Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View The short - term apple futures price is expected to maintain high - level operation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9,531 yuan/ton, and the main contract's open interest is 137,175 hands, with an increase of 12,638 hands compared to the previous period. The net long position of the top 20 futures holders is 8,910 hands, a decrease of 990 hands [2]. 3.2现货市场 - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5.25 yuan/jin, in Shandong Yiyuan (paper - bagged, above 75) is 2.6 yuan/jin, in Shaanxi Luochuan (paper - bagged, above 70 semi - commercial) is 4.2 yuan/jin, and in Shandong Yantai Qixia (paper - bagged, above 80 first - grade secondary fruit farmer's goods) is 4 yuan/jin, with no change in all the prices compared to the previous period [2]. 3.3 Upstream Situation - The national apple output is 5,128.51 million tons, an increase of 168.34 million tons. The weekly apple fruit wholesale price is 9.4 yuan/kg, with a decrease of 0.03 yuan/kg; the average wholesale price of Fuji apples is 9.07 yuan/kg, a decrease of 0.05 yuan/kg. The national total apple cold - storage inventory is 773.16 million tons, the Shandong apple storage capacity ratio is 0.54, an increase of 0.03, and the Shaanxi apple storage capacity ratio is 0.53, a decrease of 0.01. The monthly apple export volume is 80,000 tons, with the monthly apple export amount year - on - year growth rate at - 14.3%, and the monthly import amount of fresh, dried fruits and nuts is 1,334,364 million US dollars, a decrease of 503,616 million US dollars [2]. 3.4产业情况 - The profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin [2]. 3.5 Downstream Situation - The weekly fruit wholesale prices of pear, banana, and watermelon are 6.71 yuan/kg, 5.37 yuan/kg, and 5.78 yuan/kg respectively. The daily average number of trucks arriving at the Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets in the morning is 12.2, 16, and 23.8 respectively, with no change compared to the previous period [2]. 3.6 Option Market - The implied volatility of at - the - money call options for apples is 17.51%, a decrease of 9.26%, and the implied volatility of at - the - money put options is 17.51%, a decrease of 9.27% [2]. 3.7 Industry News - The trading of inventory apples in apple - producing areas is generally inactive. Merchants are making tentative purchases for market distribution, but the market sales speed is slow. The trading is somewhat stalemated, and the transaction prices change little. There is a small amount of remaining ground - sourced apples in Shandong and Shanxi, with a decline in quality, and most of the transactions are based on negotiated prices. Apples in Shandong and Shanxi are still being stored, the ground - sourced trading is gradually ending, and the trading of stored - sourced goods is limited [2]. 3.8观点总结 - In Shandong, the ground - sourced trading in the Shandong production area is coming to an end, with a small amount of apples being stored in some places like Qixia, and the storage of some Cream Fuji is also ending. In Shaanxi, the storage is basically completed, and the production area has started to transfer to outbound storage. In northern Shaanxi, most merchants distribute their self - stored goods, and there is a small amount of goods transferred through some foreign - trade channels. In southern Shaanxi, fruit farmers' goods are mainly transferred, and the transaction is better than that in northern Shaanxi. Some of the goods go to the second - and third - tier markets, and some are transferred by Shandong merchants. The performance of the sales area market is average, and attention should be paid to the substitution effect of citrus fruits on the market [2].

Group 1: Report Overview - The report is the Apple Industry Daily on November 24, 2025 [1] Group 2: Market Data Futures Market - The closing price of the apple futures main contract is 9379 yuan/ton, and the main contract position is 124,863 lots, a week - on - week increase of 4048 lots [2] - The net long position of the top 20 futures holders is 8095 lots, a week - on - week increase of 523 lots [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bag 75 and above) is 5.25 yuan/jin, unchanged from the previous period; in Shandong Yiyuan (paper - bag 75 and above) is 2.6 yuan/jin, unchanged; in Shaanxi Luochuan (paper - bag 70 and above semi - commercial) is 4.2 yuan/jin, unchanged; in Shandong Yantai Qixia (paper - bag 80 and above second - grade fruit farmer's goods) is 4 yuan/jin, unchanged [2] Upstream Situation - The annual apple production in China is 5128.51 million tons, and the weekly apple wholesale price is 9.43 yuan/kg, a week - on - week decrease of 0.06 yuan/kg; the average wholesale price of Fuji apples is 9.07 yuan/kg, a week - on - week decrease of 0.05 yuan/kg [2] - The total national apple cold - storage inventory is 773.16 million tons, a week - on - week increase of 8.92 million tons. The capacity utilization ratio in Shandong is 0.59, a week - on - week increase of 0.03; in Shaanxi is 0.54, a week - on - week decrease of 0.01 [2] - The monthly apple export volume is 80,000 tons, a month - on - month increase of 10,000 tons [2] Industry Situation - The monthly import value of fresh and dried fruits and nuts decreased by 5.8%, and the year - on - year monthly export value of apples decreased by 14.3% [2] - The weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0 yuan/jin, unchanged [2] Downstream Situation - The weekly wholesale price of pears is 6.67 yuan/kg, an increase of 0.01 yuan/kg; of bananas is 5.34 yuan/kg, a decrease of 0.05 yuan/kg; of watermelons is 5.56 yuan/kg, an increase of 0.2 yuan/kg [2] - The weekly average daily morning arrival of trucks at the Guangdong Jiangmen wholesale market is 12.2 vehicles, unchanged; at the Guangdong Xiaqiao wholesale market is 16 vehicles, unchanged; at the Guangdong Chalong wholesale market is 23.8 vehicles, unchanged [2] Option Market - The implied volatility of at - the - money call options for apples is 22.08%, a day - on - day decrease of 0.23%; the implied volatility of at - the - money put options is 22.08%, a day - on - day decrease of 0.23% [2] Group 3: Industry News - Inventory apple trading in Shandong and western production areas is still dull, mainly with foreign trade merchants purchasing small - sized inventory fruits. Market merchants have low enthusiasm for purchasing, mainly digesting ground - sourced fruits, and the transaction price has little change [2] - Apples in Shandong and Shanxi are still being stored, ground trading is gradually ending, and inventory - sourced trading is limited. As of November 19, 2025, the national apple cold - storage inventory in main production areas is 773.16 million tons, an increase of 8.92 million tons from last week. The capacity utilization ratio in Shandong is 54.29%, an increase of 3.02% from last week; in Shaanxi is 59.10%, a decrease of 0.34% from last week. Ground trading in Shandong is ending, and some areas like Qixia are doing a small amount of storage. Storage in Shaanxi is basically over, and the production area has started to transfer out of storage [2] Group 4: Core View - The performance of the sales area market is average. Pay attention to the substitution effect of citrus fruits on the market. In the short term, the apple futures price is expected to remain at a high level [2]

Report Information - Report Name: Apple Industry Daily Report 2025 - 11 - 20 [1] - Researcher: Wang Cuibing [2] - Futures Practitioner Qualification Number: F03139616 [2] - Futures Investment Consulting Practitioner Certificate Number: Z0021556 [2] 1. Report Industry Investment Rating - No information provided 2. Core View - As the apple storage process is not yet finished and is currently in the peak storage period, the volume of farmers' apple supplies going into storage has significantly increased. In the Shaanxi region, the storage and shipment processes are happening simultaneously, with the storage process almost complete. There is a small amount of external - sourced apples being shipped back to Luochuan, and some merchants are transferring locally - sourced low - price apples for storage, resulting in a relatively small overall shipment volume. In the sales market, there is good enthusiasm for purchasing high - quality apples. With the upcoming stocking period for Christmas and New Year's Day, the apple futures price is expected to remain high in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9496 yuan/ton; the position of the main contract is 140787 hands, with an increase of 16254 hands. The net long position of the top 20 futures holders is 9165 hands, with an increase of 293 hands [2] 3.2 Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5.25 yuan/jin; in Shandong Yiyuan (paper - bagged, above 75) is 2.6 yuan/jin; in Shaanxi Luochuan (paper - bagged, above 70 semi - commercial) is 4.2 yuan/jin; in Shandong Yantai Qixia (paper - bagged, above 80, first - and second - grade fruit farmers' goods) is 4 yuan/jin, all with no change [2] 3.3 Upstream Situation - The annual apple production in China is 5128.51 million tons, with an increase of 168.34 million tons [2] 3.4 Industry Situation - The weekly apple wholesale price is 9.43 yuan/kg, with a decrease of 0.06 yuan/kg; the average weekly wholesale price of Fuji apples is 9.12 yuan/kg, with an increase of 0.08 yuan/kg. The total weekly inventory in national apple cold storage is 65.82 million tons. The weekly capacity utilization ratio of Shandong apple cold storage is 0.54, with an increase of 0.03; that of Shaanxi is 0.59, with a decrease of 0.01. The monthly apple export volume is 70000 tons, with no change. The monthly import value of fresh, dried fruits and nuts is 1837980 million US dollars, with an increase of 248684.5 million US dollars. The monthly year - on - year growth rate of apple export value is - 8.5%. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin, with no change [2] 3.5 Downstream Situation - The weekly wholesale price of pears is 6.67 yuan/kg, with an increase of 0.01 yuan/kg; the weekly wholesale price of bananas is 5.56 yuan/kg, with an increase of 0.2 yuan/kg; the weekly wholesale price of watermelons is 5.34 yuan/kg, with a decrease of 0.05 yuan/kg. The average daily number of incoming trucks in the morning at the Guangdong Jiangmen wholesale market is 12.2, with no change; at the Guangdong Xiaqiao wholesale market is 16, with a decrease of 1; at the Guangdong Chalong wholesale market is 23.8, with a decrease of 0.2 [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 21.81%, with a decrease of 1.43%; the implied volatility of at - the - money put options for apples is 21.81%, with a decrease of 1.43% [2] 3.7 Industry News - As of November 19, 2025, the total inventory in apple cold storage in major producing areas in China is 773.16 million tons, with an increase of 8.92 million tons compared to last week. The capacity utilization ratio of Shandong apple cold storage is 54.29%, with an increase of 3.02%; that of Shaanxi is 59.10%, with a decrease of 0.34%. The storage of new - season late - maturing Fuji apples is almost complete, and the remaining inventory is mainly concentrated in places like Qixia, Shandong. The ground - level trading in the Shandong producing area is coming to an end [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The current late - Fuji apple inventory is at a relatively low level in recent years. As the situation is gradually reflected in the market, price fluctuations are intensifying. In the short - term, it is advisable to buy long positions on dips and pay attention to risk control [2] Summary by Relevant Catalogs Futures Market - The closing price of the apple futures main contract is 297 yuan/ton, and the main contract position is 9,504 hands. The net long position of the top 20 futures holders is 8,167 hands, a decrease of 1,510 hands [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bagged 75 and above) is 5.25 yuan/jin, in Shandong Yiyuan (paper - bagged 75 and above) is 2.3 yuan/jin, in Shaanxi Luochuan (paper - bagged 70 and above semi - commercial) is 4.2 yuan/jin, and in Shandong Yantai Qixia (paper - bagged 80 and above second - grade fruit farmer's goods) is 3.5 yuan/jin [2] Upstream Situation - The national apple output is 5,128.51 million tons, an increase of 168.34 million tons [2] Industry Situation - The weekly apple fruit wholesale price is 9.49 yuan/kg, the average wholesale price of Fuji apples is 7.6424 yuan/kg, the national apple cold - storage total inventory is 65.82 million tons, the Shandong apple storage capacity ratio is 0.51, the Shaanxi apple storage capacity ratio is 0.03, the monthly apple export quantity is 70,000 tons, the monthly apple export amount year - on - year is - 8.5%, the monthly import amount of fresh, dried fruits and nuts is 18.3798 million US dollars, and the weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin [2] Downstream Situation - The weekly fruit wholesale price of pears is 6.66 yuan/kg, bananas is 5.36 yuan/kg, and watermelons is 5.39 yuan/kg. The early - morning average daily arrival vehicle volume at the Guangdong Jiangmen wholesale market is 12.2 vehicles, at the Guangdong Xiaqiao wholesale market is 17 vehicles, and at the Guangdong Chalong wholesale market is 24 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 21.57%, a decrease of 0.72%, and the implied volatility of at - the - money put options for apples is 21.57%, a decrease of 0.72% [2] Industry News - As of November 13, 2025, the total cold - storage inventory of apples in the main producing areas is 7.6424 million tons, 0.9054 million tons lower than the same period last year. The storage capacity ratio in Shandong is 51.27%, an increase of 10.24% from last week, and in Shaanxi is 59.64%, an increase of 2.63% from last week. The ground trading of new - season late - Fuji apples is gradually ending, and the storage progress in Gansu has basically ended, in Shaanxi is coming to an end, while in Shandong, a large amount of fruit farmer's goods are still being stored [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The current inventory of late Fuji apples is at a relatively low level in recent years. As the market gradually reflects this situation, price fluctuations are intensifying. In the short - term, it is recommended to buy long positions on dips and pay attention to risk control [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main apple futures contract is 9207 yuan/ton; the main contract position is 144,369 lots, with a week - on - week increase of 5092 lots; the net long position of the top 20 futures holders is 9677 lots, with a week - on - week increase of 2284 lots [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5 yuan/jin; in Shandong Yiyuan (paper - bagged above 75) is 2.3 yuan/jin; in Shaanxi Luochuan (paper - bagged above 70 semi - second - grade fruit farmer's goods) is 4.2 yuan/jin; in Shandong Yantai Qixia (paper - bagged above 80 first - grade) is 3.5 yuan/jin, all with no week - on - week change [2] Upstream Situation - The national apple output is 5128.51 million tons per year; the weekly apple wholesale price is 9.49 yuan/kg, with a week - on - week increase of 0.03 yuan/kg; the average weekly wholesale price of Fuji apples is 9.04 yuan/kg, with a week - on - week decrease of 0.11 yuan/kg. The total national apple cold - storage inventory is 698.42 million tons per week. The capacity utilization ratio of Shandong apple cold - storage is 0.57, and that of Shaanxi is 0.41. The monthly apple export volume is 70,000 tons [2] Industry Situation - The monthly import value of fresh, dried fruits and nuts is 1837980 million US dollars; the year - on - year monthly export value of apples is - 8.5%. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin [2] Downstream Situation - The weekly wholesale price of pears is 6.66 yuan/kg, with a week - on - week decrease of 0.01 yuan/kg; the weekly wholesale price of bananas is 5.39 yuan/kg, with a week - on - week decrease of 0.09 yuan/kg; the weekly wholesale price of watermelons is 5.36 yuan/kg. The weekly average number of early - morning arriving trucks at the Guangdong Jiangmen wholesale market is 12.2, with a week - on - week decrease of 4; at the Guangdong Xiaqiao wholesale market is 17; at the Guangdong Chalong wholesale market is 24, with a week - on - week decrease of 3.6 [2] Option Market - The implied volatility of at - the - money call options for apples is 22.29%, with a week - on - week decrease of 1.07%; the implied volatility of at - the - money put options for apples is 22.29%, with a week - on - week decrease of 1.07% [2] Industry News - In the western production areas, there is not much remaining ground - traded inventory, and merchants mainly purchase for market transactions. Some cold - storage transactions have started, and the price of cold - storage apples is stable with a slight increase in some areas. In the Shandong production area, the supply volume is acceptable, but due to the decline in the quality of ground - sourced apples, the price has dropped, while the demand for small apples is strong and the price is firm. The ground trading of new - season late Fuji apples is gradually ending, mainly concentrated in Shandong and Shanxi. In terms of the cold - storage progress, Gansu's cold - storage is basically completed, Shaanxi's is nearing completion, and in Shandong's Qixia area, a large amount of fruit farmer's apples are still being stored [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The current late - Fuji apple inventory is at a relatively low level in recent years, and price fluctuations have intensified on the futures market. It is recommended to buy long positions on dips in the short term and pay attention to risk control [2] 3. Summary by Related Catalogs Futures Market - The closing price of the apple futures main contract is 9229 yuan/ton, and the main contract position is 139,277 lots, a decrease of 2,878 lots compared to the previous period. The net long position of the top 20 futures holders is 7,393 lots [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bag 75 and above) is 5 yuan/jin, unchanged from the previous period; in Shandong Yiyuan (paper - bag 75 and above) it is 2.3 yuan/jin, unchanged; in Shaanxi Luochuan (paper - bag 70 and above half - commodity) it is 4.2 yuan/jin, with a change of 0.1 yuan/jin; in Shandong Yantai Qixia (paper - bag 80 and above first - grade second - class fruit farmer's goods) it is 3.5 yuan/jin, a decrease of 0.1 yuan/jin [2] Upstream Situation - The annual national apple output is 5,128.51 million tons. The weekly apple fruit wholesale price is 9.46 yuan/kg, a decrease of 0.07 yuan/kg; the average wholesale price of Fuji apples is 9.04 yuan/kg, a decrease of 0.11 yuan/kg. The total national apple cold - storage inventory is 698.42 million tons, the Shandong apple storage capacity ratio is 0.41, unchanged; the Shaanxi apple storage capacity ratio is 0, and the monthly apple export volume is 70,000 tons, unchanged [2] Industry Situation - The monthly apple export amount year - on - year is - 8.5%. The monthly import amount of fresh, dried fruits and nuts is 1,837,980 million US dollars, an increase of 248,684.5 million US dollars. The weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0 yuan/jin [2] Downstream Situation - The weekly fruit wholesale price of pears is 6.67 yuan/kg, with a change of 0.02 yuan/kg; for bananas it is 5.18 yuan/kg, with a change of 0.1 yuan/kg; for watermelons it is 5.48 yuan/kg, with a change of - 0.02 yuan/kg. The weekly average number of early - morning arrival vehicles at the Guangdong Jiangmen wholesale market is 12.2, a decrease of 4; at the Guangdong Xiaqiao wholesale market it is 17, a decrease of 3.6; at the Guangdong Chalong wholesale market it is 24, a decrease of 3.6 [2] Option Market - The implied volatility of at - the - money call options for apples is 23.36%, a decrease of 0.67%; the implied volatility of at - the - money put options for apples is 23.36%, a decrease of 0.67% [2] Industry News - Cold - storage trading in the western apple - producing areas has gradually started, with Shandong merchants actively purchasing goods, and the price of stored Fuji apples in Gansu is stable and firm. In the Shandong producing area, the mainstream price of surface supplies has declined due to quality issues, and the local inventory has continued to increase. The ground trading of new - season late - Fuji apples is gradually ending, mainly concentrated in Shandong and Shanxi. As of November 5, 2025, the national apple cold - storage inventory is 698.42 million tons, lower than the same period last year. The storage capacity ratio in Shandong is 41.03%, a year - on - year decrease of 13.42%; in Shaanxi it is 56.81%, a year - on - year decrease of 10.77%. The new - season late - maturing Fuji apples in Shandong have smaller fruit sizes and poorer fruit surface quality, showing a trend of reduced production and quality [2]

Group 1: Market Information - Fuji apple price index is 106.38, up 0.02 from the previous trading day; 6 - fruit average wholesale price is 6.94, down 0.22 [3] - AP01 futures price is 9150, up 119; AP05 is 9260, up 111; AP10 is 8360, up 70 [3] - AP01 - AP05 spread is - 101, up 8; AP05 - AP10 is 900, up 41; AP10 - AP01 is - 799, down 49 [3] Group 2: Market News - In September 2025, fresh apple imports were 0.97 million tons, down 17.85% month - on - month and 1.10% year - on - year; exports were about 7.08 million tons, up 3.50% month - on - month and down 6.32% year - on - year [6] - From January to September 2025, cumulative fresh apple imports were 10.81 million tons, up 19.49% year - on - year [6] - Shandong apple acquisition is nearing completion; Northwest cold storage is starting to release goods, with higher prices for farmers' goods in cold storage [6] - In the 2024 - 2025 production season, the profit of storage merchants for Qixia 80 first - and second - grade apples is 0.4 yuan/jin, down 0.1 yuan/jin from last week [7] - In Luochuan, Shaanxi, the mainstream price of 70 semi - commercial apples is 3.5 - 4.0 yuan/jin; in Qixia, Shandong, the price of good - quality apples is stable [8] Group 3: Trading Logic - This year's apple production is down, good - fruit rate is poor, and cold - storage inventory is likely to be lower than last year [9] - As of November 6, 2025, the national cold - storage inventory ratio is about 51.68%, 10.62 percentage points lower than last year; inventory is 682.74 million tons, 17.04% lower [9][10] - The apple fundamentals are strong, but the current price is high, with large market divergence and high short - term risks, so it is recommended to wait and see [9] Group 4: Trading Strategy - For single - sided trading, wait and see due to high price and large market divergence [20] - For arbitrage and options, also wait and see [20]

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The current late - Fuji apple inventory is at a relatively low level in recent years, which is reflected in the market, and price fluctuations have intensified. It is recommended that previous long positions can take profits, and new positions should wait and see for the time being [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main apple futures contract is 8,919 yuan/ton, with a change of 1535; the main contract's open interest is 2,205 lots; the net long position of the top 20 futures holders is 135,556 lots, with a change of 19,058 lots [2] 3.2 Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5 yuan/jin; in Shandong Yiyuan (paper - bagged, above 75) is 2.3 yuan/jin; in Shaanxi Luochuan (paper - bagged, above 70) is 4.1 yuan/jin; in Shandong Yantai Qixia (paper - bagged, above 80) is 3.7 yuan/jin, with no change in all regions [2] 3.3 Upstream Situation - The national apple production is 5,128.51 million tons, with an increase of 168.34 million tons. The average wholesale price of apples is 9.46 yuan/kg, with a decrease of 0.07 yuan/kg; the average wholesale price of Fuji apples is 9.15 yuan/kg, with a decrease of 0.11 yuan/kg. The total national apple cold - storage inventory is 698.42 million tons. The storage capacity ratio in Shandong is 0.57, and in Shaanxi is 0.41. The monthly export volume of apples is 70,000 tons [2] 3.4 Industry Situation - The monthly import value of fresh and dried fruits and nuts is 6,917.9 million US dollars. The monthly export value of apples is 1,837,980 million US dollars, with an increase of 248,684.5 million US dollars. The profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin [2] 3.5 Downstream Situation - The average wholesale price of tangerines is 6.74 yuan/kg, with a decrease of 0.56 yuan/kg; the wholesale price of bananas is 5.18 yuan/kg, with an increase of 0.1 yuan/kg; the wholesale price of watermelons is 5.48 yuan/kg, with an increase of 0.02 yuan/kg. The early - morning average daily truck arrivals at the Guangdong Jiangmen wholesale market is 16.2 vehicles, with an increase of 0.4 vehicles; at the Guangdong Xiaqiao wholesale market is 20.6 vehicles; at the Guangdong Chalong wholesale market is 27.6 vehicles, with an increase of 3 vehicles [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 23.99%, with an increase of 1.49%; the implied volatility of at - the - money put options for apples is 23.98%, with an increase of 1.43% [2] 3.7 Industry News - The trading of ground - sourced apples in the western production areas is coming to an end, with the overall quality declining, and market merchants' enthusiasm for purchasing is okay, with little price change. In the Shandong production area, the supply of late - season Fuji apples is okay, but the quality is declining. Warehousing merchants have basically left, and most are purchased by small vendors and market merchants, with uneven quality and transactions based on quality [2] 3.8 Viewpoint Summary - As of November 5, 2025, the apple cold - storage inventory in the national main production areas is 698.42 million tons, 115.02 million tons lower than the same period last year. The storage capacity ratio in the Shandong production area is 41.03%, a year - on - year decrease of 13.42%; in the Shaanxi production area is 56.81%, a year - on - year decrease of 10.77%. The new - season late - maturing Fuji apples in Shandong have smaller fruit sizes and poor fruit - surface quality, showing a trend of reduced production and quality. Shaanxi's warehousing is coming to an end, and the expected warehousing volume next week is the peak value [2]

Group 1 - The core viewpoint of the articles indicates a slight increase in the wholesale prices of agricultural products, with the "Agricultural Products Wholesale Price 200 Index" rising to 125.02, an increase of 0.38 points from the previous day [1] - The "Vegetable Basket" product wholesale price index also saw an increase, reaching 127.03, up by 0.44 points compared to yesterday [1] - The average price of pork decreased to 17.80 yuan/kg, down by 0.9% from the previous day, while beef and chicken prices also saw minor declines [1] Group 2 - Among the 46 monitored fresh agricultural products, the top five price increases were for lettuce, cauliflower, leeks, lettuce, and green beans, with increases of 4.9%, 3.8%, 3.7%, 3.2%, and 3.2% respectively [2] - Conversely, the top five price decreases were observed in giant peak grapes, Fuji apples, mushrooms, flower carp, and green onions, with decreases of 5.2%, 2.8%, 1.9%, 1.8%, and 1.7% respectively [2]

Report Industry Investment Rating - The report suggests a short - term strategy of buying long positions on dips, indicating a positive view on the apple market [2] Report's Core View - New - season late - maturing Fuji high - quality supply proportion has declined significantly, and it is expected that the price difference between high - quality and ordinary fruits will gradually emerge, which is beneficial to the apple market [2] Summary by Related Catalogs Futures Market - The closing price of the apple futures main contract is 8,850 yuan/ton, down 294 yuan; the main contract holding volume is 5,680 hands; the net long position of the top 20 futures holders is 131,357 hands, down 11,529 hands [2] 现货市场 - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5 yuan/jin; in Shandong Yiyuan (paper - bagged above 75) is 2.3 yuan/jin; in Shaanxi Luochuan (paper - bagged above 70 semi - commodities) is 4 yuan/jin, down 0.2 yuan; in Shandong Yantai Qixia (paper - bagged above 80 first - grade secondary fruit farmer's goods) is 3.5 yuan/jin, down 0.2 yuan [2] Upstream Situation - The annual apple output in China is 5,128.51 million tons; the weekly apple wholesale price is 9.62 yuan/kg, up 0.16834 yuan; the average weekly wholesale price of Fuji apples is 9.38 yuan/kg, up 0.04 yuan; the weekly apple cold - storage inventory in Shaanxi is 0, and the weekly apple cold - storage inventory in Shandong is 0.01, down 0.01; the monthly apple export volume is 70,000 tons, up 20,000 tons [2] 产业情况 - The monthly import value of fresh, dried fruits and nuts is not provided with changes; the monthly apple export value is 6,973.9 million US dollars; the weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin, down 0.3 yuan [2] Downstream Situation - The weekly average wholesale price of tangerines is 7.6 yuan/kg, down 0.49 yuan; the weekly fruit wholesale price of bananas is 5.56 yuan/kg, down 0.03 yuan; the weekly fruit wholesale price of watermelons is 4.44 yuan/kg; the weekly early - morning average daily arrival vehicle volume at the Guangdong Jiangmen wholesale market is 15.6 vehicles, down 10.07 vehicles; at the Guangdong Chalong wholesale market is 18.8 vehicles; at the Guangdong Xiaqiao wholesale market is 24.8 vehicles, down 20.53 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 24.67%, and the implied volatility of at - the - money put options is 24.68%, up 0.52% [2] Industry News - In Gansu, the procurement of merchants is in progress, with limited high - quality goods and firm prices. In Shaanxi, trading is limited, high - quality goods are hard to find, and the price of ordinary goods is chaotic with a slightly weakening trend. In Shandong, the acquisition of late Fuji has started, with low redness and average opening prices. In Liaoning, trading is active, with high - quality goods having a high price and ordinary goods being priced according to quality. In the west, the supply of new - season late - maturing Fuji has increased, with a significant price gap between high - quality and ordinary goods [2] 观点总结 - The high - quality supply of new - season late - maturing Fuji has decreased. In the Shandong region, affected by the weather, merchants have shifted to the west for procurement. In the sales market, the trading atmosphere is average, and the restocking of second - and third - level wholesalers is weak. It is expected that the proportion of high - quality fruits will decline, and the price difference between high - quality and ordinary fruits will gradually emerge [2]