1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The market acknowledges the potential reduction in the output of Xinjiang grey jujubes in the new season, but there are certain disagreements in the output estimates. Overall, the fundamental situation has not changed significantly. The jujube futures lack clear guidance and show a fluctuating trend. In the future, attention should be paid to the actual output and the opening purchase price. 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 jujube futures contract was 11,360 yuan/ton; the main contract's open interest was 130,407 lots, a decrease of 1,842 lots; the net buy volume of the top 20 futures positions was -11,154 lots, a decrease of 2,456 lots; the number of delivery warrants was 9,962; the total valid delivery warrant forecasts was 1,007, with no change [2] 3.2 Spot Market - The prices of various grades of jujubes in different regions remained mostly stable, with only a 0.04 yuan/kg decrease in the price of premium jujubes in Hebei [2] 3.3 Upstream Market - The annual jujube 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] 3.4 Industry Situation - The national jujube inventory was 9,519 tons, a decrease of 167 tons from the previous week, a 1.72% decrease and a 79.20% increase year-on-year; the monthly jujube export volume was 1,784,164 kg, an increase of 19,057 kg; the cumulative monthly jujube export volume was 18,899,838 kg, an increase of 1,784,164 kg [2] 3.5 Downstream Situation - The wholesale price of jujubes in the Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi was 20 yuan/kg, a decrease of 8; the cumulative jujube sales volume of Hao Xiang Ni was 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative year-on-year jujube output growth rate of Hao Xiang Ni was 1.47%, a decrease of 34.59 percentage points [2] 3.6 Industry News - On August 27th, the weather in Kashgar was sunny with temperatures ranging from 17 - 31°C. According to on - the - spot research, the per - mu yield of each farm varied, with the mainstream per - mu yield ranging from 600 - 800 kg. The jujubes have entered the sugar - increasing period, and attention should be paid to the rainfall in the main producing areas in September. On Wednesday, the jujube 2601 contract closed down 0.31%. The jujube output in 2024 increased year - on - year, resulting in higher old - crop inventories than the same period last year [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The fundamentals of the red date market have changed little, and the red date futures lack guidance, showing a volatile trend. The market recognizes the reduction in the output of Xinjiang grey dates in the new season, but there are certain differences in the output estimates. It is recommended to wait and see for now and pay attention to the actual output and the opening price in the future [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for red dates is 11,410 yuan/ton; the main contract's open interest is 132,249 lots, a decrease of 517 lots; the net long position of the top 20 futures holders is -8,698 lots, a decrease of 1,157 lots; the number of warehouse receipts is 10,022 sheets; the effective warehouse receipt forecast is 1,007 sheets, an increase of 63 sheets [2]. Spot Market - The wholesale prices of first - grade grey dates in Hebei, Henan are 6 yuan/jin and 4.8 yuan/jin respectively; the wholesale prices of red date specialties in Hebei, Henan, and Guangdong are 10.38 yuan/kg, 10.5 yuan/kg, and 11.5 yuan/kg respectively; the first - grade red date price in Guangdong is 10.5 yuan/kg [2]. Upstream Market - The annual red date 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 red date inventory is 9,519 tons, a decrease of 167 tons from last week, a 1.72% month - on - month decrease and a 79.20% year - on - year increase; the monthly red date export volume is 1,784,164 kg, an increase of 19,057 kg; the cumulative monthly red date export volume is 18,899,838 kg [2]. Downstream Situation - The red date wholesale price in the Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi Province is 8 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; the cumulative year - on - year output of red dates of好想你 is 1.47%, a decrease of 34.59 percentage points [2]. Industry News - On August 26, the weather in Aksu was sunny with temperatures ranging from 14 - 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 had gradually turned red. Attention should be paid to rainfall [2]. - On Tuesday, the red date 2601 contract rose 0.13%. In 2024, the red date output increased year - on - year, resulting in a higher inventory of old crops than the same period last year [2].

Report Overview - The report is a daily report on the jujube industry dated August 25, 2025, covering various aspects of the jujube market [1][2] 1. Market Data Futures Market - The closing price of the main jujube futures contract is 11,410 yuan/ton, and the main contract's open interest is 132,766 hands, a decrease of 1,431 hands [2] - The net long position of the top 20 futures holders is -7,541 hands, the number of warehouse receipts is 10,088, an increase of 197, and the total effective warehouse receipt forecast is 944 [2] Spot Market - Kashi jujube bulk price is 6 yuan/kg, Hebei first - grade grey jujube wholesale price is 4.8 yuan/jin, and there are prices for other regions with no change in most cases [2] Upstream Market - Annual jujube production is 318.7 million tons, and the planting area is 199.3 million hectares, a decrease of 4.1 million hectares [2] Industry Situation - The national jujube inventory is 9,519 tons, a decrease of 167 tons from last week, and the monthly jujube export volume is 1,784,164 kg, an increase of 19,057 kg [2] Downstream Situation - The jujube wholesale price in Taiyuan Hexi Agricultural and Sideline Products Market in Shanxi Province is 1.47 yuan/kg, and the cumulative sales volume of Haoxiangni jujubes is 36,480.43 tons, a decrease of 2,981.06 tons [2] 2. Core View - On Monday, the jujube 2601 contract closed up 0.57%. In the 34th week, the physical inventory of 36 sample jujube warehouses was 9,519 tons, a 1.72% week - on - week decrease and a 79.20% year - on - year increase [2] - The jujube production in 2024 increased year - on - year, leading to higher old - crop inventory than the same period last year. The market recognizes the potential reduction in the new - season Xinjiang grey jujube production, but there are differences in production estimates [2] - With the market's digestion of positive factors and short - term capital outflows, the jujube futures market lacks driving force and is expected to show a high - level oscillating trend. Future attention should be paid to the actual production and opening price. The support level for the jujube 2601 contract is around 11,000 yuan/ton. Short - term trading is recommended [2] 3. Industry News - On August 25, the weather in Aksu changed from sunny to light rain with temperatures between 14 - 26°C. Jujube farmers are actively managing their fields. According to on - site research in mid - July, the mainstream per - mu yield is 700 - 800 kg, and the first - crop large fruits are gradually turning red. Rainfall should be monitored [2]

Core Insights - The article highlights the unique qualities and cultural significance of the Miqueti gray jujube, which thrives in the favorable climate of the Taklamakan Desert region, showcasing its sweetness and the natural conditions that contribute to its growth [1][6]. Group 1: Agricultural Practices - The cultivation of Miqueti gray jujube involves a meticulous process where local agricultural technicians monitor the trees and apply scientific pruning techniques to enhance sunlight exposure, ensuring the fruit matures naturally on the tree [3]. - The jujube is recognized as a "climate-special agricultural product," emphasizing its quality and the traditional methods employed by local farmers [3]. Group 2: Economic Impact - The jujube industry serves as a vital economic resource, with 300,000 acres of jujube orchards acting as both a protective barrier against wind and sand and a source of livelihood for many [5]. - Modernization efforts, including the establishment of a trading hub and the implementation of "insurance + futures" strategies, have improved pricing power and income stability for jujube farmers [5]. Group 3: Technological Integration - The integration of technology in jujube farming is evident through the use of slow-release fertilizers and IoT devices that monitor soil conditions and pest activity, enhancing agricultural efficiency [5]. - The cultivation of 262 rare jujube varieties in a resource nursery indicates a focus on future sustainability and innovation within the industry [5]. Group 4: Cultural Significance - The Miqueti gray jujube is not just a fruit but a cultural symbol, celebrated during the annual red jujube festival, which reflects the local community's pride and connection to their heritage [3]. - The jujube's journey from local farms to global markets illustrates its role as a cultural ambassador, linking the traditions of the oasis with international consumers [6].

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The market's purchasing and selling atmosphere has improved, and the inventory reduction process is going well. The new - season crop is in the critical fruit - setting period, and the market focuses on the weather in the production areas. The estimated new - season production is between 56 - 62 million tons, a decrease of 20 - 25% compared to 2024 and 5 - 10% compared to 2022. The overall purchasing and selling atmosphere has warmed up, and the expected reduction in new - season production supports the continued rise of red date futures prices. It is recommended to conduct short - term long trades on dips [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the red date futures main contract is 11,685 yuan/ton, and the main contract position is 153,559 hands, a decrease of 1,078 hands. The net long position of the top 20 futures holders is - 5,788 hands, the number of warehouse receipts is 9,214, and the valid warehouse receipt forecast is 1,705 [2]. 现货市场 - The wholesale price of first - grade grey dates in Hebei is 4.65 yuan/jin, an increase of 0.05 yuan/jin; the wholesale price of first - grade grey dates in Henan is 4.5 yuan/jin, unchanged; the price of special - grade red dates in Henan is 10 yuan/kg, unchanged; the price of special - grade red dates in Hebei is 10.22 yuan/kg; the price of special - grade red dates in Guangdong is 11.3 yuan/kg, an increase of 0.1 yuan/kg; the price of first - grade red dates in Guangdong is 10.2 yuan/kg, an increase of 0.2 yuan/kg [2]. Upstream Market - The annual red date production 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 red date inventory is 9,784 tons, a decrease of 255 tons compared to last week, a decrease of 2.54% month - on - month and an increase of 72.62% year - on - year. The monthly red date export volume is 1,765,107 kg, a decrease of 464,120 kg; the cumulative monthly export volume is 17,115,674 kg [2]. Downstream Situation - The cumulative sales volume of red dates of好想你 in the quarter is 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative year - on - year production growth rate of red dates of好想你 in the quarter is 1.47%, a decrease of 34.59 percentage points [2]. Industry News - On August 11, the temperature in Kashgar was between 22 - 35°C. The jujube fruits in this area were significantly larger than those in the First Division of the Corps and Aksu. The per - mu yield of each regiment farm varied, with the mainstream per - mu yield being 600 - 700 - 800 kg. Attention should be paid to the growth and weather changes in the production areas. The red date 2601 contract rose 3.32% on Monday [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The price of high - quality dates has increased, and the new - season production is expected to decrease. These factors support the firm operation of date futures prices. It is recommended to conduct short - term long - position trading with a light position when the price is low, while paying attention to controlling risks. Continuously monitor weather changes [2][3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for dates is 10,980 yuan/ton. The net long position of the top 20 futures holders is - 21,661 lots. The number of warehouse receipts is 9,226, and the effective warehouse receipt forecast is 1,032. The open interest of the 110 main contract is 133,633 lots, with a change of - 28 [2] 3.2现货市场 - The prices of dates in different regions are as follows: the unified price of dates in Kashi is 6 yuan/kg, in Alar is 5.2 yuan/kg, and in Aksu is 4.8 yuan/kg. The wholesale prices of first - grade grey dates in Hebei and Henan are 4.6 yuan/jin and 4.5 yuan/jin respectively. The prices of special - grade dates in Henan, Hebei, and Guangdong are 10 yuan/kg, 10.16 yuan/kg, and 11.2 yuan/kg respectively, and the price of first - grade dates in Guangdong is 10 yuan/kg [2] 3.3 Upstream Market - The annual date production is 6.069 million tons, and the planting area is 1.993 million hectares, with a decrease of 41,000 hectares compared to the previous period [2] 3.4 Industry Situation - The national date inventory is 10,039 tons, a decrease of 51 tons compared to the previous week, a month - on - month decrease of 0.51% and a year - on - year increase of 81.11%. The monthly export volume of 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 dates in the Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi is 20 yuan/kg, a decrease of 8. The cumulative quarterly sales volume of dates of Hao Xiang Ni is 36,480.43 tons, a decrease of 2,981.06 tons. The cumulative year - on - year production of dates of Hao Xiang Ni is 1.47%, a decrease of 34.59 percentage points [2] 3.6 Industry News - On August 6, the temperature in Aksu was between 15 - 27°C, and date farmers were actively engaged in field management. The mainstream per - mu yield was 700 - 800 kg. Attention should be paid to the supplementary growth of the third and fourth batches of flowers and the physiological fruit drop. On Wednesday, the date 2601 contract rose 1.71%. As of July 31, the physical inventory of 36 sample points was 10,039 tons, a decrease of 51 tons from the previous week, a month - on - month decrease of 0.51% and a year - on - year increase of 81.11%. The inventory of sample points decreased, the arrival of goods in the sales area increased, and the downstream demand in the southern market increased [2]

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The jujube market has a seasonal off - peak demand and high inventory of old fruits, but there is periodic replenishment to support prices [2]. - New - season jujube production is expected to decrease by 5 - 10% compared to the normal year of 2022 and 20 - 25% compared to 2024, with an estimated new - season output of 56 - 62 million tons, and the reduction is less than that in 2023 [2]. - The new - season crops are in the critical fruit - setting period, and the market focuses on the weather in the producing areas. The temperature in Xinjiang will drop in the next few days, reducing weather risks [2]. - Overall, there are both bullish and bearish factors in the fundamentals. Macro - policy factors and the expected production reduction boost market sentiment, leading to a strong - biased fluctuation in the market, and it is expected to be mainly volatile later. It is recommended to wait and see and focus on the new - season production [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main jujube futures contract is 10,695 yuan/ton, the main contract position is 128,528 lots (a decrease of 4,941 lots), the net long position of the top 20 futures holders is - 22,507 lots (an increase of 2,133 lots), the number of warehouse receipts is 8,739, and the effective warehouse receipt forecast is 1,565 [2]. 现货市场 - The wholesale prices of jujube in various regions are stable. 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, etc. [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 Situation - The national jujube inventory is 10,090 tons (a decrease of 230 tons compared to last week, a 2.23% decrease), 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 Taiyuan, Shanxi is 20 yuan/kg (a decrease of 8), the cumulative quarterly sales volume of Haoxiangni jujube is 36,480.43 tons (a decrease of 2,981.06 tons), and the cumulative year - on - year production growth rate of Haoxiangni jujube is 1.47% (a decrease of 34.59%) [2]. Industry News - On July 31, the temperature in Aksu was between 15 - 28°C, and jujube farmers were actively managing their orchards. The mainstream per - mu yield was 700 - 800 kg, and attention was paid to the supplementary flowering of the third and fourth batches and physiological fruit drop [2]. - On Thursday, the jujube 2601 contract fell 0.83%. The physical inventory of 36 sample points last week was 10,090 tons, a 2.23% decrease from the previous week and a 73.07% increase year - on - year. Summer fresh fruits replace jujubes [2].

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]

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