Report Industry Investment Rating - The investment strategy for both the apple and red date industries is neutral [3][6] Core Viewpoints - For apples, the core support for the futures price comes from the double logic of low inventory and scarcity of high - quality fruits. The spot market has a structural contradiction, with high - quality goods in short supply and ordinary goods having slow sales. The futures price may continue to fluctuate, and future attention should be paid to the weather during the new - season flowering period [2] - For red dates, the current market has a situation of strong supply and weak demand. The high inventory is being depleted slowly, and the spot price is stable but weak. The futures and spot prices will maintain a bottom - range oscillation, and future attention should be paid to the weather during the budding period in the producing areas and the inventory depletion progress [5] Market News and Important Data Apple - Futures: The closing price of the apple 2605 contract yesterday was 9,863 yuan/ton, a change of - 104 yuan/ton from the previous day, a decrease of 1.04% [1] - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.00 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.35 yuan/jin, unchanged from the previous day [1] - Market situation: In the producing areas, merchants preferentially purchase high - quality goods, and the trading of ordinary goods is slow. In the sales areas, the number of incoming trucks has slightly increased, and the terminal sales are average [1] Red Date - Futures: The closing price of the red date 2605 contract yesterday was 8,775 yuan/ton, a change of - 95 yuan/ton from the previous day, a decrease of 1.07% [4] - Spot: The spot price of first - grade grey dates in Hebei was 7.90 yuan/kg, unchanged from the previous day [4] - Market situation: The 2025 production season's Xinjiang grey date purchase price ranges from 5.00 - 6.50 yuan/kg. In the producing areas, the temperature is normal, and farmers are actively managing the orchards. In the sales areas, the market transactions are average [4] Market Analysis Apple - The apple futures price oscillated and corrected yesterday, with the position volume decreasing and the process of position transfer accelerating. The spot market's Qingming Festival stocking demand was lower than expected, and the substitution effect of low - price fruits such as citrus affected the sales area's sales. The producing areas show a polarized pattern, and the structural contradiction is still prominent [2] Red Date - The red date futures price continued to oscillate weakly yesterday, under pressure. The current market has a situation of strong supply and weak demand. The high inventory is being depleted slowly, and the rising temperature further restricts the consumption of dates [5] Strategy - The strategy for both apples and red dates is neutral [3][6]

Group 1: Investment Rating - The investment strategy for both apple and red date industries is neutral [3][6] Group 2: Core Views - Apple market: The futures price of apples fluctuated narrowly. The spot market showed a polarized pattern, with good - quality apples in the northwest in short supply and stable prices, while ordinary apples in Shandong had slow sales and chaotic prices. The demand for Tomb - Sweeping Festival stocking in the sales area was lower than expected, and the overall consumption was limited. The inventory structure had contradictions, with high - quality goods pushing up costs and ordinary goods dragging down prices. In the short term, the futures price may continue to fluctuate [1][2] - Red date market: The futures price of red dates continued to be weakly volatile. The market was characterized by strong supply and weak demand. The new - year planting season had not started, the supply was clear and loose, while the downstream was in the traditional consumption off - season with slow procurement and inventory reduction. The high inventory was difficult to reduce, and the spot price was stable but weak. In the short term, the price would maintain a bottom - range oscillation [4][5] Group 3: Market News and Important Data Apple - Futures: The closing price of the apple 2605 contract was 9946 yuan/ton, a change of - 32 yuan/ton or - 0.32% from the previous day [1] - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 4.00 yuan/jin, unchanged from the previous day; the price of over 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.35 yuan/jin, unchanged from the previous day. The spot basis AP05 - 1946 in Qixia and AP05 - 1246 in Luochuan both increased by 32 compared to the previous day [1] Red date - Futures: The closing price of the red date 2605 contract was 8835 yuan/ton, a change of - 55 yuan/ton or - 0.62% from the previous day [4] - Spot: The price of first - grade gray jujubes in Hebei was 7.90 yuan/kg, unchanged from the previous day, and the spot basis CJ05 - 935 increased by 55 compared to the previous day [4] Group 4: Market Analysis Apple - The futures price showed narrow - range fluctuations, and the spot market was polarized. The demand for stocking in the sales area was lower than expected, and the overall consumption was limited. The inventory structure contradiction was prominent, and the futures price may continue to fluctuate in the short term [2] Red date - The futures price was weakly volatile. The supply was strong and the demand was weak. The new - year planting season had not started, and the downstream was in the off - season. The high inventory was difficult to reduce, and the price would maintain a bottom - range oscillation in the short term [5] Group 5: Strategy - The strategy for both apple and red date industries is neutral [3][6]

1. Report Industry Investment Rating - The investment rating for both the apple and red date industries is neutral [3][6] 2. Core Views - **Apple**: The apple market shows a polarized pattern. The high - quality apples in the northwest are in short supply with stable prices, while the ordinary apples in Shandong have slow sales and chaotic prices. The consumption in the sales area is limited, and the inventory structure has contradictions. In the short term, the futures price may fluctuate at a high level, and attention should be paid to the inventory removal rhythm and new - season flower - period weather [2] - **Red Dates**: The red date market has a supply - strong and demand - weak fundamental pattern. The upstream supply is loose, and the downstream is in the traditional off - season. The high inventory is slowly removed, and the spot price is stable but weak. The futures price is likely to oscillate within a range, and attention should be paid to the sales area's sales rhythm and inventory removal progress [5] 3. Summary by Related Catalogs Apple Market News and Important Data - **Futures**: The closing price of the apple 2605 contract was 9,978 yuan/ton, a change of - 94 yuan/ton or - 0.93% from the previous day [1] - **Spot**: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 4.00 yuan/jin, unchanged from the previous day; the price of over 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.35 yuan/jin, unchanged from the previous day. The spot basis AP05 - 1978 in Qixia and AP05 - 1278 in Luochuan increased by 94 compared to the previous day [1] - **Market Information**: In the apple market, merchants in the production areas prefer high - quality goods, and the enthusiasm for general goods is not high. In the northwest, there is little high - quality fruit left with farmers' reluctance to sell. In Shandong, the number of merchants looking for high - quality goods is okay, but the export fruit procurement has slowed down. The price of general goods is chaotic. The number of trucks arriving in the sales area is low, and the terminal sales are average [1] Market Analysis - The apple futures price had a narrow - range consolidation, and the position transfer process accelerated. The spot market continued the polarized pattern. The high - quality apples in the northwest were in short supply with stable prices, while the ordinary apples in Shandong had slow sales and chaotic prices. The demand for Tomb - Sweeping Festival stocking in the sales area was lower than expected, and the terminal sales were slow. The national cold - storage inventory was at a seven - year low, and the inventory removal rhythm accelerated, but there were structural contradictions. In the short term, the futures price may oscillate at a high level, and attention should be paid to the inventory removal rhythm and new - season flower - period weather [2] Red Dates Market News and Important Data - **Futures**: The closing price of the red date 2605 contract was 8,890 yuan/ton, a change of - 35 yuan/ton or - 0.39% from the previous day [4] - **Spot**: The price of first - grade grey dates in Hebei was 7.90 yuan/kg, unchanged from the previous day. The spot basis CJ05 - 990 increased by 35 compared to the previous day [4] - **Market Information**: The purchase price range of Xinjiang grey dates in the 2025 production season was 5.00 - 6.50 yuan/kg. The temperature in the production area was normal, and farmers were actively managing the orchards. On March 24, the prices in Hebei Cuierzhuang Market were stable, with mainly sub - standard goods arriving and average trading. In Guangdong Ruyifang Market, 2 trucks of goods arrived, the prices were stable, and merchants purchased according to demand, with a light trading atmosphere [4] Market Analysis - The red date futures price continued to oscillate at a low level, and the market performance was weak. The core contradiction in the market was the supply - strong and demand - weak fundamental pattern. The new - year planting season had not started, the upstream supply was clear and loose, while the downstream was in the traditional off - season, with slow terminal procurement and light restocking. The high inventory was slowly removed, and the rising temperature further restricted the consumption of dates. The spot price was stable but weak. Although the negative factors were dull after the futures and spot prices entered the low - price range, the futures price rebound would trigger industrial hedging pressure. In the short term, the market was likely to oscillate within a range, and attention should be paid to the sales area's sales rhythm and inventory removal progress [5]

1. Report Industry Investment Rating - Both the apple and红枣 industries are rated as neutral [3][6] 2. Core Views - **Apple**: The apple market shows a polarized pattern. The good - quality apples in the northwest are in short supply with stable and firm prices, while the general - quality apples in Shandong have slow sales. The market focus is shifting from the west to the east. The demand for Tomb - sweeping Festival stocking in the sales area is lower than expected, and the terminal sales are slow. The national cold - storage inventory is at a historical low, but the inventory structure has contradictions. In the short term, the futures price may fluctuate at a high level, and attention should be paid to the inventory removal rhythm and new - season flowering - period weather [1][2] - **Red Dates**: The red date market is in a situation of high inventory and weak demand under the pattern of loose supply and demand. The new - year planting season has not started, and the market's focus has returned to the spot fundamentals. The consumption off - season is obvious, and the downstream sales are mediocre. The high inventory is difficult to reduce in the short term, which suppresses the price. The futures price will maintain a bottom - level shock, and attention should be paid to the sales rhythm in the sales area and the weather changes during the germination period in the production area [5] 3. Summary by Related Catalogs Apple Market News and Important Data - **Futures**: The closing price of the Apple 2605 contract was 10,072 yuan/ton, a change of - 72 yuan/ton (- 0.71%) from the previous day [1] - **Spot**: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 4.00 yuan/jin, unchanged from the previous day; the price of over - 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.35 yuan/jin, unchanged from the previous day. The spot basis AP05 - 2072 and AP05 - 1372 increased by 72 respectively compared with the previous day [1] - **Market Information**: In the production area, the transaction is stable, and merchants prefer good - quality goods. In the northwest, the good - quality fruits of fruit farmers are in short supply, and the general - quality fruits are sold slowly. In Shandong, the number of merchants looking for good - quality fruits is okay, but the export fruit procurement has slowed down. In the sales area, the number of incoming trucks is low, and the terminal sales are average [1] Market Analysis - The apple futures price continued to decline, and the trading volume decreased. The spot market is polarized. The high - quality apples are in short supply, which pushes up the cost of warehousing receipts, while the large proportion of ordinary apples and slow sales drag down the price. In the short term, the futures price may fluctuate at a high level, and attention should be paid to the inventory removal rhythm and new - season flowering - period weather [2] Strategy - The strategy for the apple industry is neutral [3] Red Dates Market News and Important Data - **Futures**: The closing price of the Red Date 2605 contract was 8,925 yuan/ton, a change of + 65 yuan/ton (+ 0.73%) from the previous day [4] - **Spot**: The price of first - grade grey jujubes in Hebei was 7.90 yuan/kg, unchanged from the previous day. The spot basis CJ05 - 1025 decreased by 65 compared with the previous day [4] - **Market Information**: The purchase price range of Xinjiang grey jujubes in the 2025 production season was 5.00 - 6.50 yuan/kg. The temperature in the production area was normal, and farmers were actively managing the orchards. In the Hebei Cuierzhuang market and Guangdong Ruyifang market, the prices were stable, and the trading atmosphere was light [4] Market Analysis - The red date futures price continued to fluctuate at a low level, and the price fluctuation narrowed. The core contradiction in the market is the high inventory and weak demand under the loose supply - demand pattern. The new - year planting season has not started, and the consumption off - season is obvious. The high inventory is difficult to reduce in the short term, which suppresses the price. The futures price will maintain a bottom - level shock, and attention should be paid to the sales rhythm in the sales area and the weather changes during the germination period in the production area [5] Strategy - The strategy for the red date industry is neutral [6]

Group 1: Report Industry Investment Ratings - The investment rating for both the apple and红枣 industries is neutral [3][6] Group 2: Core Views of the Report - For the apple industry, the national cold storage inventory is at a historical low, and the structural contradiction of the shortage of high - quality goods is prominent, supporting the futures market. However, the spot market transaction has slowed down, the general goods are in weak demand, and the short - term correction pressure is emerging. The market will be mainly in high - level oscillation in the short term, and attention should be paid to the inventory removal rhythm and new - season flowering weather [2] - For the jujube industry, the current core contradiction is the high inventory and weak demand under the pattern of loose supply - demand. The consumption off - season is obvious, the downstream sales are mediocre, and the high inventory is difficult to reduce in the short term, suppressing the price. The futures price will maintain range - bound oscillation, and attention should be paid to the sales rhythm in the sales area and the weather in the germination period in the production area [5] Group 3: Summary by Related Catalogs Apple Market Market News and Important Data - Futures: The closing price of the apple 2605 contract yesterday was 10,144 yuan/ton, a change of - 577 yuan/ton from the previous day, a decrease of 5.38% - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 4.00 yuan/jin, unchanged from the previous day; the price of more than 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.35 yuan/jin, unchanged from the previous day. The spot basis AP05 - 2144 in Qixia and AP05 - 1444 in Luochuan both increased by 577 compared with the previous day [1] - Market information: The prices in the apple production areas are basically stable, with good - quality goods trading better than ordinary goods. The transaction in the northwest region is stable, with little high - quality fruit left from fruit farmers, and slow transaction of ordinary - quality fruit. In Shandong, there are more merchants looking for high - quality goods, and the export fruit transaction has slightly increased. The arrival volume in the sales areas is low, and the terminal sales are average [1] Market Analysis - Yesterday, the apple futures price fluctuated and declined, and the position volume decreased. The high - quality goods and poor - quality goods in the production areas showed different trends. The sales in the sales areas were stable but slow, and the demand for Tomb - sweeping Festival stocking was not fully released. The market will be mainly in high - level oscillation in the short term [2] Jujube Market Market News and Important Data - Futures: The closing price of the jujube 2605 contract yesterday was 8,860 yuan/ton, a change of + 20 yuan/ton from the previous day, an increase of 0.23% - Spot: The price of first - grade gray jujube in Hebei was 7.90 yuan/kg, unchanged from the previous day. The spot basis CJ05 - 960 decreased by 20 compared with the previous day - Market information: In the 2025 production season, the purchase price range of Xinjiang gray jujube was 5.00 - 6.50 yuan/kg. The temperature in the production area was normal, and farmers were actively managing the fields. In Hebei Cuierzhuang market, there were more than ten trucks of goods arriving during the weekend, mostly sub - standard products, and merchants made small - volume purchases as needed. In Guangdong Ruyifang market, there were 7 trucks of goods arriving, a combination of Xinjiang and inland products, with stable prices and average morning - market transactions [4] Market Analysis - Yesterday, the jujube futures price was in a narrow - range consolidation, and the market continued the bottom - oscillation pattern. The market focus has returned to the spot fundamentals. The consumption off - season is obvious, and the downstream sales and replenishment are mediocre. The high inventory is difficult to reduce, and the price is under continuous pressure. The futures price will maintain range - bound oscillation in the short term [5]

Group 1: Investment Ratings - The investment strategy for both the apple and red date industries is neutral [3][6] Group 2: Core Views - The apple market shows a polarized trading state, with good - quality goods trading stably and prices remaining firm. The futures price of apples oscillated upward yesterday, and the inventory reduction has accelerated. The total inventory is at a seven - year low. Due to the low high - quality fruit rate, the structural contradiction of scarce high - quality supplies is prominent, supporting the warehouse receipt cost. It is expected that the short - term futures price will maintain a high - level oscillation [1][2] - The red date market is in a stage of coexistence of a consumption off - season and high inventory, and the inventory reduction process is basically stagnant. The supply - demand pattern of the off - season restricts the price rebound. It is expected that the futures price will maintain an interval oscillation [5] Group 3: Market News and Important Data Apple - Futures: The apple 2605 contract closed at 10,118 yuan/ton yesterday, up 54 yuan/ton or 0.54% from the previous day [1] - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia is 4.00 yuan/jin, unchanged from the previous day; the price of over 70 semi - commercial late Fuji in Shaanxi Luochuan is 4.25 yuan/jin, unchanged from the previous day. The spot basis AP05 is - 2118 in Qixia and - 1618 in Luochuan, both down 54 from the previous day [1] Red Date - Futures: The red date 2605 contract closed at 9,025 yuan/ton yesterday, down 45 yuan/ton or 0.50% from the previous day [4] - Spot: The spot price of first - grade grey jujubes in Hebei is 7.90 yuan/kg, unchanged from the previous day. The spot basis CJ05 is - 1125, up 45 from the previous day [4] Group 4: Market Analysis Apple - The apple futures price oscillated upward yesterday, showing a strong performance. The spot market maintains a pattern of strength in the west and stability in the east. The supply of high - quality goods in the northwest is relatively tight, and prices are firm. The inventory reduction has accelerated, and the total inventory is at a seven - year low. The structural contradiction of scarce high - quality supplies is prominent, supporting the warehouse receipt cost. With the approaching of the Tomb - Sweeping Festival stocking demand and the weakening of the impact of alternative fruits, it is expected that the short - term futures price will maintain a high - level oscillation [2] Red Date - The red date futures price continued to oscillate at a low level yesterday. The red date market is in a stage of coexistence of a consumption off - season and high inventory, and the inventory reduction process is basically stagnant. The supply is in a relaxed pattern in the short term. As the temperature rises, red date consumption gradually fades, and downstream purchasers buy on demand. The spot price remains stable at a low level. Although the low valuation of red dates attracts some capital inflows, the price rebound is limited due to the off - season supply - demand pattern. It is expected that the futures price will maintain an interval oscillation [5] Group 5: Strategies - The strategy for the apple industry is neutral [3] - The strategy for the red date industry is neutral [6]

Report Industry Investment Rating - The investment strategy for both the apple and jujube industries is neutral [3][6] Core Viewpoints - Apple: The apple market shows a "strong in the west, stable in the east" pattern. The supply of high - quality apples in the northwest is tight, and prices are rising slightly. The overall inventory is at a seven - year low, but the structural shortage of high - quality apples persists. With the approaching of the Tomb - sweeping Festival, demand is expected to increase, and the short - term futures price is expected to remain high and volatile [2] - Jujube: The jujube futures price is in a bottom - oscillating state. The market is in a stage of co - existence of the off - season and high inventory, and the inventory reduction has basically stagnated. The short - term futures price is expected to oscillate within a range [5] Market News and Important Data Apple - Futures: The closing price of the apple 2605 contract was 9998 yuan/ton, a change of +14 yuan/ton (+0.14%) from the previous day [1] - Spot: The price of Shandong Qixia 80 first and second - grade late Fuji was 4.00 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.25 yuan/jin, unchanged from the previous day [1] Jujube - Futures: The closing price of the jujube 2605 contract was 9095 yuan/ton, a change of +15 yuan/ton (+0.17%) from the previous day [4] - Spot: The spot price of first - grade gray jujubes in Hebei was 7.90 yuan/kg, unchanged from the previous day [4] Market Analysis Apple - The apple futures price stabilized in an oscillating manner. The spot market has a "strong in the west, stable in the east" pattern. The high - quality apple supply in the northwest is tight, and prices are rising slightly. The overall inventory is at a low level, but the shortage of high - quality apples persists, supporting the warehouse receipt cost. With the approaching of the Tomb - sweeping Festival, demand is expected to increase, and the short - term futures price is expected to remain high and volatile [2] Jujube - The jujube futures price continued to oscillate at the bottom, and the market trading sentiment was cautious. Due to geopolitical disturbances, some funds flowed in. The spot market is in a stage of co - existence of the off - season and high inventory, and the inventory reduction has basically stagnated. The short - term futures price is expected to oscillate within a range [5] Strategy - The strategy for both the apple and jujube industries is neutral [3][6]

1. Report Industry Investment Rating - The investment rating for both the apple and red date industries is neutral [3][7] 2. Core Views - Apple: The apple futures market is driven by both fundamental factors and delivery logic. With a decline in both the output and quality of new - season apples, low inventory strongly supports prices. As the delivery month approaches, the scarcity of deliverable goods for the 05 contract further strengthens the support. The market shows a significant east - west difference in sales, and the short - term apple futures price is expected to continue its volatile and upward trend, with intensified market differentiation [2] - Red Date: The red date market has a loose supply - demand pattern, and the futures price is in a low - level oscillation. The focus is on the demand side, but the post - holiday downstream sales are mediocre, and the restocking is average. The futures price has changed from a high premium to a discount to the spot price. The supply in production areas is loose, the sales areas recover slowly, and the high - inventory pattern remains unchanged, with slow inventory removal [6] 3. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract was 10,287 yuan/ton, a change of - 29 yuan/ton or - 0.28% from the previous day [1] - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.00 yuan/jin, with no change from the previous day; the spot basis AP05 - 2287, a change of + 29 from the previous day. The price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.20 yuan/jin, with no change from the previous day; the spot basis AP05 - 1887, a change of + 29 from the previous day [1] - Market Information: The apple market shows a two - level differentiation, with a stronger trading atmosphere in the west and a weaker one in the east. The demand for high - quality goods in the northwest is good, while the transaction in Shandong is average. The number of trucks arriving at the sales areas has decreased, and the sales are average [1] Market Analysis - The apple futures market is driven by fundamentals and delivery logic. Low inventory and a low high - quality fruit rate support the price. As the delivery month approaches, the scarcity of deliverable goods intensifies the support. The sales in production areas are different between the east and the west, and the sales areas have a stable post - holiday sales with low arrivals and slow sales [2] Strategy - The strategy for the apple market is neutral [3] Red Date Market News and Important Data - Futures: The closing price of the red date 2605 contract was 9,060 yuan/ton, a change of + 35 yuan/ton or + 0.39% from the previous day [4] - Spot: The price of first - grade grey jujubes in Hebei was 7.90 yuan/kg, with no change from the previous day; the spot basis CJ05 - 1160, a change of - 35 from the previous day [4] - Market Information: The purchase price of Xinjiang grey jujubes in the 2025 production season ranges from 5.00 - 6.50 yuan/kg. After the Spring Festival, there are few repurchasing merchants in Xinjiang, and the inventory holders are eager to sell. The arrival of goods in the sales areas is gradually increasing, and the prices are stable [4][5] Market Analysis - The red date market has a loose supply - demand pattern, and the futures price is in a low - level oscillation. The focus is on the demand side, but the post - holiday downstream sales are mediocre. The futures price has changed from a high premium to a discount to the spot price. The supply in production areas is loose, the sales areas recover slowly, and the high - inventory pattern remains unchanged, with slow inventory removal [6] Strategy - The strategy for the red date market is neutral [7]

1. Report Industry Investment Rating - The investment strategy for both apples and red dates is neutral [4][8] 2. Core Viewpoints of the Report - The apple market maintains a polarized state, with strong trading in the west and weak in the east. High - quality apples are expected to have strong prices, while ordinary ones are under pressure. The red date market is in the recovery stage, with slow inventory reduction and potential concentrated selling pressure when summer fruits are on the market [2][3][7] 3. Summary by Related Catalogs Apple Market News and Key Data - Futures: The closing price of the apple 2605 contract was 10,449 yuan/ton, up 166 yuan/ton or 1.61% from the previous day. Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.00 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan over 70 semi - commercial late Fuji was 4.20 yuan/jin, unchanged from the previous day. The spot basis AP05 - 2449 and AP05 - 2049 decreased by 166 from the previous day [1] Recent Market Information - The apple market shows polarization. Good - quality apples in the northwest have good purchasing enthusiasm, with a slight price increase in Gansu. The overall price of fruit growers' goods is stable, but some have a price - concession mentality. The number of trucks arriving at the sales area has decreased, and the sales are average. The price difference between good and poor goods in the production area is obvious [2] Market Analysis - Apple futures prices fluctuated and rose. This season's apple prices are high, with good sales before the Spring Festival. The period from March to April is a window without fresh fruit on the market, and the sales and inventory reduction have accelerated recently. In March, the delivery quality and warehouse - receipt cost of cold - storage apples are highly concerned. The overall inventory is at a low level in the same period of history, with a prominent structural contradiction [3] Strategy - The strategy for apples is neutral [4] Red Dates Market News and Key Data - Futures: The closing price of the red date 2605 contract was 8,810 yuan/ton, down 85 yuan/ton or 0.96% from the previous day. Spot: The price of first - grade gray jujubes in Hebei was 7.90 yuan/kg, unchanged from the previous day. The spot basis CJ05 - 910 increased by 85 from the previous day [5] Recent Market Information - In the 2025 production season, the purchase price range of Xinjiang gray jujubes is 5.00 - 6.50 yuan/kg. After the Spring Festival, there are few merchants returning to Xinjiang to repurchase, and holders of the goods are highly motivated to sell. The prices in Hebei and Guangdong markets are stable, and the market is in the process of slow recovery [5][6] Market Analysis - Red date futures prices fluctuated slightly down. The market is in the recovery stage, with different resumption rhythms of upstream and downstream, and the overall spot circulation is slow. Although there is a phased replenishment expectation after the Spring Festival, as the temperature rises, red date consumption will enter the traditional off - season. The market supply - demand situation is still loose, and the price is under pressure [7] Strategy - The strategy for red dates is neutral [8]

1. Report Industry Investment Rating - The investment rating for both the apple and红枣 industries is neutral [4][9] 2. Core Views - The apple market continues to be polarized. High - quality apples are expected to maintain a strong price trend, while ordinary - quality apples may face price pressure. The short - term price after the Spring Festival is expected to be stable with a continued polarization trend. The 3 - 4 month period is the traditional peak for cold - storage apple shipments [2][3] - The jujube market will experience a phased restocking after the festival. However, as the temperature rises, it will enter the traditional off - season. The current market is still in the recovery phase, with slow inventory turnover. The supply - demand situation remains loose, suppressing prices, and there may be a concentrated selling pressure when summer seasonal fruits are on the market [8] 3. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract was 10,283 yuan/ton yesterday, a change of +387 yuan/ton or +3.91% from the previous day. - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.00 yuan/jin, with no change from the previous day. The price of Shaanxi Luochuan over - 70 semi - commercial late Fuji was 4.20 yuan/jin, also with no change from the previous day [1] Recent Market Information - The apple market is polarized. High - quality apples have stable and firm prices, while ordinary farmers' apples are slightly weaker. The overall trading atmosphere in the production areas is average, and the demand for restocking in the cold - storage of each main production area is stable, but the overall shipping speed is slow [2][3] Market Analysis - The apple futures price rose yesterday. The restocking demand in each main production area is stable, but the shipping speed is slow, and the price fluctuates little. High - quality apples are expected to maintain a strong price, while ordinary apples may face price pressure. The market shows a pre - and post - Spring Festival differentiation trend, and the arrival volume in the three major domestic wholesale markets is expected to increase seasonally in 3 - 4 months [3] Strategy - The strategy for the apple market is neutral [4] Jujube Market News and Important Data - Futures: The closing price of the jujube 2605 contract was 8,895 yuan/ton yesterday, a change of +55 yuan/ton or +0.62% from the previous day. - Spot: The price of first - grade gray jujubes in Hebei was 7.90 yuan/kg, with no change from the previous day [5] Recent Market Information - In the 2025 production season, the purchase price range of Xinjiang gray jujubes was 5.00 - 6.50 yuan/kg. After the Spring Festival, there were few merchants returning to Xinjiang for repurchase, and holders of the goods were more willing to sell. The market prices in Hebei and Guangdong were stable, and the trading was light [6][7] Market Analysis - The jujube futures price fluctuated and rose yesterday. There will be a phased restocking after the festival, but as the temperature rises, the jujube consumption will enter the off - season. The current market is in the recovery phase, with slow inventory turnover. The supply - demand situation is loose, and there may be concentrated selling pressure when summer seasonal fruits are on the market [8] Strategy - The strategy for the jujube market is neutral [9]