作上建议逢低短多交易，注意控制风险。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 苹果产业日报 2025-08-27 | 项目类别 | 数据指标 数据指标 | 最新 | 环比 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 10月合约收盘价:苹果(日,元/吨) 154 主力合约持仓量:苹果(日,手) | 8278 | | 89060 | 16948 | | | 期货前20名持仓:净买单量:苹果(日,手) | 3562 | 4102 | | | | | 甘肃静宁苹果现货价格(纸袋75#以上)(日, 山东沂源苹果现货价格(纸袋75#以上)(日, | 4 | 0 | 2.3 | ...

建议区间交易。 免责声明 苹果产业日报 2025-08-25 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 数据指标 | 最新 | 环比 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 10月合约收盘价:苹果(日,元/吨) 47 主力合约持仓量:苹果(日,手) | 8141 | | 77654 | 2964 | | | 仓单数量:苹果(日,张) 0 期货前20名持仓:净买单量:苹果(日,手) | 0 | | -1128 | -1128 | | 现货市场 | 山东烟台栖霞现货价格(纸袋80#以上一 甘肃静宁苹果现货价格(纸袋75#以上)(日, | 3.7 | ...

1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - The old - crop inventory is low with little sales pressure. The transactions are priced according to quality, and the overall shipment speed has slowed down. The supply of paper - bag Gala apples in the western producing areas is increasing, with high - quality fruits commanding high prices. Overall, the low spot inventory strongly supports prices, but the increasing listing volume of Gala apples may restrain the price increase. It is recommended to wait and see for now, and pay attention to the coloring and listing of early - maturing apples [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the October apple contract is 42 yuan/ton. The position of the main contract is 82,432 hands, a decrease of 6,998 hands. The number of warehouse receipts is 0. The net long position of the top 20 futures holders is 4,008 hands, an increase of 841 hands [2] 3.2 Spot Market - The spot prices of apples in Shandong Yantai Qixia, Gansu Jingning, Shandong Yiyuan, and Shaanxi Luochuan remain unchanged. The national apple production is 5,128.51 million tons, and the weekly apple wholesale price is 9.69 yuan/kg, a decrease of 0.06 yuan/kg. The average wholesale price of Fuji apples is 9.48 yuan/kg, a decrease of 0.03 yuan/kg [2] 3.3 Upstream Situation - The total national apple cold - storage inventory is 46.01 million tons, a decrease of 7.38 million tons. The capacity ratio of Shandong apple cold - storage is 8%, a decrease of 1%. The capacity ratio of Shaanxi apple cold - storage is 2%, a decrease of 0.47%. The monthly apple export volume is 40,000 tons, a decrease of 10,000 tons. The monthly import value of fresh and dried fruits and nuts is 1,955,488 million US dollars, a decrease of 245,562.17 million US dollars, and the monthly apple export value is 4,330.8 million US dollars [2] 3.4 Downstream Situation - The weekly average wholesale price of tangerines is 10.11 yuan/kg, a decrease of 0.14 yuan/kg. The weekly wholesale price of bananas is 5.88 yuan/kg, a decrease of 0.04 yuan/kg. The weekly wholesale price of watermelons is 3.58 yuan/kg, a decrease of 0.15 yuan/kg. The morning average daily arrival of trucks at the Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets has decreased [2] 3.5 Option Market - The implied volatility of at - the - money call and put options for apples is 18.59%, a decrease of 0.34% [2] 3.6 Industry News - On August 18, 2025, the supply of Gala apples in the western producing areas increased, with high - quality fruits commanding high prices. The trading of stored Fuji apples in Shandong was dull, with farmers and cold - storage operators offering discounts. The early - maturing Luli and Jinduhong apples were priced according to quality, and the shipment was okay. The Apple 2510 contract rose 0.44% on Monday [2] 3.7 Viewpoint Summary - The estimated national apple production for the new season is 3,736.64 million tons, an increase of 85.93 million tons or 2.35% compared to the 2024 - 2025 season. As of August 13, 2025, the national apple cold - storage inventory was 46.01 million tons, a decrease of 7.58 million tons from the previous week. The shipment speed slowed slightly. The capacity ratios in Shandong, Shaanxi, and Gansu decreased, with Shandong's de - stocking improving slightly, Shaanxi's shipment slowing, and Gansu's shipment almost finished [2]

Report Industry Investment Rating - No information provided Core View of the Report - On July 31, 2025, the supply of early - maturing apples in the west was average with poor coloring and weak market feedback. The trading speed of Shandong's inventory Fuji apples was average, and farmers were selling with price concessions. The Apple 2510 contract continued to decline and was expected to fluctuate weakly in the short term. It was recommended to wait and see [2]. - The purchase price of early - maturing varieties declined, and farmers' price concessions pressured the apple market. The old - crop inventory was low with little sales pressure, but the overall shipment speed slowed down [2]. Summary According to Relevant Catalogs Futures Market - The closing price of the October contract for apples was 7814 yuan/ton, the main - contract position volume was 88131 hands, the number of warehouse receipts was 0, and the net long position of the top 20 futures holders was 2395 hands. Compared with the previous period, the main - contract position volume decreased by 5697 hands, and the net long position decreased by 1234 hands [2]. Spot Market - The spot prices of apples in Shandong Yantai Qixia, Gansu Jingning, Shandong Yiyuan, and Shaanxi Luochuan remained unchanged compared with the previous period [2]. Upstream Situation - The national apple output was 5128.51 million tons, an increase of 168.34 million tons compared with the previous period. The weekly average wholesale price of apples was 9.72 yuan/kg, a decrease of 0.03 yuan/kg; the average wholesale price of Fuji apples was 9.73 yuan/kg, a decrease of 0.16 yuan/kg [2]. - The total national apple cold - storage inventory was 70.45 million tons, a decrease of 10.15 million tons. The capacity utilization ratio of Shandong apple cold - storage was 0.04, a decrease of 0.01; that of Shaanxi was 0.11, a decrease of 0.01. The monthly export volume of apples was 40000 tons, a decrease of 10000 tons [2]. Industry Situation - The monthly import value of fresh, dried fruits and nuts was 4330.8 million US dollars, and the monthly export value of apples was 1955488 - 245562.17 million US dollars (the specific calculation result is not clear from the text). The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants was 0.7 yuan/jin, unchanged from the previous period [2]. Downstream Situation - The weekly average wholesale price of tangerines was 10.04 yuan/kg, that of bananas was 3.81 yuan/kg, and that of watermelons was 5.97 yuan/kg. The daily average number of trucks arriving in the morning at the Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets was 6.8, 8.8, and 14.6 respectively, with changes of - 0.09, - 0.4, and - 2 compared with the previous period [2]. Option Market - The implied volatility of at - the - money call and put options for apples was 22.48%, an increase of 0.22% compared with the previous period [2]. Industry News - On July 31, 2025, the supply of early - maturing apples in the west was average with poor coloring and weak market feedback. The trading speed of Shandong's inventory Fuji apples was average, and farmers were selling with price concessions. The Apple 2510 contract closed down 1.33% on Thursday [2]. - According to preliminary estimates based on bagging volume survey data, the national apple output in the new season will be 3736.64 million tons, an increase of 85.93 million tons (2.35%) compared with the 2024 - 2025 production season [2]. - As of July 30, 2025, the national main - producing area apple cold - storage inventory was 61.61 million tons, a decrease of 8.84 million tons compared with the previous week. The shipment speed slowed down slightly compared with the previous week and was basically the same as the same period last year [2]. - The capacity utilization ratio of Shandong, Shaanxi, and Gansu apple cold - storages was 10.10%, 2.91%, and 2.05% respectively, with decreases of 1.02%, 0.74%, and 0.72% compared with the previous week. The shipment in the Gansu production area was sporadic [2]. - In some production areas, the early - maturing apples had serious regreening problems, and the actual transaction prices of varieties such as Qinyang, Meiba, and Luli decreased by 0.30 - 0.50 yuan/jin [2].

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The old - crop apple inventory is low with little sales pressure, and transactions are priced according to quality. Some early - maturing varieties have a serious regreening phenomenon, and the actual transaction prices of varieties such as Qinyang, Meiba, and Luli have dropped by 0.30 - 0.50 yuan per jin. The purchase price of early - maturing varieties has declined, weakening the price support. Coupled with the influence of capital flow, the apple futures rose and then fell. On Tuesday, the 2510 contract significantly reduced positions and corrected, giving back the decline of the past week. It is recommended to close long positions and wait and see [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the October contract for apples is 7,908 yuan/ton; the holding volume of the main contract is 103,588 hands, a decrease of 23,673 hands. The number of warehouse receipts is 0, and the net long position of the top 20 futures holders is 3,875 hands, a decrease of 1,846 hands [2]. 3.2 Spot Market - The spot price of Shandong Yantai Qixia (paper - bagged, above 80, second - grade fruit farmer's goods) is 4 yuan/jin [2]. 3.3 Upstream Situation - The national apple output is 5,128.51 million tons, an increase of 168.34 million tons; the average wholesale price of apples is 9.75 yuan/kg; the average wholesale price of Fuji apples is 9.73 yuan/kg; the total inventory of national apple cold storages is 70.45 million tons, a decrease of 10.15 million tons; the storage capacity ratio of Shandong apples is 11.12%, a decrease of 1.03%; the storage capacity ratio of Shaanxi apples is 3.65%, a decrease of 0.98%; the storage capacity ratio of Gansu apples is 2.77%, a decrease of 0.92%; the monthly export volume of apples is 40,000 tons, a decrease of 10,000 tons; the monthly export value of apples is 4,330.8 million US dollars; the monthly import value of fresh and dried fruits and nuts is 1,955,488 million US dollars, a decrease of 245,562.17 million US dollars; the profit of first - and second - grade paper - bagged 80 apple storage merchants is 0.7 yuan/jin [2]. 3.4 Downstream Situation - The average wholesale price of tangerines is 10.04 yuan/kg; the wholesale price of bananas is 3.92 yuan/kg; the wholesale price of watermelons is 6.06 yuan/kg; the early - morning average daily arrival volume at the Guangdong Jiangmen Wholesale Market is 6.8 vehicles, an increase of 1 vehicle; the early - morning average daily arrival volume at the Guangdong Xiaqiao Wholesale Market is 14.6 vehicles; the early - morning average daily arrival volume at the Guangdong Chalong Wholesale Market is 8.8 vehicles, a decrease of 2 vehicles [2]. 3.5 Option Market - The implied volatility of at - the - money call options for apples is 22.73%; the implied volatility of at - the - money put options for apples is 22.73% [2]. 3.6 Industry News - On July 29, 2025, the trading of inventory apples in the western production areas basically ended, and the remaining goods were mainly shipped by merchants themselves. The coloring of early - maturing apples was slow, and the redness was slightly poor. The actual transaction prices of varieties such as Qinyang, Meiba, and Luli decreased by 0.30 - 0.50 yuan/jin. In the Shandong production area, the number of inquiring merchants increased, the trading was smooth at the right price, and the trading atmosphere improved slightly. The apple 2510 contract closed down 3.1% on Tuesday. According to the preliminary estimate of the bagging volume survey data by Mysteel, the national apple output is expected to be 3,736.64 million tons, an increase of 85.93 million tons or 2.35% compared with the 2024 - 2025 production season [2]. 3.7 Viewpoint Summary - As of July 23, 2025, the inventory of national main - producing area apple cold storages was 70.45 million tons, a decrease of 10.15 million tons compared with last week. The shipping speed was about the same as last week and basically the same as last year. The storage capacity ratio in the Shandong production area was 11.12%, a decrease of 1.03% compared with last week, and the de - stocking speed was still average. The storage capacity ratio in the Shaanxi production area was 3.65%, a decrease of 0.98% compared with last week, and the shipping was slightly faster than last week. The storage capacity ratio in the Gansu production area was 2.77%, a decrease of 0.92% compared with last week, and the shipping in the Gansu production area was sporadic [2].

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The current apple inventory is at a low level in the same period of the past five years, and the purchase price of early - maturing varieties has increased slightly year - on - year, supporting the price to fluctuate strongly. However, the large - scale listing of summer fruits has impacted the apple demand, and the potential increase in the new - season apple production may restrain the price trend. In the short term, the apple price is expected to show a volatile and slightly upward trend. It is recommended to focus on the production situation in the future, and the operation strategy is to go long on dips while controlling risks [2] Summary by Directory Futures Market - The closing price of the October apple contract is not specified in the table, the main contract's open interest is 7956 hands, a decrease of 1666 hands compared with the previous period; the apple warehouse receipt quantity is 0, and the net long position of the top 20 futures holders is 4434 hands, a decrease of 1418 hands [2] Spot Market - The spot price of Shandong Yantai Qixia (paper - bagged apples above 80 grade 2, farmer - sourced) is 4 yuan per jin [2] Upstream Situation - The national apple production is 5128.51 million tons, an increase of 168.34 million tons compared with the previous period [2] Industry Situation - The weekly apple wholesale price is 9.75 yuan per kilogram, a decrease of 0.01 yuan; the average wholesale price of Fuji apples is 80.6 yuan per kilogram, a decrease of 10.89 yuan; the total national apple cold - storage inventory is 9.89 million tons, a decrease of 0.23 million tons; the Shandong apple storage capacity ratio is 0.12, a decrease of 0.01; the Shaanxi apple storage capacity ratio is 0.05, a decrease of 0.01; the monthly apple export volume is 40000 tons, a decrease of 10000 tons; the monthly apple export value is 4330.8 million US dollars, and the monthly import value of fresh and dried fruits and nuts is 1955488 million US dollars, a decrease of 245562.17 million US dollars; the weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0.7 yuan per jin, a decrease of 0.2 yuan [2] Downstream Situation - The weekly average wholesale price of tangerines is 9.63 yuan per kilogram, the weekly wholesale price of bananas is 6.06 yuan per kilogram, a decrease of 0.09 yuan; the weekly wholesale price of watermelons is 3.92 yuan per kilogram; the early - morning average daily arrival volume at the Guangdong Jiangmen wholesale market is 5.8 vehicles, a decrease of 2 vehicles; the early - morning average daily arrival volume at the Guangdong Xiaqiao wholesale market is 9.2 vehicles, a decrease of 1.8 vehicles; the early - morning average daily arrival volume at the Guangdong Chalong wholesale market is 16.6 vehicles, a decrease of 2.8 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 15.75%, a decrease of 0.59%; the implied volatility of at - the - money put options for apples is 15.75%, a decrease of 0.59% [2] Industry News - On July 23, 2025, the trading of inventory apples in the western production area basically ended, with a small amount of remaining goods mainly sold by merchants for their own use, and the price was stable. The market for inventory apples in the Shandong production area was weak, the trading of farmer - sourced apples was slow, and purchasers pressured prices, resulting in many transactions at discounted prices. The early - maturing apples in the western production area continued to be listed, and the transaction price of varieties such as Yuncheng smooth - skinned Gala was basically the same as last year. The apple 2510 contract rose 0.73% on Wednesday. According to preliminary estimates based on bagging volume survey data by Mysteel, the national apple production in the new season is expected to be 3736.64 million tons, an increase of 85.93 million tons or 2.35% compared with the 2024 - 2025 production season [2] Viewpoint Summary - As of July 16, 2025, the national apple cold - storage inventory in the main production areas was 80.60 million tons, a decrease of 10.89 million tons compared with the previous week, and the sales speed improved slightly compared with the previous week, showing little difference compared with the same period last year. The Shandong production area's storage capacity ratio was 12.15%, a decrease of 1.06% compared with the previous week, and the inventory reduction speed improved slightly. The Shaanxi production area's storage capacity ratio was 4.63%, a decrease of 1.09% compared with the previous week, and the sales were slightly faster than the previous week. Overall, the current inventory is at a low level in the same period of the past five years, and the purchase price of early - maturing varieties has increased slightly year - on - year, supporting the price to fluctuate strongly. However, the large - scale listing of summer fruits has impacted the apple demand, and the potential increase in the new - season apple production may restrain the price trend [2] Suggested Attention - There is no news today, and it is recommended to continue to pay attention to the apple production situation [2]

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - Summer cooling fruits flood the market, impacting apple demand and slowing down sales. After bagging, farmers are more willing to sell, leading to a weak adjustment in spot prices and dragging down futures prices. However, the current inventory is at a five - year low, strongly supporting prices, so the market is expected to move in a volatile manner. Continued attention should be paid to production [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract (daily, yuan/ton) is 7658, a decrease of 75. The closing price of the October contract (daily, yuan/ton) is also 7658, a decrease of 75. The main contract's open interest (daily, lots) is 89425, a decrease of 228. The number of warehouse receipts (daily, sheets) is 0. The net long positions of the top 20 futures holders (daily, lots) is 3179, a decrease of 2674 [2] 3.2 Spot Market - The spot price of apples in Shandong Yantai Qixia (paper - bagged, grade 80 and above, first - and second - grade farmer - supplied goods, daily, yuan/jin) is 4, a decrease of 0.1. The spot price in Shandong Yiyuan (paper - bagged, grade 75 and above, daily, yuan/jin) is 2.6, unchanged. The spot price in Gansu Jingning (paper - bagged, grade 75 and above, daily, yuan/jin) is 4.5, unchanged. The spot price in Shaanxi Luochuan (paper - bagged, grade 70 and above, semi - commodities, daily, yuan/jin) is 4, a decrease of 0.2 [2] 3.3 Upstream Situation - The national apple orchard area (annual, thousand hectares) is 1955.77, a decrease of 19.58. The national apple production (annual, ten thousand tons) is 5128.51, an increase of 168.34 [2] 3.4 Industry Situation - The wholesale price of apples (weekly, yuan/kg) is 9.73, an increase of 0.1. The average wholesale price of Fuji apples (weekly, yuan/kg) is 9.54, an increase of 0.03. The total national apple cold - storage inventory (weekly, ten thousand tons) is 99.31, a decrease of 7.6. The storage capacity ratio of Shandong apples (weekly) is 0.14, a decrease of 0.01. The storage capacity ratio of Shaanxi apples (weekly) is 0.06, a decrease of 0.01. The monthly export volume of apples (tons) is 50000, a decrease of 20000. The monthly export value of apples (ten thousand US dollars) is 5152.5, a decrease of 2552.9. The monthly import value of fresh and dried fruits and nuts (ten thousand US dollars) is 2201050.17. The profit of first - and second - grade paper - bagged apple 80 storage merchants (weekly, yuan/jin) is 0.8, a decrease of 0.1 [2] 3.5 Downstream Situation - The average wholesale price of tangerines (weekly, yuan/kg) is 8.84, an increase of 0.16. The wholesale price of Ya pears (weekly, yuan/kg) is 6.68, a decrease of 0.04. The wholesale price of bananas (weekly, yuan/kg) is 6.47, a decrease of 0.03. The wholesale price of watermelons (weekly, yuan/kg) is 3.96, a decrease of 0.02. The average daily number of trucks arriving in the morning at the Jiangmen wholesale market in Guangdong (weekly, vehicles) is 7.8, unchanged. The average daily number of trucks arriving in the morning at the Xiaqiao wholesale market in Guangdong (weekly, vehicles) is 20, an increase of 1.2 [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples (daily, %) is 17.18, an increase of 0.45. The implied volatility of at - the - money put options for apples (daily, %) is 17.17, an increase of 0.46 [2] 3.7 Industry News - On July 8, 2025, apple trading remained sluggish. Downstream merchants were less enthusiastic about restocking, clearly bargaining, and the sales speed was slow. In both western and Shandong production areas, the prices of stored apples continued to adjust weakly. According to Mysteel's preliminary estimate based on bagging volume survey data, the national apple production is expected to be 3736.64 tons, an increase of 85.93 tons or 2.35% compared to the 2024 - 2025 production season. As of July 2, 2025, the national main - producing area apple cold - storage inventory was 99.31 tons, a decrease of 7.60 tons from the previous week. The sales speed in the off - season was slow, slower than the previous week and also slower year - on - year. The storage capacity ratio in the Shandong production area was 13.98%, a decrease of 0.78% from the previous week, and the inventory clearance speed was slower year - on - year. There were not many merchants in the Shandong production area, and they still preferred cost - effective supplies, with overall slow sales. The storage capacity ratio in the Shaanxi production area was 6.43%, a decrease of 0.68% from the previous week, and the sales were slightly slower than the previous week. The trading in the Shaanxi production area was still concentrated in northern Shaanxi, and the rest of the production areas had cleared their inventories [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - As of June 18, 2025, the inventory of apple cold storage in the main producing areas across the country was 1.1649 million tons, a decrease of 109,700 tons from the previous week. The sales speed was basically the same as last week but slower compared to the same period last year. The storage capacity ratio in Shandong and Shaanxi decreased, and the destocking speed slowed down. Other fruits' competition and substitution increased, leading to weak apple demand, a slowdown in sales speed, and potential pressure on apple prices. However, the current low inventory still supports prices, and the market will fluctuate in the short - term. Follow - up attention should be paid to bagging conditions [2] 3. Summary According to Relevant Catalogs Futures Market - The closing price of the apple futures main contract was 7,674 yuan/ton, with a week - on - week increase of 31; the closing price of the October contract was 7,674 yuan/ton, with a week - on - week increase of 31. The position of the main contract was 91,335 lots, with a week - on - week increase of 1,277, and the number of warehouse receipts was 0. The net long position of the top 20 futures holders was 4,117 lots, with a week - on - week increase of 1,631 [2] Spot Market - The spot price of Shandong Yantai Qixia apples (paper - bagged, above 80 first - and second - grade fruit from farmers) was 4.1 yuan/jin, with no week - on - week change; the spot price of Gansu Jingning apples (paper - bagged, above 75) was 4.5 yuan/jin, with no week - on - week change. The spot price of Shandong Yiyuan apples (paper - bagged, above 75) was 2.6 yuan/jin, with no week - on - week change; the spot price of Shaanxi Luochuan apples (paper - bagged, above 70 semi - commercial) was 4.2 yuan/jin, with no week - on - week change [2] Upstream Situation - The national apple orchard area was 1,955.77 thousand hectares, a year - on - year decrease of 19.58 thousand hectares, and the national apple output was 51.2851 million tons, a year - on - year increase of 1.6834 million tons [2] Industry Situation - The weekly wholesale price of apples was 9.59 yuan/kg, a week - on - week increase of 0.02 yuan/kg; the average weekly wholesale price of Fuji apples was 9.56 yuan/kg, a week - on - week increase of 0.12 yuan/kg. The total national apple cold - storage inventory was 1.1649 million tons, a week - on - week decrease of 109,700 tons. The storage capacity ratio in Shandong was 0.16, a week - on - week decrease of 0.01; the storage capacity ratio in Shaanxi was 0.08, a week - on - week decrease of 0.01. The monthly apple export volume was 50,000 tons, a month - on - month decrease of 20,000 tons; the monthly apple export value was 51.525 million US dollars, a month - on - month decrease of 25.529 million US dollars. The monthly import value of fresh and dried fruits and nuts was 2,201,050.17 million US dollars. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants was 0.9 yuan/jin, with no week - on - week change [2] Downstream Situation - The weekly average wholesale price of tangerines was 8.5 yuan/kg, a week - on - week increase of 0.38 yuan/kg; the weekly fruit wholesale price of pears was 6.72 yuan/kg, a week - on - week decrease of 0.03 yuan/kg; the weekly fruit wholesale price of bananas was 6.5 yuan/kg, a week - on - week decrease of 0.11 yuan/kg; the weekly fruit wholesale price of watermelons was 3.98 yuan/kg, a week - on - week decrease of 0.13 yuan/kg. The weekly average number of trucks arriving in the morning at the Jiangmen wholesale market in Guangdong was 10.25, a week - on - week increase of 2.25; the weekly average number of trucks arriving in the morning at the Xiaqiao wholesale market in Guangdong was 14.25, a week - on - week increase of 2.45; the weekly average number of trucks arriving in the morning at the Chalong wholesale market in Guangdong was 22.25, a week - on - week increase of 1.45 [2] Option Market - The implied volatility of at - the - money call options for apples was 16.94%, a week - on - week increase of 1.22%; the implied volatility of at - the - money put options for apples was 16.94%, a week - on - week increase of 1.23% [2] Industry News - On June 25, 2025, the overall apple market in the producing areas showed a stable and weak trend. Merchants preferred to use their own inventory. Affected by quality and price - squeezing by purchasers, the actual transaction price of farmers' apples slightly declined, and transactions were made through bargaining. In the new - season apple situation, the bagging work in the producing areas was coming to an end, and the output problem was becoming clearer. According to market research on the fruit - setting and bagging in the main apple - producing areas in Shaanxi, the fruit - setting and bagging situation this year will not have a particularly large reduction compared to the same period last year, with an expected reduction of 5% - 10% [2]

Group 1: Report Overview - Report Title: Apple Daily Report, May 22, 2024 [2] - Researcher: Liu Qiannan [2] - Contact: liuqiannan_qh@chinastock.com.cn [2] Group 2: Market Information Spot Prices - Fuji Apple Price Index: 108.50, up 0.24 from the next working day [3] - 6 Kinds of Fruit Average Wholesale Price: 7.67, down 0.05 from the next working day [3] Futures Prices - AP01: 7469, down 150 from yesterday's close [3] - AP05: 7636, down 130 from yesterday's close [3] - AP10: 7552, down 120 from yesterday's close [3] Basis - Qixia First and Second - Grade 80 - AP01: 731, up 150 from the previous trading day [3] - Qixia First and Second - Grade 80 - AP05: 564, up 130 from the previous trading day [3] - Qixia First and Second - Grade 80 - AP10: 648, up 120 from the previous trading day [3] Group 3: Market News and Views Apple Market News - Cold - Storage Inventory: As of May 16, 2025, the cold - storage inventory in major apple - producing areas was 2.2886 million tons, a decrease of 0.3791 million tons from last week, at a five - year low [4] - Export and Import: In April 2025, fresh apple exports were about 72,600 tons, a month - on - month decrease of 24.41% and a year - on - year decrease of 1.77%. Imports were 19,100 tons, a month - on - month increase of 102.29% and a year - on - year increase of 63.56%. The cumulative imports from January to April 2025 were 32,400 tons, a year - on - year increase of 83.87% [7] - Market Price: The mainstream apple prices in the origin remained stable. Storage merchants were actively selling, and market traders mainly purchased as needed. The overall wholesale market was stable [7] - Profit: The profit of Qixia 80 first and second - grade storage merchants in the 2024 - 2025 production season was 0.9 yuan per catty, up 0.2 yuan per catty from last week [7] - Spot Price: In Qixia, Shandong, the demand for apple slice - red goods was good. The prices of different grades of apples remained stable [8] Trading Logic - The apple cold - storage inventory this year is at a low level since 2019. Before the new apples are on the market, the supply is likely to be tight. The current market sales are okay, and the spot price is strong, which supports the apple price. In addition, the windy and hot - dry weather in the western producing areas in April affected apple fruit - setting in some areas. It is expected that the apple trend will continue to be slightly stronger in a volatile manner [9] Trading Strategies - Unilateral: Build long positions in AP10 at low prices in the short term [10] - Arbitrage: It is recommended to wait and see [11] - Options: It is recommended to wait and see [12] Group 4: Related Attachments - The report includes 10 related charts, such as the price of Qixia first and second - grade paper - bag 80 apples, the price of Luochuan semi - commercial paper - bag 70 apples, AP contract basis, and apple arrival volume in wholesale markets [16][18][24]

Group 1: Report Industry Investment Rating - The report does not mention the industry investment rating. Group 2: Core View of the Report - After the May Day holiday this week, the shipping enthusiasm of merchants decreased, and the overall sales speed slowed down slightly compared with before the holiday. The apple market price tended to be stable, and the high - cost - effective supply remained strong. Market customers restocked as needed after the holiday, and the producing areas mainly shipped the previously packed goods. The inventory holders' willingness to sell increased. With the rising temperature, seasonal melons were on the market one after another, and the small - batch purchases decreased slightly. The new - season apples have gradually entered the fruit - setting period. The fruit - setting situation in the western region is differentiated, with poor fruit - setting in some producing areas, while the overall fruit - setting in Shandong is okay. In the future, apples are expected to maintain a high - level volatile trend based on low inventory and growth impacts. [3] Group 3: Summary According to the Directory 1. Weekly View - The overall sales speed of apples slowed down slightly after the May Day holiday, the price was stable, and high - cost - effective supply was strong. New - season apples entered the fruit - setting period with different situations in different regions. Apples are expected to maintain a high - level volatile trend. [3] 2. Market Review - This week, the main apple contract fluctuated at a high level. The apple basis was 263 yuan, an increase of 67 yuan compared with last week. [6] 3. Apple Wholesale Market Price Trend - As of May 9, 2025, the wholesale price of all apple varieties was 9.44 yuan/kg, an increase of 0.15 yuan/kg from last week; the wholesale price of Fuji apples was 8.96 yuan/kg, an increase of 0.22 yuan/kg from last week. Recently, the spot price of Fuji apples has been strong. [12] 4. Main Apple Producing Areas - In Shandong Qixia, the price of 80 first - and second - grade striped apples was 4.00 - 4.50 yuan/jin, etc. In Shaanxi Luochuan, the price of orchard - owner general - grade apples starting from 70 was 4.3 - 4.5 yuan/jin, etc. [17] 5. Cold Storage Situation Analysis - As of May 14, 2025, the apple cold - storage inventory in the main producing areas was 1.951 billion kg, a decrease of 337.6 million kg from last week. The inventory was still at a low level in the past five years. [19] 6. Sales Area Market Summary - In the South China market, the number of trucks arriving at the Guangdong Chalong market decreased. The daily average number of trucks arriving during the week was about 30. The sales were smooth during the May Day holiday and slowed down slightly after the holiday. The market price of Luochuan 80 late - season Fuji apples was 4.5 - 5.5 yuan/jin, etc. [24] 7. Apple Storage Profit Analysis - In the 2024 - 2025 production season, the profit of Qixia 80 first - and second - grade storage merchants was 0.9 yuan/jin, the same as last week. [28] 8. Substitute Price Analysis - As of the 19th week of 2025, the average wholesale price of six fruits monitored by the Ministry of Agriculture and Rural Affairs was 7.82 yuan/kg, an increase of 0.25 yuan/kg compared with the 17th week. The average wholesale prices of bananas, Kyoho grapes, and Fuji apples increased by 0.01 yuan/kg, 0.89 yuan/kg, and 0.22 yuan/kg respectively compared with the 17th week. The average wholesale prices of watermelons and pineapples decreased by 0.28 yuan/kg and 0.06 yuan/kg respectively compared with the 17th week. [33]