Core Insights - The article discusses the evolution of fruit consumption in China, highlighting a shift from scarcity to abundance, with a focus on the affordability and availability of various fruits [1][7][52]. Industry Overview - The cultivation area for Sunshine Rose grapes has increased from less than 150,000 acres in 2015 to approximately 1.5 million acres today, while blueberry cultivation reached 1.4 million acres last year [5][19]. - Technological advancements in fruit farming, including AI and automated nutrient delivery systems, have significantly improved production efficiency [5][30]. Historical Context - Historically, fruit was considered a luxury in China, with limited access for the general population until recent decades [7][13]. - The transition to fruit cultivation began when farmers realized the higher profitability of fruit compared to staple crops, leading to increased planting and investment in orchards [8][11]. Pricing Dynamics - The article notes that the price of blueberries has dropped from 24.9 yuan per box (125 grams) to as low as 5 yuan during promotions, indicating a significant reduction in consumer costs [2][5]. - The affordability of fruits is attributed to increased supply and improved agricultural practices, making fruits accessible to a broader demographic [1][5]. Supply Chain Innovations - The development of cold chain logistics has enabled the transportation of fruits like lychee to international markets, maintaining freshness and extending shelf life [31][36]. - New technologies, such as space electric field preservation, have enhanced the longevity of fruits during transport, allowing for better market reach [36][37]. Branding and Market Positioning - The article emphasizes the lack of international brands in the Chinese fruit market, which limits pricing power and market share compared to established brands like Zespri [48][50]. - The rise of e-commerce has transformed the fruit industry, allowing for direct sales from producers to consumers, thereby reducing costs and improving access [52][53]. Labor Market Impact - The growth of the fruit e-commerce sector has created new job opportunities, particularly for individuals previously engaged in low-wage agricultural labor, allowing for better work-life balance and income stability [57][60]. - The shift towards mechanization in fruit production is leading to a reduction in traditional labor needs, prompting a reallocation of the workforce to e-commerce roles [57][60].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 1.47%. New-season late-maturing Fuji apples are sporadically on the market, and the opening prices in the western production areas are generally 0.3 - 1 yuan per jin higher than the same period last year. Due to rainfall, the centralized listing time of late Fuji is postponed to around mid-October. Merchants are relatively active in purchasing high-quality goods, and the prices remain stable and firm. In the sales area market, apple trading is average, and there is no obvious improvement in sales during the Double Festival. The postponed listing time in the western production areas not only shortens the purchasing time but may also lead to simultaneous concentrated supply in various production areas. Attention should be paid to the quality of late Fuji after harvest. It is recommended to adopt a short-term long strategy for the Apple 2601 contract. Future trading should focus on the listing volume of late-maturing Fuji and consumption [4]. 3. Summary by Relevant Catalogs 3.1 Weekly Highlights Summary - **Market Review**: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 1.47% [4][8]. - **Market Outlook**: New-season late-maturing Fuji apples are sporadically on the market, with higher opening prices in the western production areas. The centralized listing time is postponed to around mid-October. Merchants are active in purchasing high-quality goods, and prices are stable. In the sales area, trading is average. The postponed listing may lead to simultaneous supply in various areas, and attention should be paid to fruit quality [4]. - **Strategy Recommendation**: Adopt a short-term long strategy for the Apple 2601 contract [4]. - **Future Trading Tips**: Focus on the listing volume of late-maturing Fuji and consumption [4]. 3.2 Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 1.47%. As of this week, the net position of the top 20 in apple futures is 10,901 lots, and the number of apple futures warehouse receipts is 0 [8][14]. - **Spot Market**: As of October 10, 2025, the mainstream price of bagged Red Fuji 80 and above first- and second-grade farmer's goods in Qixia, Yantai, Shandong is 3.7 yuan per jin; the price of bagged Fuji apples 75 and above in Yiyuan, Shandong is 2.3 yuan per jin [17]. 3.3 Industry Situation and Options - **Supply - Cold Storage Situation in 2024 Production Season**: As of October 9, 2025, the apple cold storage inventory in the main production areas of the country is 67,900 tons, a decrease of 53,900 tons from last week [24]. - **Demand - Apple Wholesale Market Arrival Volume**: As of October 9, the average daily morning arrival volume of vehicles in the main apple wholesale markets in Guangdong has increased. The profit of 80 first- and second-grade apple storage merchants is 0.30 yuan per jin [26]. - **Demand - Average Wholesale Price Trends of All Varieties and Fuji Apples**: As of September 26, 2025, the wholesale price of all varieties of apples is 9.77 yuan per kilogram, a week-on-week decrease of 0.01 yuan per kilogram; the wholesale price of Fuji apples is 9.28 yuan per kilogram, a week-on-week decrease of 0.07 yuan per kilogram [31]. - **Substitute Situation - Wholesale Prices of Various Fruits**: As of September 26, 2025, the weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) is 6.91 yuan per kilogram, a week-on-week increase of 0.09 yuan per kilogram [35]. - **Demand - Apple Export Volume**: In August 2025, China's fresh apple exports totaled about 68,400 tons, with an export value of 69,739,352 US dollars and an average export price of 1,019 US dollars per ton. The export volume increased by 27.61% month-on-month compared with July and decreased by 17.61% year-on-year compared with August 2024. From January to August 2025, China's fresh apple exports totaled 530,000 tons, a cumulative year-on-year decrease of 7.60% [38]. - **Options Market - Implied Volatility of Apple At-the-Money Options This Week**: Information presented in the form of a chart [39]. 3.4 Futures - Stock Correlation - **Stock Market - Honghui Fruit and Vegetable**: Information presented in the form of a chart showing the price - earnings ratio of Honghui Fruit and Vegetable [41].

长江期货鲜果周报 长江期货股份有限公司交易咨询业务资格：鄂证监期货字{2014}1号 2025-10-10 【长期研究|棉纺团队】 黄尚海 执业编号:F0270997 投资咨询编号:Z0002826 震荡偏强 目 录 01 苹果：震荡偏强 02 红枣：震荡偏强 2 风险因素：市场消费情况、宏观政策因素 02 行情回顾 数据来源：博易大师、IFIND、上海钢联、中果网、长江期货 01 苹果：震荡偏强 01 周度观点 1 整体观点：本周新季晚富士零星上市交易，开秤价格普遍高于去年同期 0.3-1.0 元/斤不等，由于国庆节期间东西部连 续阴雨天气影响，导致晚富士的集中上市时间延后，周内产区可供好货有限，客商对于好货采购积极，价格稳硬运行。 反观销区市场表现一般，双节走货未见明显起色整体呈现"产区热、销区冷"的氛围。新果上市，价格明显高于去年， 价格有望维持强势。（数据来源：上海钢联） Ø 本周苹果主力震荡偏强运行。 Ø 苹果基差-91元，较上周-306。 03 苹果批发市场价格走势 数据来源：IFIND、上海钢联、中果网、长江期货 Ø 截止2025年9月26日，全品种苹果批发价格为9.77元/公斤，较上周下跌0. ...

Core Insights - The article discusses the evolution of fruit consumption in China, highlighting the shift from scarcity to abundance, and the growing trends in fruit preferences among consumers [5][6][7]. Group 1: Fruit Consumption Trends - China has become the world's largest fruit producer and consumer, with fruit production accounting for about one-third of global output [5][9]. - The average daily fruit consumption in China has increased to approximately 300 grams, a significant rise from just 3.9 kilograms per person per year in 1961 [7]. - In 2022, the retail market size for fruits in China reached 1.381 trillion yuan, averaging 82 yuan spent per person monthly on fruit [9]. Group 2: Domestic vs. Imported Fruits - Despite high domestic production, China remains a net importer of fruits, with imports expected to reach 8.184 million tons in 2024, 1.5 times the export volume [11]. - Traditional fruits like apples and citrus dominate exports, while tropical fruits such as durian and cherries lead in imports [14][15]. - The preference for imported fruits is driven by their higher quality, better management practices, and the ability to meet consumer demand for out-of-season varieties [16][17]. Group 3: Technological Advancements and Market Dynamics - Advances in logistics and preservation technology have made it easier to transport and store fruits like lychee, which were once difficult to distribute [19]. - The cultivation of blueberries has expanded due to improved planting techniques, allowing for year-round availability [20]. - The rise of "super fruits" is attributed to market strategies that emphasize sensory appeal, convenience, and health benefits [26][29]. Group 4: Pricing and Market Accessibility - The prices of fruits, including previously expensive varieties like cherries and durians, have decreased, making them more accessible to the general public [32][35]. - The increase in fruit production has not been matched by a proportional increase in orchard area, leading to potential oversupply and price volatility [36]. - The phenomenon of "sugar overload" in fruits is noted, with a trend towards sweeter varieties driven by consumer preferences [38][41]. Group 5: Challenges and Future Outlook - Despite being a major fruit producer, China faces challenges such as low profit margins in the fruit industry and inadequate cold chain logistics, with only 35% coverage compared to over 90% in countries like Japan and the U.S. [47][48]. - The article emphasizes the need for improvements in fruit cultivation practices, market structures, and consumer education to transition from a fruit-producing country to a fruit-exporting powerhouse [42][47].

Core Viewpoint - The article discusses the evolution of fruit consumption in China, highlighting the shift from scarcity to abundance, the rise of imported fruits, and the emergence of "super fruits" driven by consumer preferences and marketing strategies [4][5][6]. Group 1: Fruit Consumption Trends - In 2022, China's fruit retail market reached a scale of 1,381.457 billion yuan, averaging 82 yuan per person per month on fruit consumption [8]. - The average daily fruit consumption in China is around 300 grams, which meets the dietary guidelines, marking a significant increase from 3.9 kg per person per year in 1961 to current levels [5][6]. - China has become the world's largest fruit producer and consumer, accounting for about one-third of global fruit production [4]. Group 2: Domestic vs. Imported Fruits - Despite high domestic production, China remains a net importer of fruits, with imports expected to reach 8.184 million tons in 2024, 1.5 times the export volume [10]. - Traditional fruits like apples and citrus dominate exports, while tropical fruits such as durian and cherries lead in imports, driven by consumer demand for variety and quality [13][10]. - The preference for imported fruits is influenced by better breeding, cultivation, and management practices abroad, leading to higher consumer trust in imported varieties [14][15]. Group 3: Technological Advancements and Supply Chain - Advances in logistics and preservation technology have made it easier to transport and store fruits like lychee, which were once difficult to preserve [17]. - The expansion of blueberry cultivation across different regions in China has extended the supply period, allowing for year-round availability [18]. - However, some farmers resort to harmful practices to accelerate fruit production, raising concerns about quality and safety [21]. Group 4: The Rise of "Super Fruits" - The concept of "super fruits" emerged from the need to create fruits that are visually appealing, convenient, and offer health benefits, supported by effective marketing [22][24]. - Blueberries have gained popularity due to their health benefits and high market value, with prices increasing significantly over the years [26]. - The marketing of fruits has evolved with the rise of social media, making it easier for lesser-known fruits to gain popularity [27]. Group 5: Price Trends and Market Dynamics - The prices of traditionally expensive fruits like cherries and durians have decreased, making them more accessible to the general public [29][32]. - The increase in fruit production has not been matched by a proportional increase in orchard area, leading to potential oversupply and price volatility [33]. - The phenomenon of "over-sweetening" fruits has emerged, with a focus on sugar content potentially compromising flavor diversity [35][38]. Group 6: Challenges in the Fruit Industry - Despite being a major fruit producer, China faces challenges such as low profit margins in the fruit industry and inadequate cold chain logistics, with only 35% coverage compared to over 90% in countries like Japan and the U.S. [44]. - Issues related to fruit variety protection and the need for a more robust ecological framework in the industry are also highlighted [44].

Group 1 - The core viewpoint of the article highlights the transformation of China's fruit consumption and production, emphasizing the shift from scarcity to abundance, and the growing trend of importing fruits alongside domestic production [2][5][49] - China has become the world's largest fruit producer and consumer, accounting for approximately one-third of global fruit production [2][8] - The average daily fruit consumption in China has increased to around 300 grams, which is a significant improvement compared to 60 years ago [5][49] Group 2 - Despite high domestic production, China remains a net importer of fruits, with imports projected to reach 8.184 million tons in 2024, 1.5 times the export volume [9][12] - The preference for imported fruits is driven by consumer demand for out-of-season and diverse varieties, as well as the higher commercialization of imported fruits [9][19] - Tropical fruits such as durian and cherries are among the most imported, with cherries primarily sourced from Chile [14][19] Group 3 - The article discusses the rise of "super fruits," which are marketed for their unique qualities and health benefits, and how they are increasingly being developed to meet consumer demand [26][31] - Blueberries are highlighted as a particularly successful example of a "super fruit," with their average price increasing by 31.67% from 2023 to 2024 [31] Group 4 - The article notes that the price of fruits has generally decreased, making previously expensive fruits more accessible to the average consumer [34] - However, the increase in fruit production has not been matched by a proportional increase in orchard area, leading to potential oversupply and price volatility [37][41] Group 5 - The article emphasizes the trend of fruits becoming sweeter, with breeding practices focusing on higher sugar content and lower acidity [42][45] - This shift towards sweeter fruits has raised concerns about consumer fatigue and the potential health implications of excessive sweetness [48][56]

Core Insights - The article highlights the successful export of high-quality "Linghai honey oranges" from Linghai City, Zhejiang, to international markets, particularly Canada, showcasing the unique appeal of this fruit [1][2] - The innovative "early harvesting + full cold chain" model has been implemented to address the challenges of preserving freshness during transportation, ensuring that the oranges maintain their quality after a 20-day sea journey [1] Group 1: Export Strategy - Linghai City plans to export 9 batches of honey oranges to Canada this year, totaling over 600 tons, with future exports planned for Indonesia and Russia [2] - The collaboration between the Linghai Yongfeng Supply and Marketing Cooperative, customs, agricultural departments, and logistics companies has been crucial in developing this export strategy [1][2] Group 2: Quality Assurance - The meticulous management of the cultivation process, precise timing of harvesting, scientific packaging design, and real-time monitoring during transport are all part of the high standards maintained to ensure the freshness of the oranges [1] - The commitment to detail in the export process allows overseas consumers to experience the authentic taste of Linghai honey oranges, helping the product stand out in the competitive international fruit market [1]

格隆汇9月30日丨亚洲果业(00073.HK)公告，截至2025年6月30日止年度，录得总收入约人民币7540万元 (2024年：人民币1.68亿元)。 本年度，公司拥有人应占亏损约为人民币2400万元(2024年：人民币2560万元)，亏损同比减少2.44%。 本年度出现波幅，主要归因于并无物业、厂房及设备减值亏损约人民币990万元以及折旧减少约人民币 890万元，唯被按公允价值计入损益的金融资产的公允价值变动减少约人民币770万元，员工成本增加约 人民币540万元以及与少数股东分担一般及行政开支所抵销。 ...

公告称，亏损减少主要归因于并无物业、厂房及设备减值亏损约990万元以及折旧减少约890万元，唯被 按公允价值计入损益的金融资产的公允价值变动减少约 770万元，员工成本增加约 540万元以及与少数 股东分担一般及行政开支所抵销。 智通财经APP讯，亚洲果业(00073)公布截至2025年6月30日止年度业绩，收入约7540万元，同比减少 55.3%;公司拥有人应占亏损2400万元，同比减少6.3%;每股基本亏损1.611元。 ...

Core Points - The company reported a revenue of approximately 75.4 million, representing a year-on-year decrease of 55.3% [1] - The loss attributable to the company's owners was 24 million, a reduction of 6.3% compared to the previous year [1] - Basic loss per share was 1.611 [1] Financial Performance - The decrease in loss was primarily due to the absence of impairment losses on properties, plants, and equipment amounting to approximately 9.9 million [1] - Depreciation expenses decreased by approximately 8.9 million [1] - However, there was a decrease in the fair value of financial assets recognized in profit or loss by approximately 7.7 million [1] - Employee costs increased by approximately 5.4 million [1] - General and administrative expenses were offset by contributions from minority shareholders [1]