Group 1: Report Information - Report Title: Apple Weekly Report: New Apples Perform Mediocrely, Prices Stable with a Slight Decline [1] - Researcher: Liu Qiannan [1] - Futures Practitioner Certificate Number: F3013727 [1] - Consulting Practitioner Certificate Number: Z0014425 [1] Group 2: Investment Ratings - Not provided in the content Group 3: Core Views - The current market inventory is low, and the market demand is in the off - season, with general spot sales. The new - season apple production is expected to change little compared to this season. The recent weakening of early - maturing apple prices puts pressure on the market [17]. - Unilateral trading is expected to be mainly in a wide - range oscillation. Arbitrage trading is advised to wait and see. Options trading is also advised to wait and see [16][17]. Group 4: Spot Analysis - In Shandong, the inventory Fuji in Shandong's production areas had slightly faster but still small - volume sales this week due to the difficulty in organizing large quantities of early - maturing high - quality goods. In Shaanxi, early - maturing Gala apples in Weinan and Tongchuan were on the market, but the quality was uneven. In the sales areas, the principle of high - quality apples getting high prices was obvious, and the sales of early - maturing and inventory Fuji were both mediocre. Next week, early - maturing bagged Gala apples in northern Shaanxi will be supplied in larger quantities [7]. - In Shandong, the overall trading volume in Shandong's production areas has not increased significantly. Due to slow terminal digestion, merchants are not actively restocking. Most fruit farmers and holders sell at the market price, and some are eager to sell. The remaining supply in Shandong is concentrated in Qixia and Penglai. In Qixia, the price of 80 first - and second - grade slice - red apples is 3.30 - 4.00 yuan per catty, 80 first - and second - grade striped apples is 3.50 - 4.50 yuan per catty, general goods is 2.80 - 3.30 yuan per catty, and third - grade is 2.00 - 2.50 yuan per catty [7]. - In Shaanxi, the inventory in Shaanxi is mainly self - digested by merchants. The early - maturing bagged Gala apples in Weinan and Tongchuan have uneven quality, and the price is polarized. In Luochuan, the bagged Gala apples are not yet on the market in large quantities, and the price is expected to start high and end low. In Tongchuan, the reference price of 70 starting bagged Gala apples is around 3.8 - 4.0 yuan per catty. In Weinan, the general goods of 70 starting bagged Gala apples in Gan Jing Town are around 3.5 - 3.7 yuan per catty, and excellent goods are around 4.2 - 4.3 yuan per catty [7]. Group 5: Supply Analysis - As of August 14, 2025, the national cold - storage inventory ratio was about 3.50%, a decrease of 0.41 percentage points in this period (20250807 - 0813), 2.8 percentage points lower than the same period last year, and the de - stocking rate was 94.50%. In Shandong, the cold - storage capacity ratio was 5.85%, a decrease of 0.63 percentage points, and the overall cold - storage shipment was lower than last week. In Shaanxi, the cold - storage capacity ratio was 3.14%, a decrease of 0.44 percentage points [12]. - As of August 13, 2025, the apple cold - storage inventory in the national main production areas was 46.01 tons, a decrease of 7.58 tons compared to last week, and the sales speed slowed down slightly [12]. Group 6: Demand Analysis - In the Guangdong Chalong market, the number of early - morning arrivals decreased slightly compared to last week, with an average of about 15 cars per day. The mainstream price of Luochuan 80 late Fuji in baskets is 4.5 - 5.5 yuan per catty, 75 starting in baskets is 4.3 - 5.0 yuan per catty, and in boxes is 5.5 - 6.5 yuan per catty [15]. - On August 14, the average wholesale price of 6 key - monitored fruits was 6.95 yuan per kilogram, slightly lower than last Friday, and it was at the median of the same period in recent years [15]. - In the 2024 - 2025 production season, the profit of Qixia 80 first - and second - grade storage merchants was 0.4 yuan per catty, a decrease of 0.1 yuan per catty compared to last week [15]. - This week, the market arrival volume continued to be low, significantly lower than the same period last year. The arrival volume in the second half of the week increased, and it is expected to continue to increase in the later stage. The arrival volume in the Guangzhou Chalong market was about 132 cars, an increase of 1 car compared to last week [15]. Group 7: Trading Strategies - Unilateral trading: The new - season apple production is expected to change little compared to this season. The recent weakening of early - maturing apple prices puts pressure on the market, and it is expected to be mainly in a wide - range oscillation [17]. - Arbitrage trading: Wait and see [17]. - Options trading: Wait and see [16] Group 8: Weekly Data Tracking Apple Supply and Demand - Information presented in the form of data charts about apple consumption, exports, planting area, and production from 2018 - 2023 [21] Inventory and Shipment - Data on national and regional (Shandong, Shaanxi) cold - storage inventory and shipment trends from 2016/17 - 2024/25 [24][26] Spreads and Basis - Current and previous prices, price changes of futures contracts (AP01, AP05, AP10), and basis and spread data between different contracts and spot prices [28] Spot and Futures Prices - Current and previous prices, price changes of apple spot prices (Fuji apple price index, Qixia first - and second - grade bagged 80, etc.) and futures prices [29]