Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - This week, the price of the Apple Futures 2601 contract declined, with a weekly drop of approximately 2.14%. The new - season late Fuji ground trading is gradually ending, concentrated in Shandong and Shanxi production areas. As of November 5, 2025, the cold - storage inventory of apples in the main producing areas nationwide is 6.9842 billion tons, 1.1502 billion tons lower than the same period last year. The current inventory level of late Fuji is relatively low in recent years, and price fluctuations have intensified. It is recommended to wait and see for the Apple 2601 contract in the short term [4][9]. 3. Summary by Directory 3.1 Week - to - Week Highlights - **Market Review**: The price of the Apple Futures 2601 contract dropped this week, with a weekly decline of about 2.14% [4][9]. - **Market Outlook**: New - season late Fuji ground trading is winding up, mainly in Shandong and Shanxi. As of November 5, 2025, the national cold - storage inventory is 6.9842 billion tons, lower than last year. Shandong has a 41.03% storage capacity ratio, down 13.42% year - on - year, and Shaanxi has a 56.81% ratio, down 10.77% year - on - year. Shandong's new - season late - maturing Fuji shows a trend of reduced yield and quality. Shaanxi's inventory is nearing completion, and the peak inventory is expected next week. The current late - Fuji inventory is at a relatively low level in recent years, and price fluctuations have increased [4]. - **Strategy Recommendation**: It is advisable to wait and see for the Apple 2601 contract in the short term [4]. - **Future Trading Tips**: Monitor the price of late - maturing Fuji and consumption [4]. 3.2 Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2601 contract fell by about 2.14% this week. As of the end of the week, the net position of the top 20 in apple futures was 7330 lots, and the number of apple futures warehouse receipts was 0 [9][15]. - **Spot Market**: As of November 7, 2025, the mainstream price of 80 and above first - and second - grade fruit farmer goods of bagged red Fuji in Qixia, Yantai, Shandong was 3.7 yuan per catty, and the price of bagged 75 and above Fuji apples in Yiyuan, Shandong was 2.30 yuan per catty [19]. 3.3 Industry Situation and Options - **Supply Side**: As of November 5, 2025, the cold - storage inventory of apples in the main producing areas nationwide was 6.9842 billion tons, 1.1502 billion tons lower than the same period last year. The storage capacity ratio in Shandong was 41.03%, down 13.42% year - on - year, and in Shaanxi was 56.81%, down 10.77% year - on - year [25]. - **Demand Side** - **Wholesale Market Arrival**: As of November 6, the average daily early - morning arrival of vehicles at major apple wholesale markets in Guangdong decreased. The profit of 80 first - and second - grade apple storage merchants was suspended (represented by 0) [29]. - **Wholesale Price**: As of October 31, 2025, the wholesale price of all apple varieties was 9.46 yuan per kilogram, down 0.07 yuan per kilogram from the previous week; the wholesale price of Fuji apples was 9.15 yuan per kilogram, down 0.11 yuan per kilogram from the previous week [33]. - **Substitute Situation**: As of October 31, 2025, the weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.07 yuan per kilogram, up 0.03 yuan per kilogram from the previous week [37]. - **Export Volume**: In September 2025, China's fresh apple exports were about 70,800 tons, with an export value of 69,178,601 US dollars and an average export price of 977.40 US dollars per ton. The export volume increased by 3.51% month - on - month compared with August and decreased by 6.36% year - on - year compared with September 2024. From January to September 2025, China's fresh apple exports totaled 600,000 tons, a cumulative year - on - year decrease of 7.50% [41]. - **Options Market**: Information about the implied volatility of at - the - money options for apples this week is presented in a chart, but specific data is not described in text [42]. 3.4 Futures - Stock Correlation - **Stock Market - Honghui Fruit & Vegetable**: A chart shows the price - to - earnings ratio of Honghui Fruit & Vegetable, but no specific analysis is provided [44].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the price of the Apple Futures 2601 contract rose, with a weekly increase of 4.38%. The new - season late - maturing Fuji ground trading has shifted to the eastern production areas, and the warehousing work is in progress. In the Shandong production area, the apple harvest time varies, the number of merchants has increased, and high - quality goods are relatively difficult to purchase. The trading of late - maturing Fuji in the western region is gradually entering the later stage. In the sales area, the trading atmosphere in the wholesale market is still dull, and the demand side continues to be under pressure. Considering the high risk of new fruit warehousing this year and the obvious price difference for high - quality fruits, it is expected that the short - term apple futures price will remain high. Attention should be paid to the cold - storage warehousing situation [4]. - The recommended trading strategy is to mainly buy long positions on dips for the Apple 2601 contract in the short term [4]. 3. Summary by Directory 3.1 Week - to - Week Highlights - **Market Review**: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 4.38% [4][8]. - **Market Outlook**: New - season late - maturing Fuji ground trading has shifted to the eastern production areas, and warehousing work is in progress. In Shandong, apple harvest times vary, and high - quality goods are hard to buy. Western trading is in the later stage, with slow warehousing in Shaanxi and almost finished in Gansu. The wholesale market in the sales area is dull, and demand is under pressure. Short - term futures prices are expected to stay high due to high warehousing risks and price differences for high - quality fruits. Monitor cold - storage warehousing [4]. - **Strategy Recommendation**: Buy long positions on dips for the Apple 2601 contract in the short term [4]. - **Future Trading Tips**: Monitor late - maturing Fuji prices and consumption [4]. 3.2 Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2601 contract rose 4.38% this week. As of this week, the net position of the top 20 in apple futures was 8,391 lots, and the number of apple futures warehouse receipts was 0 [8][14]. - **Spot Market**: As of October 31, 2025, the mainstream price of 80 first - and second - grade apple farmer - sourced goods in Qixia, Shandong was 3.7 yuan per catty; the price of 75 and above Fuji apples in Yiyuan, Shandong was 2.35 yuan per catty [17]. 3.3 Industry Situation and Options - **Supply Side**: For the 2025/26 production season, new fruits have not been warehoused, and relevant data release is suspended [24]. - **Demand Side**: - As of October 30, the average daily early - morning arrival of trucks in major apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was suspended (replaced by 0) pending the new fruit harvest [28]. - As of October 24, 2025, the average wholesale price of all apple varieties was 9.53 yuan per kilogram, a week - on - week increase of 0.01 yuan per kilogram; the wholesale price of Fuji apples was 9.26 yuan per kilogram, a week - on - week decrease of 0.12 yuan per kilogram [33]. - As of October 24, 2025, the weekly average wholesale price of 5 fruits (Fuji, banana, grape, pear, and watermelon) was 7.04 yuan per kilogram, a week - on - week decrease of 0.01 yuan per kilogram [37]. - In September 2025, China's fresh apple exports were about 70,800 tons, with an export value of 69,178,601 US dollars and an average export price of 977.40 US dollars per ton. The export volume increased by 3.51% month - on - month compared with August and decreased by 6.36% year - on - year compared with September 2024. From January to September 2025, China's total fresh apple exports were 600,000 tons, a cumulative year - on - year decrease of 7.50% [41]. - **Options Market**: Information about the implied volatility of at - the - money apple options this week is presented in a chart, but specific data is not given [42]. 3.4 Futures - Stock Correlation - A chart shows the price - to - earnings ratio of Honghui Fruit & Vegetable Co., Ltd., but specific data is not provided [44].

Report Summary 1. Report Industry Investment Rating The report does not provide an overall industry investment rating. 2. Core Viewpoints The agricultural product market shows mixed trends. Eggs are rising, while dates are falling sharply. The rebound of live pigs is limited, and other products such as soybean meal, cotton, etc., each have their own characteristics and influencing factors [1]. 3. Summary by Variety Eggs - The main contract 2512 continued to rise strongly, driven by improved demand and increased long - position positions. Spot prices increased due to factors like improved demand after cooling weather, lower inventory, and increased culling of old chickens. Technically, it is strong. The recommended strategy is to hold light long positions, with support at 2975 and resistance at 3082 [2]. Dates - The main contract 2601 slumped due to increased supply from new dates and sufficient old - date stocks. Inventory increased, and technically, it is weak. The recommended strategy is to hold short positions, with support at 10660 and resistance at 11000 [3]. Soybean Meal - The main contract 2601 adjusted slightly after a big rise, affected by Sino - US economic and trade negotiation news. Domestic factors such as poor crushing profits, slow forward purchasing, and high downstream demand supported the price. Technically, it is strong. The recommended strategy is to hold light long positions, with support at 2929 and resistance at 2960 [5]. Cotton - The main contract 2601 adjusted slightly after continuous rises. New cotton acquisition costs increased, downstream spinning mills' operating rates rose, and import volume was low. Technically, it is strong. The recommended strategy is to buy on dips, with support at 13435 and resistance at 13610 [7]. Corn - The main contract 2601 oscillated and closed down, with a sideways trend due to mixed factors. Northeast new grain harvest and downstream replenishment situation, as well as price trends in North China, affected the price. Technically, it is in consolidation. The recommended strategy is to hold long positions, with support at 2128 and resistance at 2150 [9]. Live Pigs - The main contract 2601 first declined and then rose, with an oscillating trend. Factors such as the entry of second - fattening and increased frozen - product storage supported the price, but high inventory limited the rebound. Technically, it is oscillating. The recommended strategy is short - term trading, with support at 12000 and resistance at 12300 [11]. Apples - The main contract 2601 continued to rise oscillatingly. Different production areas had different market conditions, and concerns about quality supported the price. Technically, it is strong. The recommended strategy is to hold light long positions, with support at 8728 and resistance at 8900 [13]. Palm Oil - The main contract 2601 continued to fall, affected by increased Malaysian palm oil production and narrowing export growth. Domestically, sufficient arrivals also pressured the price. Technically, it is weak. The recommended strategy is to hold light short positions, with support at 9080 and resistance at 9180 [16]. Sugar - The main contract 2601 fell slightly after a sharp rise. Import pressure decreased, but new sugar supply increased, limiting the rebound. Technically, the rebound trend is not yet curbed. The recommended strategy is to hold long positions, with support at 5428 and resistance at 5470 [17][19]

Report Overview - Report Title: Apple Market Weekly Report [2] - Report Date: October 24, 2025 [2] - Researcher: Wang Cuibing [3] 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - This week, the price of the Apple 2601 futures contract rose, with a weekly increase of 2.61%. The new-season late-maturing Fuji apples in the western region have seen an increase in the volume of goods on the market, and the prices show a significant polarization. Due to the high enthusiasm of merchants for purchasing high-quality goods and the general enthusiasm for ordering ordinary goods, the prices of high-quality goods in the producing areas are running strongly. The Shandong production area is still mainly in the coloring stage affected by the weather, and most merchants have transferred to the western region for purchases. In the sales area market, the wholesale trading atmosphere of apples is still general, the replenishment efforts of second- and third-level wholesalers are not strong, and the sales of high-quality goods are not fast. Additionally, the listing volume of new-season late-maturing Fuji apples in the producing areas has increased this year, and the progress of picking and warehousing has been postponed compared to the same period last year. The trading of late Fuji in the western region has gradually entered the middle and late stages. Merchants are active in purchasing high-quality goods and relatively cautious in purchasing ordinary goods. The volume of new apples on the market in the Shandong production area is still limited, the demand for small trucks has increased, and it is difficult for merchants to purchase enough high-quality goods, and the warehousing work is relatively sporadic. In the sales area market, the trading atmosphere is still light, the sales are still not fast, and the demand side is under pressure. However, considering the current situation where high-quality new fruits are hard to find and high-quality fruits command high prices, it is expected that the short-term apple futures price will maintain a volatile and upward trend. [4] - It is recommended to mainly adopt the idea of buying long positions on dips for the Apple 2601 contract in the short term. Future trading prompts include the price of late-maturing Fuji and consumption. [4] 3. Summary by Directory 3.1 Weekly Highlights Summary - This week, the price of the Apple 2601 futures contract rose, with a weekly increase of 2.61%. The new-season late-maturing Fuji apples in the western region have seen an increase in the volume of goods on the market, and the prices show a significant polarization. The Shandong production area is affected by the weather, and most merchants have transferred to the western region for purchases. The trading atmosphere in the sales area market is still general, and the demand side is under pressure. It is expected that the short-term apple futures price will maintain a volatile and upward trend. It is recommended to mainly adopt the idea of buying long positions on dips for the Apple 2601 contract in the short term. Future trading prompts include the price of late-maturing Fuji and consumption. [4] 3.2 Futures and Spot Markets Futures Market - This week, the price of the Apple 2601 futures contract rose, with a weekly increase of 2.61%. As of the end of the week, the latest price was 8850, with a daily increase of 33 or 0.37%. The total trading volume was 96,625 lots, and the open interest was 130,794 lots. The net position of the top 20 futures holders was 7,096 lots, and the number of futures warehouse receipts was 0. [7][13] Spot Market - As of October 24, 2025, the mainstream price of 80 first- and second-grade fruit farmer's goods of bagged red Fuji in Qixia, Shandong was 3.2 yuan per catty; the price of bagged 75 and above Fuji apples in Yiyuan, Shandong was 2.3 yuan per catty. [16] 3.3 Industry Situation and Options Supply Side - In the 2025/26 production season, the new fruits have not been warehoused yet, and the data release has been suspended. [23] Demand Side - As of October 23, the average daily number of early-morning arriving trucks at the main apple wholesale markets in Guangdong has decreased. The profit of 80 first- and second-grade apple storage merchants has been suspended (replaced by 0), waiting for the new fruits to be picked. As of October 17, 2025, the wholesale price of all varieties of apples was 9.52 yuan per kilogram, a week-on-week decrease of 0.10 yuan per kilogram; the wholesale price of Fuji apples was 9.38 yuan per kilogram, a week-on-week increase of 0.04 yuan per kilogram. The weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.05 yuan per kilogram, a week-on-week decrease of 0.01 yuan per kilogram. According to customs data, in August 2025, China's fresh apple exports totaled approximately 68,400 tons, with an export value of 69,739,352 US dollars and an average export price of 1,019 US dollars per ton. The export volume increased by 27.61% month-on-month compared to July and decreased by 17.61% year-on-year compared to August 2024. From January to August 2025, China's total fresh apple exports were 530,000 tons, a cumulative year-on-year decrease of 7.60%. [27][32][36][39] Options Market - The report presents a chart of the implied volatility of at-the-money options for apples this week, but no specific data is provided. [40] 3.4 Futures - Stock Correlation - The report presents a chart of the price-to-earnings ratio of Honghui Fruit & Vegetable Co., Ltd., but no specific analysis is provided. [42]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - This week, the price of the Apple Futures 2601 contract dropped from a high, with a weekly decline of 1.36%. The supply of new late - maturing Fuji apples in the western region has increased, and the price shows a significant polarization. High - quality apples are in strong demand, while the general ones are less sought after. In the Shandong region, affected by the weather, apples are still in the coloring stage, and merchants have mostly gone to the western region for procurement. In the sales market, the trading atmosphere is average, and the restocking efforts of second - and third - level wholesalers are weak. It is expected that the proportion of high - quality apples will decline, and the principle of "good quality, good price" will gradually emerge, which is beneficial to the apple market. It is recommended to buy long positions on dips in the short term for the Apple 2601 contract. Future trading should pay attention to the price of late - maturing Fuji and consumption [4]. 3) Summary by Relevant Catalogs 3.1 Week - to - Week Summary - **Market Review**: The price of the Apple Futures 2601 contract dropped from a high this week, with a weekly decline of 1.36% [4][8]. - **Market Outlook**: Western new - season late - maturing Fuji apples have increased in supply, with a significant price polarization. High - quality apples are in high demand, while general ones are less so. Shandong apples are still in the coloring stage due to weather, and merchants have shifted to the west. The sales market has an average trading atmosphere, and restocking by second - and third - level wholesalers is weak. The quality and commodity rate of new apples are expected to be lower than last year, and the proportion of high - quality apples is expected to decline. The principle of "good quality, good price" will gradually emerge, which is positive for the apple market [4]. - **Strategy Suggestion**: It is recommended to buy long positions on dips in the short term for the Apple 2601 contract [4]. - **Future Trading Tips**: Pay attention to the price of late - maturing Fuji and consumption [4]. 3.2 Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2601 contract dropped from a high this week, with a weekly decline of 1.36%. As of this week, the net position of the top 20 in apple futures was 1,483 lots, and the number of apple futures warehouse receipts was 0 [8][15]. - **Spot Market**: As of October 17, 2025, the mainstream price of bagged Red Fuji 80 and above first - and second - grade fruit farmers' goods in Qixia, Yantai, Shandong was 3.7 yuan per catty; the price of bagged Fuji apples 75 and above in Yiyuan, Shandong was 2.3 yuan per catty [19]. 3.3 Industry Situation and Options - **Supply Side**: For the 2025/26 production season, new apples have not been put into storage, and data release has been suspended [26]. - **Demand Side**: - As of October 16, 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 suspended (represented by 0) pending the new apples' harvest [30]. - As of October 10, 2025, the average wholesale price of all apple varieties was 9.62 yuan per kilogram, a week - on - week decrease of 0.15 yuan per kilogram; the wholesale price of Fuji apples was 9.34 yuan per kilogram, a week - on - week increase of 0.06 yuan per kilogram [35]. - As of October 10, 2025, the weekly average wholesale price of 5 types of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.06 yuan per kilogram, a week - on - week increase of 0.07 yuan per kilogram [39]. - In August 2025, China's fresh apple exports totaled about 68,400 tons, with an export value of 69,739,352 US dollars and an average export price of 1,019 US dollars per ton. The export volume increased by 27.61% month - on - month compared with July and decreased by 17.61% year - on - year compared with August 2024. From January to August 2025, China's fresh apple exports totaled 530,000 tons, a cumulative year - on - year decrease of 7.60% [42]. - **Options Market**: Information about the implied volatility of at - the - money apple options this week is presented in the form of a chart, but specific data is not given [43]. 3.4 Futures - Stock Correlation - **Stock Market**: The chart shows the price - earnings ratio of Honghui Fruit & Vegetable Co., Ltd., but no specific analysis is provided [45].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 1.47%. New-season late-maturing Fuji apples are sporadically on the market, and the opening prices in the western production areas are generally 0.3 - 1 yuan per jin higher than the same period last year. Due to rainfall, the centralized listing time of late Fuji is postponed to around mid-October. Merchants are relatively active in purchasing high-quality goods, and the prices remain stable and firm. In the sales area market, apple trading is average, and there is no obvious improvement in sales during the Double Festival. The postponed listing time in the western production areas not only shortens the purchasing time but may also lead to simultaneous concentrated supply in various production areas. Attention should be paid to the quality of late Fuji after harvest. It is recommended to adopt a short-term long strategy for the Apple 2601 contract. Future trading should focus on the listing volume of late-maturing Fuji and consumption [4]. 3. Summary by Relevant Catalogs 3.1 Weekly Highlights Summary - **Market Review**: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 1.47% [4][8]. - **Market Outlook**: New-season late-maturing Fuji apples are sporadically on the market, with higher opening prices in the western production areas. The centralized listing time is postponed to around mid-October. Merchants are active in purchasing high-quality goods, and prices are stable. In the sales area, trading is average. The postponed listing may lead to simultaneous supply in various areas, and attention should be paid to fruit quality [4]. - **Strategy Recommendation**: Adopt a short-term long strategy for the Apple 2601 contract [4]. - **Future Trading Tips**: Focus on the listing volume of late-maturing Fuji and consumption [4]. 3.2 Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 1.47%. As of this week, the net position of the top 20 in apple futures is 10,901 lots, and the number of apple futures warehouse receipts is 0 [8][14]. - **Spot Market**: As of October 10, 2025, the mainstream price of bagged Red Fuji 80 and above first- and second-grade farmer's goods in Qixia, Yantai, Shandong is 3.7 yuan per jin; the price of bagged Fuji apples 75 and above in Yiyuan, Shandong is 2.3 yuan per jin [17]. 3.3 Industry Situation and Options - **Supply - Cold Storage Situation in 2024 Production Season**: As of October 9, 2025, the apple cold storage inventory in the main production areas of the country is 67,900 tons, a decrease of 53,900 tons from last week [24]. - **Demand - Apple Wholesale Market Arrival Volume**: As of October 9, the average daily morning arrival volume of vehicles in the main apple wholesale markets in Guangdong has increased. The profit of 80 first- and second-grade apple storage merchants is 0.30 yuan per jin [26]. - **Demand - Average Wholesale Price Trends of All Varieties and Fuji Apples**: As of September 26, 2025, the wholesale price of all varieties of apples is 9.77 yuan per kilogram, a week-on-week decrease of 0.01 yuan per kilogram; the wholesale price of Fuji apples is 9.28 yuan per kilogram, a week-on-week decrease of 0.07 yuan per kilogram [31]. - **Substitute Situation - Wholesale Prices of Various Fruits**: As of September 26, 2025, the weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) is 6.91 yuan per kilogram, a week-on-week increase of 0.09 yuan per kilogram [35]. - **Demand - Apple Export Volume**: In August 2025, China's fresh apple exports totaled about 68,400 tons, with an export value of 69,739,352 US dollars and an average export price of 1,019 US dollars per ton. The export volume increased by 27.61% month-on-month compared with July and decreased by 17.61% year-on-year compared with August 2024. From January to August 2025, China's fresh apple exports totaled 530,000 tons, a cumulative year-on-year decrease of 7.60% [38]. - **Options Market - Implied Volatility of Apple At-the-Money Options This Week**: Information presented in the form of a chart [39]. 3.4 Futures - Stock Correlation - **Stock Market - Honghui Fruit and Vegetable**: Information presented in the form of a chart showing the price - earnings ratio of Honghui Fruit and Vegetable [41].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the price of the Apple Futures 2601 contract rose with a weekly increase of 1.55%. The operation of the Apple 2601 contract is recommended to be mainly based on a short - term long - thinking strategy [4][9]. - For new - season apples, western late - maturing Fuji apples are gradually entering the large - scale bag - removing stage, and the quality of the picked green Fuji is generally good, but the fruit sizes are slightly uneven. For inventory apples, as of September 24, 2025, the cold - storage inventory of apples in the main producing areas across the country was 121,800 tons, a decrease of 41,400 tons from last week. The storage capacity ratio in Shandong was 2.62%, a decrease of 0.89% from last week. The inventory removal speed in Shandong was slightly faster, and the remaining inventory was mostly concentrated in towns such as Qixia. The overall sales volume during the week was average. The mid - maturing apples such as Anglin and Yanfu were actively traded, but the sales of inventory apples were still average. As the Red General apples are gradually entering the later stage, the number of merchants inspecting the in - storage goods has slightly increased. The price of high - quality goods is relatively stable, while the price of farmers' general goods is weak. The driving effect of the Double Festivals is average, and attention should be paid to the bag - removing progress of late Fuji next week [4]. 3. Summary by Related Catalogs 3.1 Week - to - Week Summary - Futures: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 1.55%. As of this week, the net position of the top 20 in Apple Futures was 6,018 lots, and the number of Apple Futures warehouse receipts was 0 [4][9][15]. - Spot: As of September 26, 2025, the mainstream price of farmers' goods of paper - bagged Red Fuji apples above 80 in Qixia, Yantai, Shandong was 3.7 yuan per catty; the price of paper - bagged Fuji apples above 75 in Yiyuan, Shandong was 2.3 yuan per catty [19]. - Strategy: It is recommended to mainly adopt a short - term long - thinking strategy for the Apple 2601 contract [4]. - Future trading tips: Pay attention to the listing volume of mid - maturing Fuji and consumption [4]. 3.2 Futures and Spot Markets - Futures market: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 1.55%. As of this week, the net position of the top 20 in Apple Futures was 6,018 lots, and the number of Apple Futures warehouse receipts was 0 [9][15]. - Spot market: As of September 26, 2025, the mainstream price of farmers' goods of paper - bagged Red Fuji apples above 80 in Qixia, Yantai, Shandong was 3.7 yuan per catty; the price of paper - bagged Fuji apples above 75 in Yiyuan, Shandong was 2.3 yuan per catty [19]. 3.3 Industry Situation and Options - Supply: As of September 24, 2025, the cold - storage inventory of apples in the main producing areas across the country was 121,800 tons, a decrease of 41,400 tons from last week. The storage capacity ratio in Shandong was 2.62%, a decrease of 0.89% from last week [26]. - Demand: - As of September 25, the average daily number of early - morning arriving vehicles at major apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was 0.30 yuan per catty [30]. - As of September 19, 2025, the wholesale price of all apple varieties was 9.78 yuan per kilogram, a week - on - week increase of 0.08 yuan per kilogram; the wholesale price of Fuji apples was 9.35 yuan per kilogram, a week - on - week decrease of 0.05 yuan per kilogram [35]. - As of September 19, 2025, the weekly average wholesale price of 5 types of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 6.82 yuan per kilogram, a week - on - week decrease of 0.08 yuan per kilogram [39]. - In August 2025, China's fresh apple exports totaled approximately 68,400 tons, with an export value of 69,739,352 US dollars and an average export price of 1,019 US dollars per ton. The export volume increased by 27.61% month - on - month compared to July and decreased by 17.61% year - on - year compared to August 2024. From January to August 2025, China's total fresh apple exports were 530,000 tons, a cumulative year - on - year decrease of 7.60% [42]. - Options: Information about the implied volatility of Apple at - the - money options this week is presented, but no specific data is given [43]. 3.4 Futures - Stock Correlation - Information about the price - earnings ratio of Honghui Fruit and Vegetable is presented, but no specific data is given [46].

Group 1: Report Summary - Report industry investment rating: Not provided - Core view: This week, the price of the apple futures 2601 contract slightly declined, with a weekly drop of 0.67%. New - season apples in Shandong have a wide price range due to quality differences. Western early - maturing Fuji trading is nearing the end, and the picking of late - maturing Fuji is sporadic. The inventory of apples in cold storage has decreased, but the de - stocking speed in Shandong has slowed down. The market has high expectations for the opening price of late - maturing Fuji, providing some support. It is recommended to take a short - term long - thinking approach for the apple 2601 contract [6]. - Strategy suggestion: Operate with a short - term long - thinking approach for the apple 2601 contract [6]. - Future trading tips: Monitor the listing volume of mid - maturing Fuji and consumption [6]. Group 2: Futures Market - This week, the price of the apple futures 2601 contract slightly declined, with a weekly drop of 0.67%. The latest price was 8273, a decrease of 13 or 0.16%. The trading volume was 43,709, and the open interest was 83,173 [9][11]. - As of this week, the net position of the top 20 in apple futures was 1,065 lots, and the number of apple futures warehouse receipts was 0 [17]. Group 3: Spot Market - As of September 19, 2025, the mainstream price of 80 and above first - and second - grade fruit farmer goods of bagged red Fuji in Qixia, Yantai, Shandong was 3.7 yuan per jin; the price of bagged 75 and above Fuji apples in Yiyuan, Shandong was 2.3 yuan per jin [20]. Group 4: Industry Chain Supply - side - As of September 17, 2025, the inventory of apples in cold storage in the main producing areas across the country was 163,200 tons, a decrease of 45,900 tons from last week [28]. Demand - side - As of September 19, the average daily early - morning arrival of trucks in the main apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was 0.30 yuan per jin [32]. - As of September 12, 2025, the wholesale price of all apple varieties was 9.70 yuan per kilogram, a week - on - week decrease of 0.06 yuan per kilogram; the wholesale price of Fuji apples was 9.38 yuan per kilogram, with no week - on - week change [37]. - As of September 12, 2025, the weekly average wholesale price of 5 fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 6.90 yuan per kilogram, with no week - on - week change [41]. - 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 4.88289 billion US dollars, a month - on - month increase of 14.89% [45]. Group 5: Option Market - The implied volatility of at - the - money options for apples this week is presented in the relevant chart [46]. Group 6: Futures - Stock Correlation - The price - to - earnings ratio chart of Honghui Fruit is presented [48].