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 dropped significantly, with a weekly decline of approximately 7.03%. The trading in the apple market has slowed down, and the atmosphere for Tomb - Sweeping Festival stocking is average. The short - term apple price may enter a volatile period due to general demand [4][8]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Summary - The price of the Apple Futures 2605 contract dropped significantly this week, with a weekly decline of about 7.03%. As of March 25, 2026, the inventory in apple cold storage in the main production areas was 4417900 tons, a decrease of 266400 tons from last week. The inventory ratio in Shandong was 37.01%, a decrease of 1.38% from last week, and in Shaanxi it was 33.68%, a decrease of 2.57% from last week. The sales in the consumer market are not strong, and second - and third - level wholesalers mainly purchase goods as needed. Future trading should pay attention to fruit prices and consumption [4]. 3.2 Futures and Spot Markets 3.2.1 Futures Market - This week, the price of the Apple Futures 2605 contract dropped significantly, with a weekly decline of about 7.03%. As of this week, the net position of the top 20 in apple futures was 4582 lots, and the number of apple futures warehouse receipts was 0 [8][14]. 3.2.2 Spot Market - As of March 27, 2026, the mainstream price of 80 first - and second - grade fruit farmer goods of bagged red Fuji in Qixia, Yantai, Shandong was 4.0 yuan per catty; the price of bagged Fuji apples above 75 in Yiyuan, Shandong was 2.0 yuan per catty [17]. 3.3 Industry Situation and Options 3.3.1 Industry Chain - **Supply Side**: As of March 25, 2026, the inventory in apple cold storage in the main production areas was 4417900 tons, a decrease of 266400 tons from last week. The inventory ratio in Shandong was 37.01%, a decrease of 1.38% from last week, and in Shaanxi it was 33.68%, a decrease of 2.57% from last week [22]. - **Demand Side** - As of March 26, the average daily early - morning vehicle arrival volume at major apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was 0.35 yuan per catty [24]. - As of March 20, 2026, the wholesale price of all - variety apples was 9.42 yuan per kilogram, a week - on - week increase of 0.05 yuan per kilogram; the wholesale price of Fuji apples was 9.41 yuan per kilogram, a week - on - week decrease of 0.09 yuan per kilogram [29]. - As of March 20, 2026, the weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.89 yuan per kilogram, a week - on - week decrease of 0.10 yuan per kilogram [33]. - According to customs data, in February 2026, China's total fresh apple exports were about 80000 tons, a decrease of 20000 tons from the previous month and a year - on - year increase of 15.9% [37]. 3.3.2 Options Market - The implied volatility of at - the - money options of apples this week is presented in the relevant chart, but no specific data is provided [38]. 3.4 Futures - Stock Correlation - The chart shows the price - to - earnings ratio of Honghui Fruit & Vegetable Co., Ltd., but no specific analysis is provided [40].

Report Summary of Apple Industry 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Report's Core View - As of March 25, 2026, the inventory of apple cold storage in the main producing areas of China was 4417900 tons, a decrease of 266400 tons compared with the previous week, and the shipment in the producing areas was relatively slow [2]. - The apple market is still mainly trading high - quality goods. In the Shandong region, the inquiry and trading volume of high - quality goods increased slightly, and the price was stable with a slight upward trend. In the Shaanxi region, the trading of high - quality goods was fast at first and then slow, and the trading of general goods was slow [2]. - The pre - Tomb - Sweeping - Festival stocking atmosphere in the producing areas was average. Merchants were more willing to look for high - quality goods and less enthusiastic about general goods. It is expected that the apple market will continue the polarization trend in the short term, with high - quality goods remaining stable and slightly strong and general goods remaining stable and slightly weak [2]. - After the previous significant fluctuations, the short - term apple futures prices may enter a volatile period [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the apple futures main contract was 9946 yuan/ton, a decrease of 32 yuan; the net long position of the top 20 futures holders was 4180 lots, a decrease of 158 lots; the main contract position volume was 62594 lots, a decrease of 94 lots [2]. Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia remained unchanged [2]. Upstream Situation - The national apple output was 51285100 tons, the apple orchard area in the whole country was 1955770 hectares, the fruit wholesale price of apples was 168.34 yuan/kg, and the average wholesale price of Fuji apples was 195.8 yuan/kg, a decrease of 19.58 yuan/kg [2]. Industry Situation - The total national apple cold storage inventory was 4417900 tons, a decrease of 266400 tons; the storage capacity ratio in Shandong was 37.01%, a decrease of 1.38%; the storage capacity ratio in Shaanxi was 33.68%, a decrease of 2.57% [2]. - The monthly export volume of apples was 80000 tons, a decrease of 20000 tons; the year - on - year increase in the monthly export amount was 24.5%, an increase of 11.4 percentage points; the monthly import amount of fresh, dried fruits and nuts was 12224580000 dollars, a decrease of 10843040000 dollars [2]. - The weekly profit of storage merchants for first - and second - grade paper - bag apples of 80 was 0.35 yuan/jin, unchanged [2]. Downstream Situation - The fruit wholesale price of pears was 6.7 yuan/kg, an increase of 0.06 yuan/kg; the price of watermelons was 6.39 yuan/kg, a decrease of 0.12 yuan/kg; the price of bananas was 6.47 yuan/kg, a decrease of 0.1 yuan/kg [2]. - The average daily number of incoming trucks in the morning at the wholesale markets in Guangdong Jiangmen, Guangdong Xiaqiao, and Guangdong Chalong was 15.2, 17.2, and 26.4 respectively, with changes of 2.4, - 1.2, and 2.4 respectively [2]. Option Market - The implied volatility of at - the - money call options for apples was 40.42%, an increase of 1.61 percentage points; the implied volatility of at - the - money put options was 40.42%, an increase of 1.6 percentage points [2].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The apple market maintains a differentiated pattern with the west being strong and the east being stable. Good - quality apples have better trading than medium and low - grade ones. The price of good - quality apples in Shaanxi has risen slightly due to supply shortages and pre - stocking by merchants. The market sales are slow, and downstream wholesalers have low enthusiasm for purchasing. Although the apple fundamentals are strong, the upward momentum of the May contract is insufficient, and the market will gradually focus on the new - season apple production [6][16] 3. Summary According to Relevant Catalogs 3.1 Apple Spot Analysis - The apple market shows a pattern of "strong in the west and stable in the east". Good - quality apples have better trading. In Shaanxi, the supply of good - quality apples is tight, and the price has risen slightly. In Shandong, the market is stable, with slow cold - storage trading. In the sales areas, the overall sales are slow, and the wholesalers' purchasing enthusiasm is low. The main产区 prices: In Shandong, the prices are stable, with different prices for different grades and varieties. In Shaanxi, the trading of good - quality apples is good, and the price has increased [6] 3.2 Supply Analysis - As of March 12, 2026, the national cold - storage inventory ratio is about 33.72%, 2.29 percentage points lower than the same period last year. The national cold - storage capacity ratio decreased by 2.01 percentage points this week, and the de - stocking rate is 39.65%. In Shandong, the cold - storage capacity ratio is 39.42%, with a 1.55 - percentage - point decrease this week. In Shaanxi, the cold - storage capacity ratio is 29.57%, with a 2.21 - percentage - point decrease. In Gansu, the cold - storage capacity ratio is 27.72%, with a 2.12 - percentage - point decrease. As of March 11, 2026, the national main - producing areas' apple cold - storage inventory is 499.72 tons, a decrease of 27.82 tons from last week [11] 3.3 Demand Analysis - In the Guangdong Chalong market, the number of morning arrival vehicles has slightly increased, with an average of 24 vehicles per day. The market prices of different varieties and specifications of apples are given. The average wholesale price of 6 key - monitored fruits on March 12 is 7.76 yuan/kg, slightly down from last Friday but at a high level in recent years. The profit of storage merchants for Qixia 80 first - and second - grade apples in the 2025 - 2026 production season is about 0.35 yuan/jin, an increase of 0.05 yuan/jin from last week [14] 3.4 Trading Strategy - For the May contract, it is recommended to leave the market and wait and see. For arbitrage, it is recommended to wait and see. For options, it is recommended to wait and see [15][16] 3.5 Weekly Data Tracking - **Apple Supply and Demand Situation**: Data on apple export, planting area, consumption, production, and deep - processing volume are presented [20] - **Inventory and Shipment**: Data on national and regional cold - storage inventory and shipment trends are provided [11][23] - **Price Difference and Basis**: Data on the basis of different months and price differences between different contracts are presented [28]

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 rose significantly, with a weekly increase of about 7.23%. The apple market mainly trades high - quality goods. The supply of high - quality goods in the western region is limited, and the transaction of ordinary goods from fruit farmers is slow. As of March 18, 2026, the cold - storage inventory of apples in the main producing areas across the country was 4.6843 million tons, a decrease of 312,900 tons from last week, and the inventory removal speed accelerated. The inventory ratio in Shandong and Shaanxi provinces decreased. In the sales area, the overall sales atmosphere is not strong, and the number of incoming trucks is at a normal level. High - quality goods are relatively scarce, and prices are firm. The main contract is approaching delivery, so it is expected that the apple futures price will maintain an upward trend, but attention should be paid to the demand situation [4]. 3. Summary by Relevant Catalogs 3.1. Weekly Highlights Summary - The price of the Apple Futures 2605 contract rose significantly this week, with a weekly increase of about 7.23%. The apple market mainly trades high - quality goods. The supply of high - quality goods in the western region is limited, and the transaction of ordinary goods from fruit farmers is slow. As of March 18, 2026, the cold - storage inventory of apples in the main producing areas across the country was 4.6843 million tons, a decrease of 312,900 tons from last week, and the inventory removal speed accelerated. The inventory ratio in Shandong and Shaanxi provinces decreased. In the sales area, the overall sales atmosphere is not strong, and the number of incoming trucks is at a normal level. High - quality goods are relatively scarce, and prices are firm. The main contract is approaching delivery, so it is expected that the apple futures price will maintain an upward trend, but attention should be paid to the demand situation [4]. - Future trading tips include fruit prices and consumption [5]. 3.2. Futures and Spot Markets 3.2.1. Futures Market - The price of the Apple Futures 2605 contract rose significantly this week, with a weekly increase of about 7.23% [9]. - As of this week, the net position of the top 20 in apple futures was 12,736 lots, and the number of apple futures warehouse receipts was 0 [16]. 3.2.2. Spot Market - As of March 20, 2026, the mainstream price of 80 and above first - and second - grade fruit - farmer goods of bagged Red Fuji in Qixia, Yantai, Shandong was 4.0 yuan per catty; the price of bagged Fuji apples of 75 and above in Yiyuan, Shandong was 2.20 yuan per catty [19]. 3.3. Industry Situation and Options 3.3.1. Industry Chain Situation - **Supply Side**: As of March 18, 2026, the cold - storage inventory of apples in the main producing areas across the country was 4.6843 million tons, a decrease of 312,900 tons from last week, and the inventory removal speed accelerated. The inventory ratio in Shandong was 38.39%, a decrease of 1.66% from last week, and the inventory ratio in Shaanxi was 36.25%, a decrease of 2.96% from last week [24]. - **Demand Side**: - As of March 19, the average daily number of incoming trucks in the morning at the main apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was 0.35 yuan per catty [26]. - As of March 13, 2026, the wholesale price of all varieties of apples was 9.37 yuan per kilogram, a decrease of 0.11 yuan per kilogram from last week; the wholesale price of Fuji apples was 9.52 yuan per kilogram, an increase of 0.15 yuan per kilogram from last week [31]. - As of March 13, 2026, the weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.99 yuan per kilogram, an increase of 0.02 yuan per kilogram from last week [35]. - According to customs data, in December 2025, China's fresh apple exports totaled about 156,500 tons, a month - on - month increase of 28.625% and a year - on - year increase of 28%. The export value was 162,842,207 US dollars [39]. 3.3.2. Options Market - The implied volatility of at - the - money options for apples this week is presented in the apple options implied volatility chart [40]. 3.4. Futures - Stock Correlation - The price - to - earnings ratio of Honghui Fruit & Vegetable is presented in the relevant chart [42].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - This week, the price of the Apple Futures 2605 contract rose first and then fell, with a weekly decline of approximately 3.08%. The inventory removal speed has accelerated, but the sales in the consumer market have slowed down. Due to the influence of low inventory, low high - quality fruit rate, and delivery logic, the price of the short - term Apple main contract will fluctuate more significantly, and risk control should be noted [4][8] 3. Summary by Related Catalogs 3.1. Week - by - Week Summary - **Market Review**: This week, the price of the Apple Futures 2605 contract rose first and then fell, with a weekly decline of about 3.08% [4][8] - **Market Outlook**: The inventory removal in production areas varies, generally stronger in the west and weaker in the east. As of March 4, 2026, the cold - storage inventory of apples in the main production areas of the country was 5.2753 billion tons, a decrease of 253,900 tons from the previous week. The inventory removal speed has accelerated. In Shandong, the storage capacity ratio is 41.561%, a decrease of 1.45% from the previous week; in Shaanxi, the storage capacity ratio is 41.75%, a decrease of 2.13% from the previous week. In the consumer market, after the Spring Festival, the sales are stable, the market arrival volume is low, and the sales speed has slowed down. Due to the influence of low inventory, low high - quality fruit rate, and delivery logic, the price of the short - term Apple main contract will fluctuate more significantly, and risk control should be noted [4] - **Future Trading Tips**: Fruit prices and consumption [4] 3.2. Futures and Spot Markets 3.2.1. Futures Market - This week, the price of the Apple Futures 2605 contract rose first and then fell, with a weekly decline of about 3.08%. As of this week, the net position of the top 20 in Apple Futures is 5,540 lots, and the number of Apple Futures warehouse receipts is 0 [8][14] 3.2.2. Spot Market - As of March 13, 2026, the mainstream price of farmer - produced bagged Red Fuji apples (above 80) in Qixia, Yantai, Shandong is 3.7 yuan per catty; the price of bagged Fuji apples (above 75) in Yiyuan, Shandong is 2.40 yuan per catty [17] 3.3. Industrial Situation and Options 3.3.1. Industrial Chain Situation - **Supply Side**: As of March 11, 2026, the cold - storage inventory of apples in the main production areas of the country was 4.9972 billion tons, a decrease of 278,200 tons from the previous week. The inventory removal speed has accelerated. In Shandong, the storage capacity ratio is 40.05%, a decrease of 1.51% from the previous week; in Shaanxi, the storage capacity ratio is 39.21%, a decrease of 2.54% from the previous week [22] - **Demand Side** - As of March 12, the average daily early - morning vehicle arrival volume at major apple wholesale markets in Guangdong has increased. The profit of 80 first - and second - grade apple storage merchants is 0.35 yuan per catty [26] - As of March 6, 2026, the average wholesale price of all apple varieties is 9.51 yuan per kilogram, a week - on - week increase of 0.09 yuan per kilogram; the wholesale price of Fuji apples is 9.37 yuan per kilogram, a week - on - week increase of 0.01 yuan per kilogram [31] - As of March 6, 2026, the weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) is 7.97 yuan per kilogram, a week - on - week decrease of 0.05 yuan per kilogram [35] - According to customs data, in December 2025, the total export of fresh apples in China was about 156,500 tons, a month - on - month increase of 28.625% and a year - on - year increase of 28%. The export value was 162,842,207 US dollars [39] 3.3.2. Options Market - The implied volatility of at - the - money options for apples this week is presented in the relevant chart [40] 3.4. Futures - Stock Correlation - The price - to - earnings ratio chart of Honghui Fruit and Vegetable is presented, but no specific analysis is provided [42]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - As of March 11, 2026, the inventory of apple cold storage in the main producing areas of China was 4997200 tons, a decrease of 278200 tons compared with last week, and the de - stocking speed accelerated. The storage capacity ratio in Shandong and Shaanxi decreased. The shipment situation in different producing areas varied, with the west being stronger than the east. Due to factors such as low inventory, low high - quality fruit rate, and delivery logic, the price of the short - term apple main contract fluctuated sharply [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract was 9984 yuan/ton, a decrease of 252 yuan; the net long position of the top 20 futures holders was 6998 lots, a decrease of 2213 lots; the main contract position was 101066 lots, a decrease of 14883 lots [2] 3.2 Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) was 5.25 yuan/jin, with no change; in Shandong Yiyuan (paper - bagged, above 75) it was 2.4 yuan/jin, with no change; in Shaanxi Luochuan (paper - bagged, above 70 semi - commercial) it was 4.2 yuan/jin, with no change; in Shandong Yantai Qixia (paper - bagged, above 80 first - grade secondary fruit farmer's goods) it was 3.7 yuan/jin, with no change [2] 3.3 Upstream Situation - The national apple output was 51285100 tons, an increase of 1683400 tons; the national apple orchard area was 1955770 hectares, a decrease of 19580 hectares [2] 3.4 Industry Situation - The weekly apple wholesale price was 9.51 yuan/kg, an increase of 0.09 yuan; the average wholesale price of Fuji apples was 9.37 yuan/kg, an increase of 0.01 yuan. The total national apple cold storage inventory was 4997200 tons, a decrease of 278100 tons; the storage capacity ratio in Shandong was 0.4, a decrease of 0.02; in Shaanxi it was 0.39, a decrease of 0.03. The monthly apple export volume was 160000 tons, an increase of 40000 tons; the monthly year - on - year export amount was 30.7%, an increase of 14.5%. The monthly import amount of fresh and dried fruits and nuts was 17753550000 US dollars, an increase of 6574090000 US dollars. The weekly profit of storage merchants for first - and second - grade paper - bagged apples (80) was 0.3 yuan/jin, with no change [2] 3.5 Downstream Situation - The weekly wholesale price of pears was 6.67 yuan/kg, a decrease of 0.02 yuan; the weekly wholesale price of watermelons was 6.75 yuan/kg, a decrease of 0.13 yuan; the weekly wholesale price of bananas was 6.52 yuan/kg, with no change. The average daily early - morning arrival volume at the Jiangmen wholesale market in Guangdong was 9.6 vehicles, a decrease of 2.65 vehicles; at the Xiaqiao wholesale market in Guangdong it was 12.4 vehicles, a decrease of 2.85 vehicles; at the Chalong wholesale market in Guangdong it was 18.4 vehicles, a decrease of 4.85 vehicles [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples was 37.07%, an increase of 0.81%; the implied volatility of at - the - money put options for apples was 37.07%, an increase of 0.81% [2]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - The fundamental situation of apples is strong. The cold - storage inventory of apples is at a relatively low level in the same period over the years. As of February 27, 2026, the cold - storage inventory of apples in the main producing areas was 552.92 million tons, a decrease of 19.08 million tons from the previous week and a year - on - year decrease of 18.11 million tons, with a decline of 3.2%. The inventory is only higher than that in the 2018/19 fruit season. Although the apple price is relatively high this season, the pre - Spring Festival sales and out - of - storage situation is okay. From March to April after the Spring Festival is a relatively empty window period for other fruits to be on the market, and the recent apple sales situation has improved, with the inventory reduction speed accelerating compared with last week. With March entering the delivery month, the market pays attention to whether cold - storage apples can meet the delivery requirements and the cost of making warehouse receipts again. The fundamentals of the May apple contract are strong, but the price of the May contract has increased significantly today, and there may be some profit - taking orders for closing positions. It is necessary to be cautious when chasing high. It is recommended to build long positions after a pullback [5]. Group 3: Summary According to the Catalog First Part: Market Information - **Spot Prices**: The Fuji apple price index is 110.41, with the next - working - day price at 110.56, a decrease of 0.15. The prices of various apple varieties such as Luochuan semi - commodity paper - bag 70, Qixia first - and second - grade paper - bag 80, etc., remain stable. The average wholesale price of 6 kinds of fruits is 7.94, with the next - working - day price at 8.00, a decrease of 0.06 [2]. - **Futures Prices**: For AP01, the price is 8573, up 33 from the previous close; AP05 is 10287, down 29 from the previous close; AP10 is 8637, down 15 from the previous close. The spreads between different contracts also have corresponding changes [2]. - **Basis**: The basis of Qixia first - and second - grade 80 - AP01 is - 573, down 33 from the previous trading day; Qixia first - and second - grade 80 - AP05 is - 2287, up 29 from the previous trading day; Qixia first - and second - grade 80 - AP10 is - 637.0, up 15 from the previous trading day [2]. Second Part: Market News and Views - **Apple Market News - Transaction Logic**: As mentioned above, the apple fundamentals are strong, with low inventory, good sales, and market attention on delivery - related issues [5]. - **Transaction Strategy**: For the single - side strategy, considering that the price of the May contract is already high, it is recommended to leave the market and wait and see. For the arbitrage and option strategies, it is also recommended to wait and see [8]. - **Other Data**: As of March 5, 2026, the cold - storage inventory of apples in the main producing areas was 527.53 million tons, a decrease of 25.39 million tons from the previous week and a year - on - year decrease of 21.7 million tons, with a decline of 4.1%. In December 2025, the export volume of fresh apples was about 15.65 million tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. The import volume in December 2025 was 0.31 million tons, a month - on - month increase of 21.31% and a year - on - year increase of 20.02%. The annual cumulative import volume in 2025 was 11.68 million tons, a year - on - year increase of 19.72%. The apple prices in Shandong are stable, while those in some areas of Gansu and Shaanxi have increased slightly [7]. Third Part: Related Attachments - There are 10 figures in total, including the price of Qixia first - and second - grade paper - bag 80, the price of Luochuan semi - commodity paper - bag 70, AP contract main - force basis, spreads between different contracts, apple arrival volume, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple out - of - storage volume [10][11][13]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - This week, the price of the Apple Futures 2605 contract soared, with a weekly increase of approximately 5.70%. The inventory removal speed has accelerated. However, due to factors such as low inventory, low high - quality fruit rate, and delivery logic, the price of the short - term Apple Futures main contract will fluctuate more significantly, and risk control should be noted [4][8] 3. Summary by Directory 3.1 Weekly Summary - **Market Review**: This week, the price of the Apple Futures 2605 contract soared, with a weekly increase of about 5.70% [4][8] - **Market Outlook**: The sales situation in production areas varies, generally stronger in the west and weaker in the east. As of March 4, 2026, the cold - storage inventory of apples in the main production areas across the country was 5.2753 billion tons, a decrease of 253,900 tons from last week. The inventory removal speed has accelerated. In the Shandong production area, the storage capacity ratio was 41.561%, a decrease of 1.45% from last week; in the Shaanxi production area, the storage capacity ratio was 41.75%, a decrease of 2.13% from last week. In the Shandong production area, the number of merchants inspecting goods in cold storage was acceptable, and merchants replenished their supplies as needed. In the Shaanxi production area, the number of merchants increased. In the sales area, the post - holiday market sales were stable, the market arrival volume was low, and the sales pace slowed down [4] - **Future Trading Tips**: Fruit prices and consumption [4] 3.2 Futures and Spot Markets - **Futures Market**: This week, the price of the Apple Futures 2605 contract soared, with a weekly increase of about 5.70%. As of this week, the net position of the top 20 in Apple Futures was 14,058 lots, and the number of Apple Futures warehouse receipts was 0 [8][14] - **Spot Market**: As of March 6, 2026, the mainstream price of 80 and above first - and second - grade farmer - sourced bagged Red Fuji apples in Qixia, Yantai, Shandong was 3.7 yuan per catty; the price of 75 and above bagged Fuji apples in Yiyuan, Shandong was 2.40 yuan per catty [18] 3.3 Industry Situation and Options - **Supply Side**: As of March 4, 2026, the cold - storage inventory of apples in the main production areas across the country was 5.2753 billion tons, a decrease of 253,900 tons from last week. The inventory removal speed has accelerated. In the Shandong production area, the storage capacity ratio was 41.561%, a decrease of 1.45% from last week; in the Shaanxi production area, the storage capacity ratio was 41.75%, a decrease of 2.13% from last week [23] - **Demand Side**: - As of March 5, the average daily early - morning vehicle arrival volume at major apple wholesale markets in Guangdong decreased. The profit of 80 first - and second - grade apple storage merchants was 0.3 yuan per catty [27] - As of February 27, 2026, the average wholesale price of all apple varieties was 9.42 yuan per kilogram, a week - on - week decrease of 0.12 yuan per kilogram; the wholesale price of Fuji apples was 9.36 yuan per kilogram, a week - on - week increase of 0.06 yuan per kilogram [32] - As of February 27, 2026, the weekly average wholesale price of 5 types of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 8.04 yuan per kilogram, a week - on - week increase of 0.24 yuan per kilogram [36] - In December 2025, China's fresh apple exports totaled approximately 156,500 tons, a month - on - month increase of 28.625% and a year - on - year increase of 28%. The export value was 162,842,207 US dollars [40] - **Options Market**: Information about the implied volatility of at - the - money Apple options this week is presented in the form of a chart, but specific data is not provided [41] 3.4 Futures - Stock Correlation - Information about the price - earnings ratio of Honghui Fruit & Vegetable Co., Ltd. is presented in the form of a chart, but specific data is not provided [43]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - Apple's futures continued to rise, with the main contract breaking through the RMB 10,000/ton mark and intraday gains exceeding 3% [1] - The recent strength of the apple futures market is driven by the tight supply of high - quality goods, which pushes up the delivery cost and strengthens the support of the delivery logic for the futures price. The polarization in the spot market further exacerbates this impact [1] - The current low cold - storage inventory, especially the tight inventory of high - quality goods, is an important fundamental factor supporting apple prices. In the short term, the delivery logic will still dominate the futures market. If the tight supply of high - quality goods persists, the futures price is expected to remain strong, and the polarization in the spot market may continue. In the long term, the market trend depends on the recovery of consumer demand and the expected output of the new apple season [2] 3. Summaries by Related Content Apple Futures Market - Apple futures prices are rising, with the main contract breaking through RMB 10,000/ton and intraday gains over 3% [1] Spot Market - In Gansu's Renda Town, the price of 75 starting commodity - grade bagged late - season Fuji apples in inventory is RMB 5.00 - 5.50 per jin. In Jingning, buyers pick high - quality goods, and high - quality resources are decreasing [1] - In Shaanxi's Luochuan, the transaction price of semi - commodity bagged late - season Fuji apples over 70 in inventory is RMB 4.10 - 4.30 per jin, with good transactions and a clear price difference for high - quality fruits. In Weinan, the market is dull [1] - In Shandong's Qixia and Yiyuan, the inventory apples are moving slowly, with only sporadic transactions for high - quality goods. In Shanxi's Yuncheng Linyi, the price of inventory Fuji apples has changed little [1] Inventory Situation - The current total cold - storage inventory is lower than in previous years, and the tight inventory of high - quality goods strengthens the delivery logic [2] Market Outlook - In the short term, the delivery logic will dominate the futures market. If the tight supply of high - quality goods continues, the futures price may remain strong, and the polarization in the spot market may persist. In the long term, the market trend depends on the recovery of consumer demand and the expected output of the new apple season [2] Operation Suggestion - Hold long positions in the 05 contract [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The apple market continues to be polarized, with merchants showing a higher willingness to purchase high - quality goods than general farmer - sourced goods. High - quality goods prices are stable and firm, while the overall trading atmosphere is mediocre. The inventory removal speed has slowed down, and the market sentiment is high due to the rally of the near - month contract pulling up the main apple contract [2]. Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the apple futures main contract is 10,283 yuan/ton, and the main contract position volume is 156,104 hands, with a weekly increase of 25,500 hands. The net long position volume of the top 20 futures holders is 17,106 hands [2]. Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, over 75) is 5.25 yuan/jin, in Shandong Yiyuan (paper - bagged, over 75) is 2.4 yuan/jin, in Shaanxi Luochuan (paper - bagged, over 70 semi - commercial) is 4.2 yuan/jin, and in Shandong Yantai Qixia (paper - bagged, over 80 first - grade) is 3.7 yuan/jin, with no change compared to the previous period [2]. Upstream Situation - The annual apple production in the country is 5,128.51 million tons. The weekly average wholesale price of apples is 9.56 yuan/kg, with a decrease of 0.05 yuan/kg compared to the previous period. The total cold - storage inventory of apples in the country is 552.92 million tons, with a weekly decrease of 19.08 million tons. The capacity utilization ratio of apple cold - storage in Shandong is 0.44, with a decrease of 0.01 compared to the previous period, and in Shaanxi is 0.43, with a decrease of 0.02 compared to the previous period. The monthly export volume of apples is 160,000 tons, with an increase of 40,000 tons compared to the previous period [2]. Industry Situation - The monthly import amount of fresh and dried fruits and nuts is 14.5 million US dollars, and the year - on - year increase of the monthly export amount of apples is 30.7%. The weekly profit of storage merchants for first - and second - grade paper - bagged 80 apples is 0.3 yuan/jin. The weekly wholesale price of pears is 6.81 yuan/kg, with an increase of 0.07 yuan/kg compared to the previous period, and the weekly wholesale price of bananas is 6.45 yuan/kg, with an increase of 0.01 yuan/kg compared to the previous period [2]. Downstream Situation - The early - morning average daily arrival volume of trucks at the Guangdong Jiangmen wholesale market is 12.25 vehicles, with a decrease of 17.95 vehicles compared to the previous period. The early - morning average daily arrival volume of trucks at the Guangdong Xiaqiao wholesale market is 23.25 vehicles, and at the Guangdong Chalong wholesale market is 15.25 vehicles, with a decrease of 31.95 vehicles compared to the previous period [2]. Option Market - The implied volatility of at - the - money call options for apples is 27.29%, and the implied volatility of at - the - money put options for apples is also 27.29%, with an increase of 1 compared to the previous period [2].