Report Industry Investment Rating - No specific industry investment rating is provided in the report [2] Report's Core View - The market has a relatively high expectation for the opening price of late - maturing Fuji apples, providing certain support at the lower end. It is recommended to take short - long positions as the main strategy [2] Summary by Directory Futures Market - The closing price of the apple futures main contract is 8,291 yuan/ton, a decrease of 713 yuan; the main contract position is 93,887 lots, an increase of 10,714 lots; the net long position of the top 20 futures holders is 352 lots [2] Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 4 yuan/jin, 2.3 yuan/jin, 4 yuan/jin, and 3.7 yuan/jin respectively, with no change [2] Upstream Situation - The national apple output is 5,128.51 million tons, an increase of 168.34 million tons [2] Industry Situation - The weekly apple wholesale price is 9.7 yuan/kg, a decrease of 0.06 yuan/kg; the average weekly wholesale price of Fuji apples is 9.35 yuan/kg, a decrease of 0.03 yuan/kg; the total national apple cold - storage inventory is 16.32 million tons, a decrease of 4.59 million tons; the weekly capacity ratio of Shandong apples is 3.51%, a decrease of 0.82%; the weekly capacity ratio of Shaanxi apples is 0; the monthly apple export volume is 70,000 tons, an increase of 20,000 tons; the monthly apple export value is 69.739 million US dollars; the monthly import value of fresh and dried fruits and nuts is 645.5 million US dollars, a decrease of 153.3065 million US dollars; the weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0.3 yuan/jin [2] Downstream Situation - The weekly average wholesale price of tangerines is 8.09 yuan/kg, a decrease of 0.65 yuan/kg; the weekly wholesale price of bananas is 3.72 yuan/kg, an increase of 0.1 yuan/kg; the weekly wholesale price of watermelons is 5.56 yuan/kg, a decrease of 0.02 yuan/kg; the early - morning average daily arrival vehicle volume at the Guangdong Jiangmen Wholesale Market is 16.2 vehicles, an increase of 4.2 vehicles; the early - morning average daily arrival vehicle volume at the Guangdong Xiaqiao Wholesale Market is 20.2 vehicles; the early - morning average daily arrival vehicle volume at the Guangdong Chalong Wholesale Market is 31.8 vehicles, an increase of 6.24 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 22.12%, an increase of 0.58%; the implied volatility of at - the - money put options for apples is 22.12%, an increase of 0.58% [2] Industry News - In the western production area, there is little remaining stock of early - maturing Fuji apples, with poor quality, and transactions are priced according to quality. The transactions of Red Star and Huaniu apples are in progress, and the transaction prices are acceptable. In the Shandong production area, the supply of Red General apples has decreased, and the purchasing enthusiasm of buyers is okay, with transactions through bargaining. The remaining stock of local stored Fuji apples has slightly poor quality, and the sales are slow, with the market price under pressure. For the new - season apples, the transaction price of Red General apples in Shandong varies widely due to quality, and the price advantage of poor - quality goods is relatively obvious. The transactions of early - maturing Fuji apples in the western region are coming to an end, and the picking - green Fuji apples are waiting to color, with a small number of merchants starting to place orders at a price higher than the same period last year. The preparations for the Double Festival are progressing, the bag - removing of late - maturing Fuji apples is sporadic, and the rainfall in the western region may delay the large - scale bag - removing time of late - maturing Fuji apples [2] Viewpoint Summary - As of September 17, 2025, the apple cold - storage inventory in the national main production areas is 16.32 million tons, a decrease of 4.59 million tons from last week. Affected by the transactions of medium - maturing varieties, the sales speed of the stored apples in the Shandong production area has slowed down. The capacity ratio in the Shandong production area is 3.51%, a decrease of 0.82% from last week. The inventory - removal speed in the Shandong production area has slowed down, and local small merchants tend to choose Red General apples with lower prices. The price of high - quality goods in the warehouse is relatively stable, while the price of farmers' goods is weak. However, the market has a relatively high expectation for the opening price of late - maturing Fuji apples, providing certain support at the lower end [2]

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