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]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The inventory of the 36 sample points in the 26th week was 10,688 tons, an increase of 8 tons from the previous week, a month - on - month increase of 0.07% and a year - on - year increase of 71.86%. The inventory of the sample points increased slightly this week. The market focus has shifted to new crops as the production area is in the fruit - setting period. Recently, there has been high - temperature weather in Xinjiang, and the risk of high - temperature heat damage to jujubes and other forest fruits is relatively high, which boosts the jujube futures price to fluctuate strongly in the short term. Weather conditions should be continuously monitored [2] 3. Summary by Relevant Catalog 3.1 Futures Market - The closing price of the main futures contract for jujubes was 1320 yuan/ton, and the main contract's open interest was 10,995 hands. The net long position of the top 20 futures holders was 238 hands, and the number of warehouse receipts was 8,650, a decrease of 14,913. The effective warehouse receipt forecast was 534. The price of Kashgar jujube bulk goods was 15.52 yuan/kg [2] 3.2 Spot Market - The price of first - grade grey jujubes in Hebei was 5.2 yuan/jin, and in Henan was 4.35 yuan/jin. The price of bulk jujubes in Alar was 4.35 yuan/kg, and in Aksu was 4.8 yuan/kg. The price of special - grade jujubes in Henan was 9.8 yuan/kg, in Hebei was 9.88 yuan/kg, and in Guangdong was 10.6 yuan/kg. The price of first - grade jujubes in Guangdong was 9.3 yuan/kg [2] 3.3 Upstream Market - The annual jujube output was 3.187 million tons, and the planting area was 6.069 million hectares, a decrease of 4.1 from the previous period [2] 3.4 Industry Situation - The national jujube inventory was 10,688 tons, an increase of 8 tons. The monthly jujube export volume was 2,229,227 kg, a decrease of 132,571 kg. The cumulative jujube export volume was 15,350,567 kg [2] 3.5 Downstream Situation - The wholesale price of jujubes in the Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi Province was 1.47 yuan/kg. The cumulative sales volume of jujubes of Hao Xiang Ni was 36,480.43 tons, a decrease of 2,981.06 tons. The cumulative year - on - year jujube production of Hao Xiang Ni decreased by 34.59% [2] 3.6 Industry News - On July 3, the temperature in Kashgar was between 20 - 33°C, which was suitable for fruit setting. Jujube farmers were actively engaged in field management such as watering and fertilizing. The jujube trees were entering the physiological fruit - dropping period. High temperatures should be watched out for, and the growth and weather changes in the production area should be monitored. As the weather gets hotter, seasonal fresh fruits are on the market, which substitute for tonic products such as jujubes. It is the seasonal off - peak season for jujube demand, and inventory digestion is slow [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 | 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 ...