Report's Investment Rating for the Industry - No information provided Core Views of the Report - The price of Gala apples is relatively firm, and the apple price mainly fluctuates. The new - season early - maturing Gala apples have uneven quality this year, with a limited proportion of good - quality and large fruits, and the prices are polarized. The overall purchasing enthusiasm of merchants is acceptable. The trading volume in the South China and East China markets has increased this week, and the early - maturing apple arrivals are gradually increasing. The market prefers high - redness premium apples. The inventory in Shandong is moving slowly, and fruit farmers are gradually reducing prices for sales. [6] - As of August 21, 2025, the national cold - storage inventory ratio is about 3.06%, with a decrease of 0.44 percentage points in this period and 2.61 percentage points lower than the same period last year. The destocking rate is 95.19%. With the increase of early - maturing apples, the destocking speed of inventory has been affected to some extent, and the sales speed has slowed down slightly compared with last week. [11] - The early - morning arrival of vehicles at the Chalong market in Guangdong has slightly increased compared with last week. The market is still mainly supplied with Fuji apples, and the early - maturing Gala apples are increasing. The terminal sales speed is not fast, with good - quality apples being digested well and poor - quality apples slowly. The arrival volume in the market is still lower than the same period of previous years, but it is expected to continue to increase later. [14] - The new - season apple production is expected to change little compared with this season. Recently, the price of early - maturing apples has weakened, putting pressure on the market. It is expected that the market will mainly fluctuate widely in the short term. [16] Summary by Directory 1. Apple Spot Analysis - This week, early - maturing apple varieties continued to increase in volume. The new - season early - maturing Gala apples in northern Shaanxi were on the market, with uneven quality. The overall purchasing enthusiasm of merchants was acceptable. The inventory in Shandong was moving slowly, and fruit farmers were reducing prices. The main producing areas had different price ranges for different apple grades. [6] 2. Supply Analysis - As of August 21, 2025, the national cold - storage inventory ratio was about 3.06%, with a decrease of 0.44 percentage points in this period and 2.61 percentage points lower than the same period last year. The destocking rate was 95.19%. The cold - storage capacity ratio in Shandong was 5.26%, with a decrease of 0.59 percentage points, and the shipment was slower than last week. The cold - storage capacity ratio in Shaanxi was 2.65%, with a decrease of 0.49 percentage points, and the overall shipment showed an increasing trend. As of August 20, 2025, the national main - producing area cold - storage inventory was 39.45 tons, a decrease of 6.56 tons from last week. [11] 3. Demand Analysis - The early - morning arrival of vehicles at the Chalong market in Guangdong slightly increased compared with last week. The market was still mainly supplied with Fuji apples, and early - maturing Gala apples were increasing. The terminal sales speed was not fast, with good - quality apples being digested well and poor - quality apples slowly. The arrival volume in the market was still lower than the same period of previous years, but it is expected to continue to increase later. The average wholesale price of 6 key - monitored fruits on August 21 decreased slightly compared with last Friday, and was at the median of the same period in recent years. The profit of storage merchants for 80 first - and second - grade apples in Qixia from 2024 - 2025 remained the same as last week. [14] 4. Trading Strategy - For options, it is recommended to wait and see. For single - side trading, the new - season apple production is expected to change little compared with this season. Recently, the price of early - maturing apples has weakened, putting pressure on the market. It is expected that the market will mainly fluctuate widely. For arbitrage, it is recommended to wait and see. [15][16] 5. Apple Supply and Demand Situation - No specific analysis text provided, only relevant charts are shown, including apple export, planting area, consumption, production, etc. [20] 6. Inventory and Shipment - No new analysis text provided, only relevant charts are shown, including national cold - storage inventory, national shipment volume, Shandong cold - storage inventory, and Shaanxi cold - storage inventory. [23] 7. Spread and Basis - The text provides the closing prices, price changes, and basis information of different apple futures contracts and spot prices, as well as the basis trends of different months in different years. [26] 8. Spot and Futures Prices - The text provides the current prices, previous trading - day prices, and price changes of the Fuji apple price index, spot prices of different producing areas, and average wholesale prices of 6 kinds of fruits. [27]

Report Industry Investment Rating - Not provided Core Viewpoints - The current market is in the fruit expansion period of apples, with few trading points on the futures market. The opening price of early-maturing apples is higher than last year, and they are selling well, while inventory apples are dropping in price and not selling well. The recent rise in the futures market is mainly influenced by low inventory, early-maturing apple prices, and sales. However, the quality of early-maturing apples is uneven, and there are concerns about potential issues with late-maturing Fuji apples [4]. - Bullish factors include low inventory in production areas and unstable weather in production areas, which may lead to a significant reduction in production in the Northwest region [4]. - Bearish factors include a smaller-than-expected reduction in production based on bagging data and the impact of the peak season of seasonal fruits on apple sales, as well as weak consumer demand [5]. Summary by Relevant Catalogs Apple Price Range Forecast - The predicted price range for apples in the coming month is 7600 - 8400, with a current 20 - day rolling volatility of 10.5% and a historical percentile of 0.1% over the past 3 years [3]. Apple Risk Management Strategy Suggestions Inventory Management - If worried about a bumper harvest of new apples and low purchase prices, for long - position inventory, it is recommended to short apple futures (AP2510) at a 50% hedging ratio when the price is between 8300 - 8400 to lock in profits and cover production costs. Also, sell call options (AP2510C8200) at a 50% hedging ratio when the price is between 30 - 40 to collect premiums and lock in the selling price if the apple price rises [3]. Procurement Management - If worried about a decrease in old - crop apple inventory, a potential reduction in new - crop apples, and high purchase prices, for short - position inventory, it is recommended to buy apple futures (AP2510) at a 50% hedging ratio when the price is between 8000 - 8050 to lock in procurement costs. Also, sell put options (AP2510P8000) at a 50% hedging ratio when the price is between 70 - 80 to collect premiums and lock in the purchase price if the apple price falls [3]. Apple Futures and Spot Price Changes - On August 22, 2025, the closing prices and daily/weekly price changes of different apple futures contracts (AP01, AP03, AP04, AP05, AP10, AP11, AP12) are provided, along with the prices and daily/weekly price changes of different grades of spot apples in various regions. The futures contract AP01 closed at 8018 with a daily increase of 0.17% and a weekly decrease of 0.12%, while the spot price of Qixia first - and second - grade 80 apples was 3.75 with a daily decrease of 1.32% and a weekly decrease of 1% [6]. Apple Inventory - On August 22, 2025, the national cold - storage inventory according to Steel Union was 39.45 (with a weekly decrease of 6.56), and according to Zhuochuang was 40.42 (with a weekly decrease of 5.71). The storage capacity ratios in Shandong, Shaanxi, Gansu, etc., also showed weekly decreases. In addition, the arrival volume of apples at several wholesale markets in Guangdong increased compared to the previous week [10].

Group 1 - Gansu's central and eastern regions are major apple production areas in China, with early-ripening apples in Qingcheng County entering the harvest season [1] - The apple orchards not only provide economic benefits but also create job opportunities for local villagers, who can earn over 100 yuan per day during the harvest [3] - Qingcheng County has over 30 apple varieties planted, forming a scientific industry system with early, mid, and late-ripening apples, and is extending the industrial chain from seedling to packaging and transportation [5] Group 2 - Gansu Province's apple planting area remains stable at 5.8 million acres, becoming a key industry for rural revitalization [5]

Core Viewpoint - The price of "Sunshine Rose" grapes, once considered the "Hermès of grapes," has plummeted to historical lows due to an oversupply in the market, indicating a shift from a bubble to a more rational balance in high-end fruit pricing [3][4][5]. Price Decline and Market Dynamics - The current market price for "Sunshine Rose" grapes ranges from 5 to 10 yuan per kilogram, significantly lower than previous years, with reports of prices as low as 10 yuan for 2 kilograms [3][4]. - The price drop is attributed to a surge in planting area and production, leading to a saturated market, particularly as local grapes reach maturity in August [5][6]. - Sales volume has also declined, with vendors reporting lower sales despite the reduced prices, indicating a lack of consumer demand even among younger buyers [4][5]. Supply and Demand Imbalance - The rapid increase in planting across various regions has resulted in a significant oversupply, with many growers considering switching to other crops due to squeezed profit margins [5][6]. - The market is expected to reach a new equilibrium, with limited potential for further price declines, as the influx of grapes will gradually diminish leading into the Mid-Autumn Festival and National Day [6]. Quality Variation and Market Segmentation - There is a noticeable price differentiation based on quality, with some grapes priced higher due to better sourcing from regions with superior growing conditions [6]. - Factors such as soil quality, climate, and management practices contribute to the differences in grape quality, which in turn affects market pricing [6]. Future Price Outlook - While a slight price recovery is anticipated as the holiday season approaches, it is expected to be modest and insufficient to return to previous peak levels [6]. - The high-price era for "Sunshine Rose" grapes is considered over, with low pricing likely to become the new norm in the market [6].

Group 1 - The avocado harvest season has begun in Baisha Li Autonomous County, Hainan Province, which is suitable for avocado cultivation due to its geographical location and climate [2] - The current planting area for avocados in Baisha exceeds 1,800 acres, with an expected yield of 2,500 to 3,000 pounds per acre by 2025 [2] - The economic benefit per acre is projected to exceed 30,000 yuan [2]

Report's Industry Investment Rating - Not provided Report's Core View - The spot inventory of apples is low, which strongly supports prices. However, as the listing volume of Gala apples gradually increases, the price increase rhythm is constrained, and the market will operate with short - term fluctuations. It is recommended to conduct range trading and pay attention to the coloring and listing of early - maturing apples [2] Summary by Relevant Catalogs Futures Market - The closing price of the October apple contract is 8,103 yuan/ton, with a week - on - week increase of 39; the holding volume of the main contract is 76,448 lots, a week - on - week decrease of 5,066; the number of apple warehouse receipts is 0; the net long position of the top 20 futures holders is - 970 lots, a week - on - week decrease of 357 [2] Spot Market - The spot price of apples in Shandong Yantai Qixia (paper - bagged grade - II fruit from growers, above 80) is 4 yuan/jin; in Gansu Jingning (paper - bagged above 75) is 4 yuan/jin; in Shandong Yiyuan (paper - bagged above 75) is 2.3 yuan/jin; in Shaanxi Luochuan (paper - bagged semi - commercial products above 70) is 4 yuan/jin [2] Upstream Situation - The annual national apple output is 5,128.51 million tons; the weekly apple wholesale price is 9.66 yuan/kg, a week - on - week decrease of 0.03; the weekly average wholesale price of Fuji apples is 9.48 yuan/kg, a week - on - week decrease of 0.03 [2] Industry Situation - The total national apple cold - storage inventory is 46.01 million tons, a week - on - week decrease of 7.38; the weekly storage capacity ratio of apples in Shandong is 0.08, a week - on - week decrease of 0.01; in Shaanxi is 0.02, unchanged; the monthly apple export volume is 50,000 tons, an increase of 10,000 tons; the monthly apple export value is 63.284 million US dollars; the monthly import value of fresh and dried fruits and nuts is 19.976 million US dollars; the weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0.4 yuan/jin, a week - on - week decrease of 0.1 [2] Downstream Situation - The weekly average wholesale price of tangerines is 10.11 yuan/kg, a week - on - week decrease of 0.04; the weekly wholesale price of watermelons is 3.54 yuan/kg, a week - on - week decrease of 0.14; the weekly wholesale price of bananas is 5.75 yuan/kg, a week - on - week decrease of 0.13; the weekly early - morning average daily arrival volume of trucks at the Guangdong Jiangmen wholesale market is 7.6, a week - on - week decrease of 0.8; at the Guangdong Xiaqiao wholesale market is 9.6, a week - on - week decrease of 1.4; at the Guangdong Chalong wholesale market is 15, a week - on - week decrease of 1 [2] Option Market - The implied volatility of at - the - money call options for apples is 17.3%, a day - on - day decrease of 2.91; the implied volatility of at - the - money put options for apples is 17.3%, a day - on - day decrease of 2.91 [2] Industry News - On August 21, 2025, the supply volume of Gala apples in the western production areas increased steadily, with overall poor quality, small fruit sizes, and few high - quality products. Prices showed a significant polarization, and the market was stable but weak. In the Shandong production area, there was still pressure in the trading of inventory apples. Cold - storage operators and fruit growers continued to actively dispose of inventory, and the transaction prices remained stable but weak, with transactions concluded through negotiation. On Thursday, the apple 2510 contract rose 0.20%. According to Mysteel's preliminary statistics based on bagging volume survey data, the national apple output is expected to be 3,736.64 million tons, an increase of 85.93 million tons or 2.35% compared with the 2024 - 2025 production season [2] Viewpoint Summary - As of August 20, 2025, the inventory of apples in the main national production areas was 39.45 million tons, a week - on - week decrease of 6.56 million tons. With the increase in the supply of early - maturing apples, the inventory clearance speed was affected, and the sales speed slowed down slightly compared with the previous week. The old - crop inventory was low, but the overall sales speed slowed down. In the western production area, the supply volume of paper - bagged Gala apples increased, the transaction price showed a slight downward trend, and fruit growers actively disposed of inventory [2]

Group 1 - The company has successfully introduced a new apple variety, Red Snick, which has gained popularity and is cost-effective due to reduced cultivation expenses [1] - The apple demonstration garden in Tongchuan City showcases advanced agricultural technologies, including hail nets, drip irrigation, and voice bird deterrents, enhancing productivity and fruit quality [1] - The company plans to leverage e-commerce to expand its market reach, aiming to deliver fresh apples directly to consumers [1] Group 2 - In 2023, the planting area for early and mid-maturing apples in Tongchuan is approximately 103,000 acres, with an expected total output of 114,000 tons, including 43,000 tons from early varieties [2] - The local government supports the apple industry through policies that promote scale, standardization, and branding, allocating over 5 million yuan annually for high-quality fruit development initiatives [2]

Core Insights - The article highlights the successful harvest of yellow peaches in Yongjia County, Wenzhou, during the fruit harvest season, emphasizing the unique practice of nighttime harvesting to ensure quality and flavor [1][9]. Group 1: Harvesting Practices - Local farmers engage in nighttime harvesting when temperatures are lowest to maintain the quality of yellow peaches, resulting in a visually striking scene with numerous lights illuminating the orchards [3][5]. - The physiological state of the yellow peaches is more stable at night, allowing for better preservation of sugar content and ensuring a sweet and crisp taste [5][9]. Group 2: Peach Characteristics - The yellow peaches harvested are notably large, with some being the size of an adult's fist, and exhibit a golden color, which are characteristic features of the Meiao yellow peaches [7]. - The sugar content of the peaches is measured at 15.5 degrees, indicating a high level of sweetness [7]. Group 3: Economic Impact - The yellow peach harvest serves as a significant source of income for the villagers, contributing to their financial well-being and prosperity [9]. - The local government has supported the promotion of standardized and ecological farming practices, enhancing the overall quality and marketability of the peaches [9].

Core Insights - The article highlights the success story of Alim·Yiming, who won the title of "New Mei Champion" at the 2025 China New Mei Industry Conference, showcasing the integration of technology in modern agriculture and its role in achieving common prosperity [6][9][32]. Group 1: Champion's Achievement - Alim·Yiming's new mei was selected from 80 competitors based on over 10 criteria, including fruit size, sweetness, and taste [7][8]. - His new mei has a high quality characterized by "large fruit, small pit, thick flesh, juicy, and high sweetness," which has garnered national attention [8][9]. - The new mei can sell for 60 yuan per kilogram in the Guangzhou market, double the price of ordinary fruits, indicating strong market demand [22][23]. Group 2: Technological Integration - The cultivation process utilizes a smart agricultural system that provides real-time data on soil moisture, temperature, and nutrient content, enhancing precision in farming [15][17]. - The yield of new mei has increased from 1.2 tons to 1.8 tons per acre, with a high quality rate of 92%, demonstrating the effectiveness of scientific farming techniques [21][32]. Group 3: Community and Collaboration - Alim·Yiming established a new mei planting cooperative in 2019, providing comprehensive services from seedling cultivation to sales, which has helped over 300 local farmers improve their planting techniques [28][30]. - The cooperative's annual sales have surpassed 10 million yuan, and the new mei has reached high-end markets in over 30 provinces and cities, as well as exports to Southeast Asia and Central Asia [31][32]. Group 4: Industry Growth - The new mei planting area in Kashgar County has reached 570,000 acres, with an annual output of 410,000 tons and a production value exceeding 8 billion yuan, significantly contributing to local employment and rural revitalization [32][33]. - The establishment of a national modern agricultural industrial park and the presence of 25 deep processing enterprises highlight the growth potential of the new mei industry [33][35].

Group 1: Cultural Exchange and Tourism - The event "情牵两岸·滇台同行" involved 25 media representatives from Taiwan visiting Yunnan to experience local culture and development [4][5][6] - The traditional dish "过桥米线" from Mengzi has been recognized as a national intangible cultural heritage, balancing traditional techniques with standardized production [5] - The unique pottery-making techniques of Jianshui and the traditional tofu-making process in Shiping were highlighted as significant cultural experiences for the participants [5][6] Group 2: Agricultural Development - Yunnan is a major blueberry production area, contributing approximately 30% of China's total blueberry output, with a planting area exceeding 1.1 million acres nationwide [7] - Mengzi's blueberry industry has a total output value exceeding 3 billion yuan, benefiting over 20,000 local households through innovative agricultural models [7] - The "622" model for revenue sharing in blueberry farming has been successfully implemented, enhancing local farmers' incomes significantly [7] Group 3: Cultural Heritage and Education - The visit to the Confucian Temple in Jianshui allowed participants to engage with traditional Chinese culture, emphasizing the importance of cultural preservation [8] - The performance of traditional Yi ethnic dances and songs showcased the vibrant living culture, encouraging participants to appreciate and promote cultural exchange [9] - The event aimed to strengthen ties between Taiwan and mainland China, fostering mutual understanding and cultural appreciation among the youth [9]