Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The current market is in the fruit expansion period of apples, and the focus is on the delivery of new apples. New late Fuji apples may have a high opening price due to small fruit sizes, but it's uncertain if the price will keep rising. There may be a polarization of high - quality apples with high prices and low - quality apples with low prices [4]. - There are both bullish and bearish factors in the apple market. Bullish factors include low inventory in production areas and potential overall quality - related yield reduction. Bearish factors include less - than - expected yield reduction, price differences between high - and low - quality early - maturing apples, and a slowdown in inventory decline [5][8]. 3. Summary by Relevant Catalogs Apple Price Range Forecast - The monthly price range forecast for apples is 8100 - 8700, with a current 20 - day rolling volatility of 10.5% and a historical percentile (3 - year) of 41.5% [3]. Apple Risk Management Strategy - **Inventory Management**: - For those worried about low apple purchase prices due to a potential new apple harvest, they can sell AP2510 futures at a 25% hedging ratio in the 8500 - 8600 range to lock in profits and cover production costs. They can also sell AP2511C8600 call options at a 50% hedging ratio in the 30 - 40 range to collect premiums and lock in the selling price if the price rises [3]. - **Procurement Management**: - For those worried about high apple purchase prices due to a decline in old - crop inventory and potential new - crop yield reduction, they can buy AP2510 futures at a 50% hedging ratio in the 8300 - 8400 range to lock in purchase costs. They can also buy AP2511P8100 put options at a 75% hedging ratio in the 70 - 80 range to collect premiums and lock in the buying price if the price falls [3]. Apple Futures and Spot Price Changes - On September 12, 2025, AP01 closed at 8329 with a daily increase of 0.93% and a weekly increase of 0.40%. AP10 closed at 8438 with a daily increase of 1.32% and a weekly increase of 0.68%. The spot prices of various apple grades remained unchanged on that day. The daily increase of the盘面 profit was 6.01%, and the weekly decrease was 6.81% [6]. Apple Inventory - As of September 12, 2025, the national cold - storage inventory according to Steel Union was 20.91, with a weekly decrease of 6.44. The national cold - storage inventory according to Zhuochuang on September 4 was 30.62, with a weekly decrease of 4.73. The inventory in some production areas like Shandong and Shaanxi also decreased, while the inventory in Gansu, Shanxi, Henan, and Liaoning was zero. The arrival volume of apples at some Guangdong wholesale markets increased [10].

Report Summary Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints - The current market is in the fruit expansion period of apples, and the focus is on the delivery of new apples. New late Fuji apples may have a high opening price, but it's uncertain if the price will continue to rise. There may be a polarization of high - quality apples having high prices and poor - quality apples having low prices [4]. - There are both bullish and bearish factors in the apple market. Bullish factors include low inventory in production areas and unstable weather causing potential yield reduction. Bearish factors are that the overall yield reduction is less than expected, the impact of off - season fruits, and weak consumption [5][6][8]. Summary by Directory Apple Price Interval Prediction - The predicted monthly price interval for apples is 7800 - 8400, with a current 20 - day rolling volatility of 10.5% and a 3 - year historical percentile of 37.6% [3]. Apple Risk Management Strategy - **Inventory Management**: For those worried about a new apple harvest and low purchase prices, they can short apple futures (AP2510) with a 50% hedging ratio at 8300 - 8400 and sell call options (AP2511C8400) with a 50% hedging ratio at 30 - 40 to lock in profits and reduce costs [3]. - **Procurement Management**: For those worried about rising apple prices due to old - crop inventory decline and new - crop yield reduction, they can buy apple futures (AP2510) with a 50% hedging ratio at 8000 - 8100 and sell put options (AP2511P7900) with a 50% hedging ratio at 50 - 60 to lock in procurement costs and reduce costs [3]. Core Contradiction - The market is in the fruit expansion period, and the focus is on new - apple delivery. New late Fuji apples may have a high opening price, and there may be a price polarization [4]. Bullish Factors - Low inventory in production areas and fast de - stocking in the early stage support the market. Unstable weather in production areas may lead to a large yield reduction in the northwest [5]. Bearish Factors - The overall yield reduction is less than expected, and there is even an expected increase in production. The peak season of off - season fruits impacts the apple market, and consumption is weak. The recent slowdown in inventory decline and small fruit size may lead to low prices [6][8]. Apple Futures and Spot Price Changes - Futures prices of different contracts (AP01, AP03, etc.) have different daily and weekly changes. Spot prices of different apple varieties (Qixia 80, Luochuan 70, etc.) also have corresponding changes. The profit on the futures market decreased by 17.08% daily and 17.56% weekly, and the theoretical delivery price is 8600 [6]. Apple Inventory - As of September 5, 2025 (Steel Union data), the national cold - storage inventory was 27.35 (weekly change: - 6.62), and the storage capacity ratios in Shandong, Shaanxi, Gansu, etc. also decreased. As of September 4, 2025 (Zhuochuang data), the national cold - storage inventory was 30.62 (weekly change: - 4.73), and the storage capacity ratios in relevant regions also decreased. The arrival volume of apples at some wholesale markets in Guangdong increased [10].

Core Insights - Soros Fund Management reported a total market value of $7.97 billion for Q2 2025, up from $6.70 billion in the previous quarter, reflecting a 19% increase [1][2] - The fund added 80 new stocks and increased holdings in 60 stocks, while reducing positions in 45 stocks and completely selling out of 87 stocks [1][2] Holdings Overview - The top ten holdings account for 28.11% of the total market value [1][2] - The largest position is in SPDR S&P 500 ETF put options (SPY.US, PUT) with approximately 537,500 shares valued at about $332 million, representing 4.17% of the portfolio, a significant increase of 168.75% from the previous quarter [3][4] - Other notable holdings include Smurfit WestRock (SW.US) with 7.48 million shares valued at approximately $323 million (4.05% of the portfolio) and First Solar call options (FSLR.US, CALL) with 1.64 million shares valued at about $271 million (3.40% of the portfolio) [3][4] Buying and Selling Activity - The top five purchases by percentage change in portfolio include Invesco QQQ Trust call options (QQQ.US, CALL), SPDR S&P 500 ETF put options (SPY.US, PUT), and Globant (GLOB.US) notes [4][6] - The top five sales by largest value include AstraZeneca (AZN.US), iShares 20+ Year Treasury ETF call options (TLT.US, CALL), and SPDR S&P 500 ETF (SPY.US) [5][6]

Core Viewpoint - Renowned investor Duan Yongping has resumed trading activities, specifically selling put options on Apple, amounting to over $1.44 million, indicating a strategic investment approach based on current market conditions [2][5]. Group 1: Investment Strategy - Duan Yongping has a history of selling put options as a strategy, which involves receiving premiums while taking on the obligation to buy the underlying asset at a predetermined price if the buyer exercises the option [6]. - The recent transaction involved selling 999 put options for Apple with a strike price of $195, set to expire on January 16, 2026, yielding an annualized return of approximately 18% [5][7]. - Duan emphasizes two principles for selling puts: understanding the company and avoiding leverage, having previously built a significant position in Apple through this strategy [6][8]. Group 2: Portfolio Adjustments - In the first quarter, Duan's fund, H&H International Investment, made notable adjustments, including significant reductions in holdings of Apple, Google, and others, while increasing positions in Microsoft, Nvidia, and TSMC [10][12]. - The fund reduced its Apple holdings by over $1 billion, decreasing its position to 34.22 million shares, valued at $7.6 billion, which now represents 63.33% of the portfolio [10]. - New investments included 300,000 shares of Microsoft, 650,000 shares of Nvidia, and 270,000 shares of TSMC, with respective values of $1.12 million, $6.992 million, and $4.512 million [11]. Group 3: Market Context - The trading activity comes in the wake of a market downturn caused by tariff impacts, during which Duan actively sold puts on various tech stocks, including Apple and Nvidia [3][12]. - Duan's strategy reflects a broader market sentiment, as he continues to engage in buying opportunities during periods of volatility [12][14].

Group 1 - The core viewpoint is that renowned investor Duan Yongping has shared his recent investment operations on Xueqiu, indicating a strategic move in the options market [1] - Duan Yongping sold put options on Apple, with a total amount exceeding 1.44 million USD, reflecting a significant position in the tech giant [1] - Earlier in the first quarter of this year, Duan Yongping's managed portfolio had also made substantial sales of Apple stock, suggesting a consistent strategy towards the company [1]

Core Insights - Appaloosa Management, led by billionaire David Tepper, reported a total market value of $8.38 billion for Q1 2025, up 15.65% from $6.46 billion in the previous quarter [1][2] - The fund added 7 new stocks, increased holdings in 8 stocks, reduced holdings in 21 stocks, and completely exited 6 stocks during the quarter [1][2] - The top 10 holdings accounted for 77.25% of the total market value [2] Holdings Overview - The largest position was in SPDR S&P 500 Fossil Fuel Reserves Free ETF put options (SPYX.US), with 4.5 million shares valued at approximately $2.52 billion, representing 30.03% of the portfolio [3][6] - Alibaba (BABA.US) was the second-largest holding with 9.23 million shares valued at about $1.22 billion, a decrease of 22.06% from the previous quarter [3][6] - Other significant holdings included Pinduoduo (PDD.US) with 4.37 million shares valued at $517.19 million, Amazon (AMZN.US) with 2.51 million shares valued at $477.55 million, and JD.com (JD.US) with 8.05 million shares valued at $331.02 million [4][5][6] Trading Activity - Notable new purchases included put options for Apple (AAPL.US), Deutsche Bank (DB.US), L3Harris Technologies (LHX.US), Broadcom (AVGO.US), VanEck Semiconductor ETF put options (SMH.US), and Block (XYZ.US) [6][7] - The fund completely exited positions in AMD (AMD.US), Antero Resources (AR.US), EQT Energy (EQT.US), Expand Energy (EXE.US), FedEx (FDX.US), and Intel (INTC.US) [7] - Significant reductions were made in holdings of Microsoft (MSFT.US), NVIDIA (NVDA.US), Qualcomm (QCOM.US), ASML (ASML.US), and Micron Technology (MU.US) [7][8] Performance Metrics - The turnover rate for the quarter was 29.55%, with an alternative turnover rate of 20.07% [2] - The average holding period for the top 20 stocks was 8.85 quarters, while the top 10 stocks had an average holding period of 10.9 quarters [2]