Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The apple market has a strong fundamental situation with low cold - storage apple inventory and high costs for May contracts. However, the upward momentum of the May contract is limited due to the high previous prices and upcoming position - limit regulations. The market is expected to shift its focus to the new - season apple production as the key growth period approaches, and the new - season apple is likely to have an increased production. It is recommended to short the October contract on rallies [5]. 3. Summary by Directory 3.1 Market Information - **Spot Prices**: The Fuji apple price index decreased by 0.15 to 110.41, while the prices of various apple types such as Luochuan semi - commercial paper - bagged 70, Qixia first - and second - grade paper - bagged 80 remained stable. The average wholesale price of 6 kinds of fruits increased by 0.04 to 7.88 [2]. - **Futures Prices**: AP01 rose by 8 to 8630, AP05 increased by 3 to 10121, and AP10 increased by 21 to 8786. The spreads between different contracts also changed, e.g., AP01 - AP05 increased by 5 to - 1491, AP05 - AP10 decreased by 18 to 1335 [2]. - **Basis**: The basis of Qixia first - and second - grade 80 against different contracts decreased, e.g., Qixia first - and second - grade 80 - AP01 decreased by 8 to - 630 [2]. 3.2 Market News and Views - **Market News**: As of March 12, 2026, the national main - producing area apple cold - storage inventory was 499.72 million tons, a decrease of 27.81 million tons from the previous week and 24.34 million tons from the same period last year, with a decline of 4.6%. The apple market in the producing areas was stable, with good - quality goods in short supply. The sales in the market were okay, and the mainstream prices were stable. The prices in Shandong and Shaanxi provinces also showed different trends [7]. - **Trading Logic**: Although the apple fundamentals are strong, the upward momentum of the May contract is insufficient. The market will focus on the new - season apple production, and the new - season apple is expected to have an increased production. It is recommended to short the October contract on rallies [5]. - **Trading Strategies**: For the single - side trading, it is recommended to exit the May contract and short the October contract on rallies. For arbitrage and options, it is recommended to wait and see [6][8]. 3.3 Related Attachments The report provides multiple charts including the price trends of Qixia first - and second - grade paper - bagged 80 and Luochuan semi - commercial paper - bagged 70, the basis of AP contracts, the spreads between different AP contracts, the apple arrival volume in some markets, the prices of 6 kinds of fruits, the national cold - storage apple inventory, and the national cold - storage apple outbound volume [10][11][14]

Report Industry Investment Rating - Not provided Core Viewpoints - Currently, the transaction of high - and low - quality apples in production areas is significantly differentiated. High - quality apples remain stable and firm, while the general supply of fruit farmers is slightly weak. Traders have a strong willingness to purchase high - quality goods. It is expected that the transaction of high - quality apples in the western region will be active in the short term, with overall stable prices and a continued polarization trend [2] - The shipment situation in production areas varies, generally stronger in the west and weaker in the east. As of March 4, 2026, the inventory in apple cold storage in the main production areas across the country was 527.53 tons, a decrease of 25.39 tons from the previous week, and the inventory removal speed has accelerated. In the Shandong production area, the number of traders inspecting goods in cold storage is acceptable, but the transaction after inquiry is average, and some fruit farmers are willing to lower prices. In the Shaanxi production area, the number of traders has increased, and some have moved from the Gansu production area to Shaanxi to find high - quality apples. The price of high - quality apples in the Yan'an production area is slightly firmer, but the overall transaction is still average [2] - In the sales areas, the post - festival market sales are stable, the market arrival volume is low, and the shipment has slowed down. However, due to the influence of low inventory, low high - quality fruit rate, and delivery logic, the price of the short - term apple main contract fluctuates more violently [2] Summary by Relevant Catalogs Futures Market - The closing price of the apple futures main contract is 10,303 yuan/ton, a week - on - week increase of 16 yuan/ton. The main contract position is 112,571 lots, a week - on - week decrease of 7,187 lots [2] - The net long position of the top 20 futures holders is 9,223 lots, a week - on - week decrease of 215 lots [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5.25 yuan/jin, unchanged from the previous week. The spot price of apples in Shandong Yiyuan (paper - bagged, above 75) is 2.4 yuan/jin, unchanged from the previous week [2] - The spot price of apples in Shaanxi Luochuan (paper - bagged, above 70 semi - second - grade fruit farmers' goods) is 4.2 yuan/jin, unchanged from the previous week. The spot price of apples in Shandong Yantai Qixia (paper - bagged, above 80 first - grade goods) is 3.7 yuan/jin, unchanged from the previous week [2] Upstream Situation - The national apple output is 5,128.51 million tons. The apple orchard area in the whole country is 1,955.77 thousand hectares, a year - on - year decrease of 19.58 thousand hectares [2] - The total inventory of national apple cold storage is 527.53 tons, a week - on - week decrease of 25.39 tons. The storage capacity ratio of Shandong apples is 42%, a week - on - week decrease of 0.01. The storage capacity ratio of Shaanxi apples is 42%, a week - on - week decrease of 0.02 [2] - The monthly export volume of apples is 160,000 tons, an increase of 40,000 tons from the previous month [2] Industry Situation - The year - on - year monthly export amount of apples is 30.7%, an increase of 14.5% from the previous month. The monthly import amount of fresh and dried fruits and nuts is 1,775,355 million US dollars, an increase of 657,409 million US dollars from the previous month [2] - The weekly profit of storage merchants for first - and second - grade paper - bagged apples (80) is 0.3 yuan/jin, unchanged from the previous week [2] Downstream Situation - The weekly wholesale price of pears is 6.69 yuan/kg, a week - on - week decrease of 0.12 yuan/kg. The weekly wholesale price of bananas is 6.52 yuan/kg, a week - on - week increase of 0.07 yuan/kg [2] - The weekly wholesale price of watermelons is 6.88 yuan/kg, a week - on - week decrease of 0.24 yuan/kg [2] - The average daily early - morning arrival volume at the Jiangmen Wholesale Market in Guangdong is 9.6 vehicles, a week - on - week decrease of 2.65 vehicles. The average daily early - morning arrival volume at the Xiaqiao Wholesale Market in Guangdong is 12.4 vehicles, a week - on - week decrease of 2.85 vehicles. The average daily early - morning arrival volume at the Chalong Wholesale Market in Guangdong is 18.4 vehicles, a week - on - week decrease of 4.85 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 38.51%, a week - on - week increase of 2.61%. The implied volatility of at - the - money put options for apples is 38.56%, a week - on - week increase of 2.67% [2]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - Apple inventory has decreased significantly recently, and the year-on-year decline in inventory data has widened again. Although apple demand is weak after the Spring Festival, it is about to enter a relatively empty window period for fruit listing in March and April, so apple sales are expected to improve further. Additionally, the cost of apple warehouse receipts this season is high, and the cost of warehouse receipts supports the price of the May contract, which remains in a short - term upward trend [5] Group 3: Summary by Directory First Part: Market Information - **Spot Prices**: The Fuji apple price index is 107.22, down 0.30 from the next - working - day price. The prices of various apple varieties such as Luochuan semi - commodity paper - bag 70, Qixia first - and second - grade paper - bag 80, etc., remain stable. The average wholesale price of 6 kinds of fruits is 7.83, down 0.15 from the next - working - day price [2] - **Futures Prices**: AP01 is 8470, up 154 from the previous close; AP05 is 9896, up 136; AP10 is 8618, up 167. The spreads between different contracts also show certain changes [2] - **Differences**: The differences between Qixia first - and second - grade 80 and different futures contracts have changed, such as Qixia first - and second - grade 80 - AP01 being - 470, down 154 from the previous trading day [2] Second Part: Market News and Views - **Apple Market News** - As of February 27, 2026, the cold - storage inventory of apples in the main producing areas of the country is 552.92 million tons, a decrease of 19.08 million tons from last week and a year - on - year decrease of 18.11 million tons, a decrease of 3.2% [7] - In December 2025, the export volume of fresh apples was about 15.65 million tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. The import volume was 0.31 million tons, a month - on - month increase of 21.31% and a year - on - year increase of 20.02%. The cumulative import volume for the whole year of 2025 was 11.68 million tons, a year - on - year increase of 19.72% [7] - The origin market was basically stable last Friday. Over the weekend, the procurement enthusiasm of merchants in the northwest producing areas increased significantly, and the prices of some specifications of goods showed a firm trend. The transaction in the Shandong producing area was stable, and the price changed little. The market arrivals increased, and the price remained stable [7] - The spot prices of apples in Shaanxi and Shandong showed different trends. In Shaanxi, the prices of some apples increased slightly, and in Shandong, the prices were relatively stable. There was good demand for small fruits [7] - **Trading Logic**: The出库 data before the Spring Festival was good, the inventory decreased significantly, and the demand is expected to improve. The high cost of warehouse receipts supports the price of the May contract, which shows a short - term upward trend [5] - **Trading Strategy** - For the single - side strategy, go long on the May contract on dips [8] - For the arbitrage strategy, go long on the May contract and short on the October contract [8] - For the option strategy, it is recommended to wait and see [8] Third Part: Related Attachments - There are 10 figures, including the price trends of Qixia first - and second - grade paper - bag 80 and Luochuan semi - commodity paper - bag 70, the basis of AP contracts, the spreads between different AP contracts, the arrival volume of apples in some markets, the prices of 6 kinds of fruits, the cold - storage inventory of apples in the country, and the outbound volume of apples in the country [10][11][13]

Group 1: Report Overview - The report is an Apple Daily from the Agricultural Products R & D Report on February 24, 2024, analyzing the apple market [1] Group 2: Market Information Spot Prices - Fuji apple price index was 107.22, down 0.30 from the previous workday; 6 - fruit average wholesale price was 8.10, up 0.12 from the previous workday [2] - Prices of various apple varieties like Luochuan semi - commodity paper - bagged 70, Qixia first and second - grade paper - bagged 80 remained stable [2] Futures Prices - AP01 was 8286, down 15 from the previous close; AP05 was 9705, down 130; AP10 was 8425, down 45 [2] - Spreads like AP01 - AP05, AP05 - AP10, and AP10 - AP01 changed by 115, - 82, and - 30 respectively [2] Basis - Basis of Qixia first and second - grade 80 against AP01, AP05, and AP10 changed by 15, 130, and 45 respectively [2] Group 3: Market News and Views Transaction Logic - Pre - Spring Festival apple出库 data was okay, and inventory decreased significantly, with the year - on - year inventory decline widening. Apple demand was not bad considering the high cold - storage apple prices [5] - The apple warehouse receipt cost this season is around 9700 - 10000 yuan/ton. As the March contract is approaching the delivery month after the Spring Festival, the market may trade the warehouse receipt cost, and the price of the May contract is expected to remain strong in the short term [5] Transaction Strategy - For the single - side strategy, go long on the May contract on dips and short the October contract on rallies [8] - For the arbitrage strategy, go long on the May contract and short the October contract [8] - For options, it is recommended to wait and see [8] Group 4: Related Attachments - There are 10 figures in total, including those showing the prices of Qixia first and second - grade paper - bagged 80, Luochuan semi - commodity paper - bagged 70, AP contract basis, spreads between different AP contracts, apple arrival volume, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple出库 volume [10][11][12]

Core Insights - The "Agricultural Products Wholesale Price 200 Index" increased to 129.59, up by 0.11 points from the previous day, indicating a general rise in agricultural product prices [1] - The "Vegetable Basket" product wholesale price index rose to 132.44, up by 0.13 points from the previous day, reflecting a similar trend in essential food items [1] Price Summary - The average wholesale price of pork reached 18.21 yuan/kg, an increase of 0.8% from the previous day - Beef prices rose to 66.61 yuan/kg, up by 0.1% - Mutton prices decreased slightly to 64.98 yuan/kg, down by 0.1% - Egg prices increased to 8.31 yuan/kg, up by 0.4% - Broiler chicken prices rose to 17.41 yuan/kg, up by 1.0% [1] Vegetable and Fruit Prices - The average price of 28 monitored vegetables was 5.58 yuan/kg, an increase of 0.9% - The average price of 6 monitored fruits was 8.06 yuan/kg, up by 1.0% [1] Fish Prices - Prices for crucian carp decreased to 19.57 yuan/kg, down by 0.8% - Carp prices fell to 14.47 yuan/kg, down by 0.3% - White catfish prices increased to 10.56 yuan/kg, up by 4.0% - Large hairtail prices rose to 44.83 yuan/kg, up by 0.4% [1] Price Changes in Key Products - The top five price increases among 46 monitored fresh agricultural products included cauliflower (4.8%), white catfish (4.0%), asparagus lettuce (4.0%), giant peak grapes (2.5%), and ginger (2.4%) - The top five price decreases included green peppers (1.3%), crucian carp (0.8%), pineapples (0.7%), potatoes (0.4%), and Fuji apples (0.3%) [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The overall trend of the Apple May contract is expected to be strong due to low cold storage inventory, high-quality issues, increased downstream stocking enthusiasm, and relatively high warehouse receipt costs [5] Group 3: Summary by Directory First Part: Market Information - **Spot Prices**: The Fuji apple price index is 107.22, with a decrease of 0.30 compared to the next working day. The prices of various apple varieties such as Luochuan semi-commodity paper bags 70, Qixia first and second-grade paper bags 80, etc., remain stable. The average wholesale price of 6 kinds of fruits is 7.97, with a decrease of 0.03 [2] - **Futures Prices**: For AP01, the price is 8153, up 33 from the previous night; AP05 is 9601, up 101; AP10 is 8258, up 44. The spreads between different contracts also show corresponding changes [2] - **Basis**: The basis of Qixia first and second-grade 80 against different contracts shows a downward trend [2] Second Part: Market News and Views - **Market News** - As of February 4, 2026, the apple cold storage inventory in the main producing areas of China is 619.81 million tons, a decrease of 34.25 million tons from the previous week, and the de-stocking speed is accelerating compared to the previous week, higher than the same period last year [7] - In December 2025, the export volume of fresh apples is about 15.65 million tons, a month-on-month increase of 28.63% and a year-on-year increase of 26.76%. The import volume is 0.31 million tons, a month-on-month increase of 21.31% and a year-on-year increase of 20.02%. The cumulative import volume for the whole year of 2025 is 11.68 million tons, a year-on-year increase of 19.72% [7] - The mainstream price of apples in the producing areas is stable. The cold storage packaging in Shandong is nearing completion, while there are still many cold storage facilities in the northwest region continuing to package, with a relatively large shipment volume in recent days. The market arrival volume has increased significantly, and the sales are acceptable, with the mainstream price remaining stable [7] - The mainstream transaction price of semi-commodity apple cold storage in Luochuan, Shaanxi is 3.8 - 4.2 yuan per catty, and the market is stable, with some customers still making purchases but with reduced transactions [7] - **Trading Logic**: Low cold storage inventory, poor apple quality, increased pre - Spring Festival stocking enthusiasm, and high warehouse receipt costs lead to an expected strong trend for the Apple May contract [5] - **Trading Strategy** - For single - sided trading, go long on the May contract on dips and short the October contract on rallies [8] - For arbitrage, go long on the May contract and short the October contract [8] - For options, it is recommended to wait and see [8] Third Part: Related Attachments - The report provides multiple charts, including the price trends of Qixia first and second - grade paper bags 80 and Luochuan semi - commodity paper bags 70, the basis of AP contracts, the spreads between different AP contracts, the arrival volume of apples in certain markets, the prices of 6 kinds of fruits, the national cold storage apple inventory, and the national cold storage apple outbound volume [10][11][12]

Report Industry Investment Rating - Not provided Core Viewpoints - Apple pre - holiday stocking transactions are nearing the end, with merchants gradually returning home, and the packaging phenomenon in cold storage has significantly decreased. The transaction prices of stored Fuji apples in various production areas are basically stable, and the market situation has not changed much [2] - The de - stocking in production areas continues to accelerate, and merchants are actively disposing of their own inventory. As of February 4, 2026, the apple cold - storage inventory in the main production areas of the country was 619.81 million tons, a decrease of 34.25 million tons compared to last week. The de - stocking speed has accelerated compared to last week and is higher than the same period last year [2] - In the Shandong production area, the overall packaging and shipping are okay, and some pre - packed gift boxes are being sent to the market one after another, with the shipment accelerating. The transactions of fruit farmers' goods are concentrated in third - grade fruits and small fruits, and there are sporadic transactions of first - and second - grade high - quality goods. The de - stocking in Shaanxi has accelerated slightly compared to the previous period. In the Weinan and Xianyang production areas, the transactions have improved compared to before, with more merchants packing and shipping. The fruit farmers' goods are still mainly sold in two - grade sources [2] - In the sales areas, the arrival of vehicles is relatively dense, but there is a large backlog of goods in the transfer warehouses and ground vehicles. In terms of prices, the prices of ordinary fruit farmers' goods are stable with a slight downward trend, while the prices of high - quality goods remain stable. As the long holiday approaches, short - term risk control should be noted [2] Summary by Directory Futures Market - The closing price of the main apple futures contract is 9,500 yuan/ton, a decrease of 17 yuan; the position of the main contract is 94,794 lots, a decrease of 7,593 lots; the net long position of the top 20 futures holders is 6,547 lots, a decrease of 77 lots [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5.25 yuan/jin, with no change; the spot price of apples in Shandong Yiyuan (paper - bagged, above 75) is 2.4 yuan/jin, with no change; the spot price of apples in Shaanxi Luochuan (paper - bagged, above 70 semi - commercial) is 4.2 yuan/jin, with no change; the spot price of apples in Shandong Yantai Qixia (paper - bagged, above 80 first - grade goods) is 3.7 yuan/jin, with no change [2] Upstream Situation - The annual apple output in the country is 5,128.51 million tons, an increase of 168.34 million tons; the weekly fruit wholesale price of apples is 9.55 yuan/kg, an increase of 0.08 yuan; the weekly average wholesale price of Fuji apples is 9.29 yuan/kg, a decrease of 0.04 yuan; the total weekly cold - storage inventory of apples in the country is 619.81 million tons, a decrease of 34.24 million tons; the weekly storage capacity ratio of apples in Shandong is 0.47, a decrease of 0.02; the weekly storage capacity ratio of apples in Shaanxi is not clearly stated in the decrease amount; the monthly export volume of apples is 160,000 tons, an increase of 40,000 tons; the monthly export amount of apples has a year - on - year increase of 30.7%; the monthly import amount of fresh and dried fruits and nuts is 1,775,355 million US dollars; the weekly profit of storage merchants for first - and second - grade paper - bagged 80 apples is 0.3 yuan/jin, with no change [2] Downstream Situation - The weekly fruit wholesale price of pears is 6.45 yuan/kg, a decrease of 0.07 yuan; the weekly fruit wholesale price of bananas is 6.1 yuan/kg, an increase of 0.08 yuan; the weekly fruit wholesale price of watermelons is 7.05 yuan/kg, an increase of 0.2 yuan; the weekly average daily early - morning arrival of vehicles at the Jiangmen wholesale market in Guangdong is 27.8 vehicles, an increase of 10.4 vehicles; the weekly average daily early - morning arrival of vehicles at the Xiaqiao wholesale market in Guangdong is 10.8 vehicles; the weekly average daily early - morning arrival of vehicles at the Chalong wholesale market in Guangdong is 34.2 vehicles, an increase of 16.2 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 27.01%, with no change; the implied volatility of at - the - money put options for apples is 27.01%, a decrease of 0.02% [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The pre - Spring Festival apple stocking atmosphere remains weak. Merchants' procurement is concentrated in Gansu and Liaoning production areas, while trading in Shandong and Shaanxi remains light with slow shipment speed. The shipment of paper - laminated apples in Shanxi production area has accelerated slightly [2]. - The Spring Festival stocking of late - Fuji apple production areas has improved slightly, with the shipment in the origin increasing month - on - month. Snowfall in some production areas within the week slightly affected shipment. As of January 21, 2026, the inventory in apple cold storages in the main production areas across the country was 682780 tons, a decrease of 21880 tons from the previous week, and the inventory removal speed accelerated month - on - month [2]. - In the Shandong production area, the storage capacity ratio was 50.30%, a decrease of 0.87% from the previous week. In the Shaanxi production area, the storage capacity ratio was 52.76%, a decrease of 1.56% from the previous week. The overall shipment in the Shandong production area accelerated slightly, but snowfall affected the shipment speed in individual areas, and the number of customers inspecting goods in the storage increased slightly. The inventory removal in Shaanxi increased month - on - month. In production areas such as Yan'an and Weinan, the number of inquiring customers increased, and customers packaged and shipped their own inventory, with the shipment increasing slightly compared with the previous period. The transactions of fruit farmers' goods were mainly high - quality general goods and high - grade secondary goods [2]. - In the sales area market, the number of incoming trucks decreased, the transit inventory was overstocked, the market customers were still scarce, and the sales were relatively slow. From the perspective of the market, the festival effect is limited, and short - term price fluctuations intensify [2] 3. Summary According to Relevant Catalogs Futures Market - The closing price of the main apple futures contract was 9532 yuan/ton, and the position of the main contract was 100002 lots, a decrease of 5668 lots. The net long position of the top 20 futures holders was 1410 lots, an increase of 351 lots [2]. Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) was 5.25 yuan/jin, and that in Shandong Yiyuan (paper - bagged, above 75) was 2.4 yuan/jin, both unchanged. The spot price of apples in Shaanxi Luochuan (paper - bagged, above 70 semi - commodities) was 4.2 yuan/jin, and that in Shandong Yantai Qixia (paper - bagged, above 80 first - grade) was 3.7 yuan/jin, both unchanged [2]. Upstream Situation - The national apple output was 51285100 tons, and the output of second - grade fruit farmers' goods was 1683400 tons [2]. Industry Situation - The weekly apple wholesale price was 9.47 yuan/kg, a decrease of 0.05 yuan/kg. The average wholesale price of Fuji apples was 9.29 yuan/kg, an increase of 0.09 yuan/kg. The total inventory in national apple cold storages was 682780 tons, a decrease of 21880 tons. The storage capacity ratio in Shandong was 0.5, a decrease of 0.01, and that in Shaanxi was 0.53, a decrease of 0.02. The monthly apple export volume was 160000 tons, an increase of 40000 tons. The monthly import amount of fresh and dried fruits and nuts was 17753550000 US dollars, and the year - on - year increase of the monthly apple export amount was 6574090000 US dollars. The weekly profit of storage merchants for first - and second - grade paper - bagged apples of 80 was 0 yuan/jin [2]. Downstream Situation - The weekly wholesale price of pears was 6.52 yuan/kg, an increase of 0.02 yuan/kg; the weekly wholesale price of bananas was 6.97 yuan/kg, a decrease of 0.07 yuan/kg; the weekly wholesale price of watermelons was 5.9 yuan/kg, an increase of 0.05 yuan/kg. The average daily number of incoming trucks in the early morning at the Guangdong Jiangmen wholesale market was 11.2, a decrease of 0.6; the average daily number of incoming trucks in the early morning at the Guangdong Xiaqiao wholesale market was 15.6, a decrease of 2.2; the average daily number of incoming trucks in the early morning at the Guangdong Chalong wholesale market was 23.4, a decrease of 1.2 [2]. Option Market - The implied volatility of at - the - money call options for apples was 24.88%, and the implied volatility of at - the - money put options for apples was 24.88%, a decrease of 0.17% [2]

Group 1: Report Overview - The report is an apple daily report in the agricultural product research report, dated January 27, 2024 [1] Group 2: Market Information Spot Prices - The Fuji apple price index was 108.44, down 0.09 from the previous trading day. The average wholesale price of 6 kinds of fruits was 7.84, down 0.04 [2] - The price of Qixia first and second - grade paper - bagged 80 apples was 4.00, down 0.10; the price of Penglai first and second - grade paper - bagged 80 apples was 4.10, down 0.15; the price of Luochuan semi - commercial paper - bagged 70 apples was 4.20, unchanged; the price of Yiyuan paper - bagged 70 apples was 2.50, unchanged [2] Futures Prices - AP01 was 8239, up 23 from the previous close; AP05 was 9466, down 69; AP10 was 8330, down 14 [2] - The spread AP01 - AP05 was - 1227, up 92; AP05 - AP10 was 1136, down 55; AP10 - AP01 was 91, down 37 [2] Other Price Differences - The difference between Qixia first and second - grade 80 apples and AP01 was - 239, down 223; the difference between Qixia first and second - grade 80 apples and AP10 was - 330.0, down 186; the difference between Qixia first and second - grade 80 apples and AP05 was - 1466, down 131 [2] Group 3: Market News and Views Apple Market News - As of January 21, 2026, the apple cold - storage inventory in the main producing areas of China was 682.78 million tons, a decrease of 21.88 million tons from the previous week. The inventory removal speed continued to accelerate but was lower than the same period last year [7] - In December 2025, the export volume of fresh apples was about 15.65 million tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. The import volume was 0.31 million tons, a month - on - month increase of 21.31% and a year - on - year increase of 20.02%. The cumulative import volume in 2025 was 11.68 million tons, a year - on - year increase of 19.72% [7] - On January 26, the mainstream price of apples in the producing areas was stable. During the weekend, the number of traders packing and shipping in the cold storage in the producing areas increased significantly, and the enthusiasm for Spring Festival stocking increased [7] - In Shandong, the price of high - quality late - maturing paper - bagged Fuji apples in stock was stable. In Qixia, the mainstream price of 80 and above first, second, and third - grade fruit was 3.0 - 3.5 yuan per catty. In Shaanxi, the mainstream price was stable. In Luochuan, the mainstream price of 70 and above semi - commercial fruit was 3.8 - 4.2 yuan per catty, and high - quality fruit was 4.5 - 5.0 yuan per catty [7] Trading Logic - This year, the apple cold - storage inventory is low and the quality is poor. The pre - Spring Festival stocking enthusiasm has increased recently, and the inventory removal speed has accelerated. The apple cold - storage inventory cost is high, about 9700 - 10000 yuan per ton. Considering the low inventory, high downstream stocking enthusiasm, and high inventory cost, the overall trend of the apple May contract is expected to be strong [5] Trading Strategies - For the single - side strategy, hold the long position of the May contract and short the October contract on rallies [8] - For the arbitrage strategy, go long on the May contract and short the October contract [8] - For the options strategy, it is recommended to wait and see [8] Group 4: Related Attachments - The report includes 10 figures, such as the price of Qixia first and second - grade paper - bagged 80 apples, the price of Luochuan semi - commercial paper - bagged 70 apples, AP contract basis, spreads between different AP contracts, apple arrival volume in wholesale markets, 6 - fruit average price, national cold - storage apple inventory, and national cold - storage apple delivery volume [10][13][20][22][25]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The overall atmosphere of the Spring Festival stocking in the apple industry is still tepid, and the current market remains stable. The transaction of fruit farmers' goods has slightly improved, but the trading volume is still limited. The de - stocking speed has accelerated, but the festival effect on the market is limited, and short - term price competition has intensified [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the apple futures main contract is 9,466 yuan/ton, a decrease of 69 yuan; the main contract position is 103,809 lots, a decrease of 3,709 lots; the net long position of the top 20 futures positions is - 225 lots, a decrease of 2,688 lots [2] 3.2 Spot Market - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5.25 yuan/jin, unchanged; in Shandong Yiyuan (paper - bagged above 75) is 2.4 yuan/jin, unchanged; in Shaanxi Luochuan (paper - bagged above 70 semi - commercial) is 4.2 yuan/jin, unchanged; in Shandong Yantai Qixia (paper - bagged above 80 second - grade fruit farmers' goods) is 3.7 yuan/jin, unchanged [2] 3.3 Upstream Situation - The national apple output is 5,128.51 million tons, an increase of 168.34 million tons [2] 3.4 Industry Situation - The weekly apple wholesale price is 9.52 yuan/kg, an increase of 0.19 yuan; the average wholesale price of Fuji apples is 9.29 yuan/kg, an increase of 0.09 yuan. The total national apple cold - storage inventory is 682.78 million tons, a decrease of 21.88 million tons. The storage capacity ratio in Shandong is 0.5, a decrease of 0.01; in Shaanxi is 0.53, a decrease of 0.02. The monthly apple export volume is 160,000 tons, an increase of 40,000 tons; the monthly import amount of fresh and dried fruits and nuts is 1,775,355 million US dollars, an increase of 657,409 million US dollars; the year - on - year export amount of apples is 30.7%. The weekly profit of storage merchants for first - and second - grade paper - bagged 80 apples is 0 yuan/jin [2] 3.5 Downstream Situation - The weekly wholesale price of pears is 6.5 yuan/kg, a decrease of 0.21 yuan; of bananas is 7.04 yuan/kg, an increase of 0.01 yuan; of watermelons is 5.85 yuan/kg, a decrease of 0.02 yuan. The early - morning average daily arrival volume at the Guangdong Jiangmen wholesale market is 11.2 vehicles, a decrease of 0.6 vehicles; at the Guangdong Xiaqiao wholesale market is 23.4 vehicles, a decrease of 2.2 vehicles; at the Guangdong Chalong wholesale market is 15.6 vehicles, a decrease of 1.2 vehicles [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 24.11%, a decrease of 0.91%; the implied volatility of at - the - money put options for apples is 24.14%, a decrease of 0.88% [2] 3.7 Industry Conditions - In Shaanxi, the transaction of fruit farmers' goods is mainly a small amount of extreme - end goods, and merchants mainly ship their own inventory. In Gansu, merchants adjust fruit sources as needed, and the packaging and shipment are relatively stable. In Shandong, the transaction is average, and the packaging of gift boxes has started sporadically. The Spring Festival stocking in the late - Fuji apple production areas has slightly improved, and the local shipment has increased month - on - month. Snowfall in some production areas within the week has slightly affected the shipment [2] 3.8 Viewpoint Summary - As of January 21, 2026, the cold - storage inventory of apples in the main national production areas is 682.78 million tons, a decrease of 21.88 million tons compared with last week, and the de - stocking speed has accelerated. The storage capacity ratio in Shandong is 50.30%, a decrease of 0.87% compared with last week; in Shaanxi is 52.76%, a decrease of 1.56% compared with last week. The overall shipment in Shandong has slightly accelerated, but snowfall has affected the shipment speed in individual production areas, and the number of merchants inspecting goods in the warehouse has slightly increased. The de - stocking in Shaanxi has slightly accelerated month - on - month. In the sales area, the arrival volume has decreased, the transit inventory is overstocked, the market customers are still scarce, and the sales are relatively slow [2] 3.9 Suggested Attention - Pay attention to the cold - storage inventory data on Thursday [2]