Report Title - High-level operation, awaiting guidance from the new season of apples —— Guoxin Futures Apple Weekly Report, August 31, 2025 [2] Report Industry Investment Rating - Not provided Core Viewpoints - The apple futures main contract AP2510 rose strongly this week. Cold storage inventory is lower than the same period last year, with concentrated supply in Shandong. The destocking rate is high and the export volume in July increased month-on-month. New season apple bagging numbers are slightly lower than the previous season, and the purchase price of early-maturing apples in the northwest is higher than last year, which may support the opening price of late-maturing Red Fuji. The market is expected to fluctuate at a high level, and the operation suggestion is to take a bullish view on the fluctuations [8][36] Summary by Directory 1. This Week's Market Review - This week, the apple futures main contract AP2510 rose strongly [8] 2. Supply-side Situation - As of August 28, 2025, the total remaining cold storage apples in the country were 353,500 tons, the lowest in the past five years. Shandong had 236,200 tons and Shaanxi had 82,400 tons [13] 3. Demand-side Situation - As of August 28, 2025, the national cold storage inventory ratio was about 2.68%, a week-on-week decrease of 0.38 percentage points and a year-on-year decrease of 2.22 percentage points, with a destocking rate of 95.79%. In July 2025, the export volume of fresh apples was about 53,600 tons, a month-on-month increase of 44.95% and a year-on-year decrease of 19.39%. The export volume is expected to pick up in the fourth quarter. As of August 29, the mainstream price of apples in Qixia, Yantai, Shandong was stable, but the number of cold storage merchants was small, the transaction was average, and the shipment speed was slow [18][21][32] 4. Outlook for the Future - Pay attention to the production performance of the new season of apples. The market is expected to fluctuate at a high level, and the operation suggestion is to take a bullish view on the fluctuations [36]

Core Viewpoint - The transformation of Qian Nanyu village from barren land to a thriving ecological and economic hub is highlighted, showcasing the successful integration of agriculture, tourism, and renewable energy initiatives. Group 1: Agricultural Development - The introduction of soft-shelled kiwifruit cultivation has significantly improved the local economy, with a total planting area of 120 acres and an average yield of over 3,000 pounds per acre, generating a net profit of over 60,000 yuan per acre [5][4] - The village has provided over 12,000 high-quality seedlings to support local garden economies, indicating a focus on sustainable agricultural practices [5] Group 2: Tourism Growth - Qian Nanyu has developed an ecological tourism zone, attracting over 400,000 visitors in 2024, with ticket revenues exceeding 6 million yuan, thus enhancing the local economy through tourism [5][6] - The area features various tourist attractions, including historical sites and ecological observation areas, contributing to the village's reputation as a key tourist destination [5] Group 3: Renewable Energy Initiatives - The village has implemented a "wind-solar-water storage" new energy system, creating a zero-carbon microgrid that not only meets local energy needs but also exports surplus electricity to the national grid [7][8] - This initiative is part of a broader strategy to leverage ecological resources for sustainable development, aligning with the principle that "green mountains and clear waters are as valuable as mountains of gold and silver" [7] Group 4: Economic Impact - The total income of the village is projected to exceed 200 million yuan in 2024, with a per capita income of 18,600 yuan, reflecting the economic benefits derived from ecological and agricultural advancements [7]

Core Viewpoint - The article highlights the success of two young farmers, Gao Miaojie and Zhang Yelin, who have returned to their hometown of Yangshan in Wuxi, Jiangsu, to cultivate high-quality water peaches, contributing to the local agricultural economy and revitalizing the community [1][4]. Group 1: Industry Overview - Yangshan Town is renowned for its water peaches, with 38,000 acres dedicated to cultivation, yielding an annual production of 35,000 tons and generating over 900 million yuan in revenue [1]. - The increasing popularity of Yangshan water peaches has led to a trend of young people returning to their hometowns to engage in agriculture, thereby enhancing the local economy [1][4]. Group 2: Individual Contributions - Gao Miaojie, a former HR professional, returned to her hometown five years ago to manage her family's peach farm, utilizing her marketing skills to promote their produce effectively [2][3]. - Zhang Yelin, previously an auditor, has focused on improving the technological aspects of peach farming, experimenting with various fertilization methods and incorporating agricultural machinery to enhance efficiency [3]. Group 3: Community Impact - The return of young farmers has brought new dynamics to the agricultural landscape, with initiatives such as creating small agricultural complexes that include accommodations and educational activities [4]. - Both Gao and Zhang are not only focused on peach cultivation but are also diversifying their agricultural practices, contributing to a year-round vibrant agricultural scene in Yangshan [4].

1. Report Industry Investment Ratings - Apple: Neutral [3] - Red dates: Neutral [7] 2. Core Views - Apple: With low remaining inventory in production areas and little change in the expected new - season output compared to last year, the apple market has no prominent contradictions, and short - term prices are expected to remain stable. The market is concerned about the growth of late - maturing Fuji due to the poor quality of early - maturing apples [1][2][3]. - Red dates: Since new jujubes entered the critical flowering and fruit - setting period in June, the market has been trading around the expectation of a new - season production cut. There is a large divergence in the expected new - season output. The market is sensitive to weather changes in production areas. The short - term price may rise due to capital sentiment, but if the production cut is less than expected, prices may turn weak under high inventory pressure [6][7]. 3. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2510 contract was 8414 yuan/ton, up 136 yuan/ton (+1.64%) from the previous day [1]. - Spot: The price of 80 first - and second - grade late - maturing Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of 70 semi - commercial late - maturing Fuji in Shaanxi Luochuan was 4.50 yuan/jin, unchanged from the previous day. The spot basis AP10 - 914 in Shandong and AP10 + 586 in Shaanxi both decreased by 136 from the previous day [1]. - Market information: In Shaanxi, early - maturing paper - bag Gala is in the middle - late stage, with a low proportion of good - quality fruits and a polarized price. In Shandong, varieties like Luli, Jinduhong, and Cream Huashuo are being traded in small quantities, and the purchase enthusiasm of merchants is okay. The market for stored Fuji apples is stable and dull, with some farmers and holders starting to sell at discounted prices [1]. Market Analysis - The apple futures price rose yesterday. Due to the low proportion of good - quality Gala in the western production areas and the general quality of Shaanxi Gala, concerns about the quality of late - maturing Fuji have increased. The early - maturing fruit market shows a polarized trend, and the stored fruit market is weak. With the low inventory level, the price of stored fruit is supported. The supply of early - maturing apples in northern Shaanxi and Gansu this week may further squeeze the market for stored fruit. It is expected that the price of stored fruit will remain weak in the short term [2]. Strategy - Maintain a neutral view. Given the low inventory and little change in the expected new - season output, the short - term price is expected to remain stable [3]. Red Dates Market News and Important Data - Futures: The closing price of the red date 2601 contract was 11470 yuan/ton, up 110 yuan/ton (+0.97%) from the previous day [4]. - Spot: The price of first - grade gray jujubes in Hebei was 9.60 yuan/kg, unchanged from the previous day. The spot basis CJ01 - 1870 decreased by 110 from the previous day [4]. - Market information: In Xinjiang, gray jujubes are entering the sugar - increasing stage, and weather prevention is crucial. In the Hebei Cui'erzhuang market, 3 trucks of red dates and 4 trucks of walnuts arrived. The price of walnuts decreased to 20.00 yuan/kg. In the Guangdong Ruyifang market, 3 trucks of red dates arrived, and the morning trading was average [4][5]. Market Analysis - The red date futures price rose yesterday. The arrival of goods in the sales areas has decreased, and the purchasing enthusiasm of the downstream market is general, showing a weak - balance pattern. The inventory at sample points has decreased, but the de - stocking speed has slowed down. In the production areas, the fruit - setting of the first - batch flowers in some orchards was average, but the second - and third - batch flowers had better fruit - setting due to temperature drops and rainfall in early July. In August, strong winds in some areas caused some fruit drops. In the sales areas, the spot price is strong, and the trading atmosphere has improved [6]. Strategy - Maintain a neutral view. The price may rise in the short term due to capital sentiment when the production cut cannot be disproven. However, considering the high inventory of old jujubes, if the production cut is less than expected, the price may turn weak [7].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The current market is in the fruit expansion period of apples, with few trading points on the futures market. Attention should be paid to the opening price of early - maturing apples, which is higher than last year and sells well. The recent increase in the futures market is mainly affected by low inventory, early - maturing apple prices, and sales. However, the quality of early - maturing apples is uneven, and there are concerns about late - maturing Fuji apples. There are both bullish and bearish factors in the market [3]. - Bullish factors include low inventory in apple - producing areas and unstable weather in production areas that may lead to a large reduction in production in the Northwest [4][5]. - Bearish factors include the overall apple production reduction being less than expected according to bagging data, and the peak season of seasonal fruits impacting apple sales, along with weak consumer demand [7]. 3. Summaries Based on Relevant Contents Apple Price Range Forecast - The predicted monthly price range for apples is 8100 - 8600, with a current 20 - day rolling volatility of 10.5% and a 3 - year historical percentile of 0.1% [3]. Apple Risk Management Strategy Suggestions Inventory Management - When worried about a bumper harvest of new apples and low purchase prices, for long - position inventory, sell 50% of AP2510 futures contracts at 8500 - 8600 to lock in profits and make up for production costs. Also, sell 50% of AP2511C8600 call options at 100 - 120 to collect premiums and lock in the selling price if the apple price rises [3]. Procurement Management - When worried about a decrease in old - crop apple inventory, a reduction in new - crop apple production, and high purchase prices, for short - position inventory, buy 50% of AP2510 futures contracts at 8100 - 8150 to lock in procurement costs. Also, buy 50% of AP2511P7900 put options at 90 - 100 to collect premiums and lock in the purchase price if the apple price falls [3]. Apple Futures and Spot Price Changes - On August 29, 2025, different apple futures contracts (AP01, AP03, etc.) had different closing prices, daily and weekly percentage changes. Spot prices of different apple varieties also had corresponding price and percentage changes. The futures spread and basis also showed different trends [7][8]. Apple Inventory - As of August 29, 2025, the national cold - storage inventory according to Steel Union was 33.97 (with a weekly decrease of 5.48), and according to Zhuochuang was 35.35 (with a weekly decrease of 5.07). The storage capacity ratios in Shandong, Shaanxi, Gansu, etc., all decreased. The arrival volume of apples at some wholesale markets in Guangdong increased [9].

Core Viewpoint - The article highlights the success of young farmers in Yangshan Town, Wuxi, who have returned to their hometown to cultivate high-quality water peaches, contributing to the local agricultural economy and revitalizing the community [4][7]. Group 1: Industry Overview - Yangshan Town is renowned for its water peaches, with 38,000 acres of cultivation and an annual production of 35,000 tons, generating over 900 million yuan in revenue [4]. - The increasing popularity of Yangshan water peaches has led to a trend of young people returning to their hometowns to engage in agriculture, thereby enhancing the local economy [5][7]. Group 2: Profiles of New Farmers - Gao Miaojie, a former HR professional, returned to her hometown five years ago to manage her family's peach farm, utilizing her marketing skills to promote their produce effectively [5][6]. - Zhang Yuelin, a former auditor, transitioned to farming last year, focusing on improving the technological aspects of peach cultivation, such as stabilizing sweetness and implementing mechanization [6][7]. Group 3: Innovations and Challenges - Zhang Yuelin is experimenting with various fertilization methods to maintain optimal sweetness levels in peaches, aiming for a consistent sweetness around 15 degrees [6]. - Both new farmers are addressing the challenge of an aging farming population by introducing modern agricultural practices and machinery to attract younger generations to the industry [6][7].

Core Viewpoint - The article emphasizes the integration of technology in agriculture, particularly in the cultivation and distribution of fruits in the Lingnan region, enhancing the quality and freshness of produce for consumers during the festive season of Qixi [1]. Group 1: Technological Advancements in Agriculture - The use of cold chain logistics allows lychees to maintain freshness for up to three days, significantly improving their marketability [1]. - The sweetness of longan is precisely controlled, ensuring optimal taste without being overly sweet or bland [1]. - Data models are utilized to determine the ripeness of pineapples, showcasing the role of technology in agricultural practices [1]. Group 2: Cultural Significance and Consumer Experience - The article connects the Qixi Festival with the enjoyment of fresh fruits, portraying them as symbols of love and celebration [1]. - Each fruit is described as a poetic representation of the Lingnan region, highlighting the cultural and emotional ties to the produce [1]. - The efforts of farmers and researchers are acknowledged, emphasizing the collaborative nature of modern agriculture [1].

记者8月26日从海南省农业农村厅获悉，海南省近年来聚焦优质荔枝新品种选育，通过资源收集、杂交 育种等技术攻关，为产业升级提供核心支撑。2025年海南荔枝出岛总量达20.7万吨，出岛产值38亿元人 民币，出口额600万美元，价格同比上涨20%至30%。 近年来，海南省荔枝龙眼产业技术体系系统考察了云南、广西、四川及海南本地野生荔枝资源，定位 300余个采集点，收集国内外种质资源40余份，新增资源68份，并首次从柬埔寨、泰国、马达加斯加等 地引种。通过杂交育种，今年已培育杂交苗3万余株，筛选出20余个优良株系，其中12个申请新品种保 护权，1个已获授权。 此外，海南省荔枝龙眼产业技术体系针对海南荔枝产业需求，重点选育早熟、优质、抗病的优质荔枝品 种，延长上市档期，着力推动品种推广、绿色防控等技术落地，破解产业发展难题。（海南日报全媒体 记者孙慧 实习生吴琦） ...

Core Viewpoint - The introduction of drones for pomegranate harvesting in Yunnan's Lijiang has significantly improved efficiency and reduced fruit loss during the collection process [1] Group 1: Technology Implementation - Drones are now being used for the first time in the harvesting process, allowing for a single transport capacity of 100 pounds [1] - The time taken for a round trip using drones is approximately 1 minute, compared to over 20 minutes for traditional methods [1] Group 2: Operational Efficiency - The daily transport capacity of the drones reaches up to 9 tons, enhancing the speed of exporting high-quality pomegranates from the region [1] - The geographical challenges of the steep mountain terrain along the riverbanks have been mitigated by the use of drones, facilitating easier access to the crops [1]

Group 1 - The collaboration between the government of Yazhou Town and Hai'an Rural Commercial Bank aims to promote high-quality regional development, with a total credit of 780 million yuan granted to 56 enterprises [1] - The partnership exemplifies the deep integration of financial support and the real economy, particularly through the cooperation with Nantong Tianxin Fruit Industry Co., Ltd., which specializes in blueberry cultivation [1] Group 2 - Nantong Tianxin Fruit Industry Co., Ltd. grows the patented American blueberry variety "Azura Blue," known for its thick fruit powder, sticky texture, large size, and high yield, which is popular among consumers [2] - The company utilizes imported substrate soil and irrigation systems to create an optimal growing environment for blueberries, along with advanced digital automation systems for real-time monitoring of greenhouse conditions [2] Group 3 - Established in January 2019, Nantong Tianxin Fruit Industry faced significant challenges due to the pandemic shortly after its inception, impacting sales and cash flow [3] - Hai'an Rural Commercial Bank provided tailored financial solutions to help the company navigate through its difficulties during the economic downturn [3] Group 4 - As the company stabilized, it sought to expand its operations, requiring substantial funding for greenhouse construction, substrate procurement, advanced equipment, and land leasing [4] - Hai'an Rural Commercial Bank supported this expansion with over 15 million yuan in loans, enabling the realization of a 200-acre blueberry farm, which has created numerous job opportunities and increased local income [4] - The company has become a prominent representative of Yazhou Town, with its blueberry products gaining widespread recognition, thanks to the support from Hai'an Rural Commercial Bank [4]