Group 1: Hot News - The US government proposed a 15 - condition conflict - ending plan to Iran through Pakistan, including requirements on nuclear plans, missile capabilities, and regional issues. In exchange, Iran may get sanctions lifted, US support for civilian nuclear projects, and the cancellation of the "snap - back sanctions" mechanism. The US is considering a one - month cease - fire for further negotiations [2] - The preliminary value of the US S&P Global Composite PMI in March dropped to 51.4, a 11 - month low. Manufacturing PMI rose to 52.4, while services PMI dropped to 51.1, also a 11 - month low [2] - The Eurozone's S&P Global Composite PMI in March fell from 51.9 in February to 50.5, the lowest since last May. Manufacturing PMI rose to 51.4, a 45 - month high, but services PMI dropped from 51.9 to 50.1, far below the expected 51.1. German and French services PMIs both declined significantly [3] - In February 2026, global crude steel production was 141.8 million tons, a year - on - year decrease of 2.2%. From January to February 2026, it was 298.2 million tons, a 1.5% year - on - year decrease. In February, China's steel production was 76.09 million tons, a 3.6% year - on - year decrease [3] - The Zhengzhou Commodity Exchange decided to adjust the minimum opening order volume of the apple futures 2605 contract to 2 lots starting from March 25, 2026 [3] Group 2: Key Focus and Night - session Performance - Key focus: urea, lithium carbonate, liquefied gas, crude oil, plastic [4] - Night - session performance: Non - metallic building materials had a 2.54% increase, precious metals 25.11%, oilseeds and oils 8.89%, soft commodities 2.47%, non - ferrous metals 22.38%, coal, coke, steel and ore 10.37%, energy 8.45%, chemicals 15.74%, grains 1.11%, and agricultural and sideline products 2.92% [4] Group 3: Plate Positions - The document shows the changes in the positions of commodity futures plates in the past five days, including Wind agricultural and sideline products, Wind grains, Wind chemicals, Wind energy, Wind coal, coke, steel and ore, Wind non - ferrous metals, Wind commodity composite, Wind soft commodities, Wind oilseeds and oils, Wind precious metals, and Wind non - metallic building materials [5] Group 4: Performance of Major Asset Classes - Equity: Shanghai Composite Index rose 1.78% daily, - 6.76% monthly, - 2.21% year - to - date; S&P 500 dropped 0.37% daily, - 4.69% monthly, - 4.22% year - to - date, etc. [6] - Fixed - income: 10 - year treasury bond futures rose 0.02% daily, - 0.21% monthly, 0.28% year - to - date; 5 - year treasury bond futures had no daily change, - 0.08% monthly, 0.15% year - to - date, etc. [6] - Commodity: CRB commodity index rose 2.43% daily, 14.90% monthly, 20.24% year - to - date; WTI crude oil rose 0.40% daily, 31.61% monthly, 53.88% year - to - date, etc. [6] - Other: US dollar index rose 0.07% daily, 1.62% monthly, 0.98% year - to - date; CBOE volatility rose 3.06% daily, 35.70% monthly, 80.27% year - to - date [6] Group 5: Main Commodity Trends - The document shows trends of various commodities such as the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold, London spot silver, LME copper, CBOT soybeans, CBOT corn, and also includes ratios like the gold - oil ratio and copper - gold ratio, as well as risk premiums [7]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - This week, the price of the Apple Futures Contract 2605 declined with a weekly drop of about 0.06%. The late Fuji apple production areas saw a slight improvement in Spring Festival stocking, with an increase in origin shipment volume. However, snowfall in some production areas during the week slightly affected the shipment. As of January 21, 2026, the cold - storage inventory of apples in the main production areas across the country was 6.8278 billion tons, a decrease of 218,800 tons from the previous week, and the inventory clearance speed accelerated. The futures price is likely to fluctuate and strengthen in the short term supported by stocking demand [4][9]. 3. Summary by Directory **3.1 Week - by - Week Highlights** - The price of Apple Futures Contract 2605 dropped this week, with a weekly decline of about 0.06%. The late Fuji apple production areas' Spring Festival stocking improved slightly, and origin shipment increased. Snowfall in some areas affected shipment. As of January 21, 2026, the national main - production - area apple cold - storage inventory was 6.8278 billion tons (down 218,800 tons from last week), and the inventory clearance accelerated. In the Shandong production area, the storage capacity ratio decreased to 50.30% (down 0.87% from last week); in the Shaanxi production area, it decreased to 52.76% (down 1.56% from last week). In the sales area market, the number of incoming trucks decreased, transit inventory piled up, customers were scarce, and sales were slow. The futures price may fluctuate and strengthen in the short term [4]. **3.2 Futures and Spot Markets** - **Futures Market**: The price of Apple Futures Contract 2605 fell by about 0.06% this week. As of this week, the net position of the top twenty in apple futures was - 2913 lots, and the number of apple futures warehouse receipts was 0 [9][16]. - **Spot Market**: As of January 23, 2026, the mainstream price of 80 and above first - and second - grade fruit farmer's goods of bagged red Fuji in Qixia, Yantai, Shandong was 3.7 yuan per catty; the price of 75 and above bagged Fuji apples in Yiyuan, Shandong was 2.40 yuan per catty [19]. **3.3 Industry Situation and Options** - **Industrial Chain Situation** - **Supply**: As of January 21, 2026, the national main - production - area apple cold - storage inventory was 6.8278 billion tons, a decrease of 218,800 tons from last week. The inventory clearance speed accelerated but was still lower than the same period last year. The storage capacity ratio in the Shandong production area decreased to 50.30% (down 0.87% from last week), and in the Shaanxi production area, it decreased to 52.76% (down 1.56% from last week) [24]. - **Demand** - As of January 23, the average daily number of incoming trucks in the major apple wholesale markets in Guangdong decreased. The profit of 80 first - and second - grade apple storage merchants was suspended (replaced by 0) [28]. - As of January 16, 2026, the average wholesale price of all apple varieties was 9.52 yuan per kilogram, a week - on - week decrease of 0.09 yuan per kilogram; the wholesale price of Fuji apples was 9.20 yuan per kilogram, a week - on - week increase of 0.03 yuan per kilogram [32]. - As of January 16, 2026, the weekly average wholesale price of five types of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.83 yuan per kilogram, a week - on - week increase of 0.03 yuan per kilogram [36]. - In December 2025, China's total fresh apple exports were about 156,500 tons, a month - on - month increase of 28.625% and a year - on - year increase of 28%. The export value was 162,842,207 US dollars [40]. - **Options Market**: Information about the implied volatility of at - the - money options for apples this week is presented, but specific data not given in the text summary [41]. **3.4 Futures - Stock Correlation** - A graph of the price - earnings ratio of Honghui Fruit & Vegetable Co., Ltd. (603336) is provided, showing the historical price - earnings ratio from September 30, 2020, to September 30, 2024 [43][44].