证券之星消息，11月24日苹果期货板块较上一交易日上涨1.57%，宏辉果蔬领涨。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。苹果期货板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 从资金流向上来看，当日苹果期货板块主力资金净流入3.87万元，游资资金净流入191.62万元，散户资金 净流出195.49万元。苹果期货板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603336 宏辉果蔬 | | > 490.36万 | 3.40% | -213.87万 | -1.48% | -276.49万 | -1.92% | | 600192 长城电工 | | 405.62万 | 5.23% | -251.07万 | -3.24% | -154.55 ...

Report Information - The report is written by the Agricultural Products Team of Fangzheng Futures, including Hou Zhifang, Song Congzhi, Wang Liangliang, and Tang Binghua, and was completed on November 22, 2025 [1] Industry Investment Rating - No investment rating information is provided in the report Core Views - **Sugar**: Indian sugar mills are increasing their production, and new sugar is being listed in China, causing sugar prices to decline. It is recommended to hold short positions and consider selling call options [3] - **Pulp**: The pulp market has shifted from rising to falling. Although the cost of warehouse receipts provides some support, the overall improvement in fundamentals is limited. It is advisable to reduce short positions when approaching the support level [4] - **Double - offset paper**: The spot price is stable, and the seasonal demand improvement is insufficient to significantly improve the fundamentals. It is recommended to take short positions on rebounds [5] - **Cotton**: Globally and in the US, there is an expectation of a slight inventory build - up. In the domestic market, production is increasing, and demand is weak. It is recommended to reduce short positions on dips [8] - **Apples**: The peak of apple storage is lower than expected, and the yield and high - quality fruit rate are decreasing year - on - year. It is recommended to hold long positions in the May contract cautiously [9] - **Jujubes**: In November, the futures - spot price difference has returned, and the supply - demand is shifting to a double - strong situation. Aggressive investors can consider reverse arbitrage or long positions with protective put options [10] Summary by Directory Part I: Sector Strategy Recommendations - **Fresh Fruit Futures**: For Apple 2605, hold long positions cautiously; for Jujube 2601, short on rebounds [18] - **Soft Commodity Futures**: For Sugar 2601, hold short positions; for Pulp 2601, wait and see; for Double - offset paper 2601, short on rebounds; for Cotton 2601, hold short positions cautiously [18] Part II: Sector Weekly Market Review I. Futures Market Review | Variety | Closing Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | | Apple 2601 | 9570 | 530 | 5.86% | | Jujube 2601 | 9190 | - 400 | - 4.17% | | Sugar 2601 | 5470 | 13 | 0.24% | | Pulp 2511 | 4900 | 28 | 0.57% | | Double - offset paper 2601 | 4264 | 8 | 0.19% | | Cotton 2601 | 13450 | - 130 | - 0.96% | [19] II. Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 4.00 | 0.00 | - 0.25 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5760 | 10 | - 560 | | Pulp (Shandong Yinxing) | 5550 | 0 | - 730 | | Cotton (yuan/ton) | 14371 | - 420 | - 912 | [23] Part III: Sector Basis Situation - The report provides basis data charts for Apple, Jujube, Sugar, Pulp, and Cotton, but does not provide specific numerical analysis [35] Part IV: Inter - month Spread Situation - The report provides inter - month spread data charts for Apple, Jujube, Sugar, and Cotton, but does not provide specific numerical analysis [41] Part V: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 0 | 0 | 0 | | Sugar | 7971 | - 11 | - 3109 | | Pulp | 210549 | 991 | - 165471 | | Cotton | 2244 | - 1259 | 1964 | | Cotton Yarn | 17 | - 10 | 17 | [48] Part VI: Option - related Data | Variety | Market Logic | Option Strategy | | --- | --- | --- | | Apple 2605 | The peak of storage is lower than expected, and the futures price is supported | Sell out - of - the - money put options | | Jujube 2601 | New jujube production increases and is listed intensively | Sell deep out - of - the - money call options | | Sugar 2601 | Supply increases, and it is hard to rise | Sell out - of - the - money call options | | Cotton 2601 | There is still pressure from phased supply, and the price is expected to remain low | Sell out - of - the - money call options | | Pulp 2601 | Cost support exists, but the upward driving force of fundamentals is weak | Sell put options with an exercise price of 4900 and call options with an exercise price of 5300 | [50] Part VII: Sector Futures Fundamental Situation I. Apple - **Weather in Producing Areas**: Provide temperature and precipitation data charts for Shandong and Shaanxi [67] - **Export Situation**: Provide charts of monthly apple export volume [71] - **Inventory Situation**: Provide charts of weekly apple storage inventory in China, Shandong, and Shaanxi [73] II. Jujube - Provide charts of weekly jujube trading volume in Henan and Hebei, and daily jujube arrival volume in Guangdong Ruyifang Market [77] III. Sugar - Provide charts of national sugar industrial inventory, monthly sugar import volume, and sugar spot - futures spread [78] IV. Pulp - Provide charts of domestic pulp inventory in four ports, global pulp producer inventory days, and production volume of various paper products [83] V. Double - offset paper - Provide charts of double - offset paper capacity utilization, production volume, enterprise inventory, and apparent consumption [95] VI. Cotton - Provide charts of clothing retail sales and inventory data in the US, UK, and Japan, as well as domestic cotton industrial and commercial inventory, import volume, and textile industry data [100]

软商品日报 2025/11/21 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关 ...

苹果市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信服 务 号 瑞达期货研究院 「2025.11.21」 业务咨询 添加客服 「 周度要点小结」 行情回顾：本周苹果期货2601合约价格下跌，周度跌幅约1.36%。 行情展望：山东、山西苹果仍在入库中，地面交易陆续收尾，库存货源交易有限。 据Mysteel统计，截至2025年11月19日，全国主产区苹果冷库库存量为773.16万吨， 较上周增加8.92万吨。山东产区库容比为54.29%，较上周增加3.02%，陕西产区 库容比为59.10%，较上周减少0.34%，山东产区地面交易进入收尾阶段，栖霞等 部分地方少量入库，另外部分奶油富士等收尾入库。陕西产区入库基本结束，产 区开始转出库，陕北多以客商发自存货源为主，部分外贸渠道少量调货，陕西南 部调果农货为主，成交好于陕北地区，一部分走二三级市场，一部分货源以山东 客商调货为主。销区市场表现一般，关注橘类水果上市的替代影响，短期预计苹 果期价维持高位运行。 2 未来交易提示： 1、水果价格2、消费 目录 1、周度要点小结 2、期现市场 3、产业情况及期权 4 ...

Core Points - The apple futures sector experienced a decline of 4.26% on November 21, with Honghui Fruits and Vegetables leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Apple Futures Sector Summary - Major stocks in the apple futures sector showed significant declines, with the following closing prices and percentage changes: - Andeli: 37.72, -2.71% - Guotou Zhonglu: 19.64, -3.20% - Great Wall Electric: 9.00, -3.64% - ST Langyuan: 5.56, -4.63% - Xinyangfeng: 15.22, -5.05% - Honghui Zhaohua: 9.10, -5.80% [1] Capital Flow Analysis - The apple futures sector saw a net outflow of 60.97 million yuan from major funds, while retail investors contributed a net inflow of 45.54 million yuan [1] - Detailed capital flow for individual stocks showed: - Xinyangfeng: Major net inflow of 846,200 yuan, retail net inflow of 1.25 million yuan - Andeli: Major net outflow of 5.67 million yuan, retail net inflow of 7.27 million yuan - ST Langyuan: Major net outflow of 9.31 million yuan, retail net outflow of 498,260 yuan - Guotou Zhonglu: Major net outflow of 10.21 million yuan, retail net inflow of 841,700 yuan - Great Wall Electric: Major net outflow of 12.33 million yuan, retail net inflow of 584,480 yuan - Honghui Fruits and Vegetables: Major net outflow of 24.30 million yuan, retail net inflow of 654,260 yuan [2]

农产品日报 | 2025-11-21 苹果主产区入库基本结束，红枣剩余货源价格松动 苹果观点 市场要闻与重要数据 近期市场资讯，晚富士地面及入库交易逐步扫尾，库内交易以稳为主。西部出库仍集中在甘肃及陕西旬邑产区， 果农好货调货为主，库内陆续包装发市场，部分客商调货转存。山东地面交易陆续收尾，市场货源有所减少，地 面货源质量有所下滑，果农顺价卖货为主。栖霞80#一二级主流参考价3.5-4元/斤，栖霞80#一二级半主流参考价 3.0-3.3元/斤，统货价格2.0-3.0元/斤，65#价格1.7元/斤附近。甘肃产区静宁果农好货出库价格4.5-5.5元/斤不等。庆 阳出库价格3.6-4.5元/斤不等；陕西产区咸阳旬邑等产区果农货出库价格3.0-3.5元/斤。入库工作陆续进入后期，库 内交易较为稳定，好货价格稳定运行，短期内在外贸渠道等托底下行情预计维持稳定为主。目前受到柑橘等竞品 水果冲击，市场走货一般，后续关注市场对库存货源的消化能力。 期货方面，昨日收盘苹果2601合约9496元/吨，较前一日变动+121元/吨，幅度+1.29%。现货方面，山东栖霞80# 一 二级晚富士价格3.75元/斤，较前一日变动+0.00元 ...

农产品日报 | 2025-11-20 晚富士多产区以质论价，红枣新货接受度一般 苹果观点 市场要闻与重要数据 期货方面，昨日收盘苹果2601合约9375元/吨，较前一日变动-58元/吨，幅度-0.61%。现货方面，山东栖霞80# 一二 级晚富士价格3.75元/斤，较前一日变动+0.00元/斤，现货基差AP01-1875，较前一日变动+58；陕西洛川70# 以上半 商品晚富士价格4.15元/斤，较前一日变动+0.00元/斤，现货基差AP01-1075，较前一日变动+58。 近期市场资讯，晚富士地面及入库交易逐步扫尾，库内交易表现稳定。西部出库仍集中在甘肃及陕西旬邑产区， 果农好货调货为主，库内陆续包装发市场，部分客商调货转存。山东地面交易陆续收尾，市场货源有所减少，地 面货源质量有所下滑，果农顺价卖货为主。栖霞80#一二级主流参考价3.5-4元/斤，栖霞80#一二级半主流参考价 3.0-3.3元/斤，统货价格2.0-3.0元/斤，65#价格1.7元/斤附近。甘肃产区静宁果农好货出库价格4.5-5.5元/斤不等。庆 阳出库价格3.6-4.5元/斤不等；陕西产区咸阳旬邑等产区果农货出库价格3.0-3.5元/斤。入库 ...

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views - The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose. Different commodities have different market trends and investment suggestions due to their own supply - demand relationships, cost factors, and external market environments [5]. Summary by Commodity Categories Fixed - Income - **Treasury Bonds**: The previous trading day saw a decline in treasury bond futures. With the current macro - economic situation and market conditions, there is still some pressure on treasury bond futures, and caution is advised [5]. - **Stock Index Futures**: The previous trading day showed mixed performance. Given the current domestic economic situation, market sentiment, and external factors, the risk of a significant decline is low, and investors can choose the right time to go long [7][8]. Precious Metals - **Gold and Silver**: The previous trading day witnessed price increases. Considering the global trade and financial environment, central bank actions, and the current price level, it is advisable to wait and see for a long - position opportunity [10]. Base Metals - **Copper**: The previous trading day had a slight increase. Affected by macro - economic factors and supply - demand relationships, copper prices are expected to fluctuate at a high level [47]. - **Aluminum**: The previous trading day had a slight decline. Alumina supply is relatively loose, and aluminum needs to beware of seasonal consumption pressure and profit - taking, with a possible phased correction [49]. - **Zinc**: The previous trading day remained flat. With tight supply of zinc concentrates and weak downstream demand, zinc prices are expected to fluctuate within a range [52]. - **Lead**: The previous trading day had a slight increase. Due to supply and demand factors, lead prices are expected to operate within a range [54]. - **Tin**: The previous trading day had a slight decline. With tight supply and certain demand support, tin prices are expected to fluctuate strongly [56]. - **Nickel**: The previous trading day had an increase. Facing supply - demand contradictions, nickel prices are expected to fluctuate [58]. Ferrous Metals - **Rebar and Hot - Rolled Coil**: The previous trading day had a slight decline. Considering supply - demand relationships and technical aspects, prices are expected to be weak in the medium - term, and investors can focus on short - selling opportunities at high levels during rebounds [12]. - **Iron Ore**: The previous trading day had a slight rebound. With a weak supply - demand pattern and technical resistance, investors can focus on short - selling opportunities at high levels [14]. - **Coking Coal and Coke**: The previous trading day had a significant decline. Based on supply - demand changes and technical analysis, there may be a short - term correction, and investors can focus on buying opportunities during the correction [16]. - **Ferroalloys**: The previous trading day had a decline. With high - level production decline, weak demand recovery, and cost support, investors can consider long - position opportunities at low levels [18]. Energy - **Crude Oil**: The previous trading day had an upward trend. Considering supply - demand factors and market news, there are concerns about supply surplus, and investors can focus on short - selling opportunities in the short - term [20][21]. - **Fuel Oil**: The previous trading day had a weak performance. With mixed supply - demand factors, investors can focus on short - selling opportunities [23][24]. Chemicals - **Polyolefins**: The previous trading day had a weak performance. With improved downstream demand in some areas, investors can focus on long - position opportunities [26]. - **Synthetic Rubber**: The previous trading day had an increase. It is expected to operate in a volatile manner, and attention should be paid to raw material prices and supply changes [28]. - **Natural Rubber**: The previous trading day had an increase. With supply and demand factors, there is still room for short - term price increases, and investors can focus on long - position opportunities [31]. - **PVC**: The previous trading day had a decline. With an oversupply situation, attention should be paid to supply - side changes [33]. - **Urea**: The previous trading day had a slight increase. It is expected that the market will decline slightly in the next period, but the downside space is limited [35]. - **PX**: The previous trading day had an increase. With improved short - term supply - demand structure, it is expected to fluctuate and adjust, and investors can participate in the range [37]. - **PTA**: The previous trading day had an increase. With low processing fees, low inventory, and cost factors, it is expected to operate in a volatile manner, and caution is needed [39]. - **Ethylene Glycol**: The previous trading day had a decline. With increased supply and inventory, it is expected to be under pressure in the short - term, and attention should be paid to inventory and supply changes [40]. - **Short - Fiber**: The previous trading day had an increase. With high - level supply, stable demand, and enhanced cost - driving, it is expected to fluctuate with costs [43]. - **Bottle Chips**: The previous trading day had an increase. With raw material price support and stable supply and demand, it is expected to follow cost fluctuations [44]. - **Lithium Carbonate**: The previous trading day had a significant increase. With strong supply and demand, inventory is being depleted, and attention should be paid to consumption sustainability [45]. Agricultural Products - **Soybean Oil and Soybean Meal**: The previous trading day had different performances. With sufficient soybean supply and improved demand for soybean oil, investors can focus on long - position opportunities for soybean oil and consider exiting long positions for soybean meal [59]. - **Palm Oil**: The previous trading day had an increase. Affected by supply - demand factors, investors can consider long - position opportunities during corrections [61]. - **Rapeseed Meal and Rapeseed Oil**: The previous trading day had a decline. With supply - demand and external factors, investors can consider a long - position strategy for rapeseed oil [63]. - **Cotton**: The previous trading day had a slight rebound. With increased global and US production and inventory, and domestic supply and demand factors, cotton prices are expected to be weak [66]. - **Sugar**: The previous trading day had a decline. With global production expectations and domestic supply pressure, sugar prices are expected to fluctuate weakly [70]. - **Apples**: The previous trading day had a high - level volatile operation. With current inventory and market conditions, apple prices are expected to operate strongly [74]. - **Pigs**: The previous trading day had a price increase. With sufficient supply and uncertain demand, investors can consider short - selling opportunities during rebounds [77]. - **Eggs**: The previous trading day had a price decline. With high - level supply and weak demand, investors can consider closing short positions gradually [79]. - **Corn and Starch**: The previous trading day had an increase. With new - season corn supply pressure and inventory factors, it is advisable to wait and see for corn, and starch may follow the corn market [81].

Report Industry Investment Ratings No specific investment ratings for the entire report industry are provided. Core Views - **Treasury Bonds**: Expected to face some pressure, maintain a cautious stance [6][7] - **Stock Index Futures**: The risk of a significant decline is low, and it is advisable to take long positions opportunistically [9][10] - **Precious Metals**: Temporarily observe and wait for opportunities to go long [11][12] - **Rebar and Hot - Rolled Coils**: The medium - term weakness of rebar prices is difficult to change, and hot - rolled coils may follow a similar trend. Investors can focus on shorting opportunities at high levels during rebounds [13] - **Iron Ore**: The supply - demand pattern is weak. Investors can focus on shorting opportunities at high levels [15] - **Coking Coal and Coke**: May continue to correct in the short term. Investors can focus on buying opportunities during corrections [17] - **Ferroalloys**: After a decline, consider long positions at low levels when the spot falls into the loss - making range [19][20] - **Crude Oil**: In the short term, focus on shorting opportunities for the main contract [22][23] - **Fuel Oil**: Focus on shorting opportunities for the main contract [25][26] - **Polyolefins**: Temporarily observe [28] - **Synthetic Rubber**: Expected to fluctuate, with limited downside space. Pay attention to raw material prices and supply changes [29][31] - **Natural Rubber**: Focus on long - position opportunities [32][33] - **PVC**: Pay attention to supply - side changes [34][35] - **Urea**: The downward space is limited [36][37] - **PX**: May fluctuate and adjust in the short term, with support at the bottom. Consider trading within the range [38][39] - **PTA**: May fluctuate in the short term. Be cautious, control risks, and pay attention to oil price changes [40] - **Ethylene Glycol**: May be under pressure in the short term. Pay attention to port inventory and supply changes [41] - **Short - Fiber**: May fluctuate following the cost. Control risks and pay attention to cost changes and macro - policy adjustments [42] - **Bottle Chips**: Expected to fluctuate following the cost. Control risks [43] - **Lithium Carbonate**: Pay attention to the sustainability of consumption [44][45] - **Copper**: Expected to maintain high - level oscillations [46][47] - **Aluminum**: May experience a phased correction [48][50] - **Zinc**: Will continue to oscillate within a range [51][52] - **Lead**: Will operate within a range [53][54] - **Tin**: May oscillate strongly [55][56] - **Nickel**: May oscillate [57] - **Soybean Oil and Meal**: For soybean meal, consider exiting long positions when it continues to rise; for soybean oil, consider long positions at the low - cost support range [58][59] - **Palm Oil**: Consider going long during corrections [60][61] - **Rapeseed Meal and Oil**: Consider a bullish approach for rapeseed oil [63][64] - **Cotton**: Expected to be weak [65][67][68] - **Sugar**: Expected to be under pressure and operate with a weak oscillation [69][71][72] - **Apples**: Expected to operate strongly [73][76] - **Hogs**: Consider shorting on rebounds [77][78] - **Eggs**: Consider closing short positions gradually [79][82] - **Corn and Starch**: It is advisable to observe for corn and wait for the release of supply pressure; corn starch may follow the corn market [83][86] Summary by Category Treasury Bonds - **Market Performance**: The previous trading day saw all treasury bond futures close higher, with the 30 - year, 10 - year, 5 - year, and 2 - year contracts rising 0.06%, 0.03%, 0.03%, and 0.01% respectively [5] - **Open - Market Operations**: On November 18, the central bank conducted 4075 billion yuan of 7 - day reverse repurchase operations, with a net investment of 37 billion yuan [5] - **Policy News**: 12 departments including the Beijing Branch of the People's Bank of China issued a plan to support consumption infrastructure and the construction of the commercial circulation system [5] Stock Index Futures - **Market Performance**: The previous trading day saw mixed performance in stock index futures, with the CSI 300, SSE 50, CSI 500, and CSI 1000 futures down 0.41%, 0.23%, 0.85%, and 0.69% respectively [8][9] - **Economic Data**: In October, the unemployment rates of different age - groups in the labor force were announced, and the production and sales of new energy vehicles continued to grow [9] - **Market Outlook**: The domestic economy is stable, but the recovery momentum is weak. Asset valuations are low, and the market sentiment has warmed up. The risk of a significant decline is low [9] Precious Metals - **Market Performance**: The previous trading day saw gold and silver futures decline, with gold down 1.18% and silver down 1.96% [11] - **Positive Factors**: The complex global trade and financial environment, central bank gold - buying, and the expected Fed rate cuts are beneficial to precious metals [11] - **Negative Factors**: The recent sharp rise in precious metals has led to high prices and increased volatility [11] Rebar and Hot - Rolled Coils - **Market Performance**: The previous trading day saw a slight rebound in rebar and hot - rolled coil futures [13] - **Supply - Demand Analysis**: The demand for rebar is declining year - on - year, and the market is entering the off - season. Supply is affected by poor profitability, and inventory is high [13] - **Outlook**: The medium - term weakness of rebar prices is difficult to change, and hot - rolled coils may follow a similar trend [13] Iron Ore - **Market Performance**: The previous trading day saw iron ore futures oscillate [15] - **Supply - Demand Analysis**: The demand for iron ore has declined, but there was a recent increase in daily pig - iron output. Supply is abundant, and inventory is higher than last year [15] - **Outlook**: The supply - demand pattern is weak, and there may be resistance to rebounds [15] Coking Coal and Coke - **Market Performance**: The previous trading day saw a sharp decline in coking coal and coke futures [17] - **Supply - Demand Analysis**: Coking coal supply is slightly tight, and demand is weak. Coke supply has decreased, and demand may weaken [17] - **Outlook**: May continue to correct in the short term [17] Ferroalloys - **Market Performance**: The previous trading day saw manganese - silicon and silicon - iron futures decline [19] - **Supply - Demand Analysis**: Manganese ore supply has decreased, and costs have increased. Production is declining, and demand is weak, with inventory accumulating [19] - **Outlook**: After a decline, consider long positions at low levels when the spot falls into the loss - making range [19][20] Crude Oil - **Market Performance**: The previous trading day saw INE crude oil open high and close low [21] - **Industry News**: The CFTC report is suspended, the number of US oil and gas rigs has increased, and Russia has been attacked [21] - **Outlook**: There are concerns about oversupply, but the attack on Russia is beneficial to prices. In the short term, focus on shorting opportunities [22][23] Fuel Oil - **Market Performance**: Not specifically mentioned, but there is an analysis of supply and demand [24] - **Supply - Demand Analysis**: Singapore's fuel oil inventory is high, which is negative, while Russia's sanctions and reduced Sino - US trade frictions are positive [24][25] - **Outlook**: Focus on shorting opportunities [25][26] Polyolefins - **Market Performance**: The previous trading day saw a weak and volatile PP market in Hangzhou and a stable LLDPE market in Yuyao [27] - **Supply - Demand Analysis**: PP downstream demand has a mixed performance, with some industries seeing an increase and others remaining weak [27] - **Outlook**: Temporarily observe [28] Synthetic Rubber - **Market Performance**: The previous trading day saw the main synthetic rubber contract rise 0.91% [29] - **Supply - Demand Analysis**: Raw material prices have rebounded, production capacity utilization has increased, and inventory has increased [29][30] - **Outlook**: Expected to fluctuate, with limited downside space. Pay attention to raw material prices and supply changes [29][31] Natural Rubber - **Market Performance**: The previous trading day saw the main natural rubber contract rise 0.33% [32] - **Supply - Demand Analysis**: Supply is affected by weather, demand is weak, and inventory is accumulating [32] - **Outlook**: Focus on long - position opportunities [32][33] PVC - **Market Performance**: The previous trading day saw the main PVC contract decline 1.46% [34] - **Supply - Demand Analysis**: Supply exceeds demand, production capacity utilization has decreased, and inventory has decreased slightly [34][35] - **Outlook**: Pay attention to supply - side changes [34][35] Urea - **Market Performance**: The previous trading day saw the main urea contract rise 0.36% [36] - **Supply - Demand Analysis**: Supply is increasing, demand is weak, and inventory is at a certain level [36] - **Outlook**: The downward space is limited [36][37] PX - **Market Performance**: The previous trading day saw the main PX contract decline 0.53% [38] - **Supply - Demand Analysis**: Production capacity utilization has decreased, and imports have decreased slightly [38] - **Outlook**: May fluctuate and adjust in the short term, with support at the bottom. Consider trading within the range [38][39] PTA - **Market Performance**: The previous trading day saw the main PTA contract decline 0.55% [40] - **Supply - Demand Analysis**: Production capacity utilization has adjusted, demand is stable, and processing fees have decreased [40] - **Outlook**: May fluctuate in the short term. Be cautious, control risks, and pay attention to oil price changes [40] Ethylene Glycol - **Market Performance**: The previous trading day saw the main ethylene glycol contract decline 0.64% [41] - **Supply - Demand Analysis**: Production capacity utilization has decreased, inventory has increased, and demand is limited [41] - **Outlook**: May be under pressure in the short term. Pay attention to port inventory and supply changes [41] Short - Fiber - **Market Performance**: The previous trading day saw the main short - fiber contract decline 0.64% [42] - **Supply - Demand Analysis**: Production capacity utilization is high, demand is weak, and processing fees are at a certain level [42] - **Outlook**: May fluctuate following the cost. Control risks and pay attention to cost changes and macro - policy adjustments [42] Bottle Chips - **Market Performance**: The previous trading day saw the main bottle - chip contract decline 0.56% [43] - **Supply - Demand Analysis**: Production capacity utilization has decreased, export growth has slowed, and processing fees are at a certain level [43] - **Outlook**: Expected to fluctuate following the cost. Control risks [43] Lithium Carbonate - **Market Performance**: The previous trading day saw the main lithium carbonate contract rise 0.93% [44] - **Supply - Demand Analysis**: Supply is at a high level, and demand from the energy storage and power battery sectors is improving, with inventory decreasing [44][45] - **Outlook**: Pay attention to the sustainability of consumption [44][45] Copper - **Market Performance**: The previous trading day saw the main copper contract decline 0.03% [46] - **Supply - Demand Analysis**: Supply is affected by mine production problems, and demand is weak except for the copper - foil sector [46] - **Outlook**: Expected to maintain high - level oscillations [46][47] Aluminum - **Market Performance**: The previous trading day saw the main aluminum contract decline 0.16%, and the alumina contract decline 0.36% [48] - **Supply - Demand Analysis**: Alumina supply is abundant, and aluminum demand is weakening [48] - **Outlook**: May experience a phased correction [48][50] Zinc - **Market Performance**: The previous trading day saw the main zinc contract rise 0.11% [51] - **Supply - Demand Analysis**: Supply of zinc concentrate is tight, production has decreased, and demand is flat [51] - **Outlook**: Will continue to oscillate within a range [51][52] Lead - **Market Performance**: The previous trading day saw the main lead contract decline 0.49% [53] - **Supply - Demand Analysis**: Supply is affected by smelter maintenance, and demand is in the off - season [53] - **Outlook**: Will operate within a range [53][54] Tin - **Market Performance**: The previous trading day saw the main tin contract rise 0.68% [55] - **Supply - Demand Analysis**: Supply is tight, and demand has shown some resilience [55][56] - **Outlook**: May oscillate strongly [55][56] Nickel - **Market Performance**: The previous trading day saw the main nickel contract decline 0.02% [57] - **Supply - Demand Analysis**: Nickel ore prices are stable, production may be affected, and demand is weak [57] - **Outlook**: May oscillate [57] Soybean Oil and Meal - **Market Performance**: The previous trading day saw soybean meal down 0.33% and soybean oil up 0.60% [58] - **Supply - Demand Analysis**: Domestic soybean supply is abundant, oil - mill压榨 is in a loss, and demand for both products has some improvement [58][59] - **Outlook**: For soybean meal, consider exiting long positions when it continues to rise; for soybean oil, consider long positions at the low - cost support range [58][59] Palm Oil - **Market Performance**: Malaysian palm oil futures rose, and exports decreased in November [60] - **Supply - Demand Analysis**: Malaysian inventory is at a high level but may decrease, and domestic inventory is at a medium level [60] - **Outlook**: Consider going long during corrections [60][61] Rapeseed Meal and Oil - **Market Performance**: Canadian rapeseed futures rose [62] - **Supply - Demand Analysis**: Chinese rapeseed imports have decreased, and inventory is at different levels [62][63] - **Outlook**: Consider a bullish approach for rapeseed oil [63][64] Cotton - **Market Performance**: The previous trading day saw domestic cotton futures decline, and overseas cotton rose [65] - **Supply - Demand Analysis**: Global and US cotton production and inventory have increased, and domestic supply pressure is high [65][67] - **Outlook**: Expected to be weak [65][67][68] Sugar - **Market Performance**: The previous trading day saw domestic and overseas sugar futures decline [69] - **Supply - Demand Analysis**: Brazil is in the seasonal production - reduction period, India has strong production - increase expectations, and domestic imports are expected to be high [69][71] - **Outlook**: Expected to be under pressure and operate with a weak oscillation [69][71][72] Apples - **Market Performance**: The previous trading day saw domestic apple futures oscillate at a high level [73] - **Supply - Demand Analysis**: Inventory is lower than last year, and quality is poor [73][74][75] - **Outlook**: Expected to operate strongly [73][76] Hogs - **Market Performance**: The previous trading day saw the main hog contract decline 1.16% [78] - **Supply - Demand Analysis**: Supply is abundant, and demand is affected by the season. Inventory and cost are at certain levels [77][78] - **Outlook**: Consider shorting on rebounds [77][78] Eggs - **Market Performance**: The previous trading day saw the main egg contract decline 0.87% [82] - **Supply - Demand Analysis**: Supply is at a high level, but there are signs of improvement. Demand is weak [79][80][82] - **Outlook**: Consider closing short positions gradually [79][82] Corn and Starch - **Market Performance**: The previous trading day saw the main corn contract decline 0.50% and the starch contract decline 0.96% [83] - **Supply - Demand Analysis**: Corn supply is abundant, and demand is growing slightly. Corn starch demand has improved, but inventory is high [83][84][86] - **Outlook**:

Group 1: Report Industry Investment Ratings - Apple investment strategy: Neutral to bullish [4] - Red date investment strategy: Neutral [9] Group 2: Core Views of the Report - Apple: The price of late Fuji apples is generally stable. The western warehouse transactions are fair, while the ground transactions in Shandong are winding down. The inflow of market goods is limited, and the sales area is in the off - season. The inflow of citrus squeezes the sales space of apples. The inventory of new - season late Fuji is lower than last year, and the proportion of good - quality goods has decreased [2][3] - Red dates: The purchase progress in some areas of Xinjiang has accelerated, and farmers' price - holding sentiment has loosened. The spot market purchase enthusiasm has weakened, and the new - season red dates are expected to be listed in a concentrated manner, with large inventory pressure. The quality of red dates is better than last year, and the actual consumption situation will be a key focus [7][8] Group 3: Market News and Important Data Apple - Futures: The closing price of the Apple 2601 contract yesterday was 9,433 yuan/ton, a change of - 5 yuan/ton or - 0.05% 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 - commodity late Fuji in Shaanxi Luochuan was 4.15 yuan/jin, unchanged from the previous day [1] Red Dates - Futures: The closing price of the Red Date 2601 contract yesterday was 9,325 yuan/ton, a change of + 55 yuan/ton or + 0.59% from the previous day [5] - Spot: The price of first - grade grey dates in Hebei was 8.90 yuan/kg, unchanged from the previous day [5] Group 4: Recent Market Information Apple - Western warehouse transactions of late Fuji are fair, with fruit farmers mainly selling high - quality goods. The ground transactions in Shandong are winding down, with reduced supply and declining quality. The prices of high - quality goods are stable, and the market is under the support of foreign trade channels. The market is affected by competing fruits such as citrus, and the follow - up focus is on the digestion ability of inventory goods [2] Red Dates - The purchase progress in Aksu and Alar has accelerated, and some farmers' price - holding sentiment has loosened. The purchase in Ruoqiang, Hotan, and Qiemo has basically ended. The raw material purchase in production areas is priced according to quality. The purchase enthusiasm of enterprises is average. The spot price is expected to be weakly stable in the short term [7] Group 5: Market Analysis Apple - Yesterday, the apple futures price fluctuated and closed down. The high - quality goods transactions in the western warehouses of late Fuji are stable, and the ground transactions in Shandong are winding down. The new - season late Fuji inventory work is coming to an end, with inventory lower than last year. The market in the sales area is in the off - season, and the inflow of citrus squeezes the sales space of apples. This week, focus on the inventory completion in Shandong and Shanxi and the shipment speed in the west [3] Red Dates - Yesterday, the red date futures price closed slightly up. The purchase progress in Aksu and Alar has accelerated, and farmers' price - holding sentiment has loosened. The spot market purchase enthusiasm has weakened, and the new - season red dates are expected to be listed in a concentrated manner. The inventory pressure is large, and the supply - demand contradiction has not been substantially alleviated. The quality of red dates is better than last year, and the actual consumption situation will be a key focus [8]