Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the price of Apple Futures 2510 declined and adjusted, with a weekly drop of 1.15%. According to preliminary estimates based on bagging volume survey data, the national apple production in the new season is expected to be 37.3664 million tons, a year - on - year increase of 2.35%. As of August 20, 2025, the cold - storage inventory of apples in the main producing areas was 394,500 tons, a decrease of 65,600 tons from last week. Although the inventory of old apples is low, the arrival of early - maturing apples has impacted the inventory clearance speed, and the sales speed has slightly slowed down. The price of early - maturing apples is chaotic, and the transaction price has slightly declined. Overall, the low inventory of old apples still supports the price, but the increase in the listing volume of Gala apples restricts the price increase, showing a range - bound market. The support level for the Apple 2510 contract is around 7,900 yuan/ton, and the resistance level is around 8,200 yuan/ton [7]. - It is recommended to trade the Apple 2510 contract in the short - term within the range. Future trading should pay attention to the inventory clearance rate, consumption, and new crop production [8]. 3. Summary by Directory 3.1. Week - on - Week Summary - **Market Review**: The price of Apple Futures 2510 declined and adjusted this week, with a weekly drop of 1.15% [7][11]. - **Market Outlook**: New - season apple production is expected to increase. Cold - storage inventory is decreasing, but the arrival of early - maturing apples has affected the clearance speed. The price of early - maturing apples is chaotic and has slightly declined. The low inventory of old apples supports the price, but the increase in Gala apples restricts the price increase, showing a range - bound market. The support and resistance levels for the Apple 2510 contract are 7,900 yuan/ton and 8,200 yuan/ton respectively [7]. - **Strategy Suggestion**: Trade the Apple 2510 contract in the short - term within the range. Future trading should focus on the inventory clearance rate, consumption, and new crop production [8]. 3.2. Futures and Spot Markets - **Futures Market**: This week, the price of Apple Futures 2510 fluctuated and declined, with a weekly drop of 1.15%. As of the end of the week, the net short position of the top 20 in Apple Futures was 0 lots, and the number of warehouse receipts was 0 [11][17]. - **Spot Market**: As of August 22, 2025, the mainstream price of 80 and above first - and second - grade fruit farmer's goods of bagged Red Fuji in Qixia, Yantai, Shandong was 3.7 yuan/jin; the price of bagged Fuji apples of 75 and above in Yiyuan, Shandong was 2.3 yuan/jin [20]. 3.3. Industry Situation and Options - **Supply Side**: As of August 20, 2025, the cold - storage inventory of apples in the main producing areas was 394,500 tons, a decrease of 65,600 tons from last week. The arrival of early - maturing apples has affected the clearance speed. The storage capacity ratios in Shandong, Shaanxi, and Gansu have all decreased [25]. - **Demand Side**: As of August 21, the average daily number of trucks arriving at major apple wholesale markets in Guangdong in the morning has increased. The profit of 80 first - and second - grade apple storage merchants is 0.4 yuan/jin. As of August 15, 2025, the average wholesale price of Fuji apples was 9.48 yuan/kg, a month - on - month decrease of 0.32%; the average wholesale price of apples was 9.66 yuan/kg, a month - on - month decrease of 0.31%. The weekly average wholesale price of 5 kinds of fruits was 6.94 yuan/kg, a month - on - month decrease of 1.00%. In July 2023, China's fresh apple exports were 50,000 tons, a month - on - month increase of 25% [29][33][37][40]. - **Options Market**: Information about the implied volatility of at - the - money options of apples this week is presented in a chart, but no specific data is given [41]. 3.4. Futures - Stock Correlation - Information about the price - earnings ratio of Honghui Fruit is presented in a chart, but no specific data is given [43].