1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - This season, the high cost of apple warehouse receipts due to a low premium fruit rate strongly supports the apple futures price. As of January 14, 2026, the cold - storage inventory of apples in major producing areas was 7.0466 million tons, with a week - on - week decrease of 162,500 tons. The de - stocking speed accelerated compared to the previous week but was lower than the same period last year. Considering this year's later Spring Festival, the peak sales period is also postponed, and current demand is acceptable. With low cold - storage inventory, if the normal de - stocking volume is maintained, the later apple supply will be tight. The market previously expected weak apple demand, causing the May contract to decline slightly recently. If apple demand remains normal later, the May contract price is likely to rise [5]. 3. Summary by Relevant Catalogs 3.1 Market Information - **Spot Price**: The Fuji apple price index was 109.79, up 0.66 from the next working - day's price. The prices of various apple varieties such as Luochuan semi - commodity paper - bagged 70, Qixia first and second - grade paper - bagged 80, and Penglai first and second - grade paper - bagged 80 remained stable. The average wholesale price of 6 kinds of fruits was 7.93, up 0.13 from the next working - day's price [2]. - **Futures Price**: AP01 was 8210, up 22 from the previous close; AP05 was 9489, up 71; AP10 was 8292, up 35. The spreads AP01 - AP05 was - 1279, down 49; AP05 - AP10 was 1197, up 36; AP10 - AP01 was 82, up 13 [2]. - **Basis**: The basis of Qixia first and second - grade 80 against AP01 was - 10, down 22 from the previous trading day; against AP05 was - 1289, down 71; against AP10 was - 92, down 32 [2]. 3.2 Market News and Views - **Market News**: As of January 23, 2026, the cold - storage inventory of apples in major producing areas was 6.8278 million tons, a year - on - year decrease of 4% with a narrowing decline. In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%; the import volume was 3100 tons, a month - on - month increase of 21.31% and a year - on - year increase of 20.02%. The annual cumulative import volume in 2025 was 116,800 tons, a year - on - year increase of 19.72%. In the Shandong production area, the price of high - quality apples remained stable, while the price of low - quality apples declined slightly. The market arrival was stable, and the mainstream market was stable. The mainstream transaction price of semi - commodity apples in Luochuan, Shaanxi, was 3.8 - 4.2 yuan per jin [7]. - **Trading Logic**: High - cost warehouse receipts support the futures price. Low cold - storage inventory and a later Spring Festival may lead to tight supply if the de - stocking volume is normal. The May contract may rise if demand remains normal [5]. - **Trading Strategy**: Hold long positions in the May contract, short the October contract on rallies. Go long on the May contract and short the October contract for arbitrage. It is recommended to wait and see for options [8]. 3.3 Relevant Attachments - The report includes 10 figures, such as the price of Qixia first and second - grade paper - bagged 80 apples, the price of Luochuan semi - commodity paper - bagged 70 apples, the basis of AP contracts, and the spreads of different AP contracts, as well as the arrival volume of apples in wholesale markets, the price of 6 kinds of fruits, the cold - storage inventory of apples nationwide, and the cold - storage apple de - stocking volume [10][11][12]

Group 1: Report Overview - Report Title: Apple Daily Report, May 22, 2024 [2] - Researcher: Liu Qiannan [2] - Contact: liuqiannan_qh@chinastock.com.cn [2] Group 2: Market Information Spot Prices - Fuji Apple Price Index: 108.50, up 0.24 from the next working day [3] - 6 Kinds of Fruit Average Wholesale Price: 7.67, down 0.05 from the next working day [3] Futures Prices - AP01: 7469, down 150 from yesterday's close [3] - AP05: 7636, down 130 from yesterday's close [3] - AP10: 7552, down 120 from yesterday's close [3] Basis - Qixia First and Second - Grade 80 - AP01: 731, up 150 from the previous trading day [3] - Qixia First and Second - Grade 80 - AP05: 564, up 130 from the previous trading day [3] - Qixia First and Second - Grade 80 - AP10: 648, up 120 from the previous trading day [3] Group 3: Market News and Views Apple Market News - Cold - Storage Inventory: As of May 16, 2025, the cold - storage inventory in major apple - producing areas was 2.2886 million tons, a decrease of 0.3791 million tons from last week, at a five - year low [4] - Export and Import: In April 2025, fresh apple exports were about 72,600 tons, a month - on - month decrease of 24.41% and a year - on - year decrease of 1.77%. Imports were 19,100 tons, a month - on - month increase of 102.29% and a year - on - year increase of 63.56%. The cumulative imports from January to April 2025 were 32,400 tons, a year - on - year increase of 83.87% [7] - Market Price: The mainstream apple prices in the origin remained stable. Storage merchants were actively selling, and market traders mainly purchased as needed. The overall wholesale market was stable [7] - Profit: The profit of Qixia 80 first and second - grade storage merchants in the 2024 - 2025 production season was 0.9 yuan per catty, up 0.2 yuan per catty from last week [7] - Spot Price: In Qixia, Shandong, the demand for apple slice - red goods was good. The prices of different grades of apples remained stable [8] Trading Logic - The apple cold - storage inventory this year is at a low level since 2019. Before the new apples are on the market, the supply is likely to be tight. The current market sales are okay, and the spot price is strong, which supports the apple price. In addition, the windy and hot - dry weather in the western producing areas in April affected apple fruit - setting in some areas. It is expected that the apple trend will continue to be slightly stronger in a volatile manner [9] Trading Strategies - Unilateral: Build long positions in AP10 at low prices in the short term [10] - Arbitrage: It is recommended to wait and see [11] - Options: It is recommended to wait and see [12] Group 4: Related Attachments - The report includes 10 related charts, such as the price of Qixia first and second - grade paper - bag 80 apples, the price of Luochuan semi - commercial paper - bag 70 apples, AP contract basis, and apple arrival volume in wholesale markets [16][18][24]