Group 1 - The domestic futures market for agricultural products showed a mostly positive trend, with apple futures experiencing a price increase of approximately 1.91%, reaching a high of 8192.00 yuan/ton [1] - The main contract for apples opened at 8100.00 yuan/ton and fluctuated between a low of 8062.00 yuan and a high of 8192.00 yuan, indicating a strong performance in the market [1] - Southwest Futures noted that the main contract represents the new season's purchase price, with a slight increase in national production, contradicting previous reduction expectations [1] Group 2 - Guotai Junan Futures highlighted that the supply of early-ripening apples has decreased in recent years, leading to a significant price differentiation in the market, with high-quality apples commanding higher prices [2] - The new season's apple bagging quantity is slightly lower than the previous season, and the purchase prices for early-ripening apples in the northwest region are higher than last year, providing some support for late-ripening varieties [2] - The market is advised to consider buying on dips in the short term, focusing on the performance of the new season's apple production [2]

Report Industry Investment Rating - Not provided in the content Core View of the Report - As of July 17, 2025, the national cold storage apple inventory ratio was about 5.56%, with a weekly decline of 0.68 percentage points and a year - on - year decrease of 3.32 percentage points. The low inventory supports the price, and the mainstream transaction price in the origin remains stable. The stable closing price of old - season apples may boost the purchase price of new - season apples. The high opening price of new - season early - maturing apples may support the opening price of late - maturing Red Fuji. However, due to the off - season of apple consumption, the weak demand restricts the significant rise of the market. Short - term operations should be treated with a volatile mindset [35] Summary by Relevant Catalogs 1. This Week's Market Review - This week, the main contract of apple futures, AP2510, showed a strong performance [7] 2. Supply - side Situation - As of July 17, 2025, the total remaining amount of apples in national cold storage was 734,100 tons, at the lowest level in the past five years. The remaining amount in Shandong cold storage was 449,300 tons, and that in Shaanxi was 194,800 tons [13] 3. Demand - side Situation - As of July 17, 2025, the national cold storage inventory ratio was about 5.56%, with a weekly decline of 0.68 percentage points and a year - on - year decrease of 3.32 percentage points, and the de - stocking rate was 91.26% [18] - In May 2025, the export volume of fresh apples was about 45,500 tons, a month - on - month decrease of 37.38% and a year - on - year decrease of 25.15%. The second - quarter export volume of fresh apples in 2025 is expected to decline [20] - As of July 11, the mainstream price of apples in Qixia, Yantai, Shandong was stable. The transaction volume increased, and the overall transaction price was stable [31]