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 ...

Core Insights - The event "Puthian Longan Shanghai Tour" aimed to promote the transformation and upgrading of the Puthian longan industry through technological empowerment and cultural connections [1] - A technology cooperation agreement was signed between Puthian City and Shanghai Academy of Agricultural Sciences to enhance deep processing, cold chain preservation, and standardization in the longan industry [1][3] - The event featured a trade fair showcasing Puthian longan and other local agricultural products, successfully facilitating procurement connections for dried longan [1] Group 1 - The event took place from December 19 to 20, focusing on the collaboration between Puthian and Shanghai in agricultural technology [1] - The Shanghai Academy of Agricultural Sciences emphasized leveraging its research capabilities and market advantages to support the Puthian longan industry [1][2] - The trade fair included various activities such as thematic performances and product promotions, highlighting the cultural significance of the Puthian longan industry [2] Group 2 - Puthian longan has a cultivation history of over 1,600 years, with more than 80 varieties, making it the most diverse in China [2] - The cultivation area for longan in Puthian is nearly 70,000 acres, covering 25 towns, with significant historical trade connections to Shanghai [2] - The local government recognizes the need for innovation and upgrading in response to competition from Thai longan, making the partnership with Shanghai crucial for overcoming industry challenges [3]

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].

央视网消息：每年11月至次年2月，是南半球车厘子上市的季节，智利是我国进口车厘子第一大来源地。继11月份空运车厘子登陆市场后，12 月初，海运车厘子也大量到货，目前已在多地市场销售。 海运进口车厘子上市 价格回落销量上升 12月6日，一艘装载了369个货柜、超7800吨智利车厘子的"车厘子快线"货船，经过20多天的航行后，靠泊广州南沙港二期码头。这是2025年新 产季首批通过海运直航抵达我国的进口车厘子，目前已分销至全国多个城市。 在浙江宁波一果品批发市场的进口水果区，采购商张海飞获知海运车厘子到货的消息后，第一时间前来采购。 同样，在安徽合肥最大的农产品批发市场——周谷堆批发市场，几乎每一个水果档口都将一箱箱颜色深红、规格不同的车厘子摆放在最醒目的 位置，吸引消费者。 水果批发商 马喜凤：这两天价格都在每箱150元到240元，比空运的车厘子便宜将近三分之一。 据了解，今年海运车厘子提前进入市场，价格回落比往年早了一周左右。周谷堆批发市场数据显示，与去年同期相比，本季车厘子的整体批发 价下降了约20%。 合肥周谷堆批发市场信息员 王萍：目前，随着海运车厘子进入市场销售，整个销售量也放大了，日均进场量达到五吨左 ...

Core Viewpoint - The "Zizhong Blood Orange Marketing Conference 2025" was held on December 17-18, showcasing the growth and export potential of Zizhong blood oranges, with significant participation from industry experts and international buyers [1][3]. Group 1: Conference Highlights - Over 200 industry experts and merchants attended the conference, marking a significant moment for Zizhong blood oranges [1]. - A total of 56,000 tons of Zizhong blood orange orders were signed during the event, including 24,000 tons for export to 14 countries and regions, indicating a major breakthrough in international markets [3]. - The export order from Thailand increased dramatically from over 1,000 tons last year to 5,000 tons this year, highlighting the strong market potential in Thailand [3]. Group 2: Industry Development - Zizhong County has a blood orange planting area of 200,000 acres, with an annual production of 400,000 tons [5]. - The county has established four industry standards and 23 technical guidelines to enhance the quality of Zizhong blood oranges, implementing green technologies such as biological control and specialized fertilizers [5]. - The full industrial chain's output value has exceeded 9.3 billion yuan, with over 20 deep-processing products developed in beverage, food, and skincare sectors [5].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoint - As of December 18, 2025, the cold - storage inventory of apples in the main producing areas across the country decreased by 5.57 tons compared to last week. The出库 speed of late - Fuji apples in the producing areas is slow, and the prices in the Gansu producing area have been adjusted downwards due to quality decline. The sales of apples in the sales area are affected by citrus fruits, and there is a possibility of a short - term price decline [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the apple futures main contract is 9068 yuan/ton, and the main contract position is 162,157 hands, with an increase of 19,889 hands. The net long position of the top 20 futures holders is 2831 hands, a decrease of 918 hands [2] 3.2 Spot Market - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5.25 yuan/jin, with no change; in Shandong Yiyuan (paper - bagged above 75) it is 2.6 yuan/jin; in Shaanxi Luochuan (paper - bagged above 70 semi - commercial) it is 4.2 yuan/jin, with no change; in Shandong Yantai Qixia (paper - bagged above 80 second - grade fruit farmer's goods) it is 4 yuan/jin, with no change [2] 3.3 Upstream Situation - The annual apple production in the country is 5128.51 million tons, an increase of 168.34 million tons. The weekly average wholesale price of apples is 9.37 yuan/kg, and that of Fuji apples is 9.13 yuan/kg, an increase of 0.06 yuan/kg. The total cold - storage inventory of apples in the country is 752.98 million tons, a decrease of 5.57 million tons. The storage capacity ratio in Shandong is 0.53, with no change, and in Shaanxi it is 0.57, with no change. The monthly export volume of apples is 80,000 tons, an increase of 10,000 tons [2] 3.4 Industry Situation - The monthly import amount of fresh and dried fruits and nuts decreased by 5.8%, and the year - on - year export amount of apples decreased by 14.3%. The weekly profit of storage merchants for first - and second - grade paper - bagged 80 apples is 0 yuan/jin [2] 3.5 Downstream Situation - The weekly wholesale price of pears is 6.68 yuan/kg, a decrease of 0.06 yuan/kg; that of bananas is 6.6 yuan/kg, an increase of 0.27 yuan/kg; that of watermelons is 5.64 yuan/kg, an increase of 0.17 yuan/kg. The daily average number of trucks arriving in the morning at the Guangdong Jiangmen wholesale market is 14.6, a decrease of 2.6; at the Guangdong Xiaqiao wholesale market is 17.8, a decrease of 1.8; at the Guangdong Chalong wholesale market is 23.8, a decrease of 3 [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 23.66%, a decrease of 0.33%; that of at - the - money put options is 23.68%, a decrease of 0.31% [2] 3.7 Industry News - As of December 18, 2025, the cold - storage inventory of apples in the main producing areas across the country is 752.98 million tons, a decrease of 5.57 million tons compared to last week. The storage capacity ratio in Shandong is 53.41%, a decrease of 0.32% compared to last week; in Shaanxi it is 57.42%, a decrease of 0.44% compared to last week. The出库 speed of late - Fuji apples in the producing areas is slow, and the prices in the Gansu producing area have been adjusted downwards due to quality decline, while the prices in other producing areas are relatively stable [2] 3.8 Viewpoint Summary - The出库 atmosphere in the Shandong producing area is still not strong, with sporadic transactions in the warehouse. The export of small fruits through the foreign trade channel in Penglai has slowed down slightly, and a small amount of 75 fruit has been exported. The sales in each Shaanxi producing area are relatively sluggish, the low - price goods are exported well, and the transaction of high - quality fruit from farmers has slowed down slightly. In the Luochuan producing area, most of the goods are packed by merchants from their own channels, and a small amount of goods are purchased from farmers' second - grade goods. The arrival volume in the sales area has decreased, and the sales are not fast compared to the same period last year due to high prices. Oranges and other citrus fruits have an impact on apple sales. Currently, the festival stocking is light, and there is a possibility of a short - term price decline [2]