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].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The apple futures market has dropped from its high level, and the later market drive will gradually shift to the demand side. The export volume is expected to increase in Q1 2026, and some traders will start stocking up for the Spring Festival at the end of December, which will increase the shipping volume. Supported by the decline in the high - quality fruit rate and production, there is still some support below the apple futures market. It is expected that the market will fluctuate within a range, and the operation suggestion is to adopt a high - selling and low - buying strategy within the range [2][41] Group 3: Summary by Relevant Catalogs I. Market Review - In December, the main contract of apple futures completed the roll - over, and the position was transferred to AP2605, showing a pattern of high - level decline. The fulfillment of the production reduction expectation and the apple consumption off - season led to a weak performance of the market [6] II. Apple Fundamental Analysis 1. Cold storage inventory is at a historically low level - As of December 25, 2025, the national cold storage apple inventory was about 7.021 billion kilograms, 857.8 million kilograms lower than the same period last year, at the lowest level in the same period in the past seven years. Shandong's cold storage inventory was about 2.655 billion kilograms, Shaanxi's was about 1.9664 billion kilograms, and non - main producing areas' was about 2.3996 billion kilograms. Due to the decline in production and quality, the new - season apple storage volume decreased significantly, and there were quality problems such as water rot. It is expected that the supply of high - quality apples will be tight, and the price may be stable or rising, while the price of general - quality apples may decline [10] 2. The festival effect boosts demand, which has slightly improved - As of December 25, 2025, the national cold storage inventory ratio was about 53.31%, 6.35 percentage points lower than the same period last year. From December 18 - 24, 2025, the national cold storage capacity ratio decreased by 0.81 percentage points, the single - week shipment volume increased by 0.27 percentage points compared with the previous week, and the de - stocking rate was 4.58%. Affected by festivals, the shipping volume in Shandong increased, mainly low - quality apples; Shaanxi also traded low - price apples, and some large traders were preparing for the Spring Festival. The shipment in Gansu was okay. With the end of the off - cold - storage apple sales, the cold - storage trading volume increased. It is expected that some traders will start stocking up for the Spring Festival at the end of December, and the shipping volume may increase [16] 3. The import volume of fresh apples decreased month - on - month in November - In November 2025, the import volume of fresh apples was 250,000 kilograms, 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 11.37 million kilograms, a year - on - year increase of 19.71%. Due to the small proportion of imports in the national production and sufficient fruit supply, it is expected that the import scale will remain at the current level [21] 4. Fresh apples enter the export peak season, and the export volume rebounds - In November 2025, the export volume of fresh apples was about 121.6 million kilograms, a month - on - month increase of 51.28% and a year - on - year increase of 12.42%. The festival effect significantly boosted the export volume. It is expected that the export volume in Q1 2026 will increase month - on - month, which is beneficial to the recovery of apple demand [24][25] 5. The listing of citrus fruits weakens apple demand - Citrus is a major winter fruit, and its listing period is from November to March of the next year. Due to the high yield and low price of citrus, it competes strongly with apples around the Spring Festival. In December, the fruit price increased month - on - month, at the highest level in the past five years. The listing of citrus fruits will have a certain impact on the downstream demand for apples [28][32] 6. Apple consumption seasonality analysis - The months with a high probability of price increase are September, November, and December. September is affected by the completion of inventory clearance, the reduction of seasonal fruits, and the double - festival stocking. November and December are affected by the festival effect and the effective supply of new fruits. The months with a high probability of price decline are April, August, and October. April is affected by the listing of seasonal fruits and the decline in inventory apple quality; August is affected by the impact of seasonal fruits, the listing of early - maturing apples, and the decline in inventory apple quality; October is affected by the large - scale listing of new - season apples and the listing of substitute fruits [34][35] 7. The origin price runs stably, and the transaction of high - quality goods is not prosperous - As of December 26, the apple price in Qixia, Yantai, Shandong was stable. The price of 65 - 70 apples from cold - storage farmers was 2.0 - 2.2 yuan per 500 grams, and that of 75 apples from merchants was about 3.0 yuan per 500 grams. The price difference between different apple sources has expanded, and the price difference between large and small fruits may further expand during the cold - storage apple sales period. The long - term futures contracts may remain strong [38] III. Market Outlook - Supply side: As of December 25, 2025, the national cold storage apple inventory was about 7.021 billion kilograms, at a historically low level. Demand side: Affected by festivals, the shipping volume in some areas increased, and large traders in Shaanxi were preparing for the Spring Festival. The market drive will gradually shift to the demand side. The export is expected to increase, and some traders will start stocking up for the Spring Festival at the end of December. Supported by the decline in high - quality fruit rate and production, there is support below the apple futures market, and it is expected to fluctuate within a range [40][41]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Apple trading remains sluggish in the market, with low trading volume in cold storage in Shandong and Shaanxi, and few purchases by market customers. The festival atmosphere is weak. In contrast, trading is normal in Gansu, where customers continue to select suitable products as needed, and mainstream trading is stable, with prices determined by quality [2]. - The trading atmosphere for late Fuji apples remains weak, and customers' enthusiasm for purchasing from fruit farmers has declined. High - quality apples maintain firm prices, while the prices of medium - and low - quality apples have softened [2]. - In Shandong, a small number of customers are packaging their own inventory for shipment, and the enthusiasm for foreign trade sourcing has decreased. In Shaanxi's secondary production areas, the price of fruit farmers' apples has slightly declined, and a small amount of low - priced goods are being sold slowly. In some main production areas, prices have dropped due to quality issues [2]. - There is limited trading of fruit farmers' apples in cold storage, and the atmosphere for Christmas and New Year's Day stocking is weak. The sales in the distribution market are still poor, showing a year - on - year decline. The increasing supply of tangerines and other citrus fruits is impacting apple sales. With the approaching of the two festivals, apple prices may fluctuate in the short term [2] Summary by Relevant Catalogs Futures Market - The closing price of the main apple futures contract is 9191 yuan/ton, and the main contract's open interest is 143,446 lots, a decrease of 1395 lots compared to the previous period. The net long position of the top 20 futures holders is 3298 lots, a decrease of 1486 lots [2]. Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5.25 yuan/jin, and in Shandong Yiyuan (paper - bagged, above 75) is 2.6 yuan/jin, both unchanged from the previous period. The spot price in Shaanxi Luochuan (paper - bagged, above 70) is 4.2 yuan/jin, and in Shandong Yantai Qixia (paper - bagged, above 80) is 4 yuan/jin, also unchanged [2]. Upstream Situation - The national apple production is 5128.51 million tons. The weekly fruit wholesale price of apples is 9.3 yuan/kg, a decrease of 0.07 yuan/kg; the average wholesale price of Fuji apples is 9.14 yuan/kg, an increase of 0.01 yuan/kg [2]. - The total national apple cold - storage inventory is 752.98 million tons, a decrease of 5.57 million tons. The storage capacity ratio of apples in Shandong is 0.57, and in Shaanxi is 0.53. The monthly apple export volume is 120,000 tons, a decrease of 40,000 tons [2]. Industry Situation - The monthly import value of fresh and dried fruits and nuts is 16.2 billion US dollars, and the monthly export value of apples has decreased by 216,418 US dollars compared to the same period last year. The weekly profit of storage merchants for first - and second - grade paper - bagged 80 apples is 0 yuan/jin [2]. Downstream Situation - The weekly fruit wholesale price of pears is 6.72 yuan/kg, an increase of 0.04 yuan/kg; the price of bananas is 6.83 yuan/kg, an increase of 0.23 yuan/kg; the price of watermelons is 5.73 yuan/kg, an increase of 0.09 yuan/kg [2]. - The average daily number of trucks arriving in the morning at the Guangdong Jiangmen wholesale market is 17.2, an increase of 2.6; at the Guangdong Xiaqiao wholesale market, it is 2.8; at the Guangdong Chalong wholesale market, it is 27.6, an increase of 3.8 [2]. Option Market - The implied volatility of at - the - money call options for apples is 24.55%, a decrease of 0.1%; the implied volatility of at - the - money put options is 24.55%, a decrease of 0.11% [2]

增加对苹果销售形成冲击。当前双节备货需求偏淡，短期价格继续下调可能。 免责声明 | 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:苹果(日,元/吨) 81 主力合约持仓量:苹果(日,手) | 9230 | | 144841 | -3937 | | | 期货前20名持仓:净买单量:苹果(日,手) | 4784 | -1241 | | | | 现货市场 | 甘肃静宁苹果现货价格(纸袋75#以上)(日, 山东沂源苹果现货价格(纸袋75#以上)(日, | 5.25 | 0 | 2.6 | 0 | | | 元/斤) 陕西洛川苹果现货价格(纸袋70#以上半 元/斤) 山东烟台栖霞现货价格(纸袋80#以上一 | | | | | | | | 4.2 | 0 | 4 | 0 | | 上游情况 | 商品)(日,元/斤) 全国:苹果产量(年,万吨) 二级果农货)(日,元/斤) 水果批发价:苹果(周,元/公斤) 0 平均批发价:富士苹果(周,元/公斤) | 5128.51 9.37 | 1 ...

"一颗龙眼干，半部莆商史"。早年，莆田桂圆沿着水道销往江浙和江淮地区，上海有众多莆田桂圆商行。沪上人家喜食莆田桂圆，将其当作家 庭常备的养生食材。作为我国东部沿海经济枢纽与市场高地，上海既是莆田桂圆最早的集散地和核心销售区，也是莆商闯荡四海的重要起点。 这份深厚的渊源，为沪莆桂圆产业合作奠定了基础。 作为莆田龙眼的主产区之一，城厢区华亭镇龙眼种植面积约2.5万亩。华亭镇党委书记许志勇说，近年来，面对泰国龙眼干的价格冲击，莆田 传统品牌"兴化桂圆"亟须突破精深加工增值、冷链保鲜升级、全产业链标准化及产品创新研发等关键瓶颈，"此次与上海市农业科学院签约， 正是破解这些难题的关键举措"。 上海市民在活动现场选购龙眼产品。 （受访者供图） 本报讯 （记者 陈盛钟 通讯员 黄琼） 12月19日至20日，莆田桂圆上海行活动暨莆田桂圆产业上海科技需求发布会在上海市举办。活动以"科技 赋能产业，文化链接未来"为主题，聚焦千年莆田桂圆产业转型升级，推动沪莆农业科技协同创新。 12月19日，莆田市城厢区与上海市农业科学院签署科技合作协议，双方明确将在桂圆深加工、冷链保鲜技术、全产业链标准化建设等领域开展 深度合作。上海市农业科学 ...

Core Insights - The winter season, typically a downtime for agriculture, is seeing active operations in the Xiuwen kiwi fruit sector, with local enterprises and cooperatives simultaneously advancing fresh fruit sales and winter field management [1] Group 1: Company Operations - The Guizhou Luoshi Fruit Development Co., Ltd. and its cooperative in Xiuwen County have been actively involved in sorting, packaging, and labeling kiwi fruits, employing over 20 workers in their sorting workshop [1] - Since mid-September, the company has been continuously purchasing, sorting, and selling kiwi fruits, achieving annual sales exceeding 500,000 kilograms, including products from surrounding farmers [1] - The company operates a 400-acre planting base, 19 cold storage facilities, and a sorting line capable of processing 4 to 5 tons of kiwi per hour, with a cold storage capacity of 1 million kilograms [1] Group 2: Sales and Market Strategy - The company utilizes sorting and storage techniques to sell high-quality kiwi fruits during off-peak seasons, allowing for better wholesale prices compared to the harvest season [1] Group 3: Employment and Community Impact - Winter field management activities are being conducted, including pruning and fertilization, which not only prepares for the next harvest but also provides employment opportunities for local villagers [1] - The company employs 30 to 40 workers regularly, with peak periods for harvesting and pollination requiring 70 to 80 workers, positively impacting local employment [1]

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 2025-12-19 【长期研究|棉纺团队】 黄尚海 执业编号:F0270997 投资咨询编号:Z0002826 震荡偏弱 目 录 01 苹果：震荡偏弱 02 红枣：震荡偏弱 01 苹果：震荡偏弱 01 周度观点 1 整体观点：本周晚富士苹果产区成交氛围依旧维持清淡态势，客商对果农货调货积极性下降，多包装前期订购货源及 自存货源发货为主，果农货源多以低价货源走货居多。价格来看，好货维持稳定，价格表现坚挺，果农一般及以下质 量统货价格出现松动。销区市场走货仍显清，同比去年同期走货量有所减少，砂糖橘及其他柑橘类水果对苹果销售形 成冲击。销区市场仍处淡季，交易氛围仍显清淡，柑橘类水果上市量增加，挤压苹果销售空间。（数据来源：上海钢 联） 2 风险因素：市场消费情况、宏观政策因素 Ø 本周苹果主力震荡偏弱。 Ø 苹果基差-34元，较上周+479。 03 苹果批发市场价格走势 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 数据来源：IFIND、上海钢联、中果网、长江期货 Ø 截止2025年12月12日，全 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - This week, the price of the Apple Futures 2605 contract declined, with a weekly drop of approximately 3.36%. The trading atmosphere in the late Fuji apple production areas remained weak, and the enthusiasm of merchants for purchasing fruit from farmers decreased. High - quality apples maintained firm prices, while the prices of medium - and low - quality apples showed signs of weakness. As of December 18, 2025, the cold - storage inventory of apples in the main production areas was 752.98 million tons, a decrease of 5.57 million tons from the previous week. The sales in the consumer market were still sluggish, and the increasing supply of tangerines and other citrus fruits impacted apple sales. With the weak demand for the upcoming festivals, there is a possibility of a further short - term price drop [6]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Summary - The price of the Apple Futures 2605 contract fell this week, with a weekly decline of about 3.36%. The trading of apples in production areas was lackluster, and the prices of medium - and low - quality apples were under pressure. The inventory in cold - storage decreased slightly. The sales in the consumer market were poor, affected by substitute fruits, and the festival - related purchasing demand was weak, suggesting a potential short - term price cut [6]. 3.2 Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2605 contract dropped by about 3.36% this week. As of the end of the week, the net position of the top 20 futures holders was 6913 lots, and the number of futures warehouse receipts was 0 [11][17]. - **Spot Market**: As of December 19, 2025, the mainstream price of bagged Red Fuji apples (80 and above, first - and second - grade) from fruit farmers in Qixia, Shandong was 4.0 yuan per catty, and the price of bagged Fuji apples (75 and above) in Yiyuan, Shandong was 2.60 yuan per catty [20]. 3.3 Industry Situation and Options - **Supply**: As of December 18, 2025, the cold - storage inventory of apples in the main production areas was 752.98 million tons, a decrease of 5.57 million tons from the previous week. The storage capacity ratios in Shandong and Shaanxi decreased by 0.32% and 0.44% respectively [27]. - **Demand**: - The average daily number of trucks arriving at major apple wholesale markets in Guangdong increased as of December 18. The profit of 80 first - and second - grade apple storage merchants was 0. - As of December 12, 2025, the average wholesale price of all apple varieties was 9.37 yuan per kilogram, unchanged from the previous week, and the wholesale price of Fuji apples was 9.13 yuan per kilogram, an increase of 0.06 yuan per kilogram from the previous week. - As of December 12, 2025, the weekly average wholesale price of 5 types of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.44 yuan per kilogram, an increase of 0.13 yuan per kilogram from the previous week. - According to customs data, in October 2025, China's apple export volume was 80,000 tons, a month - on - month increase of 14.29%, and the export value was 77.912 million US dollars, a month - on - month increase of 12.62% [29][34][38][42]. - **Options**: The implied volatility of at - the - money apple options was presented in the report, but no specific data was provided [43]. 3.4 Futures - Stock Correlation - The report presented the price - to - earnings ratio of Honghui Fruit & Vegetable Co., Ltd., but no specific analysis was provided [45].