Report Summary 1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - The price of apples is expected to be slightly stronger in the short - term due to low high - quality fruit rate of early - maturing apples and potential impact of rainfall on the high - quality fruit rate of late - maturing Fuji [16]. - The new - season Fuji apples may have a high price at the initial listing stage as the new - season apple output is expected to change little from this season, and the early - maturing apples have a low high - quality fruit rate [16]. 3. Summary by Directory 3.1 Spot Analysis - The ground trading of early - maturing Gala apples has basically ended this week, with a small amount of cold - storage goods still being shipped out. Early - maturing Fuji apples are waiting to color. Due to continuous rainfall in Shaanxi, the quantity of red apples is difficult to increase, and the trading is sporadic. The impact of early - maturing fruits on Shandong's inventory goods has weakened, and the sales have improved slightly. The prices in Shandong are mainly stable, with the prices of good goods in some townships slightly increasing. The Cream Red General apples in Shandong are on the market. The sales in the distribution markets are a bit slow, and the market prefers high - redness high - quality goods [6]. - The main producing areas' prices: In Shandong Qixia, the prices of 80 first - and second - grade slice - red apples are 3.30 - 4.20 yuan/jin, 80 first - and second - grade striped apples are 3.50 - 4.50 yuan/jin, general goods are 2.80 - 3.30 yuan/jin, and third - grade apples are 2.00 - 2.50 yuan/jin. For early - maturing varieties, the trading of Gala is basically over, and the Cream Red General is the main trading variety. In Shaanxi Yan'an Luochuan, the mainstream price of early - maturing Fuji above 70 is 4.0 - 4.5 yuan/jin, and good goods are 4.7 - 4.8 yuan/jin. In Shaanxi Baishui, the mainstream reference price of general goods starting from 70 is 3.5 - 3.8 yuan/jin, and good goods are 4.1 - 4.3 yuan/jin [6]. 3.2 Supply Analysis - As of September 4, 2025, the national cold - storage inventory ratio is about 2.32%, down 0.36 percentage points this period, and 1.666 percentage points lower than the same period last year, with a destocking rate of 96.36%. In Shandong, the cold - storage capacity ratio is 4.28%, down 0.51 percentage points, and the cold - storage shipment volume is slightly higher than last week. In Shaanxi, the cold - storage capacity ratio is 1.85%, down 0.31 percentage points, and the cold - storage is gradually clearing inventory [11]. - As of September 3, 2025, the apple cold - storage inventory in the national main producing areas is 27.35 tons, a decrease of 6.62 tons from last week, and the inventory shipment speed has accelerated slightly [11]. 3.3 Demand Analysis - In the Guangdong Chalong market, the number of morning arrival vehicles has increased slightly compared with last week. The market still mainly deals with Fuji apples, and the early - maturing varieties account for a small proportion. The early - maturing apples are selling well, but the profit of merchants is average, and the terminal sales speed is not fast [14]. - On September 4, the average wholesale price of 6 key - monitored fruits is 6.89 yuan/kg, slightly lower than last Friday, and it is at the median level in recent years [14]. - In the 2024 - 2025 production season, the profit of Qixia 80 first - and second - grade storage merchants is 0.4 yuan/jin, the same as last week [14]. 3.4 Trading Strategy - Unilateral: It is recommended to build long positions at low prices and conduct rolling operations of buying low and selling high due to the possible low high - quality fruit rate of new - season apples [16]. - Arbitrage: It is recommended to wait and see [16]. - Options: It is recommended to wait and see [15].