Report Industry Investment Rating - No information provided Core View of the Report - The inventory of apples for the Spring Festival preparation has not changed significantly. Merchants mainly continue to package their own supplies. In some low - price producing areas, the trading of fruit farmers' goods has slightly improved. Merchants mainly package gift boxes, and fruit farmers are actively selling their goods, with prices determined by quality. The trading of high - price and high - quality apples in Shaanxi, such as Luochuan apples, remains sluggish, and the market situation has not changed much. The Spring Festival preparation is gradually entering the incremental stage. In the producing areas, the shipping speed has significantly accelerated, with the Gansu producing area performing better than others. Merchants still mainly ship their own inventory. As of January 28, 2026, the cold - storage inventory of apples in the main producing areas of the country was 6.5405 million tons, a decrease of 287,300 tons from the previous week. The inventory removal speed has accelerated compared to the previous week and is slightly higher than the same period last year. The storage capacity ratio in Shandong is 49.01%, a decrease of 1.29% from the previous week, and in Shaanxi, it is 50.85%, a decrease of 1.91% from the previous week. In the Shandong producing area, the overall packaging and shipping have increased, and some pre - packed gift boxes have been shipped to the market, with the shipment accelerating, but the transaction of fruit farmers' goods is still average. In Shaanxi, the inventory removal has slightly accelerated, and the transactions in Weinan and Xianyang have improved compared to before, with more merchants packing and shipping, and the fruit farmers' goods are mainly sold in two - polar sources. In the sales areas, there is a large backlog of goods in the transfer warehouses and on the ground vehicles, and the sales speed of gift - boxed goods is average. In terms of price, the price of general - quality fruit farmers' goods is stable with a weak trend, while the price of high - quality goods is stable [2] Summary by Relevant Catalogs Futures Market - The closing price of the main apple futures contract is 9,485 yuan/ton, and the position of the main contract is 101,361 hands, a decrease of 8,125 hands compared to the previous period. The net long position of the top 20 futures holders is 1,422 hands, and the previous value was 909 hands [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5.25 yuan/jin, in Shandong Yiyuan (paper - bagged, above 75) is 2.4 yuan/jin, in Shaanxi Luochuan (paper - bagged, above 70 semi - commercial) is 4.2 yuan/jin, and in Shandong Yantai Qixia (paper - bagged, above 80, first - grade and second - grade fruit farmers' goods) is 3.7 yuan/jin [2] Upstream Situation - The annual apple production in the country is 51.2851 million tons, and the weekly wholesale price of apples is 9.47 yuan/kg, a decrease of 0.05 yuan/kg compared to the previous period [2] Industry Situation - The average weekly wholesale price of Fuji apples is 9.33 yuan/kg, an increase of 0.04 yuan/kg compared to the previous period. The total cold - storage inventory of apples in the country is 6.5405 million tons, a decrease of 287,300 tons compared to the previous week. The storage capacity ratio of apples in Shandong is 49.01%, a decrease of 1.29% compared to the previous week, and in Shaanxi is 50.85%, a decrease of 1.91% compared to the previous week. The monthly export volume of apples is 160,000 tons, an increase of 40,000 tons compared to the previous period. The monthly export amount of apples increased by 30.7% year - on - year, and the monthly import amount of fresh and dried fruits and nuts is 17.75355 million US dollars, an increase of 6.57409 million US dollars compared to the previous period. The weekly profit of storage merchants for first - and second - grade paper - bagged apples of 80 is 0 yuan/jin [2] Downstream Situation - The weekly wholesale price of pears is 6.52 yuan/kg, an increase of 0.02 yuan/kg compared to the previous period; the weekly wholesale price of bananas is 6.97 yuan/kg, a decrease of 0.07 yuan/kg compared to the previous period; the weekly wholesale price of watermelons is 5.9 yuan/kg, an increase of 0.05 yuan/kg compared to the previous period. The average daily number of trucks arriving in the morning at the Guangdong Jiangmen wholesale market is 17.4, an increase of 6.2 compared to the previous period; at the Guangdong Xiaqiao wholesale market is 7.8; at the Guangdong Chalong wholesale market is 23.4, an increase of 11.6 compared to the previous period [2] Option Market - The implied volatility of at - the - money call options for apples is 26.29%, an increase of 0.84% compared to the previous period; the implied volatility of at - the - money put options for apples is 26.29%, an increase of 0.84% compared to the previous period [2] Suggested Attention Points - Pay attention to the cold - storage inventory data on Thursday [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Late Fuji apple trading has slowed down. In Shandong, the warehousing work is basically finished, with ground trading mainly for direct market delivery by merchants, and in - warehouse trading starting. The foreign trade channel continues to seek goods, with small fruits selling well and the outbound rate slightly faster than last year. In Shaanxi, products are gradually leaving the warehouse, with Luochuan mainly packaging goods in merchants' hands and having a light cold - storage trading atmosphere. The arrival volume in the sales area has increased, but the trading atmosphere remains light. The increase in the listing volume of citrus fruits squeezes the apple sales space. Apple futures prices are expected to remain high in the short term, and the impact of alternative fruits should be noted [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9712 yuan/ton, with a month - on - month increase of 866; the main contract position is 8144 hands; the net long position of the top 20 futures positions is 120323 hands, with a month - on - month increase of 5896 [2] 3.2 Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 5.25 yuan/jin, 2.6 yuan/jin, 4.2 yuan/jin, and 4 yuan/jin respectively, with no month - on - month change [2] 3.3 Upstream Situation - The national apple output is 5128.51 million tons, and the output in a certain area is 168.34 million tons [2] 3.4 Industry Situation - The weekly apple wholesale price is 9.38 yuan/kg, with a month - on - month decrease of 0.02; the average wholesale price of Fuji apples is 9.06 yuan/kg; the national apple cold - storage total inventory is 766.75 million tons, with a month - on - month decrease of 6.41; the storage capacity ratios of Shandong and Shaanxi apples are 0.54 and 0.58 respectively, with month - on - month decreases of 0.01; the monthly apple export volume is 80,000 tons, with an increase of 10,000 tons; the monthly import amount of fresh and dried fruits and nuts is 1.334364 billion US dollars, with a decrease of 503,616 US dollars; the year - on - year monthly apple export amount is - 14.3%; the weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0 yuan/jin [2] 3.5 Downstream Situation - The weekly wholesale prices of pears, bananas, and watermelons are 6.76 yuan/kg, 5.41 yuan/kg, and 6 yuan/kg respectively, with month - on - month increases of 0.05, 0.22, and 0.04; the early - morning average daily arrival vehicle numbers at Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets are 16, 25.2, and 19.2 respectively, with month - on - month increases of 3.8, 1.4, and 3.2 [2] 3.6 Option Market - The implied volatility of at - the - money call and put options for apples is 1.85% and 17.51% respectively, with month - on - month decreases of 15.66 and 9.27 [2] 3.7 Industry News - The trading of inventory apples remains light. In Shandong and Shaanxi, there are few inquiring merchants, mainly self - picking by merchants. In Gansu, the sales of Huaniu apples are okay, while the trading of Fuji apples has slowed down slightly, with little change in transaction prices [2]

1. Report Industry Investment Rating - No investment rating information is provided in the report [2] 2. Core View of the Report - The short - term apple futures price is expected to remain at a high level [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9,529 yuan/ton, with a week - on - week increase of 1,777; the main contract position is 10,687 lots; the net long position of the top 20 futures positions is 116,106 lots, with a week - on - week decrease of 21,069 [2] 3.2 Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5.25 yuan/jin; in Shandong Yiyuan (paper - bagged, above 75) is 2.6 yuan/jin; in Shaanxi Luochuan (paper - bagged, above 70, semi - second - grade fruit farmer's goods) is 4.2 yuan/jin; in Shandong Yantai Qixia (paper - bagged, above 80, first - grade goods) is 4 yuan/jin, all with a week - on - week change of 0 [2] 3.3 Upstream Situation - The national apple output is 5,128.51 million tons, with a year - on - year increase of 168.34 million tons [2] 3.4 Industry Situation - The weekly apple wholesale price is 9.4 yuan/kg, with a week - on - week decrease of 0.03 yuan/kg; the average weekly wholesale price of Fuji apples is 9.07 yuan/kg, with a week - on - week decrease of 0.05 yuan/kg; the national apple cold - storage total inventory is 766.75 million tons, with a week - on - week decrease of 6.41 million tons; the Shandong apple storage capacity ratio is 0.54, with no week - on - week change; the Shaanxi apple storage capacity ratio is 0.58, with a week - on - week decrease of 0.01; the monthly apple export volume is 80,000 tons, with an increase of 10,000 tons; the monthly export amount of apples year - on - year is - 14.3%; the monthly import amount of fresh and dried fruits and nuts is - 5.8%; the profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin, with no week - on - week change [2] 3.5 Downstream Situation - The weekly wholesale price of pears is 6.71 yuan/kg, with a week - on - week increase of 0.04 yuan/kg; the weekly wholesale price of bananas is 5.37 yuan/kg, with a week - on - week increase of 0.03 yuan/kg; the weekly wholesale price of watermelons is 5.78 yuan/kg, with a week - on - week increase of 0.22 yuan/kg; the average daily early - morning arrival volume at the Guangdong Jiangmen wholesale market is 12.2 vehicles, with no week - on - week change; at the Guangdong Xiaqiao wholesale market is 16 vehicles, with no week - on - week change; at the Guangdong Chalong wholesale market is 23.8 vehicles, with no week - on - week change [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 1.85%, with a week - on - week decrease of 15.66%; the implied volatility of at - the - money put options for apples is 17.51%, with a week - on - week decrease of 9.27% [2] 3.7 Industry News - As of November 27, 2025, the apple cold - storage inventory in the main producing areas is 766.75 million tons, a decrease of 6.41 million tons from last week; the storage capacity ratio in Shandong is 54.11%, a decrease of 0.18% from last week; the storage capacity ratio in Shaanxi is 58.44%, a decrease of 0.66% from last week; apples in Shandong and Shanxi are still being stored, with ground transactions gradually ending and limited inventory transactions; in Shandong, ground transactions are in the final stage, with some areas like Qixia still having a small amount of storage, and some special varieties like Cream Fuji ending their storage; in Shaanxi, storage is basically over, and the area has started to transfer to outbound storage, with northern Shaanxi mainly supplying self - stored goods by merchants, some small - scale goods for foreign trade channels, and southern Shaanxi mainly purchasing from fruit farmers, with better transactions than in northern Shaanxi, and part of the goods going to the second - and third - level markets and part being purchased by Shandong merchants; the performance of the sales area market is average, and attention should be paid to the substitution effect of citrus fruits on the market [2]

Report Industry Investment Rating - No industry investment rating provided in the report Core View of the Report - Considering the poor sales of apples in the distribution areas, the spot price remains weakly stable. Affected by rainfall, the quality in most production areas has declined, and the proportion of high - quality fruits is expected to decrease. The prices of high - quality and poor - quality fruits may show a significant divergence in the future. It is recommended to temporarily observe the Apple 2601 contract in the short term [2] Summary by Relevant Catalogs Futures Market - The closing price of the apple futures main contract is 8633 yuan/ton, with a net increase of 770; the main contract position is 6580 hands, and the net long position of the top 20 futures positions is 114,672 hands, with an increase of 12,291 hands [2] Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 4 yuan/jin, 2.3 yuan/jin, 4.2 yuan/jin, and 3.7 yuan/jin respectively, with no change [2] Upstream Situation - The annual national apple output is 5128.51 million tons; the weekly apple wholesale price is 9.77 yuan/kg, with a decrease of 0.01 yuan/kg; the weekly average wholesale price of Fuji apples is 9.28 yuan/kg, with a decrease of 0.07 yuan/kg; the total national apple cold - storage inventory is 12.18 million tons, with a decrease of 4.14 million tons; the weekly storage capacity ratios of Shandong and Shaanxi apples are 0.03 and 0 respectively, with a decrease of 0.01 for Shandong; the monthly apple export volume is 70,000 tons, with an increase of 20,000 tons [2] Industry Situation - The monthly import amount of fresh and dried fruits and nuts is 645.5 million US dollars, and the monthly apple export amount is 69.739 million US dollars, with a decrease of 153.3065 million US dollars; the weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0.3 yuan/jin, with no change [2] Downstream Situation - The weekly average wholesale prices of tangerines, bananas, and watermelons are 7.89 yuan/kg, 4.01 yuan/kg, and 5.6 yuan/kg respectively. The prices of tangerines and watermelons have decreased by 0.44 yuan/kg and 0.08 yuan/kg respectively, while the price of bananas has increased by 0.18 yuan/kg. The daily average number of incoming trucks in the morning at the Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets is 15, 20, and 31 respectively, with changes of - 1.2, - 0.2, and - 0.8 respectively [2] Option Market - The implied volatilities of at - the - money call and put options for apples are 25.75% and 25.76% respectively, with decreases of 0.36% and 0.35% respectively [2] Industry News - Affected by rainy weather, the quality of late - Fuji apples in the production areas has declined significantly, with problems such as water - cracking in Shaanxi and pit - rust in Shandong being prominent. In Shandong Mengyin, it is difficult for apples to color, and there are not many red late - Fuji apples. Due to poor sales during the National Day and Mid - Autumn Festival, most purchasers are waiting and watching, with low enthusiasm for purchasing, and the local price shows a weak and stable trend. Late - maturing Fuji apples in Shaanxi and Gansu production areas are gradually being harvested, but the supply is limited due to rainfall [2]

Group 1: Report Overview - The report is a quarterly report on apples by Green大华 Futures [1] - The report is dated September 30, 2025 [4] Group 2: Price Information - In September, apple futures prices were pulled by low demand and new - season production expectations, showing a volatile and slightly upward trend [7] - Current apple spot prices vary by variety and region. For example, inventory paper - bagged late Fuji 80 and above is 3.00 - 4.00 yuan/jin (piece - red, first and second - grade), and in Shaanxi, paper - bagged Gala 70 starting semi - commodity is about 4.80 yuan/jin (high large - fruit ratio) [11] - The average wholesale price of 6 key - monitored fruits is in a seasonal upward stage, while the wholesale price of Fuji apples has a slight decline [20][21] Group 3: Inventory Situation - As of September 26, 2025, the total remaining cold - storage apples in the country is 12.18 tons, at the lowest level in the past five years. Western regions are in the large - scale bag - removing stage, and Shandong is in a trading gap period [14] Group 4: Downstream Market - Recently, the total number of apple trucks arriving at Chalong, Jiangmen, and Xiaqiao is average, with 43 trucks this week. The number of trucks arriving at Guangdong Chalong Market in the morning has slightly increased compared to last week, with an average of 15.60 trucks per day. Apples are still affected by the sales of seasonal fruits [17] Group 5: Market Structure and Outlook - The current apple market shows a structural differentiation. The double - festival stocking is ending. New - harvested Fuji in the west is listed, with high - quality fruit prices high, while the eastern inventory old Fuji has weak prices. The market expects the opening price of new Fuji to be stronger in the west and weaker in the east [25] - The apple futures market continues the strong and volatile trend. Due to multiple adverse factors during the growth cycle, the high - quality fruit rate is low. Before the quality of late - maturing Fuji is clear, the futures market will remain in a strong and volatile pattern [25] Group 6: Factors to Watch - Key factors to watch include the impact of extreme climate during the new - fruit growth period and the year - on - year change in the number of new - fruit baggings [27]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, the price of Apple Futures 2510 rose by 1.55% on a weekly basis. According to preliminary estimates based on bagging volume survey data, the national apple production in the new season is expected to be 37.3664 million tons, a year - on - year increase of 2.35%. As of July 23, 2025, the cold - storage inventory of apples in the main producing areas was 704,500 tons, with a week - on - week decrease of 101,500 tons. The current inventory is at a five - year low. The purchase price of early - maturing varieties has increased slightly year - on - year, supporting the price to fluctuate strongly. However, the large - scale listing of summer fruits has impacted apple demand, and the potential increase in new - season apple production may restrict price growth. The upper resistance level is at the previous high of 8,140 yuan/ton. It is recommended to hold long positions in the Apple 2510 contract cautiously and take profits at high levels [6]. 3. Summary by Relevant Catalogs 3.1. Week - on - Week Summary - **Market Review**: The price of Apple Futures 2510 rose by 1.55% this week [6]. - **Market Outlook**: The estimated national apple production in the new season is 37.3664 million tons, an increase of 859,300 tons or 2.35% compared to the 2024 - 2025 production season. As of July 23, 2025, the cold - storage inventory in the main producing areas was 704,500 tons, with a week - on - week decrease of 101,500 tons. The inventory is at a five - year low. The purchase price of early - maturing varieties has increased slightly year - on - year, but the large - scale listing of summer fruits impacts demand, and potential production growth may restrict price increases. The upper resistance is at 8,140 yuan/ton [6]. - **Strategy Recommendation**: Hold long positions in the Apple 2510 contract cautiously and take profits at high levels [6]. - **Future Trading Alerts**: Monitor de - stocking rate, consumption, and new - crop production [7]. 3.2. Futures and Spot Markets 3.2.1. Futures Market - The price of Apple Futures 2510 rose by 1.55% this week. As of the end of the week, the net long position of the top 20 in apple futures was 6,702 lots, and the number of apple futures warehouse receipts was 0 [10][16]. 3.2.2. Spot Market - As of July 25, 2025, the mainstream price of 80 and above first - and second - grade farmer - sourced bagged Red Fuji apples in Qixia, Shandong was 4 yuan/jin; the price of bagged 75 and above Fuji apples in Yiyuan, Shandong was 2.4 yuan/jin [19]. 3.3. Industry Situation and Options 3.3.1. Supply Side - As of July 23, 2025, the cold - storage inventory of apples in the main producing areas was 704,500 tons, with a week - on - week decrease of 101,500 tons. The de - stocking speed was similar to last week and basically the same as last year. The storage capacity ratio in Shandong was 11.12%, a week - on - week decrease of 1.03%; in Shaanxi, it was 3.65%, a week - on - week decrease of 0.98%; in Gansu, it was 2.77%, a week - on - week decrease of 0.92%, and the sales in Gansu were sporadic [26]. 3.3.2. Demand Side - **Arrival Volume at Wholesale Markets**: As of July 25, the average daily morning arrival of trucks at major apple wholesale markets in Guangdong decreased. The profit of 80 first - and second - grade apple storage merchants was 0.7 yuan/jin [30]. - **Wholesale Price**: As of July 18, 2025, the average wholesale price of Fuji apples was 9.89 yuan/kg, a week - on - week increase of 2.38%; the average wholesale price of all apple varieties was 9.75 yuan/kg, with no week - on - week change [34]. - **Substitutes**: As of July 18, 2025, the weekly average wholesale price of five fruits (including Fuji apples, bananas, tangerines, pears, and watermelons) was 7.32 yuan/kg, a week - on - week decrease of 0.14% [38]. - **Export Volume**: In June 2023, China's fresh apple exports totaled 40,000 tons, a month - on - month decrease of 20% and a year - on - year decrease of 38.6% [41]. 3.3.3. Options Market - No detailed content provided other than the topic of the average implied volatility of at - the - money apple options this week [42]. 3.4. Relationship between Futures and Stocks - The report presents the price - earnings ratio of Honghui Fruit, but no specific analysis is provided [44].