Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the price of the Apple Futures 2510 contract declined slightly, with a weekly decrease of 0.08%. New - season early - maturing Fuji apples are gradually entering the market, with prices and quality higher than expected. In the old - crop market, the inventory in cold storage has decreased, and the shipping has accelerated slightly compared to last week. The consumption of inventory apples in the sales area is generally slow, and the market prefers high - quality goods. It is recommended to take a short - term long - position approach for the Apple 2510 contract, and attention should be paid to the pre - holiday stocking for the Double Festival [6]. 3. Summary by Directory 3.1 Weekly Highlights - **Market Review**: The price of the Apple Futures 2510 contract declined slightly this week, with a weekly decrease of 0.08% [6][10]. - **Market Outlook**: New - season early - maturing Fuji apples are gradually entering the market, with prices and quality higher than expected. As of September 3, 2025, the cold - storage inventory of apples in the main producing areas was 273,500 tons, a decrease of 66,200 tons from last week. The shipping has accelerated slightly. In the Shandong production area, some merchants are choosing to adjust inventory Fuji, and the holders are firm in their asking prices. In the Shaanxi production area, the market is in the final stage, and merchants mainly pick up their own inventory. The consumption of inventory apples in the sales area is generally slow, and the market prefers high - quality goods. Attention should be paid to the pre - holiday stocking for the Double Festival [6]. - **Strategy Suggestion**: It is recommended to take a short - term long - position approach for the Apple 2510 contract [6]. - **Future Trading Tips**: Monitor the listing volume of early - maturing Fuji apples and consumption [6]. 3.2 Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2510 contract declined slightly this week, with a weekly decrease of 0.08%. As of this week, the net position of the top 20 in apple futures was 4,290 lots, and the number of apple futures warehouse receipts was 0 [10][16]. - **Spot Market**: As of September 5, 2025, the mainstream price of 80 and above first - and second - grade farmer - supplied bagged red Fuji in Qixia, Yantai, Shandong was 3.7 yuan per catty; the price of bagged 75 and above Fuji apples in Yiyuan, Shandong was 2.3 yuan per catty [19]. 3.3 Industry Situation and Options - **Supply Side**: As of September 3, 2025, the cold - storage inventory of apples in the main producing areas was 273,500 tons, a decrease of 66,200 tons from last week. The shipping has accelerated slightly. The storage capacity ratio in the Shandong production area was 5.46%, a decrease of 0.92% from last week; the storage capacity ratio in the Shaanxi production area was 0.53%, a decrease of 0.48% from last week [27]. - **Demand Side**: - As of September 4, the average daily number of early - morning arrivals at major apple wholesale markets in Guangdong decreased. The profit of 80 first - and second - grade apple storage merchants was 0.30 yuan per catty [31]. - As of August 29, 2025, the wholesale price of all apple varieties was 9.75 yuan per kilogram, a week - on - week increase of 0.01 yuan per kilogram; the wholesale price of Fuji apples was 8.54 yuan per kilogram, a week - on - week increase of 0.04 yuan per kilogram [36]. - As of August 29, 2025, the weekly average wholesale price of 5 types of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 6.85 yuan per kilogram, a week - on - week decrease of 0.02 yuan per kilogram [40]. - As of July 31, 2025, the monthly export volume of apples was 50,000 tons; the monthly export value was 632.84 million US dollars, a month - on - month increase of 46.13%; the cumulative export value was 4,882.89 million US dollars, a month - on - month increase of 14.89% [44]. - **Options Market**: Information about the implied volatility of at - the - money options for apples this week is presented in the form of a graph, but specific data is not mentioned [45]. 3.4 Futures - Stock Correlation - The report shows a graph of the price - to - earnings ratio of Honghui Fruit & Vegetable Co., Ltd., but no specific analysis is provided [47].

Report Industry Investment Rating - No information provided Core Viewpoints - This week, the price of Apple Futures Contract 2510 increased by 1.37%. According to preliminary estimates, the national apple production in the new season will be 37.3664 million tons, a year-on-year increase of 2.35%. As of August 13, 2025, the cold storage inventory of apples in the main producing areas was 460,100 tons, with a slightly slower shipping speed. The old - crop inventory is low, and the sales pressure is not large, but the overall shipping speed has slowed down. With the increase in the listing volume of Gala apples, it may restrain the price increase. It is recommended to conduct short - term trading on Apple Futures Contract 2510 and pay attention to the coloring and listing of early - maturing apples [6][7]. Summary by Directory 1. Week - to - Week Summary - **Market Review**: The price of Apple Futures Contract 2510 rose 1.37% this week [6][11]. - **Market Outlook**: The estimated national apple production in the new season is 37.3664 million tons, an increase of 859,300 tons (2.35%) compared to the 2024 - 2025 season. As of August 13, 2025, the cold - storage inventory was 460,100 tons, a decrease of 75,800 tons from last week. The shipping speed slowed slightly. The old - crop inventory is low, and the sales pressure is small, but the overall shipping speed has slowed. The supply of bagged Gala apples in the western region is increasing, but the purchasing enthusiasm of buyers is average. Low inventory supports prices, but the increasing supply of Gala apples may restrict price increases [6]. - **Strategy Recommendation**: It is recommended to conduct short - term trading on Apple Futures Contract 2510 [7]. - **Future Trading Tips**: Monitor the destocking rate, consumption, and new - crop production [8]. 2. Futures and Spot Markets - **Futures Market**: The price of Apple Futures Contract 2510 increased by 1.37% this week. As of this week, the net short position of the top 20 futures holders was 3,167 lots, and the number of futures warrants was 0 [11][16]. - **Spot Market**: As of August 15, 2025, the mainstream price of 80 first - and second - grade farmer - sourced bagged Red Fuji apples in Qixia, Shandong was 4 yuan per jin; the price of bagged 75 and above Fuji apples in Yiyuan, Shandong was 2.3 yuan per jin [19]. 3. Industry Conditions and Options - **Supply Side**: As of August 13, 2025, the cold - storage inventory of apples in the main producing areas was 460,100 tons, a decrease of 75,800 tons from last week. The storage capacity ratios in Shandong, Shaanxi, and Gansu decreased by 1.06%, 0.47%, and 0.48% respectively compared to last week [26]. - **Demand Side**: - As of August 14, the average daily number of trucks arriving at major apple wholesale markets in Guangdong decreased. The profit of 80 first - and second - grade apple storage merchants was 0.4 yuan per jin [30]. - As of August 8, 2025, the average wholesale price of Fuji apples was 9.51 yuan per kilogram, a 1.65% decrease from the previous period; the average wholesale price of all apples was 9.69 yuan per kilogram, a 0.62% decrease [35]. - As of August 8, 2025, the weekly average wholesale price of five types of fruits (including Fuji apples, bananas, tangerines, pears, and watermelons) was 7.01 yuan per kilogram, a 1.27% decrease from the previous period [39]. - In June 2023, China's fresh apple exports were 40,000 tons, a 20% decrease from the previous month and a 38.6% decrease from the same period last year [42]. - **Substitute Products**: As of August 8, 2025, the weekly average wholesale price of five types of fruits (including Fuji apples, bananas, tangerines, pears, and watermelons) was 7.01 yuan per kilogram, a 1.27% decrease from the previous period [39]. - **Options Market**: The document only mentions the implied volatility chart of at - the - money apple options this week, without specific data [43]. 4. Futures - Stock Correlation - The document only provides a chart of the price - earnings ratio of Honghui Fruit, without specific data [47].

Core Insights - The main contract for apple futures closed at 2510 with a decrease of 1.83% as of May 22, with a trading volume of 95,900 contracts and a net short position of 7,384 contracts among the top 20 positions [1][3]. Trading Volume and Positions - Total trading volume for all apple futures contracts was 102,400 contracts, a decrease of 44,200 contracts from the previous day [1][4]. - Among the top 20 positions, long positions totaled 64,600 contracts, down by 7,485 contracts, while short positions totaled 72,200 contracts, down by 6,911 contracts [1][4]. Major Players - The top three long positions were held by Dongzheng Futures (7,554 contracts), CITIC Futures (5,767 contracts), and Guotai Junan (5,668 contracts) [1][3]. - The top three short positions were held by Guotai Junan (13,098 contracts), Dongzheng Futures (7,493 contracts), and CITIC Futures (6,300 contracts) [1][3]. Changes in Positions - The top three increases in long positions were from Dongwu Futures (2,341 contracts, up by 681), Chang'an Futures (3,491 contracts, up by 499), and Zheshang Futures (3,534 contracts, up by 410) [1][3]. - The top three decreases in long positions were from CITIC Futures (5,767 contracts, down by 2,263), Guotai Junan (5,668 contracts, down by 1,812), and Dongzheng Futures (7,554 contracts, down by 1,743) [1][3]. Short Position Changes - The top three increases in short positions were from Huatai Futures (2,183 contracts, up by 589), Baocheng Futures (2,600 contracts, up by 524), and Huishang Futures (2,268 contracts, up by 222) [1][3]. - The top three decreases in short positions were from GF Futures (1,729 contracts, down by 1,658), CITIC Futures (6,300 contracts, down by 1,522), and Guotai Junan (13,098 contracts, down by 1,240) [1][3].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The USDA May supply - demand report had mixed impacts on agricultural products. The prices of some products like cotton rose, while others such as palm oil, sugar, and bean粕 declined. The overall agricultural product market showed a diversified trend with different influencing factors for each variety [1]. 3. Summary by Variety Cotton - The cotton main 2509 contract continued to rise despite a pull - back. The Sino - US high - level economic and trade talks' positive outcome, domestic macro - benefits, and reduced commercial inventory supported the price increase. However, the textile industry is in a off - season [2]. - Technically, it showed strength. The strategy is to go long on dips with a support level of 13270 and a resistance level of 13475 [3]. Palm Oil - The palm oil main 2509 contract reversed and fell. The MPOB April report showed a significant increase in Malaysian palm oil production and inventory, while exports met expectations. The large increase in production and inventory pressured the price [4]. - The contract entered a downward trend. The strategy is to short on rallies with a support level of 7812 and a resistance level of 8000 [4]. Sugar - The sugar main 2509 contract rebounded but then fell sharply. Overseas raw sugar price drops and the opening of the domestic sugar out - of - quota import profit window limited its rebound [6]. - Technically, it weakened. The strategy is short - term trading with a support level of 5827 and a resistance level of 5892 [6]. Bean粕 - The bean粕 main 2509 contract continued to decline. Although the USDA report was bullish for US soybeans, fast sowing in the US and large domestic soybean imports increased supply, weakening downstream demand [9]. - Technically, it was weak. The strategy is to short on rallies with a support level of 2865 and a resistance level of 2900 [9]. Bean一 - The bean一 main 2507 contract oscillated and fell. Stable domestic soybean prices due to less remaining beans at the grass - roots level were offset by weak downstream demand and increased imported soybean supply [10]. - Technically, it was weak. The strategy is to hold short positions with a support level of 4130 and a resistance level of 4175 [12]. Soybean Oil - The soybean oil main 2509 contract rose first and then fell. The USDA report increased US soybean oil demand in biofuels, but large domestic soybean imports and increased supply pressured the price [13]. - Technically, it weakened. The strategy is short - term shorting with a support level of 7770 and a resistance level of 7866 [13]. Corn - The corn main 2507 contract continued to fall. The Sino - US tariff reduction may increase imports, and rumors of state corn reserve auctions added bearish sentiment. Substitute pressure and weak downstream demand also contributed to the decline [15]. - Technically, it weakened. The strategy is short - term trading with a support level of 2335 and a resistance level of 2361 [15]. Pig - The pig 2509 contract oscillated at a low level. High inventory on the breeding side and weak demand after the May Day holiday led to an oversupply situation [17]. - Technically, it was weak. The strategy is to hold light short positions with a support level of 13800 and a resistance level of 13915 [17]. Egg - The egg main 2506 contract oscillated and fell. High egg - laying hen inventory and sufficient egg supply limited the price rebound [19]. - Technically, it faced downward pressure. The strategy is to hold light short positions with a support level of 2900 and a resistance level of 2933 [19]. Apple - The apple main 2510 contract gapped down. High apple prices in production areas and increased substitute consumption from competing fruits pressured the price [22]. - Technically, it was weak. The strategy is to hold light short positions with a support level of 7690 and a resistance level of 7800 [22].

Overall Summary of the Agricultural Products Sector - Cotton breaks through and rises, but weak downstream demand may limit the rebound space. Soybean meal drops significantly, and the supply is expected to increase. Palm oil continues to be weak with an expected increase in supply. Corn runs at a high level supported by multiple factors [1]. Variety Strategy Tracking Cotton - The main 2509 contract of cotton shows a third consecutive positive trend, breaking through and strengthening technically. Factors such as the upcoming Sino - US high - level meeting on tariffs, domestic macro - favorable policies, low imported cotton volume, and decreased port inventory support the rebound. However, weak downstream demand after the consumption peak season may resist the rebound. The strategy is to hold a light long position, with support at 12875 and resistance at 13000 [1][2]. Soybean Meal - The main 2509 contract of soybean meal first rises then falls sharply, continuing the downward trend. The increasing national oil mill压榨量 strengthens the expectation of loose supply, pressuring the futures price. The strategy is to hold a light short position, with support at 2880 and resistance at 2914 [3]. Palm Oil - The main 2509 contract of palm oil first rises then falls, with a continuous decline. The expected increase in production and inventory in Malaysia and the increase in China's procurement volume suppress the price. The technical situation remains weak. The strategy is to hold a light short position, with support at 7812 and resistance at 7944 [5]. Sugar - The main 2509 contract of sugar rebounds, boosted by short - covering. The strong production and sales data in the domestic sugar market provide upward momentum. However, the technical weakness has not been reversed. The strategy is to hold short positions and observe whether it can break through the 5 - day moving average resistance, with support at 5808 and resistance at 5859 [8]. Soybean No.1 - The main 2507 contract of soybean No.1 continues to decline. The stable price of inland soybeans, light market trading, increasing imported soybean supply, and weak downstream demand suppress the price. The strategy is to lightly short - sell, with support at 4138 and resistance at 4188 [9][11]. Soybean Oil - The main 2509 contract of soybean oil rises then falls, with a volatile market. The improvement of soybean supply and the increase in oil mill operating rate will lead to an increase in supply and inventory, limiting the upward space. The strategy is short - term trading, with support at 7752 and resistance at 7806 [12]. Corn - The main 2507 contract of corn oscillates and closes positively, running at a high level. Factors such as the exhaustion of grassroots surplus grain, strong willingness of traders to hold and support prices, the linkage between wheat and corn prices, and the intention of downstream enterprises to replenish inventory support the price. The strategy is to hold a light long position, with support at 2370 and resistance at 2387 [14]. Live Pigs - The 2509 contract of live pigs first declines then rises, with a volatile trend and a downward trend remaining. High inventory in the breeding end, increased planned slaughter volume in May, and weak demand after the May Day holiday suppress the price. The strategy is to lightly short - sell at high prices, with support at 13820 and resistance at 14000 [17]. Eggs - The main 2506 contract of eggs first rises then falls, with a continuous downward trend. High egg - laying hen inventory, slow elimination of old hens, and weak demand after the May Day holiday lead to sufficient supply and slow inventory digestion. The strategy is to hold a light short position, with support at 2875 and resistance at 2900 [20]. Apples - The main 2510 contract of apples rebounds slightly but remains weak. The slowdown in post - holiday sales, high - level long - liquidation on the futures market, and technical weakness continue. The strategy is to hold short positions with a stop - loss set, with support at 7765 and resistance at 7864 [21][23].

Group 1: Apple 1. Report Industry Investment Rating - The investment strategy for apples is to be bullish in a volatile market [5] 2. Core View - The current apple market is in the traditional sales peak season, with improved terminal consumption of late - Fuji apples. The inventory is at a five - year low, and the de - stocking pressure is small, so it is expected that this week's transactions will remain smooth and prices will be firm with a slight upward trend. However, since apples are non - essential goods, a sharp price increase in the sales area will suppress demand and slow down the price increase. New - season apples are in the flowering period, and some产区 have suffered frost damage, with a certain expected reduction in production. Weather factors still have a great impact on the production forecast, and short - term prices of futures and spot are expected to be positive [4] 3. Summary by Relevant Catalog Market News and Key Data - Futures: The closing price of the apple 2510 contract yesterday was 7,922 yuan/ton, a change of +248 yuan/ton from the previous day, an increase of +3.23%. Spot: The price of 80 first - and second - grade late - Fuji apples in Shandong Qixia was 4.05 yuan/jin, unchanged from the previous day; the price of 70 and above semi - commercial late - Fuji apples in Shaanxi Luochuan was 4.30 yuan/jin, also unchanged from the previous day. The spot basis of Shandong Qixia was AP10 + 178, a change of - 248 from the previous day; the spot basis of Shaanxi Luochuan was AP10 + 678, also a change of - 248 from the previous day [2] Market Analysis - In the production areas, the in - warehouse transactions are active, the overall shipment is smooth, and the prices are generally stable. In the western production areas, the transactions of merchants' goods are smooth, and the prices are slightly firm. In the Shandong production area, the number of merchants looking for goods has increased, and the transactions are mainly low - priced goods. In the sales areas, the number of incoming trucks is normal, and the overall shipment is okay. The current inventory is at a five - year low, with little de - stocking pressure. New - season apples are in the flowering period, and some areas in Gansu and northern Shaanxi have suffered frost damage, with a certain expected reduction in production. The futures and spot prices are expected to be positive in the short term. This week, attention should be paid to factors such as the continuity of merchants' replenishment, the shipment in the sales area, farmers' selling mentality, new - season flower quantity, and weather changes [3][4] Group 2: Red Dates 1. Report Industry Investment Rating - The investment strategy for red dates is neutral [8] 2. Core View - The red date market is currently in a state where the supply of goods in the sales area is sufficient, and merchants purchase on demand. With the increase in temperature, the demand for warehousing has increased significantly, and the cold - storage capacity is tight. The 2024 red date harvest exceeded expectations, and the market has no significant differences in the fundamentals of red dates. Currently, both futures and spot prices are at historical lows, and the consumption off - season will last until September. The cost of red date warehouse receipts provides some support, and the downside space is limited. The market will focus on the growth of new - season red dates, and short - term prices are expected to be volatile [7] 3. Summary by Relevant Catalog Market News and Key Data - Futures: The closing price of the red date 2509 contract yesterday was 9,440 yuan/ton, a change of - 10 yuan/ton from the previous day, a decrease of - 0.11%. Spot: The price of first - grade grey jujubes in Hebei was 8.30 yuan/kg, unchanged from the previous day. The spot basis was CJ09 - 1140, a change of +10 from the previous day [5][6] Market Analysis - In the Xinjiang main production area of grey jujubes, the jujube trees have sporadically entered the budding stage, and jujube farmers are actively managing the fields. In the Hebei Cuierzhuang market, there are more than a dozen trucks of incoming goods, and the market supply is sufficient. In the Guangdong Ruyifang market, there are 2 trucks of incoming goods, and the mainstream prices are stable. The red date futures closed slightly lower yesterday. In the short term, prices are expected to remain stable. The market will focus on the impact of weather changes on the growth of new - season red dates [6][7]