcing directly from Xinjiang, transforming the traditional distribution model [2][3]. - The establishment of vehicle (ship) delivery service institutions in Xinjiang and Henan is a proactive measure to meet the anticipated surge in delivery demand for red dates [2][3]. - The introduction of vehicle (ship) delivery services is expected to alleviate transportation pressures during peak seasons, enhancing the efficiency of red date futures delivery [3][4]. Group 2: Financial Integration - The integration of financial tools with the red date industry's resource advantages is creating a broader development path, facilitating high-quality growth in the sector [1][8]. - The red date futures market has effectively played a role in price discovery and risk management, becoming a key reference for the national red date spot market [8][10]. - The "insurance + futures" model has provided income stability for farmers, increasing their planting enthusiasm and contributing to the overall development of the red date industry [7][8]. Group 3: Market Dynamics - The establishment of delivery service institutions has expanded the coverage of red date futures delivery, enriching the channels for procurement, trade, sales, and risk management [3][4]. - The red date industry in Xinjiang is witnessing a shift from quantity-driven growth to quality enhancement, driven by the introduction of standardized delivery criteria [6][7]. - The red date industry is becoming a pillar for local economic development, with significant contributions to rural revitalization and farmer income growth [7][9]. Group 4: Future Prospects - The successful implementation of the first red date futures delivery is seen as a starting point for optimizing delivery services and enhancing market competitiveness [4][11]. - Companies are increasingly focusing on expanding their operational scope through e-commerce and other channels, aiming to strengthen ties with farmers and enhance local economic development [11].

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - The current jujube market has a seasonal demand slump and high inventory of old jujubes, but there is periodic replenishment to support prices. The new - season jujubes are in the critical fruit - setting period, and the market focuses on the weather in the producing areas. The estimated new - season output is expected to decline by 5 - 10% compared to the normal year of 2022 and 20 - 25% compared to 2024, with an estimated output of 56 - 62 million tons. The reduction is less than the absolute low in 2023. There are both bullish and bearish factors in the fundamentals. The implementation of the plan to promote agricultural product consumption by ten departments including the Ministry of Agriculture and Rural Affairs boosts market confidence. In the short term, market sentiment dominates the price fluctuations, and it will return to the fundamentals later. It is recommended to wait and see and focus on the new - season output [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main jujube futures contract is 10,790 yuan/ton, the main contract position is 136,558 lots (a decrease of 1,475 lots), the net long position of the top 20 futures holders is - 2,568 lots, the number of warehouse receipts is 8,739, and the effective warehouse receipt forecast is 1,455 [2]. Spot Market - The prices of jujube in different regions vary. For example, the unified - grade jujube price in Kashgar is 6 yuan/kg, the first - grade grey jujube wholesale price in Hebei is 4.45 yuan/jin, and the special - grade jujube price in Guangdong is 11 yuan/kg [2]. Upstream Market - The annual jujube output is 3.187 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 10,090 tons (a decrease of 230 tons from last week, a 2.23% week - on - week decrease and a 73.07% year - on - year increase), the monthly jujube export volume is 1,765,107 kg (a decrease of 464,120 kg), and the cumulative monthly export volume is 17,115,674 kg [2]. Downstream Situation - The jujube wholesale price in the Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi is 1.47 yuan/kg. The cumulative sales volume of Haoxiangni's jujubes is 36,480.43 tons (a decrease of 2,981.06 tons), and the cumulative year - on - year jujube production of Haoxiangni is - 34.59% [2]. Industry News - On July 29, there was light rain in Aksu with temperatures between 18 - 32°C. Jujube farmers are actively managing their orchards. The mainstream per - mu yield is estimated to be between 700 - 800 kg. The 2601 jujube futures contract fell 1.33% on Tuesday [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The demand for red dates is in a seasonal off - peak, and the inventory of old fruits is high, but there is periodic replenishment to support prices. The new - season crops are in the critical fruit - setting period, and the market focuses on the weather in the production areas. The estimated new - season output is 56 - 62 million tons, with a decrease of 5 - 10% compared to the normal year of 2022 and 20 - 25% compared to 2024. The reduction is less than that of the absolute low - yield year in 2023. The market is influenced by both bullish and bearish factors. The release of the implementation plan to promote agricultural product consumption by ten departments including the Ministry of Agriculture and Rural Affairs boosts market confidence in the short term. The red date 2601 contract showed a short - term upward trend, and the market sentiment dominated the price fluctuations in the short term, while it will return to the fundamentals later. It is recommended to wait and see for now [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for red dates is 10,695 yuan/ton, and the position of the main contract is 138,033 lots, a decrease of 73 lots compared to the previous period. The net long position of the top 20 futures holders is - 2,505 lots, the number of warehouse receipts is 8,740, and the total number of valid warehouse receipt forecasts is 1,455 [2] 3.2现货市场 - The prices of red dates in various regions are as follows: the unified price of red dates in Kashgar is 6 yuan/kg, the first - grade grey jujube wholesale price in Hebei is 4.35 yuan/jin, the unified price of red dates in Alar is 5.2 yuan/kg, the first - grade grey jujube wholesale price in Henan is 4.35 yuan/jin, the unified price of red dates in Aksu is 4.8 yuan/kg, the special - grade red date price in Henan is 9.8 yuan/kg, the special - grade red date price in Hebei is 9.81 yuan/kg, the special - grade red date price in Guangdong is 11 yuan/kg, and the first - grade red date price in Guangdong is 9.8 yuan/kg [2] 3.3 Upstream Market - The annual output of red dates is 3.187 million tons, and the planting area is 1.993 million hectares, a decrease of 41,000 hectares compared to the previous period [2] 3.4 Industry Situation - The national red date inventory is 10,090 tons, a decrease of 230 tons compared to the previous week, a month - on - month decrease of 2.23% and a year - on - year increase of 73.07%. The monthly export volume of red dates is 1,765,107 kg, a decrease of 464,120 kg compared to the previous period, and the cumulative export volume is 17,115,674 kg [2] 3.5 Downstream Situation - The wholesale price of red dates in the Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi Province is 20 yuan/kg. The cumulative sales volume of red dates of好想你 is 36,480.43 tons, a decrease of 2,981.06 tons compared to the previous period, and the cumulative year - on - year output growth rate is 1.47%, a decrease of 34.59 percentage points compared to the previous period [2] 3.6 Industry News - On July 28, there was light rain in Aksu, with temperatures ranging from 19 - 28°C. Jujube farmers were actively engaged in field management. According to on - the - spot research in mid - July, the mainstream per - mu yield is 700 - 800 kg. Attention should be paid to the replenishment of the third and fourth batches of flowers and the physiological fruit drop. The red date 2601 contract rose 2.2% on Monday [2]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - Summer seasonal fresh fruits are on the market, substituting for tonic products like red dates. Red date demand is in a seasonal off - peak, with slow inventory digestion and high old - crop inventory. The new - season crop is in the critical fruit - setting period, and the market focuses on the weather in the producing areas. The estimated new - season production is 56 - 62 million tons, down 5 - 10% from the normal year of 2022 and 20 - 25% from 2024. Red dates fluctuate repeatedly in the game between high old - crop inventory and differences in the reduction range of new - season production. It is recommended to wait and see for now [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract for red dates is 10,515 yuan/ton. The main contract position is 125,888 lots, a decrease of 6,797 lots. The net long position of the top 20 futures holders is 1,395 lots, and the number of warehouse receipts is 8,893 lots. The total effective warehouse receipt forecast is 1,448 lots [2]. 3.2现货市场 - The prices of red dates in different regions are as follows: the unified price of red dates in Kashgar is 6 yuan/kg, the first - grade gray jujube wholesale price in Hebei is 4.35 yuan/jin, the unified price of red dates in Alar is 5.2 yuan/kg, the first - grade gray jujube wholesale price in Henan is 4.35 yuan/jin, the unified price of red dates in Aksu is 4.8 yuan/kg, the special - grade red date price in Henan is 9.8 yuan/kg, the special - grade red date price in Hebei is 9.81 yuan/kg, the special - grade red date price in Guangdong is 11 yuan/kg, and the first - grade red date price in Guangdong is 9.8 yuan/kg [2]. 3.3 Upstream Market - The annual red date production is 3.187 million tons, and the planting area is 6.069 million hectares, a decrease of 4.1 hectares compared with the previous period [2]. 3.4 Industry Situation - The national red date inventory is 10,320 tons, a decrease of 110 tons from the previous week, a 1.05% month - on - month decrease and a 74.89% year - on - year increase. The monthly export volume of red dates is 1,765,107 kg, a decrease of 464,120 kg; the cumulative monthly export volume is 17,115,674 kg [2]. 3.5 Downstream Situation - The red date wholesale price in the Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi Province, is 20 yuan/kg. The cumulative sales volume of red dates of Hao Xiangni is 36,480.43 tons, a decrease of 2,981.06 tons. The cumulative year - on - year production of red dates of Hao Xiangni is 1.47%, a decrease of 34.59% [2]. 3.6 Industry News - On July 24, the temperature in Kashgar was between 21 - 34°C. Jujube farmers were actively engaged in field management such as watering and fertilizing. The temperature was suitable for fruit setting, and the jujube fruits were significantly larger than those in the First Division of the Corps and Aksu. The estimated mainstream per - mu yield is 600 - 800 kg. Attention should be paid to the growth situation and weather changes in the producing areas [2]. 3.7 Trading Suggestion - It is recommended to wait and see for now due to the high old - crop inventory and differences in the reduction range of new - season production [2].