1. Report Industry Investment Rating - Apple: Neutral [4] - Red dates: Neutral [8] 2. Core Views - Apple: In January 2026, the apple market showed a characteristic of divergence between the pulling of shipments by pre - holiday stocking in the production areas and the weak demand in the sales areas. Although the inventory removal speed accelerated, the inventory was still at a high level. The Spring Festival stocking drove the shipment of late - Fuji apples to accelerate month - on - month but slow down year - on - year. The price polarization was obvious. High - quality goods remained price - firm due to scarcity, while the general goods of fruit farmers were sold at a lower price due to the eagerness to sell. The market performance during the peak season was not prosperous due to the impact of substitute fruits [3]. - Red dates: The 2025 red date market had a production reduction, but the inventory overlay and insufficient consumption kept the prices under pressure. Although the pre - holiday stocking drove inventory removal, it was difficult to change the overall abundant supply pattern. The arrival volume in the sales areas increased month - on - month, but the actual sales were less than expected. Substitute products such as tangerines and nuts compressed the downstream sales space of red dates. The next 20 days are the key stocking period, and the market performance depends on the sales volume in the sales areas [7]. 3. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract yesterday was 9485 yuan/ton, a change of +105 yuan/ton from the previous day, with a change rate of +1.12%. - Spot: The price of 80 first - and second - grade late - Fuji in Shandong Qixia was 4.00 yuan/jin, with no change from the previous day. The spot basis AP05 was - 1485, a change of - 105 from the previous day. The price of semi - commercial late - Fuji above 70 in Shaanxi Luochuan was 4.20 yuan/jin, with no change from the previous day. The spot basis AP05 was - 1085, a change of - 105 from the previous day [1]. Recent Market Information - The apple trading situation in the production areas decreased slightly compared with the previous period, and the prices remained stable. Traders mainly shipped pre - packaged goods, and the overall packaging and shipping accelerated slightly. The transaction volume of general goods of fruit farmers in the main production areas was average, with mainly high - grade and third - grade fruits being sold. Some fruit farmers were more eager to sell. In Shaanxi, the transactions of fruit farmers' goods were mainly in small quantities of extreme - end goods, and traders mainly shipped their own inventory. In Gansu, the Jingzhuang area mainly shipped packaged goods of traders, and the trading in the Qingyang area improved. In Shandong, the transactions were average, mainly for gift - box purchases, with a small amount of 75 and third - grade goods being shipped out. The prices of fruit farmers' 80 first - and second - grade slice - red apples in Qixia were 3.2 - 4.5 yuan/jin, and the 80 general goods were around 2.5 - 3 yuan/jin. The ex - warehouse price of general goods of fruit farmers in Shaanxi Luochuan was 3.5 - 4.0 yuan/jin, and the semi - commercial ex - warehouse price was 4.0 - 4.3 yuan/jin. The semi - commercial price of fruit farmers in Gansu Jingning was 5 - 6 yuan/jin, and the ex - warehouse price of general goods of fruit farmers was 3.7 - 5 yuan/jin. The stocking atmosphere in the production areas was average, and traders preferred to ship their own inventory. The transactions of fruit farmers' goods were concentrated in extreme - end goods, and the transactions of general goods were limited. In the sales areas, the number of arriving trucks increased, and gift - box products were gradually sold, but the sales were affected by competing fruits and were not fast. It is expected that the sales volume will increase slightly under the boost of stocking in the short term, and the prices will be slightly weak [2]. Market Analysis - The apple futures price rose slightly yesterday. With the start of pre - Spring Festival stocking, the market demand increased significantly, and the trading activity improved significantly. In terms of circulation, the pre - holiday purchase demand was released rapidly, and the overall sales speed in the market accelerated. Some dealers still put pressure on the prices at the production end. The current price was still at a high level compared with substitute varieties such as tangerines and cherries, but the prices of high - quality goods remained firm. Attention should be paid to the actual consumption performance in the terminal market. In January 2026, the apple market showed a divergence between the production areas and the sales areas. Although the inventory removal speed accelerated, the inventory was still at a high level. The Spring Festival stocking drove the shipment of late - Fuji apples to accelerate month - on - month but slow down year - on - year. The price polarization was obvious. High - quality goods remained price - firm due to scarcity, while the general goods of fruit farmers were sold at a lower price due to the eagerness to sell. The sales in Shandong and Shaanxi were sluggish, and the transactions of fruit farmers' goods in Gansu were relatively concentrated. The average daily number of arriving trucks in the three major core markets in Guangdong decreased month - on - month, and the overall sales in the month were not smooth. The backlog in the transfer warehouses increased. Although the number of arriving trucks increased at the end of the month due to stocking, the terminal digestion was insufficient. Coupled with the price impact of substitute fruits such as tangerines and cherries, the market performance during the peak season was not prosperous [3]. Red Dates Market News and Important Data - Futures: The closing price of the red date 2605 contract yesterday was 8920 yuan/ton, a change of +100 yuan/ton from the previous day, with a change rate of +1.13%. - Spot: The price of first - grade grey dates in Hebei was 8.00 yuan/kg, with no change from the previous day. The spot basis CJ05 was - 920, a change of - 100 from the previous day [5]. Recent Market Information - In the 2025 production season, the purchase price range of Xinjiang grey dates was 5.00 - 6.50 yuan/kg. The mainstream price of general goods in Aksu was 5.00 - 5.30 yuan/kg, in Alar was 5.20 - 5.80 yuan/kg, in Kashgar was 6.20 - 6.40 yuan/kg, and in Maigaiti was 6.00 - 6.30 yuan/kg. The raw material purchase in the production areas was priced according to quality, adhering to the principle of high - quality and high - price. On February 2, there were 5 trucks of goods arriving at the Hebei Cuierzhuang market. The reference price of special - grade dates was 8.00 yuan/kg, with average quality. Downstream buyers purchased according to demand. Small and medium - sized enterprises with self - purchased goods actively sold their inventory due to the limited pre - holiday stocking time. In the Guangdong Ruyifang market, 7 trucks of goods arrived, and the prices remained stable. Downstream buyers purchased according to demand, and the sales were okay. The market will be on holiday from the 25th of the twelfth lunar month to the eighth day of the first lunar month. According to traders, the logistics will stop operating from the 15th to the 23rd of the twelfth lunar month. The available trading time before the Spring Festival is limited, and it is expected that the prices will remain stable in the short term [6]. Market Analysis - The red date futures price fluctuated sideways yesterday. Although the inventory removal speed has accelerated recently, the market supply is still sufficient due to the overlay of old and new goods, and the prices are under continuous pressure. As more buyers enter the market, the pressure on inventory sales has been relieved. Although it is approaching the Spring Festival, the terminal consumption has not increased significantly. Attention should be paid to the actual sales performance in the sales areas and the change in the festival consumption atmosphere during the Spring Festival. The red date purchase in the production areas has ended. The 2025 red date market had a production reduction, but the inventory overlay and insufficient consumption kept the prices under pressure. Although the pre - holiday stocking drove inventory removal, it was difficult to change the overall abundant supply pattern. The arrival volume in the sales areas increased month - on - month, but the actual sales were less than expected. Downstream traders were cautious in purchasing, and the sales were weak. At the same time, substitute products such as tangerines and nuts occupied the market, continuously compressing the downstream sales space of red dates. The next 20 days are the key stocking period. If the sales volume in the sales areas increases significantly, it may relieve the inventory pressure and support the prices in the short term; otherwise, the pressure will be further transmitted after the Spring Festival [7].

Group 1: Report Investment Ratings - The investment rating for both the apple and红枣 industries is neutral [4][8] Group 2: Core Views of the Report - Apple: The trading speed of apple production areas is differentiated, with transactions improving in Shaanxi and Shanxi, but overall slow. The low excellent fruit rate and high price of excellent fruits, along with the impact of alternative fruits, suppress sales. The market is waiting for the Spring Festival stocking to drive up sales [2][3][4] - 红枣: Although the current year's production has decreased, the market supply is still abundant due to sufficient inventory. The downstream consumption is in the peak season, but the sales speed is average. The market trend depends on the release of consumption demand and festival stocking progress [7][8] Group 3: Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract was 9583 yuan/ton, a change of -31 yuan/ton or -0.32% from the previous day [1] - Spot: The price of Shandong Qixia 80 first and second-grade late Fuji was 4.10 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 above semi-commodity late Fuji was 4.20 yuan/jin, unchanged from the previous day [1] Market Analysis - The apple futures price opened high and closed low. Different production areas have different trading speeds. The consumption peak season may drive up sales, but the low-price alternative fruits in the sales area suppress the sales of apples. The excellent fruit rate is low, the hardness of cold storage fruits is insufficient, and the delivery cost is high [3] Strategy - Maintain a neutral view. The Spring Festival stocking season is approaching, but the low excellent fruit rate and high price of excellent fruits, along with the impact of alternative fruits, suppress sales [4] 红枣 Market News and Important Data - Futures: The closing price of the 红枣 2605 contract was 9150 yuan/ton, a change of +175 yuan/ton or +1.95% from the previous day [5] - Spot: The price of first-grade grey jujube in Hebei was 8.20 yuan/kg, unchanged from the previous day [6] Market Analysis - The 红枣 futures price closed higher at a high level. The acquisition work in the production area has basically ended. Although the production has decreased, the market supply is still abundant. The downstream consumption is in the peak season, but the sales speed is average. The market trend depends on the release of consumption demand and festival stocking progress [7] Strategy - Maintain a neutral view. The new and old stocks of 红枣 are sufficient. The sales speed in the sales area is average, and the price fluctuates at a low level. Pay attention to the downstream sales atmosphere, acquisition price changes, and peak season consumption changes [8]

1. Report Industry Investment Rating - The investment rating for both the apple and red date industries is neutral [4][9] 2. Core Views of the Report - For apples, the current入库量 and入库结构 expectations are already reflected in the price Future focus should be on terminal market consumption recovery, the impact of入库结构 differentiation, and pre - Chinese New Year inventory transfer by merchants. The market is in the off - season, and caution is needed when chasing high prices [4] - For red dates, if the sales situation in the sales areas improves, the price may rebound during the consumption season However, due to the large inventory of the old and new seasons, the upward rebound space is expected to be limited [9] 3. Summary by Related Catalogs Apple Market Market News and Important Data - Futures: The closing price of the apple 2605 contract yesterday was 9510 yuan/ton, a change of +45 yuan/ton or +0.48% from the previous day [1] - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.10 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.20 yuan/jin, unchanged from the previous day The spot basis AP05 was - 1310 and - 1110 respectively, a change of - 45 from the previous day [1] Recent Market Information - The mainstream market price of stored late Fuji remains stable The overall出库 speed is slow In the western产区, some general fruit farmer supplies have started trading, but the volume is limited In the Shandong产区, there is sporadic出库, and the export of small fruits through foreign trade channels has slowed down The market consumption is sluggish, and the downstream consumption is weak With the listing of Guangxi tangerines, attention should be paid to the impact on apple consumption [2] Market Analysis - The apple futures price showed wide - range fluctuations yesterday The产区 trading was dull, with a stalemate between buyers and sellers The actual purchasing willingness was weak, and most产区 prices were weak or in a state of confusion Some good - quality supplies had stable prices The new - season late Fuji storage in the产区 has ended, with the storage volume more than 10% lower than the same period last year The overall sentiment of merchants is optimistic The inventory started to decline last week, and the overall出库 was average Affected by the seasonal off - season, consumption is mainly based on on - demand purchases, and the demand side is under pressure The increasing listing of citrus fruits squeezes the apple sales space, and the sentiment in the sales areas is relatively pessimistic [3] Strategy - Maintain a neutral stance, as the current expectations of入库 volume and入库 structure are already priced in Future focus should be on terminal market consumption recovery, the impact of入库 structure differentiation, and pre - Chinese New Year inventory transfer by merchants It is expected that large - scale stocking for the Double Festival has not started this week, and the market is still in the off - season, so caution is needed when chasing high prices [4] Red Date Market Market News and Important Data - Futures: The closing price of the red date 2605 contract yesterday was 9290 yuan/ton, a change of - 35 yuan/ton or - 0.38% from the previous day [5] - Spot: The price of first - grade gray dates in Hebei was 8.60 yuan/kg, unchanged from the previous day The spot basis CJ05 was - 690, a change of +35 from the previous day [5] Recent Market Information - The acquisition of gray dates in the Xinjiang产区 is coming to an end, with limited remaining supplies in each产区 There is a tail - end price increase for good - quality supplies Some sellers have a price - holding sentiment The acquisition in Ruoqiang, Hetian, and Qiemo areas has ended The acquisition of raw materials in the产区 is based on quality, following the principle of better quality at a higher price In the Hebei Cuierzhuang market on December 9, the trading was mainly of new products The procurement cost of merchants is clear, and the downstream purchasing enthusiasm has increased The spot price is stable and firm In the Guangdong Ruyifang market, 2 trucks of goods arrived, and the mainstream spot price is stable, with downstream merchants purchasing on demand [7] Market Analysis - The red date futures price showed a slight decline yesterday The acquisition in each产区 is coming to an end, with limited remaining supplies Sellers have a price - holding sentiment Each market has different reference prices according to grades, and actual transactions are based on quality The acquisition of gray dates in the Xinjiang main产区 is about 90% complete, and the price in the产区 has stopped falling and stabilized, with the cost becoming clear The price in the sales areas has also stabilized, and some holders have tentatively raised their quotes slightly The inventory of 36 sample points has increased significantly, and the combined inventory of the old and new seasons is the highest in recent years, with great inventory pressure The supply - demand contradiction has not been substantially alleviated, and the market's future expectations are relatively pessimistic As the weather turns cold, red dates enter the consumption season, and the actual consumption situation on the consumption side will become another focus of the market [8] Strategy - Maintain a neutral stance If the sales situation in the sales areas improves, the red date price may rebound during the consumption season However, due to the large inventory of the old and new seasons, the upward rebound space is expected to be limited even if the consumption data improves [9]

Apple Market Insights - The apple futures contract closed at 9465 yuan/ton, a decrease of 41 yuan/ton or 0.43% from the previous day [2][12] - The price of late Fuji apples in Shandong Qixia was 4.10 yuan/jin, unchanged from the previous day, while in Shaanxi Luochuan, the price was 4.20 yuan/jin, also unchanged [2][12] - The overall trading atmosphere is slow, with limited transactions and a focus on demand-driven sales [3][5] Market Analysis for Apples - The apple market is experiencing a downward trend in futures prices, with slow movement of inventory and increased arrival quantities in sales areas, but overall sales remain sluggish [5][15] - The new season's late Fuji apple inventory is lower than the same period last year by over 10%, but the sentiment among buyers is generally optimistic [5][15] - The market is currently in a seasonal lull, with demand under pressure and a cautious trading atmosphere due to increased competition from citrus fruits [5][15] Strategy for Apples - The current expectations regarding inventory levels and structure are reflected in the prices, with a focus on monitoring the recovery of end-market consumption and inventory dynamics as the year-end approaches [6][16] Red Date Market Insights - The red date futures contract closed at 9235 yuan/ton, an increase of 55 yuan/ton or 0.60% from the previous day [7][17] - The price of first-grade gray dates in Hebei was 8.60 yuan/kg, unchanged from the previous day, while prices in various regions of Xinjiang range from 5.00 to 6.80 yuan/kg [7][17] - The market is seeing a tightening supply of high-quality dates, with sellers maintaining a firm pricing stance due to limited remaining inventory [7][17] Market Analysis for Red Dates - The red date market is experiencing a slight increase in prices as the collection of remaining inventory nears completion, with prices stabilizing in production areas [8][18] - The overall inventory levels are at their highest in recent years, leading to significant pressure on supply and demand dynamics, with market sentiment remaining pessimistic [8][18] - As temperatures drop, the red date market is entering a consumption peak, making actual consumption data a key focus for market participants [8][18] Strategy for Red Dates - The strategy remains neutral, with potential for price rebounds during the consumption peak, but limited upward movement expected due to high inventory levels from both new and old seasons [9][19]

Report Industry Investment Rating - The investment rating for both the apple and jujube industries is neutral [4][9] Core Views - For the apple industry, the current入库量 and入库结构 expectations are already reflected in the price. Future focus should be on terminal market consumption recovery, the impact of入库结构 differentiation, and pre - Chinese New Year inventory adjustment by merchants. The market is in a seasonal off - peak, and caution is needed when chasing high prices [4] - For the jujube industry, if the sales situation in the distribution areas improves, the jujube price may rebound during the consumption peak. However, due to the large inventory of new and old seasons, the upward rebound space is expected to be limited [9] Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract yesterday was 9506 yuan/ton, a change of - 133 yuan/ton or - 1.38% from the previous day [1] - Spot: The price of Shandong Qixia 80 first and second - grade late Fuji was 4.10 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.20 yuan/jin, unchanged from the previous day. The spot basis AP05 - 1306 and AP05 - 1106 increased by 133 from the previous day respectively [1] Recent Market Information - The mainstream market price of late Fuji in storage remains stable, with trading on an as - needed basis. In the western production areas, there are sporadic inquiries from merchants, mainly for farmers' two - grade goods, and the transaction volume is limited. In some areas of Gansu, merchants are shipping Huaniu and high - quality goods, with fair transactions. In Shandong, there is sporadic shipping, and the export of small fruits through foreign trade channels has slowed down. The arrival volume at the wholesale market has changed little, and downstream consumption is weak [2] Market Analysis - Yesterday, the apple futures price fluctuated downward. Compared with previous years, the apple inventory is lower, and the quality is relatively poor. Farmers and traders are less willing to sell, and the shipping speed in each production area is slow. Most merchants are still waiting and watching. The new - season late Fuji has completed warehousing, with the warehousing volume more than 10% lower than the same period last year. The overall mentality of merchants is optimistic. The inventory started to decline last week, and the overall shipping is average. Affected by the seasonal off - peak, consumption is mainly on an as - needed basis, and the demand side is under pressure. The increase in the listing volume of citrus fruits squeezes the sales space of apples, and the sentiment in the distribution areas is relatively pessimistic [3] Strategy - The recommendation is neutral. Given that the expectations of warehousing volume and structure are already priced in, future attention should be on terminal consumption recovery, the impact of warehousing structure differentiation, and merchants' inventory adjustment in the warehouse before the Chinese New Year. It is expected that the double - holiday stocking has not started in large quantities this week, and the market is still in an off - peak situation, so caution is needed when chasing high prices [4] Jujube Market News and Important Data - Futures: The closing price of the jujube 2601 contract yesterday was 9180 yuan/ton, a change of + 5 yuan/ton or + 0.05% from the previous day [5] - Spot: The price of first - grade grey jujubes in Hebei was 8.60 yuan/kg, an increase of 0.10 yuan/kg from the previous day. The spot basis CJ01 - 580 increased by 95 from the previous day [5] Recent Market Information - In the Xinjiang production areas, the acquisition of grey jujubes is nearing completion, with only some low - quality and price - holding sellers remaining. The mainstream prices in different areas vary. In the Hebei market, there was a small amount of new - season jujubes arriving at the parking area over the weekend, and they are gradually being processed after being brought back to the factory. The new - season jujubes have a large price difference due to cost and quality. In the Guangdong Ruyifang market, there were 9 trucks of jujubes arriving, and the market supply is sufficient. Some holders are reducing prices to avoid storage costs, and downstream merchants are purchasing on an as - needed basis. In the Hebei distribution area, the supply of new - season jujubes is increasing, and it is expected that the spot price will remain stable in the short term [6][7] Market Analysis - The jujube futures price fluctuated slightly yesterday. Merchants from various places are actively purchasing, and the market trading activity is increasing. However, the inventory is still at a high level, and the sales pressure remains. The trading in the distribution areas is mainly for new - season jujubes, which have a large price difference due to cost and quality. The acquisition of grey jujubes in the Xinjiang main production areas is about 90% complete, and the prices have stopped falling and stabilized, with the cost becoming clearer. The prices in the distribution areas have also stabilized, and some holders are slightly increasing their quotes as downstream purchases increase. The inventory of 36 sample points has increased significantly, reaching the highest level in recent years, and the supply - demand contradiction has not been substantially alleviated. The market's future expectations are pessimistic, which has led to a significant decline in futures and spot prices in the past month. As the weather gets colder, jujubes enter the consumption peak season, and the actual consumption situation on the demand side will become another focus [8] Strategy - The recommendation is neutral. If the sales situation in the distribution areas improves, the jujube price may rebound during the consumption peak. However, due to the large inventory of new and old seasons, the upward rebound space is expected to be limited even if the consumption data improves [9]

Group 1: Report Industry Investment Ratings - Apple: The strategy for apples is oscillating on the strong side [4] - Red dates: The strategy for red dates is neutral [9] Group 2: Core Views of the Report - Apple: The current spot market for late Fuji and stored Fuji apples has overall dull trading. The market is in a short - term off - season, and prices are expected to remain stable. With the upcoming Christmas and New Year's Day holiday stocking, prices are expected to be stable and slightly stronger due to the tight supply of high - quality goods and peak - season demand [3][4] - Red dates: The red date market is in a "new - old season transition" period. The acquisition in Xinjiang is over half - completed with weakening prices. The spot market in the sales areas has weakening prices, and there is a large inventory pressure. The market's future expectation is pessimistic [8] Group 3: Summaries According to Related Catalogs Apple Market News and Important Data - Futures: The closing price of the Apple 2601 contract yesterday was 9,526 yuan/ton, up 76 yuan/ton or 0.80% from the previous day [1] - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of over 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.15 yuan/jin, unchanged from the previous day [1] Recent Market Information - The inventory trading of late Fuji apples is dull, with overall demand - based shipments. In the western production areas, there is sporadic sourcing by merchants, mainly for farmers' two - grade goods, and the transactions are limited. In Shandong, there is sporadic outbound shipment, mainly for small fruits through foreign trade channels. The prices in each production area are clearly in a certain range [2] Market Analysis - The apple futures price rose slightly yesterday. The spot market trading is dull, and the shipment progress in the production areas slowed down last week. The merchants' ordering enthusiasm decreased. The citrus fruits have an obvious impact on the medium - and low - grade apple supplies. The market is expected to be in an off - season in the short term, with stable prices [3] Strategy - The price is expected to be oscillating on the strong side. The quality issue will be the key factor affecting the long - term apple market trend. In the short - and medium - term, with the upcoming holiday stocking, the price is expected to be stable and slightly stronger [4] Red Dates Market News and Important Data - Futures: The closing price of the Red Dates 2601 contract yesterday was 9,055 yuan/ton, up 30 yuan/ton or 0.33% from the previous day [5] - Spot: The price of first - grade grey dates in Hebei was 8.60 yuan/kg, down 0.10 yuan/kg from the previous day [5] Recent Market Information - The acquisition of grey dates in Xinjiang is over half - completed, and the prices are trending weakly. The acquisition progress in Aksu and Alar is relatively fast. In the sales areas, the prices in both Hebei and Guangdong are trending weakly [6][7] Market Analysis - The red date futures price closed up in oscillation yesterday. The acquisition in Xinjiang is over half - completed with weakening prices and general enterprise enthusiasm. In the sales areas, the transaction prices are weakening. The new - season production is expected to decrease, but the extent is undetermined. The inventory pressure is large, and the supply - demand contradiction is not substantially alleviated [8] Strategy - The strategy is neutral. If the terminal market can accept and digest the high - priced new - season spot goods, the futures price may move towards the new - season spot price. Otherwise, the new - season spot price may continue to decline. The near - month contract may have a certain downward space [9]

Group 1: Report Investment Ratings - Apple strategy rating: Neutral to bullish [4] - Red dates strategy rating: Neutral [9] Group 2: Core Views - Apple: The current expectations of apple inventory volume and structure are reflected in the price. Future focus should be on terminal consumption recovery, inventory structure differentiation, and pre - holiday merchants' inventory adjustment. Apple futures prices declined slightly, while the spot market was stable but with general shipments. The new - season apple inventory was lower than last year, and the consumption was under pressure due to high prices and competition from citrus [3][4]. - Red dates: If the terminal market can accept and digest the high - priced new - season red dates, it will drive the futures price to return to the new - season spot price. Otherwise, the new - season spot price may continue to decline. The red dates futures price rose significantly, but the market was facing inventory pressure and the supply - demand contradiction was not alleviated. The market was in a critical period of season and season - change, and the consumption situation would be the focus [8][9]. Group 3: Market News and Important Data Apple - Futures: The closing price of the apple 2601 contract was 9379 yuan/ton, down 61 yuan/ton (-0.65%) from the previous day [1]. - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of over 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.15 yuan/jin, unchanged from the previous day. The spot basis AP01 - 1879 and AP01 - 1079 increased by 61 respectively [1]. Red dates - Futures: The closing price of the red dates 2601 contract was 9225 yuan/ton, up 230 yuan/ton (+2.56%) from the previous day [5]. - Spot: The price of first - grade grey dates in Hebei was 8.90 yuan/kg, up 0.20 yuan/kg from the previous day. The spot basis CJ01 - 325 decreased by 30 [5]. Group 4: Market Analysis Apple - The apple futures price declined slightly. The late Fuji spot market in the warehouse was stable but with general shipments. The new - season apple inventory was lower than last year by over 10%, the inventory structure changed, and the consumption was under pressure due to high prices and competition from citrus [3]. Red dates - The red dates futures price rose significantly. The market arrival quality was uneven, the price difference widened, and the acceptance of ordinary goods was low. The new - season red dates were in the process of being picked, the purchase enthusiasm was low, and the inventory pressure was high [8]. Group 5: Strategy Apple - Neutral to bullish. Pay attention to terminal consumption recovery, inventory structure differentiation, and pre - holiday merchants' inventory adjustment, and be cautious about chasing high prices [4]. Red dates - Neutral. Focus on the terminal market's acceptance of new - season red dates and the inventory situation in the circulation link. The near - month contract may have some room to fall [9].

Report Title - Apple Weekly: New Phase Inbound Volume Announced, Apple Prices Stable with a Slight Increase [1] Report Industry Investment Rating - Not provided Core Viewpoints - This year, apple production has declined, the high - quality fruit rate is poor, and preservation is more difficult. Market expectations are that cold - storage inbound data will likely be lower. The peak cold - storage apple inventory this year is likely to be lower than last year, and the available inventory is expected to be low, so the apple fundamentals are strong. One can consider buying on dips for unilateral trading, while for arbitrage and options, it is recommended to wait and see [15] Summary by Directory Part 1: Logical Analysis and Trading Strategies 1. Spot Analysis - This week, the inbound work of new - season late - maturing Fuji apples is nearing completion, mainly concentrated in western Shandong Qixia and Shanxi Yuncheng. Outbound work has started, mainly for foreign - trade goods and some merchants replenishing the market. The sales area market is in the off - season, with a weak trading atmosphere. The increasing supply of citrus fruits is squeezing the apple sales space. - In the Shandong production area, the ground trading is ending, and the inbound work continues. The inbound of farmers' goods has significantly increased. The prices of different grades of late - maturing Fuji vary, with standard first - and second - grade goods being scarce. - In the Shaanxi production area, the late - maturing Fuji trading is ending, and the inbound work is ongoing but at a slower pace. The remaining supply quality has declined, and the trading price has slightly decreased. The purchasing enthusiasm of merchants is average [7] 2. Supply Analysis - As of November 13, 2025, the national cold - storage inventory ratio is about 55.87%, 7.52 percentage points lower than the same period last year, with a storage volume of 735.77 million tons, 12.13% lower than last year. - In Shandong, the cold - storage capacity ratio is 55.47%, an increase of 6.52 percentage points this week. The inbound is mainly in western Qixia. The proportion of high - quality first - and second - grade goods is low, and the proportion of general and third - grade fruits is high. - In Shaanxi, the cold - storage capacity ratio is 54.63%, an increase of 2.07 percentage points this week. There is obvious goods flow between different production areas, and the inventory in Luochuan has increased significantly. - In Gansu, the cold - storage capacity ratio is 69.28%, a decrease of 2.10 percentage points this week. There is both inbound and outbound, and the number of cold - storage seeking merchants is large [11] 3. Demand Analysis - In the Guangdong Chalong market, the number of early - morning arrival vehicles has changed little. The prices of different varieties of apples vary, and the purchasing enthusiasm of second - and third - level wholesalers is average. The new - season late - maturing Fuji has slow sales, and there is pressure on daily digestion and inventory backlog. - On November 13, the average wholesale price of 6 key - monitored fruits is 7.32 yuan per kilogram, slightly higher than last Friday, at a medium - high level in recent years. - For the 2025 - 2026 production season in the acquisition stage, the profit statistics of storage merchants for Qixia 80 first - and second - grade apples have been suspended [14] 4. Trading Strategies - Trading Logic: Apple production has declined this year, the high - quality fruit rate is poor, and cold - storage inventory is expected to be low. The apple fundamentals are strong. - Unilateral: Considering the strong apple fundamentals and the recent increase in spot prices, one can consider buying on dips. - Arbitrage: It is recommended to wait and see. - Options: It is recommended to wait and see [15] Part 2: Weekly Data Tracking 1. Apple Supply - Demand Situation - Data on apple export, planting area, consumption, and production are presented in the form of charts, but specific numerical summaries are not provided in the text [19] 2. Inventory and Shipment - Data on national and Shandong cold - storage apple inventory trends and national cold - storage apple outbound trends are presented in the form of charts, but specific numerical summaries are not provided in the text [22] 3. Spread and Basis - Data on different spread and basis (such as 1 - 5 spread, 5 - 10 spread, 1 - month basis, 5 - month basis, 10 - month basis) over the years are presented in the form of charts, but specific numerical summaries are not provided in the text [26]

1. Report Industry Investment Ratings - Apple: Neutral to bullish [4] - Red dates: Neutral [8] 2. Core Views of the Report - Apple: The price of apples futures continued to rise. The出库 of late - Fuji apples in the western region has started, with active transactions in Gansu and Shaanxi. The price of high - quality apples is expected to remain stable and firm in the short term, while the price of ordinary goods will remain stable. The stocking volume is lower than the same period last year, and attention should be paid to the stocking progress and出库 situation [3][4]. - Red dates: The price of red dates futures declined. The acquisition progress in Aksu and Alar has accelerated, and the price of new goods in the Hebei market is weakening. The inventory pressure is large, and the supply - demand contradiction has not been substantially alleviated. The actual consumption situation during the peak season will be the focus [7]. 3. Summary by Relevant Catalogs Apple Market News and Important Data - Futures: The closing price of the Apple 2601 contract was 9,504 yuan/ton, up 297 yuan/ton or 3.23% from the previous day [1]. - Spot: The price of 80 first - and second - grade late - Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of over 70 semi - commercial late - Fuji in Shaanxi Luochuan was 4.15 yuan/jin, unchanged from the previous day [1]. Recent Market Information - The出库 work of late - Fuji in the western region has started. In Gansu, merchants purchase goods as needed; in Shaanxi Xianyang, some merchants are actively purchasing farmers' goods. The quality of ground - traded goods in Shandong has slightly declined, and the price is slightly weak. The stocking work is entering the later stage, and the price of high - quality goods is expected to remain stable and firm, while ordinary goods will remain stable [2]. Market Analysis - The price of apple futures continued to rise. The出库 of late - Fuji in the west has started, and the price of high - quality goods is expected to be stable and firm, while ordinary goods will remain stable. The stocking work is in the later stage, and the stocking volume is lower than last year. The trading atmosphere in the sales area is still weak, and attention should be paid to the stocking and出库 progress [3]. Strategy - Neutral to bullish. Although the supply of late - Fuji has increased, the commercial rate this year is low, and merchants are cautious about ordering ordinary goods. The stocking volume is lower than last year [4]. Red Dates Market News and Important Data - Futures: The closing price of the Red Dates 2601 contract was 9,195 yuan/ton, down 170 yuan/ton or 1.82% from the previous day [5]. - Spot: The price of first - grade grey jujubes in Hebei was 8.90 yuan/kg, down 0.10 yuan/kg from the previous day [5]. Recent Market Information - The acquisition progress in Aksu and Alar has accelerated, and the price has slightly decreased. Merchants select suitable goods. The price in the Hebei market is weakening, and the price in the Guangdong market is stable. The price of spot goods is expected to be stable in the short term [6]. Market Analysis - The price of red dates futures declined. The acquisition progress in the production area has accelerated, and the price in the Hebei market is weakening. The inventory pressure is large, and the supply - demand contradiction has not been alleviated. The actual consumption during the peak season will be the focus [7]. Strategy - Neutral. The decline of red dates futures is obvious, and market gaming has increased. The new - season red dates in the main production areas have not been fully harvested. Attention should be paid to the acquisition price, fruit quality, and consumption during the peak season [8].

Report Industry Investment Rating - The investment strategy for both apples and dates is neutral [4][8] Core Viewpoints - Apple: The apple futures price declined slightly yesterday. The ground trading in the production areas has entered the later stage, and the current focus is on the warehousing work. There is a significant price polarization: high - quality goods remain firm, while the price of common - quality goods is weak. With the warehousing work in the western regions nearing completion, Shandong has become the trading center. It is expected that the warehousing volume will be lower than last year due to continuous rainfall [1][3][4] - Date: The date futures price also declined slightly yesterday. New - crop dates are more expensive than old - crop dates, leading to low market acceptance. As the harvest progresses in Xinjiang, there are concerns about supply pressure after the concentrated listing. It is expected that the price will face downward pressure in the short term [5][7] Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2601 contract yesterday was 8,919 yuan/ton, a change of - 21 yuan/ton or - 0.23% from the previous day - Spot: The price of 80 first - and second - grade late Fuji in Qixia, Shandong was 3.75 yuan/jin, unchanged from the previous day; the price of over 70 semi - commercial late Fuji in Luochuan, Shaanxi was 4.15 yuan/jin, unchanged from the previous day. The spot basis AP01 was - 1419 in Qixia and - 619 in Luochuan, with a change of + 21 from the previous day [1] Market Analysis - The apple futures price declined slightly yesterday. The ground trading in the production areas has entered the later stage, and the warehousing work is the current core. There is a significant price polarization: high - quality goods are firm due to scarcity, while the price of common - quality goods is weak due to increased supply. As the warehousing work in the western regions nears completion, Shandong has become the trading center. The enthusiasm of fruit farmers for self - warehousing has increased. The commodity rate of this year's late Fuji is low, and merchants are cautious about ordering common - quality goods. The warehousing work has been progressing slowly [3] Strategy - The strategy is neutral. After entering November, the warehousing work of the new - crop Fuji has started. Due to continuous rainfall, the warehousing volume is expected to be lower than last year [4] Date Market News and Important Data - Futures: The closing price of the date 2601 contract yesterday was 9,705 yuan/ton, a change of - 35 yuan/ton or - 0.36% from the previous day - Spot: The price of first - grade grey dates in Hebei was 9.00 yuan/kg, a change of - 0.15 yuan/kg from the previous day. The spot basis CJ01 was - 705, a change of - 115 from the previous day [5] Market Analysis - The date futures price declined slightly yesterday. The arrival volume in Hebei, Guangdong and other places is acceptable, but the new - crop dates are more expensive than the old - crop dates, resulting in low market acceptance. High - cost - performance old - crop dates are more popular. As the harvest progresses in Xinjiang, there are concerns about supply pressure after the concentrated listing, and downstream procurement is cautious. It is expected that the price will face downward pressure in the short term. Overall, the supply pressure in the production areas is gradually emerging, while the demand in the sales areas is insufficient [7] Strategy - The strategy is neutral. The dates are about to be harvested. The date futures price has declined significantly recently, and market competition has intensified. Attention should be paid to changes in the purchase price and actual output [8]