1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The soft commodity and fresh fruit sectors show complex market trends. In the soft commodity sector, sugar prices are expected to be volatile, pulp prices may adjust, and cotton prices may be weak. In the fresh fruit sector, apple prices are expected to fluctuate within a range, and jujube prices may be affected by weather and consumption factors [3][4][6][7]. - Due to factors such as changes in the supply and demand of underlying products, international market conditions, and policy expectations, different trading strategies are recommended for each variety, including interval operation, option strategies, and short - term empty allocation [3][5][7]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations - **Fresh Fruit Futures Strategy** - Apple 2510: Adopt a bearish approach. The fundamental changes are limited, and the sentiment has ebbed. The support range is 7300 - 7400, and the pressure range is 8200 - 8300 [7][16]. - Jujube 2601: Hold long positions. The overall sentiment of commodities is strengthening, and jujubes enter the production - forming period in the third quarter, which is prone to weather premium. The support range is 10200 - 10400, and the pressure range is 10500 - 11500 [16]. - **Soft Commodity Futures Strategy** - Sugar 2509: Short - term band operation. There are both long and short factors, and the upward pressure on futures prices is significant. The support range is 5740 - 5760, and the pressure range is 5880 - 5900 [3][16]. - Pulp 2507: Light - position short allocation. The fundamentals change little. After the market sentiment cools down, pulp prices may adjust, but the probability of falling to the June low is low. The support range is 5200 - 5250, and the pressure range is 5550 - 5600 [4][5][16]. - Cotton 2509: Exit long positions. The previous bearish factors have been digested, the spot supply is expected to tighten, and crude oil prices affect the market. The support range is 13200 - 13300, and the pressure range is 14200 - 14300 [6][7][16]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamental Information** - In June 2025, the export volume of fresh apples was about 37,000 tons, a month - on - month decrease of 18.62% and a year - on - year decrease of 38.55% [17]. - As of July 30, 2025, the national apple cold - storage inventory was 616,100 tons, a week - on - week decrease of 88,400 tons. As of July 31, it was 576,100 tons, a week - on - week decrease of 72,000 tons, and a year - on - year decrease of 410,500 tons [17]. - Different institutions have different estimates of apple production. Zhuochuang estimates a slight reduction, while Steel Union estimates a slight increase [17]. - **Spot Market** - The price of cold - storage apples in the production area remained stable this week. After the high - price opening of early - maturing apples, the transaction price declined. The sales volume of cold - storage apples in the sales area slightly increased, and the price remained stable [18][19]. 3.2.2 Jujube Market As of July 25, the physical inventory of 36 sample points was 10,090 tons, a week - on - week decrease of 230 tons, a month - on - month decrease of 2.23%, and a year - on - year increase of 73.07%. The inventory in the Hebei market decreased, and the price of good - quality products increased. The price in the Guangdong market remained stable [20]. 3.2.3 Sugar Market Consulting firm StoneX lowered Brazil's 2025/26 sugar production forecast to 40.16 million tons, a decrease of 1.64 million tons from the May forecast. The spot price of sugar in China remained stable [22]. 3.2.4 Pulp Market The price of imported bleached softwood pulp was stable, and the price of bleached hardwood pulp decreased by $10/ton in July compared to June. The fundamentals of the pulp and paper industry chain changed little [4][25]. 3.2.5 Cotton Market - India's new - season cotton sowing progress is behind last year, with the sown area as of July 25 being 10.3 million hectares, a decrease of about 2.0% compared to the same period last year [26]. - Pakistan imposed an 18% sales tax on imported cotton, cotton yarn, and cotton grey cloth [26]. 3.3 Third Part: Market Review - **Futures Market Review** - Apple 2510 closed at 7814, down 101, or 1.28%. - Jujube 2509 closed at 9580, down 60, or 0.62%. - Sugar 2509 closed at 5793, down 11, or 0.19%. - Pulp 2509 closed at 5232, down 94, or 1.76%. - Cotton 2509 closed at 13650, down 105, or 0.76% [27]. - **Spot Market Review** - The spot price of apples was 3.90 yuan/jin, unchanged from the previous period and down 0.25 yuan year - on - year. - The spot price of jujubes was 9.40 yuan/kg, down 0.10 yuan from the previous period and down 5.30 yuan year - on - year. - The spot price of sugar was 6030 yuan/ton, down 20 yuan from the previous period and down 520 yuan year - on - year. - The spot price of pulp (Shandong Yinxing) was 5930 yuan/ton, down 20 yuan from the previous period and down 120 yuan year - on - year. - The spot price of cotton was 15325 yuan/ton, down 145 yuan from the previous period and down 95 yuan year - on - year [30]. 3.4 Fourth Part: Basis Situation No specific data analysis content is provided, only the figure numbers are given, such as Figure 14 for the basis of Apple 10th month [38]. 3.5 Fifth Part: Inter - monthly Spread Situation - Apple 10 - 1 spread is 67, down 33 from the previous period and up 10 year - on - year, expected to fluctuate repeatedly, and the recommended strategy is to wait and see [47]. - Jujube 9 - 1 spread is - 1115, down 1165 from the previous period and down 775 year - on - year, expected to fluctuate within a range, and the recommended strategy is to wait and see [47]. - Sugar 9 - 1 spread is 138, unchanged from the previous period and down 193 year - on - year, expected to be weak within a range, and the recommended strategy is to go long on 01 and short on 09 [47]. 3.6 Sixth Part: Futures Position Situation Only the figure numbers for the top 20 long and short positions, trading volume changes, and net long and short position changes of each variety are provided, without specific data analysis [56][58][63]. 3.7 Seventh Part: Futures Warehouse Receipt Situation - Apple's warehouse receipt volume is 0, unchanged from the previous period and year - on - year. - Jujube's warehouse receipt volume is 8739, unchanged from the previous period and down 2131 year - on - year. - Sugar's warehouse receipt volume is 19473, down 47 from the previous period and up 3357 year - on - year. - Pulp's warehouse receipt volume is 254637, down 340 from the previous period and down 246468 year - on - year. - Cotton's warehouse receipt volume is 8940, down 115 from the previous period and down 2400 year - on - year [77]. 3.8 Eighth Part: Option - related Data Only the figure numbers for option trading volume, open interest, put - call ratio, and historical volatility of each variety are provided, without specific data analysis [79][81][82].