1. Report Industry Investment Rating - No information provided 2. Core View of the Report - This week, the price of the Apple Futures 2605 contract soared with a weekly increase of about 6.24%. There was a slight increase in the number of inquiring merchants in the late - Fuji production areas, and the trading atmosphere varied among different production areas. The fruit growers' supplies were mostly concentrated in Gansu and Liaoning. The inventory removal speed in the main apple - producing areas increased slightly compared to last week but was still lower than the same period last year. The sales in the distribution market were still sluggish, but the rigid demand for festival stocking increased. The market may fluctuate strongly in the short term [4][9] 3. Summary by Relevant Catalogs 3.1. Week - to - Week Summary - **Market Review**: The price of the Apple Futures 2605 contract soared this week with a weekly increase of about 6.24% [4][9] - **Market Outlook**: In the late - Fuji production areas, the number of inquiring merchants increased slightly. The fruit growers' supplies were concentrated in Gansu and Liaoning. As of January 7, 2026, the cold - storage inventory of apples in the main producing areas was 7.209 billion tons, a decrease of 126,600 tons from last week. The inventory removal speed increased slightly, but was still lower than the same period last year. In Shandong, the storage capacity ratio was 51.85%, a decrease of 0.57% from last week; in Shaanxi, it was 55.35%, a decrease of 0.80% from last week. The trading in Shandong's cold - storage was cold, and the overall volume of goods transferred was limited. Shaanxi's inventory removal speed was slightly faster than last week but still lower than the same period last year. The sales in the distribution market were still sluggish, but the rigid demand for festival stocking increased, and there may be a short - term upward trend [4] - **Future Trading Tips**: Fruit prices and consumption [5] 3.2. Futures and Spot Markets 3.2.1. Futures Market - The price of the Apple Futures 2605 contract soared this week with a weekly increase of about 6.24%. As of this week, the net position of the top 20 in apple futures was 8,206 lots, and the number of apple futures warrants was 0 [9][16] 3.2.2. Spot Market - As of January 9, 2026, the mainstream price of 80 and above first - and second - grade fruit growers' goods of paper - bag red Fuji in Qixia, Yantai, Shandong was 4.0 yuan per catty; the price of 75 and above Fuji apples in Yiyuan, Shandong was 2.40 yuan per catty [19] 3.3. Industry Situation and Options 3.3.1. Industry Chain 3.3.1.1. Supply - As of January 7, 2026, the cold - storage inventory of apples in the main producing areas was 7.209 billion tons, a decrease of 126,600 tons from last week. The inventory removal speed increased slightly but was still lower than the same period last year. The storage capacity ratio in Shandong was 51.85%, a decrease of 0.57% from last week; in Shaanxi, it was 55.35%, a decrease of 0.80% from last week [27] 3.3.1.2. Demand - As of January 8, the average daily number of early - morning arrivals at major apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was suspended (represented by 0). As of January 2, 2026, the wholesale price of all - variety apples was 9.43 yuan per kilogram, a week - on - week increase of 0.13 yuan per kilogram; the wholesale price of Fuji apples was 9.0 yuan per kilogram, a week - on - week decrease of 0.01 yuan per kilogram. The weekly average wholesale price of 5 kinds of fruits was 7.77 yuan per kilogram, a week - on - week increase of 0.103 yuan per kilogram. In November 2025, China's fresh apple exports were about 121,600 tons, with an export value of 123,853,780 US dollars and an average export price of 1,018.09 US dollars per ton. The export volume increased by 51.24% compared to October and 12.38% compared to November 2024 [31][36][43] 3.3.2. Options Market - Information about the implied volatility of at - the - money options for apples this week was presented, but no specific data was given [44] 3.4. Futures - Stock Correlation - A graph of the price - to - earnings ratio of Honghui Fruit and Vegetable was presented, but no in - depth analysis was provided [46]

Core Insights - The Wuming Pomelo has successfully expanded its international market, exporting to 30 countries and regions including Thailand, Vietnam, Canada, Russia, Germany, and the Middle East, thanks to its high quality [1] - During the opening event for the 2025/2026 sales season, domestic and international buyers signed procurement agreements totaling approximately 90 million RMB, with shipments heading to markets in Russia, Canada, and India [2] Group 1: Export and Market Expansion - Wuming Pomelo production companies have established a registration system for export fruit orchards and packaging factories to meet various countries' quarantine requirements, ensuring a traceable quality system from farm to table [2] - The Wuming Pomelo industry aims to consolidate traditional markets in Southeast Asia and the Middle East while leveraging opportunities from the Regional Comprehensive Economic Partnership (RCEP) to expand into high-end markets in Europe, America, and Japan [5] Group 2: Industry Development and Infrastructure - Wuming has developed a comprehensive industry chain for the Wuming Pomelo, including healthy seedling breeding, standardized planting, mechanized harvesting, intelligent sorting and packaging, cold chain logistics, deep processing, and integration with agriculture and tourism [5] - The total planting area for Wuming Pomelo exceeds 460,000 acres, with a total output of 1.56 million tons and an industry chain output value surpassing 10 billion RMB [5] Group 3: Innovation and Consumer Engagement - Wuming is promoting the construction of a fruit export pilot zone, having established 40 certified export orchards and 30 export packaging factories, with an annual export volume exceeding 200,000 tons [5] - The region is integrating Wuming Pomelo elements with dining culture and eco-tourism, launching creative products, specialty dishes, and educational routes for fruit picking, creating a comprehensive consumer experience [5] - Local influencers in Wuming have formed an e-commerce "village broadcasting alliance" to sell Wuming Pomelo directly to consumers, enhancing farmers' income through live streaming [7]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - As of January 7, 2026, the inventory of apple cold storage in the main producing areas of China decreased by 126,600 tons compared with last week, and the de - stocking speed increased slightly month - on - month but was still lower than the same period last year. The market price of high - quality Fuji apples in the cold storage was relatively stable, and the general fruit farmer's goods were priced according to quality. The overall trading atmosphere in the producing areas was not strong, and most merchants purchased on demand. In the Shaanxi producing area, the trading volume of fruit farmers' goods increased slightly, while in the Shandong producing area, the transactions were sporadic. The downstream traders replenished their stocks cautiously, and the trading of fruit farmers' goods was light. In the sales area, fruits such as cherries and citrus were popular, but as the producing areas entered the festival stocking stage, the short - term price would run strongly [2] Summary by Directory Futures Market - The closing price of the main apple futures contract was 9,531 yuan/ton, and the main contract's open interest was 122,541 lots, a decrease of 11,108 lots. The net long positions of the top 20 futures holders were 5,464 lots, a decrease of 1,061 lots [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) was 5.25 yuan/jin, and that in Shandong Yiyuan (paper - bagged, above 75) was 2.4 yuan/jin, both unchanged. The spot price of apples in Shaanxi Luochuan (paper - bagged, above 70 semi - commercial) was 4.2 yuan/jin, and that in Shandong Yantai Qixia (paper - bagged, above 80 second - grade fruit farmers' goods) was 4 yuan/jin, both unchanged [2] Upstream Situation - The annual apple output in China was 51.2851 million tons, an increase of 1.6834 million tons [2] Industry Situation - The weekly wholesale price of apples was 9.43 yuan/kg, and the average wholesale price of Fuji apples was 9.1 yuan/kg, a decrease of 0.04 yuan/kg. The storage capacity ratio of Shaanxi apples was 55.35%, a decrease of 0.80%, and that of Shandong apples was 51.85%, a decrease of 0.57%. The total inventory of national apple cold storage was 7.209 million tons, a decrease of 126,600 tons. The monthly export volume of apples was 120,000 tons, an increase of 40,000 tons. The monthly import value of fresh and dried fruits and nuts was 11.17946 million US dollars, a decrease of 2.16418 million US dollars. The year - on - year export value of apples decreased by 216,418 [2] Downstream Situation - The weekly wholesale price of pears was 6.71 yuan/kg, a decrease of 0.04 yuan/kg; the weekly wholesale price of bananas was 6.93 yuan/kg, an increase of 0.05 yuan/kg; the weekly wholesale price of watermelons was 5.84 yuan/kg, an increase of 0.03 yuan/kg. The average daily arrival volume of trucks in the morning at the Guangdong Jiangmen wholesale market was 17.25 vehicles, a decrease of 1.35 vehicles; that at the Guangdong Xiaqiao wholesale market was 21.25 vehicles, and that at the Guangdong Chalong wholesale market was 31.75 vehicles, a decrease of 4.05 vehicles [2] Options Market - The implied volatility of at - the - money call options for apples was 25.08%, an increase of 0.1%, and the implied volatility of at - the - money put options for apples was 25.08%, an increase of 0.09% [2]

Core Viewpoint - The price of cherries in Shenzhen has significantly decreased, with wholesale prices dropping by 20% to 30% compared to the same period last year, leading to increased consumer purchasing interest [3][6][12]. Price Trends - As of early January, cherries are prominently displayed in markets, with prices ranging from 26.8 yuan to 35 yuan per pound [5][6]. - Specific examples include a 5-pound box of Chilean cherries priced at 159 yuan in Hema and 158.9 yuan in Sam's Club, down from previous prices of 329 yuan and over 90 yuan respectively [5][6]. Supply Chain and Logistics - The reduction in shipping time for cherries has improved supply chain efficiency, with sea transport times reduced from 28 days to approximately 23 days [8][12]. - The first batch of Chilean cherries for the 2025-2026 season arrived in Shenzhen, with expectations of over 15,000 tons entering the market [12][13]. Market Dynamics - The demand for cherries is expected to fluctuate as the Chinese New Year approaches, with potential price increases anticipated due to seasonal demand [3][13]. - The increase in cherry production from Chile is attributed to a shift in agricultural practices, with farmers converting apple orchards to cherry orchards to meet Chinese consumer preferences [12][13]. Consumer Behavior - There is a noted increase in consumer willingness to purchase cherries due to lower prices, with some consumers expressing concerns about the taste quality compared to previous years [6][8].

Report Industry Investment Rating - Not provided in the report Core Views - Apple产区交易整体略显沉闷，甘肃产区交易尚可，山东、陕西、山西整体交易冷淡，元旦前后冷库包装发货少，交易迟缓[2] - 库内富士好货行情相对稳定，果农一般货源以质论价，产区交易氛围不旺，客商按需采购[2] - 陕西部分果农有让价心理，成交以少量两级货源为主，仍以客商发自存货源为主；山东成交零星，维纳斯等替代苹果按需出库，其余货源交易不多；甘肃客商按需调果农货源，包装发货稳定，走货尚可[2] - 销区市场车厘子、柑橘等水果占据市场热度，节日提振作用受限，短期苹果价格将震荡运行为主[2] Summary by Relevant Catalogs Futures Market - 期货主力合约收盘价:苹果为9547元/吨，主力合约持仓量:苹果为157882手，环比增加23658手[2] - 期货前20名持仓:净买单量:苹果为6134手，环比增加4170手[2] Spot Market - 甘肃静宁苹果现货价格(纸袋75以上)为5.25元/斤，山东沂源苹果现货价格(纸袋75以上)为2.4元/斤，陕西洛川苹果现货价格(纸袋70以上半商品)为4.2元/斤，山东烟台栖霞现货价格(纸袋80以上一二级果农货)为4元/斤，环比均无变化[2] Upstream Situation - 全国:苹果产量为5128.51万吨，环比增加168.34万吨[2] Industry Situation - 水果批发价:苹果为9.37元/公斤，平均批发价:富士苹果为9.1元/公斤，环比下降0.04元/公斤[2] - 全国苹果冷库总库存为733.56万吨，环比下降10.48万吨；山东苹果库容比为0.52，环比下降0.01；陕西苹果库容比为0.56，环比下降0.01[2] - 苹果:出口数量:当月值为120000吨，环比增加40000吨；苹果:出口金额:当月同比下降216418万美元[2] - 鲜、干水果及坚果:进口金额:当月值为16.2万美元，一二级纸袋苹果80存储商利润为0元/斤，环比无变化[2] Downstream Situation - 水果批发价:鸭梨为6.75元/公斤，水果批发价:香蕉为6.88元/公斤，水果批发价:西瓜为5.81元/公斤，环比分别增加0.03元/公斤、0.05元/公斤、-1.35元/公斤[2] - 广东江门批发市场早间日均到车量为17.25辆，环比下降3.15辆；广东下桥批发市场早间日均到车量为21.25辆，广东槎龙批发市场早间日均到车量为31.75辆，环比下降4.05辆[2] Option Market - 平值看涨期权隐含波动率:苹果为24.07%，环比下降0.39%；平值看跌期权隐含波动率:苹果为24.09%，环比下降0.38%[2]

Core Insights - The article highlights the successful export operations of the Fengheyuan Agricultural Cooperative in Jianyang, which has become a leading exporter of citrus fruits in Sichuan, achieving significant growth in sales and export volume [3][4]. Group 1: Export Operations - The cooperative exports approximately 200,000 pounds of citrus daily, with a total export volume of over 30 million pounds and sales revenue reaching 100 million yuan in 2025, marking a year-on-year increase of over 200% [3][4]. - The cooperative has obtained Global GAP certification, making it the only citrus export enterprise in Chengdu with this certification, which facilitates access to North American and European markets [3][4]. - Export business now accounts for 70% to 80% of the cooperative's operations, with daily shipments valued at around $20,000 [4][6]. Group 2: Market Expansion and Certifications - In 2025, the cooperative achieved multiple international certifications, including ISO 22000 and EAC certification, allowing it to enter official import lists in countries like Russia and Thailand [4][6]. - The cooperative plans to expand its export portfolio to include grapes and lemons in 2026, further diversifying its offerings [3][6]. Group 3: Local Government Support - The rapid development of the cooperative is supported by local government initiatives, which address challenges related to foreign trade, labor, and irrigation [7]. - The cooperative employs around 200 to 300 workers daily during peak citrus production, contributing approximately 10 million yuan in labor wages annually [7]. Group 4: Future Development Strategies - The local government aims to enhance research and development of new varieties and promote advanced agricultural practices, including smart sorting and cold chain storage upgrades [9]. - Efforts will be made to strengthen the brand influence of "Jianzhou Late Orange" and facilitate connections with international clients to overcome quality inspection barriers [9].

转自：成都日报锦观 柠檬"身价"涨了，当地农户和集体经济也尝到了甜头。如今雷家镇2000多户农户靠种柠檬年均增收2万元；黑水寺村以60万元资金和土地入股 基地，不仅每年有3万元保底收益，还能按出口柜数分红，2025年预计能分红6万元。 小镇建起出口总部基地 成都日报锦观新闻记者 陈泳 受访单位供图 "今年行情好，订单也比往年多很多，我们得抓住这个机会！"简阳格林兰农业开发有限公司总经理李迁一大早便忙个不停，"这批是发到泰国 的，那边正在包装的是俄罗斯的订单。" 基地外的果园里，雷家镇的柠檬果实累累，喜获丰收。金黄的果实不仅远销俄罗斯、泰国等20多个国家，更卖出了往年不敢想的高价。据悉， 作为全球很多国家的"刚需"产品，柠檬在国际市场需求一直很稳定，可2025年全球主要柠檬出口国土耳其果园大面积减产，国际市场出现巨大 供应缺口，价格节节走高，目前已翻了一倍多。 "幸亏我们建成了这个出口总部基地，才能抓住这波机遇！"李迁告诉记者，雷家镇地处北纬30度附近，温度适宜、土壤肥沃，特别适合尤力克 品种柠檬的生长。为了让简阳柠檬真正"走出去"，简阳市和雷家镇引导数千亩柠檬园成功通过海关出口基地备案，帮助格林兰农业公司取得 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - This week, the price of the Apple Futures 2605 contract decreased, with a weekly decline of approximately 1.37%. The market for high - quality stored Fuji apples is relatively stable, while the prices of ordinary fruit - grower supplies are mainly determined by quality. The overall trading atmosphere in the production areas is not strong, and most merchants maintain on - demand procurement. In the short term, the price will mainly fluctuate [4][6]. 3. Summary by Related Catalog 3.1 Week - to - Week Summary - **Market Review**: The price of the Apple Futures 2605 contract decreased, with a weekly decline of about 1.37% [4][6]. - **Market Outlook**: High - quality stored Fuji apples have a relatively stable market. In Shaanxi, some fruit growers are willing to lower prices, and transactions are mainly small amounts of two - grade supplies. In Shandong, transactions are sporadic. In Gansu, merchants purchase fruit - grower supplies as needed, and the packaging and shipping are stable. In the sales areas, cherries, citrus and other fruits are popular, and the short - term price will fluctuate [4]. - **Future Trading Tips**: Monitor fruit prices and consumption [4]. 3.2 Futures and Spot Markets 3.2.1 Futures Market - The current price of the Apple Futures 2605 contract is 9120, with a decline of 39 (0.43%) compared to the previous trading day. The total trading volume is 78,828, and the open interest is 134,224, with a decrease of 5,259. As of this week, the net position of the top twenty in Apple Futures is 1,964 lots, and the number of warehouse receipts is 0 [6][13]. 3.2.2 Spot Market - As of December 31, 2025, the mainstream price of 80 first - and second - grade fruit - grower supplies of bagged Red Fuji in Qixia, Yantai, Shandong is 4.0 yuan per catty, and the price of bagged Fuji apples above 75 in Yiyuan, Shandong is 2.40 yuan per catty [16]. 3.3 Industry Situation and Options 3.3.1 Industry Situation 3.3.1.1 Supply Side - As of December 24, 2025, the cold - storage inventory of apples in the major producing areas nationwide is 7.4404 billion kilograms, a decrease of 89.4 million kilograms from last week. The inventory reduction speed is lower than the same period last year. The storage capacity ratio in Shandong is 52.98%, a decrease of 0.43% from last week, and that in Shaanxi is 56.84%, a decrease of 0.58% from last week [24]. 3.3.1.2 Demand Side - As of December 25, the average daily number of early - morning arriving trucks in the major apple wholesale markets in Guangdong has increased. The profit of 80 first - and second - grade apple storage merchants has paused (represented by 0). As of December 26, the wholesale price of all varieties of apples is 9.30 yuan per kilogram, with no change from last week; the wholesale price of Fuji apples is 9.10 yuan per kilogram, a decrease of 0.20 yuan per kilogram from last week. The weekly average wholesale price of 5 kinds of fruits is 7.74 yuan per kilogram, an increase of 0.13 yuan per kilogram from last week. In November 2025, China's fresh apple exports were about 121,639.681 tons, with an export value of 123,853,780 US dollars and an average export price of 1,018.09 US dollars per ton. The export volume increased by 51.24% compared to October and 12.38% compared to November 2024 [26][31][36][39]. 3.3.2 Options Market - No specific summary content is provided for the implied volatility of at - the - money Apple options this week, only the relevant chart is mentioned [40]. 3.4 Futures - Stock Correlation - A chart of the price - earnings ratio of Honghui Fruit & Vegetable Co., Ltd. is provided, but no specific analysis is given [42][43].

Group 1: Report General Information - Report Type: Agricultural Products R & D Report - Apple Daily - Date: December 30, 2024 - Researcher: Liu Qiannan [1] Group 2: Market Information Spot Prices - Fuji Apple Price Index: Today's price is 109.01, next - working - day price is 108.70, with a decrease of 0.31 - 6 - fruit average wholesale price: Today's price is 7.83, next - working - day price is 7.95, with a decrease of 0.12 - Other apple varieties' prices remain unchanged [2] Futures Prices - AP01: Today's price is 9658, yesterday's close was 9587, with an increase of 71 - AP05: Today's price is 9200, yesterday's close was 9163, with an increase of 37 - AP10: Today's price is 8174, yesterday's close was 8107, with an increase of 67 [2] Price Differences - AP01 - AP05: Today's value is 458, previous trading - day value was 424, with an increase of 34 - AP05 - AP10: Today's value is 1026, previous trading - day value was 1056, with a decrease of 30 - AP10 - AP01: Today's value is - 1484, previous trading - day value was - 1480, with a decrease of 4 [2] Group 3: Market News and Views Trading Logic - This year, apple production decreased, the proportion of high - quality fruits is poor, storage is more difficult, and cold - storage inventory data is low. Cold - storage apple inventory peak is at a low level in the same period over the years, and apple quality is relatively poor. So, the effective inventory is likely to be low, and the apple fundamentals are strong. Although the recent market sales are average and the market is technically weak, considering the production issue, the downward space is relatively limited [5] Trading Strategy - Unilateral: Expected to fluctuate within a short - term range - Arbitrage: Go long on AP01 and short on AP10 - Options: It is recommended to wait and see [8] Market Data - As of December 24, 2025, the cold - storage inventory of apples in the main producing areas of China was 7.4404 million tons, a decrease of 89,400 tons from last week, and the inventory - reduction speed is lower than that of last year - In November 2025, the import volume of fresh apples was 2500 tons, a month - on - month decrease of 18.19% and a year - on - year increase of 48.76%. From January to November 2025, the cumulative import volume was 113,700 tons, a year - on - year increase of 19.71% - In November 2025, the export volume of fresh apples was about 121,600 tons, a month - on - month increase of 51.28% and a year - on - year increase of 12.42% [7] Market Conditions - The apple market in the producing areas has changed little, cold - storage transactions are stable, mainly low - price goods. Traders are packaging their own high - quality goods and rarely purchasing from outside. Merchants in various producing areas have started to package Spring Festival gift boxes. The market arrivals are stable, and the mainstream prices are stable - In Luochuan, Shaanxi, the mainstream transaction price of semi - commercial apples above 70 in cold storage is 3.8 - 4.2 yuan per catty. The number of buyers is increasing, and farmers' willingness to sell is rising [7]

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the content. 2. Report's Core View - In the apple industry, the inventory Fuji transactions in Shandong and Shaanxi production areas have changed little. Traders continue to pick up the goods by themselves, and the trading volume of fruit farmers' goods is small. The prices of good - quality goods are stable, while those of average and poor - quality goods show a weakening trend. In Gansu production area, the inventory apple transactions are stable. The transactions in some high - cost - performance areas of inventory Fuji have ended, and the transactions are gradually shifting to high - price areas and Huaniu apples, with basically stable prices. The number of apple - seeking merchants in production areas has increased slightly, but the transactions of fruit farmers' goods are limited, and the in - warehouse packaging and shipping have increased. As of December 24, 2025, the inventory of apples in cold storage in the main production areas of the country is 744.04 tons, a decrease of 8.94 tons from last week, and the de - stocking speed is lower than the same period last year. The inventory ratio in Shandong and Shaanxi production areas has decreased, but the shipping speed in Shandong is not fast, mainly through foreign trade channels, and the overall shipping volume has increased slightly. The transactions in Shaanxi are light, and the prices of some fruit farmers' general goods in Luochuan have loosened. In the sales area, the arrival of goods has increased. Driven by festivals such as the Winter Solstice and Christmas, the sales have improved slightly, but there is still pressure to digest. Fruits such as cherries and citrus are popular in the market, and the short - term price will mainly fluctuate. [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9163 yuan/ton. The net long position of the top 20 futures holders is 3129 hands, a decrease of 1719 hands. The main contract position is 138,844 hands, a decrease of 3342 hands [2]. 3.2现货市场 - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5.25 yuan/jin, and that in Shandong Yiyuan (paper - bagged above 75) is 2.6 yuan/jin. The spot price of apples in Shaanxi Luochuan (paper - bagged above 70 semi - commercial products) is 4.2 yuan/jin, and that in Shandong Yantai Qixia (paper - bagged above 80 first - grade products) is 4 yuan/jin, all with no change [2]. 3.3 Upstream Situation - The annual apple production in the country is 5128.51 tons, an increase of 168.34 tons. The weekly average wholesale price of apples is 9.3 yuan/kg, a decrease of 0.07 yuan/kg; the average wholesale price of Fuji apples is 9.1 yuan/kg, a decrease of 0.04 yuan/kg. The total inventory of national apple cold storage is 744.04 tons, a decrease of 8.94 tons. The inventory ratio in Shandong is 0.57, and that in Shaanxi is 0.53. The monthly export volume of apples is 120,000 tons, an increase of 40,000 tons [2]. 3.4 产业情况 - The monthly import value of fresh and dried fruits and nuts is 30.5 million US dollars, and the monthly export value of apples has decreased by 216,418 US dollars. The profit of first - and second - grade paper - bagged 80 apple storage merchants per week is 0 yuan [2]. 3.5 Downstream Situation - The weekly wholesale price of pears is 6.72 yuan/kg, an increase of 0.04 yuan/kg; the wholesale price of bananas is 6.83 yuan/kg, an increase of 0.23 yuan/kg; the wholesale price of watermelons is 5.73 yuan/kg, an increase of 0.09 yuan/kg. The average daily arrival of vehicles in the morning at the Guangdong Jiangmen wholesale market is 18.6 vehicles, an increase of 1.4 vehicles; at the Guangdong Xiaqiao wholesale market is 35.8 vehicles; at the Guangdong Chalong wholesale market is 24.4 vehicles, an increase of 8.2 vehicles [2]. 3.6 Option Market - The implied volatility of at - the - money call options on apples is 24.47%, a decrease of 0.31%; the implied volatility of at - the - money put options is 24.46%, a decrease of 0.32% [2].