Group 1: Report Overview - Report Title: Apple Weekly: Dual - Festival Stockpiling Progresses, Apple Prices Stable [1] - Researcher: Liu Qiannan [1] Group 2: Investment Rating - Not provided in the report Group 3: Core Viewpoints - Due to the poor quality of early - maturing apples, the price difference between high - quality and low - quality apples is large. The expected poor quality rate of late - maturing Fuji may lead to a relatively high initial purchase price, but the current futures price is not low, so the futures are expected to fluctuate in the short term. The initial purchase price of new - season Fuji will have a significant impact on the futures market [16]. Group 4: Summary by Directory 4.1 Logic Analysis and Trading Strategies 4.1.1 Spot Analysis - During the week, the stockpiling for the Mid - Autumn and National Day festivals continued. The bag - removing work of late - maturing Fuji was sporadic, and rainfall in the west may delay the large - scale bag - removing. In Shandong, the trading price of Red General apples varied widely due to quality differences, with low - quality apples having a price advantage. In the west, the trading of early - maturing Fuji was ending, and some merchants started to order pre - harvested Fuji at a higher price than last year. The inventory of apples in Shandong decreased significantly, and the enthusiasm of merchants to purchase was low [7]. - In Shandong Qixia, the price of farmers' 80 and above general apples was 2.1 - 3.0 yuan/jin, 80 first - and second - grade striped apples were 3.3 - 4.5 yuan/jin, and 80 first - and second - grade patchy red apples were 3.0 - 4.0 yuan/jin. For early - maturing varieties, the price of 80 and above low - quality Red General apples was 1.6 - 1.8 yuan/jin, and good - quality ones were 2.5 - 2.8 yuan/jin. The mainstream price of large - diameter mid - and late - maturing varieties such as Qin脆 and Mid - Autumn King was 4.8 - 5.2 yuan/jin. In Shaanxi Yan'an Luochuan, the price of 70 and above high - quality early - maturing Fuji was around 3.8 yuan/jin, and the general price was 3.5 - 3.7 yuan/jin. The mainstream price of Mid - Autumn King was 4.2 - 4.3 yuan/jin, Qin脆 was 4.8 - 5.2 yuan/jin, and Yanfu 10 was 4.8 - 5.0 yuan/jin [7]. 4.1.2 Supply Analysis - As of September 11, 2025, the national cold - storage inventory ratio was about 1.94%, a decrease of 0.38 percentage points in this period and 0.98 percentage points lower than the same period last year, with a de - stocking rate of 96.96%. In Shandong, the cold - storage capacity ratio was 3.70%, a decrease of 0.58 percentage points, and the cold - storage shipment volume was slightly higher than last week. In Shaanxi, the cold - storage capacity ratio was 1.54%, a decrease of 0.32 percentage points, and the cold - storage was gradually being cleared [12]. - As of September 17, 2025, the apple cold - storage inventory in the main producing areas was 16.32 tons, a decrease of 4.59 tons from last week. The inventory shipment in Shandong slowed down due to the impact of mid - maturing varieties [12]. 4.1.3 Demand Analysis - In the Guangdong Chalong market, the number of early - morning arrival vehicles increased slightly compared to last week, with an average of 31.8 vehicles per day. The mainstream price of Shandong 80 late - maturing Fuji in baskets was 3.8 - 4 yuan/jin, and in boxes was 4.5 - 5.5 yuan/jin. The price of Luochuan Gala in baskets was 5.3 - 5.5 yuan/jin, and high - quality ones were 6 - 7 yuan/jin. The price of Hongqian Fuji was 4 - 4.5 yuan/jin, and the price of Jingning Red Star in boxes was 5 yuan/jin. With the approaching of the dual festivals, the market was stockpiling, but the overall sales were average, and there was a backlog in the transfer warehouse [15]. - On September 11, the average wholesale price of 6 key - monitored fruits was 6.84 yuan/kg, slightly lower than last Friday, and it was at the middle level in recent years [15]. - From 2024 - 2025, the profit of Qixia 80 first - and second - grade apple storage merchants was 0.3 yuan/jin, the same as last week. The market arrival volume increased this week, the overall sales were good, and the price remained stable [15]. 4.1.4 Trading Strategies - Trading Logic: Due to the poor quality rate of early - maturing apples and the expected poor quality rate of late - maturing Fuji, the initial purchase price of late - maturing Fuji is expected to be relatively high. However, considering the current high futures price, the futures are expected to fluctuate in the short term. The initial purchase price of new - season apples will have a significant impact on the market [16]. - Single - side: In the short term, apples are expected to fluctuate due to the expected poor quality rate. The previous high is expected to be the recent high, and there will be significant selling and hedging pressure after the new - season apples are on the market [16]. - Arbitrage: Wait and see [16]. - Options: It is recommended to wait and see [16]. 4.2 Weekly Data Tracking 4.2.1 Apple Supply and Demand - The report presents data on apple exports, planting area, consumption, and production from 2018 - 2023, but specific numerical analysis is not provided in the text [20]. 4.2.2 Inventory and Shipment - The report shows the inventory trends of national, Shandong, and Shaanxi apple cold - storages from 2016/17 - 2024/25, as well as the national cold - storage apple shipment trends during the same period [23][24]. 4.2.3 Spreads and Basis - The report provides data on the current and previous closing prices, price changes of AP01, AP05, AP10, and their spreads, as well as the basis data of Qixia first - and second - grade 80 apples and different - month contracts from 2019 - 2025 [26]. 4.2.4 Spot and Futures Prices - The report shows the current price, previous - day price, and price changes of the Fuji apple price index, Qixia first - and second - grade 80 apples, Penglai first - and second - grade 80 apples, and other spot prices, as well as the average wholesale price of 6 kinds of fruits [27].