Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report This week, the ex - warehouse speed of late Fuji apples in production areas was slow, and the trading atmosphere was light. The arrival volume in the sales area decreased, and the sales were affected by substitutes. The inventory was at a low level compared to the same period last year, and the demand was average. It is expected that the apple price will fluctuate at a high level. The apple fundamentals are relatively strong due to the decline in production, poor high - quality fruit rate, and low cold - storage inventory [7][12][16]. 3. Summary by Related Catalogs 3.1 Apple Spot Analysis - This week, the ex - warehouse speed of late Fuji apples in production areas was slow. The price in Gansu and Liaoning decreased, and other production areas were stable. The sales area's arrival volume decreased, and the sales were affected by citrus fruits [7]. - In Shandong, the ex - warehouse atmosphere was not strong, with sporadic transactions. In Shaanxi, the shipment was relatively cold, and the low - price goods were sold well [7]. - Main production area prices: In Penglai, 65 - 70 general goods were 2.2 - 2.3 yuan/jin, and 75 first - and second - grade fruit farmers' goods were 3.4 - 3.6 yuan/jin. In Qixia, 80 above cream Fuji was 1.8 - 2.2 yuan/jin, and late Fuji 80 first - and second - grade slice - red fruit farmers' goods were 3.7 - 4.5 yuan/jin. In Luochuan, 70 above semi - commercial fruit farmers' goods were 4.0 - 4.3 yuan/jin, and high - grade inferior goods were 2.2 yuan/jin [7]. 3.2 Supply Analysis - As of December 11, 2025, the national cold - storage inventory ratio was about 54.65%, 7.22 percentage points lower than the same period last year. This week, the national cold - storage capacity ratio decreased by 0.35 percentage points, and the de - stocking rate was 2.17%. The cold - storage capacity ratio in Shandong was 55.09%, and it decreased by 0.24 percentage points. The cold - storage capacity ratio in Shaanxi was 53.12%, and it decreased by 0.36 percentage points [12]. - As of December 10, 2025, the national main production area apple cold - storage inventory was 758.55 million tons, a decrease of 4.97 million tons from last week [12]. 3.3 Demand Analysis - In the Guangdong Chalong market, the number of early - morning arrivals decreased. The market was generally light, and the enthusiasm of second - and third - level wholesalers to purchase was not high [15]. - On December 11, the average wholesale price of 6 key - monitored fruits was 7.51 yuan/kg, slightly higher than last Friday, at a high level in recent years [15]. - During the 2025 - 2026 production season's purchase stage, the profit statistics of Qixia 80 first - and second - grade storage merchants were suspended [15]. 3.4 Trading Strategy - Trading logic: The apple production decreased this year, the high - quality fruit rate was poor, the preservation was difficult, and the cold - storage inventory data was low. The cold - storage apple inventory peak was at a low level in the same period over the years, and the apple quality was relatively poor. So, the effective inventory is likely to be low, and the apple fundamentals are strong [16]. - Unilateral: The new apple quality is relatively poor, which supports the price, but the recent demand is average. It is expected that the apple trend will mainly fluctuate at a high level [16]. - Arbitrage: It is recommended to wait and see [16]. - Options: It is recommended to wait and see [16].