1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Early - maturing apples have a poor high - quality fruit rate, and it is speculated that Fuji apples may also have a poor high - quality fruit rate. Continuous rainfall in the western production areas is expected to affect the quality. However, considering the current high prices, the apple market is expected to fluctuate in the short term [16] 3. Summary by Relevant Catalogs 3.1 Spot Analysis - This week, the supply of mid - maturing apples is increasing. The overall quality of Hongqian Fuji in the west is okay, but some have average chroma and redness due to long rainfall and short sunshine. The price of high - quality goods remains firm. In Shandong, the inventory goods are sold at a stable pace, with individual townships slowing down. The price of fruit farmers' goods is mainly stable. The Red General in Shandong has started trading, but the overall quality is poor, and it's difficult to organize a large amount of high - quality and red goods. The digestion speed in the sales area is stable, and the profit of early - maturing Fuji for merchants is limited due to high purchase prices [6] - Main production area prices: In Shandong Qixia, the price of 80 first - and second - grade striped apples is 3.50 - 4.50 yuan/jin, and the price of 80 first - and second - grade slice - red apples is 3.30 - 4.20 yuan/jin. For early - maturing varieties, the price of 80 starting Red General is 2.3 - 2.8 yuan/jin. In Shaanxi Yan'an Luochuan, the price of 70 and above early - maturing Fuji is 4.0 - 4.5 yuan/jin for the mainstream market, 4.7 - 4.8 yuan/jin for high - quality goods, and 3.6 - 3.8 yuan/jin for ordinary goods. In Baishui, Shaanxi, the price of 70 starting early - maturing Fuji is 3 - 3.3 yuan/jin [6] 3.2 Supply Analysis - As of September 11, 2025, the national cold - storage inventory ratio is about 1.94%, a decrease of 0.38 percentage points in this cycle (20250905 - 0910), and 0.98 percentage points lower than the same period last year. The inventory removal rate is 96.96%. The cold - storage capacity ratio in Shandong is 3.70%, a decrease of 0.58 percentage points, and the cold - storage shipment volume is slightly higher than last week. The cold - storage capacity ratio in Shaanxi is 1.54%, a decrease of 0.32 percentage points, and Shaanxi cold - storage is gradually clearing inventory [11] - As of September 10, 2025, the apple cold - storage inventory in the national main production areas is 20.91 tons, a decrease of 6.44 tons compared with last week, and the inventory shipment speed in Shandong is slightly accelerating [11] 3.3 Demand Analysis - In the Guangdong Chalong market, the number of early - morning arrival vehicles has slightly increased compared with last week, with an average of about 25.6 vehicles per day. The price of Shandong 80 late Fuji in baskets is 3.8 - 4 yuan/jin, and in boxes is 4.5 - 5.5 yuan/jin. The price of Luochuan Gala is 5.3 - 5.5 yuan/jin for 70 starting in baskets, and 6 - 7 yuan/jin for high - quality fruits. Recently, the arrival volume has increased slightly compared with the off - season, mainly Fuji apples, with a small amount of early - maturing Fuji. The high - quality basket - packed Fuji is sold well, while the box - packed ones are slow [14] - Substitute product price: On September 11, the average wholesale price of 6 key - monitored fruits is 6.84 yuan/kg, slightly lower than last Friday, and it is at the median of the same period in recent years [14] - Profit situation: The profit of 80 first - and second - grade storage merchants in Qixia in the 2024 - 2025 production season is 0.4 yuan/jin, the same as last week [14] - This week, the market arrival volume has increased, the overall sales are good, and the price remains stable. The arrival volume in the wholesale market continues to increase, mainly for the sales of early - maturing apples. The proportion of apples in the cold - storage is small, especially in the northwest. The overall sales of the early - maturing apple market are okay, with a fast sales speed before the Mid - Yuan Festival and a slowdown after the festival [14] 3.4 Trading Strategy - Unilateral: New - season apples may have a poor high - quality fruit rate, but the current price is high, so the market is expected to fluctuate in the short term [16] - Arbitrage: It is recommended to wait and see [16] - Options: It is recommended to wait and see [15]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The price of Apple Futures 2510 rose by 3.63% this week. The preliminary estimate of the national apple production in the new season is 3736.64 million tons, a year - on - year increase of 2.35%. As of August 27, 2025, the cold - storage inventory of apples in the main producing areas was 33.97 million tons, a decrease of 5.48 million tons from last week. The supply of early - maturing apples increased last week, affecting the inventory clearance speed [6]. - The trading of paper - bag Gala apples in the western producing areas has basically ended, and the overall quality of early - maturing apples is poor. The market is worried that late - maturing Fuji apples may also have the same problem. Due to concerns about the high - quality fruit rate, the expected opening price of late - maturing Fuji apples is high. With low inventory of old apples, high expected opening price of late - maturing Fuji apples, and expected demand for the Mid - Autumn Festival, the price is expected to rise. It is recommended to buy on dips and set stop - losses [6]. - Future trading factors to watch include inventory clearance rate, consumption, and new crop production [7]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Review**: The price of Apple Futures 2510 rose by 3.63% this week [6][9]. - **Market Outlook**: New - season apple production is expected to increase by 2.35%. Cold - storage inventory decreased. Early - maturing apple quality is poor, leading to high expectations for the opening price of late - maturing Fuji apples. It is recommended to buy on dips [6]. - **Future Trading Tips**: Monitor inventory clearance rate, consumption, and new crop production [7]. 3.2 Futures and Spot Markets - **Futures Market**: The price of Apple Futures 2510 rose by 3.63% this week. The net long position of the top 20 futures holders was 6863 lots, and the number of futures warehouse receipts was 0 [6][9][16]. - **Spot Market**: As of August 29, 2025, the mainstream price of 80 above first - and second - grade fruit farmer's goods of bagged Red Fuji in Qixia, Shandong was 3.7 yuan per jin; the price of bagged 75 above Fuji apples in Yiyuan, Shandong was 2.3 yuan per jin [19]. 3.3 Industry and Option Situation - **Supply Side**: As of August 27, 2025, the cold - storage inventory of apples in the main producing areas was 33.97 million tons, a decrease of 5.48 million tons from last week. The capacity utilization rates in Shandong, Shaanxi, and Gansu decreased [24]. - **Demand Side**: - As of August 21, the average daily number of trucks arriving at major apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was 0.3 yuan per jin [28]. - As of August 22, 2025, the average wholesale price of Fuji apples was 9.5 yuan per kg, a 0.21% increase; the wholesale price of apples was 9.74 yuan per kg, an 0.83% increase [33]. - As of August 22, 2025, the weekly average wholesale price of 5 kinds of fruits was 6.87 yuan per kg, a 1.01% decrease [37]. - In July 2023, the export volume of fresh apples was 5 million tons, a 25% increase from the previous month [40]. - **Option Market**: Information about the implied volatility of at - the - money options for apples this week is presented in the form of a graph [41]. 3.4 Futures - Stock Correlation - Information about the price - earnings ratio of Honghui Fruit and Vegetable is presented in the form of a graph [43].