Group 1: Investment Ratings - The investment strategy for both the apple and jujube industries is neutral [3][6] Group 2: Core Views - The apple market is supported by low inventory and a scarcity of high - quality fruits, but the demand for Tomb - Sweeping Festival stocking was lower than expected, resulting in a slowdown in spot trading. The market is polarized, with high - quality fruits in the northwest having stable prices and ordinary fruits in Shandong having chaotic prices and slow sales. The apple futures price may continue to fluctuate, and future attention should be paid to the weather during the new - season flowering period [2] - The jujube market has abundant supply in the production areas but slow sales, and the sales areas only maintain rigid - demand purchases. As the weather warms up, jujube consumption enters the off - season, and high social inventory and difficult inventory reduction put pressure on spot prices. Although the futures price is at a low level, industrial hedging pressure restricts the rebound space, and the short - term market may continue to fluctuate at the bottom. Future attention should be paid to the weather during the budding period in the production areas and the inventory digestion rhythm [5] Group 3: Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract was 9826 yuan/ton, a change of - 37 yuan/ton or - 0.38% from the previous day [1] - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 4.00 yuan/jin, unchanged from the previous day; the price of more than 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.35 yuan/jin, unchanged from the previous day. The spot basis AP05 - 1826 in Qixia and AP05 - 1126 in Luochuan increased by 37 compared to the previous day [1] - Market information: In the production areas, merchants preferentially purchase high - quality goods, and the trading of ordinary goods is slow. In the northwest, inventory holders are reluctant to sell high - quality goods, and the inquiry for ordinary goods is limited. In Shandong, the number of merchants looking for high - quality goods is okay, but the export fruit transfer has slowed down. In the sales areas, the number of arriving trucks has increased slightly, and the terminal sales are average [1] Group 4: Apple Market Analysis - The apple futures price continued its weak consolidation, and the process of contract roll - over accelerated. The core support comes from the structural contradiction of low inventory and scarcity of high - quality fruits, but the demand for Tomb - Sweeping Festival stocking was lower than expected, resulting in a slowdown in spot trading. The production areas are polarized, and the sales areas have a weak sales atmosphere. Short - term long and short factors are intertwined, and the futures price may continue to fluctuate. Future attention should be paid to the weather during the new - season flowering period [2] Group 5: Jujube Market News and Important Data - Futures: The closing price of the jujube 2605 contract was 8750 yuan/ton, a change of - 25 yuan/ton or - 0.28% from the previous day [3] - Spot: The price of first - grade gray jujube in Hebei was 7.90 yuan/kg, unchanged from the previous day. The spot basis CJ05 - 850 increased by 25 compared to the previous day [3] - Market information: The purchase price range of Xinjiang gray jujubes in the 2025 production season was 5.00 - 6.50 yuan/kg. The temperature in the production areas is relatively normal, and farmers are actively carrying out field management. On March 30, 10 trucks arrived at the Hebei Cuierzhuang market, and 5 trucks arrived at the Guangdong Ruyifang market. The prices were generally stable, and the market transactions were average [3] Group 6: Jujube Market Analysis - The jujube futures price continued its weak oscillation. The production areas have abundant supply but slow sales, and the sales areas only maintain rigid - demand purchases. As the weather warms up, jujube consumption enters the off - season, and high social inventory and difficult inventory reduction put pressure on spot prices. Although the futures price is at a low level, industrial hedging pressure restricts the rebound space, and the short - term market may continue to fluctuate at the bottom. Future attention should be paid to the weather during the budding period in the production areas and the inventory digestion rhythm [5]

Group 1: Report Industry Investment Rating - The investment strategy for both apples and red dates is neutral [3][6] Group 2: Core Views of the Report - Apple: The current market is driven by low inventory and a shortage of high - quality supplies. The low inventory and low high - quality fruit rate in this fruit season have led to a structural contradiction of tight supply of good goods, pushing up the cost of warehouse receipts and strongly supporting the near - month contracts. The spot market shows a polarized pattern. With the approaching of the Tomb - Sweeping Festival, the willingness of merchants to restock has increased, and the weakening impact of substitute fruits has also boosted the market. In the short term, the futures price will maintain a high - level shock [2] - Red dates: The futures price of red dates continued to oscillate weakly and was under pressure. The market focus has returned to the spot fundamentals. The consumption off - season is obvious, downstream sales are mediocre, and restocking is light. Although the new - season output has a slight reduction, the overall domestic supply is still abundant, and the de - stocking pressure of processing enterprises is difficult to relieve in the short term. The bearish factors are dull after the futures and spot prices enter the low - price zone, but the futures price rebound is likely to trigger hedging pressure [5] Group 3: Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the Apple 2605 contract yesterday was 10,611 yuan/ton, a change of +490 yuan/ton from the previous day, with a change rate of +4.84% - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 4.00 yuan/jin, with no change from the previous day; the price of more than 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.25 yuan/jin, with no change from the previous day. The spot basis of AP05 was - 2611 and - 2111 respectively, a change of - 490 from the previous day - Market conditions: The overall apple market is stable. In Shandong, the number of merchants looking for high - quality goods has increased, and the price is stable. In the northwest, the trading is mainly for high - quality goods, concentrated in the Yan'an area of Shaanxi. The sales of general - quality fruit farmers' goods are slow. The export fruit trading has increased slightly, and the sales are okay. The prices of general - quality goods of fruit farmers are chaotic. The number of trucks arriving at the sales area is low, and the terminal sales are average [1] Market Analysis - The apple futures price rose strongly yesterday, showing a strong performance. The core drivers are low inventory and a shortage of high - quality supplies. The national cold - storage inventory is at a historical low, and the high - quality fruit rate in this season is low. The structural contradiction of tight supply of good goods is prominent, pushing up the cost of warehouse receipts and strongly supporting the near - month contracts. The spot market shows a polarized pattern. With the approaching of the Tomb - Sweeping Festival, the willingness of merchants to restock has increased, and the weakening impact of substitute fruits has also boosted the market. In the short term, the futures price will maintain a high - level shock. In the future, attention should be paid to the sales rhythm in the sales area and the weather disturbance during the new - season flowering period [2] Strategy - The strategy is neutral [3] Red Dates Market News and Important Data - Futures: The closing price of the Red Dates 2605 contract yesterday was 8,825 yuan/ton, a change of +30 yuan/ton from the previous day, with a change rate of +0.34% - Spot: The price of first - grade grey dates in Hebei was 7.90 yuan/kg, with no change from the previous day. The spot basis of CJ05 was - 925, a change of - 30 from the previous day - Market conditions: In the 2025 production season, the purchase price range of Xinjiang grey dates was 5.00 - 6.50 yuan/kg. After the Spring Festival, there were few merchants returning to Xinjiang for repurchase, and the inventory holders were highly motivated to sell. On March 18, the prices in the Hebei Cuierzhuang market and the Guangdong Ruyifang market were stable, with small arrivals and average transactions [4] Market Analysis - The red dates futures price continued to oscillate weakly and was under pressure. The market focus has returned to the spot fundamentals. The consumption off - season is obvious, downstream sales are mediocre, and restocking is light. Although the new - season output has a slight reduction, the overall domestic supply is still abundant, and the de - stocking pressure of processing enterprises is difficult to relieve in the short term. The bearish factors are dull after the futures and spot prices enter the low - price zone, but the futures price rebound is likely to trigger hedging pressure [5] Strategy - The strategy is neutral [6]

1. Report Industry Investment Rating - The investment rating for both the apple and red date industries is neutral [3][6] 2. Core Viewpoints - For the apple industry, the current core drivers are low inventory and a shortage of high - quality supplies. The low inventory in cold storage and low premium fruit rate this season have led to a prominent structural contradiction of tight supply of good - quality apples, supporting the near - month contracts. The spot market shows a polarized pattern. Market expectations are boosted by approaching Qingming Festival stocking demand and reduced impact of substitute fruits, but the 5 - month contract faces intensified long - short competition. Future focus should be on sales area sales rhythm and new - season flowering weather [2] - For the red date industry, the market is in a stage of co - existence of the consumption off - season and high inventory. The core driver lies in the demand side, with slow downstream sales and light restocking. As the temperature rises, the red date market enters the traditional consumption off - season, and the high inventory continuously suppresses prices. Although low valuations attract some funds, the rebound is limited due to the off - season supply - demand pattern. After the futures and spot prices enter the low - price zone, negative factors are less effective, but rebounds may trigger hedging pressure. Future focus should be on sales area sales rhythm, inventory reduction progress, and weather changes during the budding period in production areas [5] 3. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract was 10,121 yuan/ton, a change of +3 yuan/ton or +0.03% from the previous day [1] - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.00 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.25 yuan/jin, unchanged from the previous day. The spot basis AP05 - 2121 changed by - 3, and AP05 - 1621 also changed by - 3 [1] - Market information: Good - quality apple trading is stable. In Shandong, the number of merchants looking for good - quality apples has increased, and prices are firm. In the northwest, good - quality apple trading is active, mainly in Shaanxi Yan'an. The sales of general - quality farmer - sourced apples are slow. The number of merchants looking for good - quality apples in Shandong is increasing, and export apple trading has slightly increased. In the sales areas, the number of incoming trucks is low, and terminal sales are average [1] Market Analysis - The apple futures price fluctuated strongly yesterday, with the market maintaining high - level consolidation. The low inventory and shortage of high - quality supplies are the main drivers. The cold - storage inventory is at a seven - year low, and the low premium fruit rate has pushed up the cost of warehouse receipts, supporting the near - month contracts. The spot market is polarized, with good - quality apples in the northwest having firm prices and general - quality apples in Shandong having slow sales. Market expectations are boosted, but the 5 - month contract faces intensified long - short competition. Future focus should be on sales area sales rhythm and new - season flowering weather [2] Strategy - The strategy for the apple industry is neutral [3] Red Date Market News and Important Data - Futures: The closing price of the red date 2605 contract was 8,795 yuan/ton, a change of - 230 yuan/ton or - 2.55% from the previous day [4] - Spot: The price of first - grade Hebei grey jujube was 7.90 yuan/kg, unchanged from the previous day. The spot basis CJ05 - 895 changed by +230 [4] - Market information: The purchase price range of 2025 Xinjiang grey jujubes is 5.00 - 6.50 yuan/kg. After the Spring Festival, there are few merchants returning to Xinjiang for repurchase, and holders are highly motivated to sell. On March 17, the prices in Hebei Cuierzhuang market were stable, with a small amount of arrivals and good sales in the parking area. In Guangdong Ruyifang market, 2 trucks arrived, prices were stable, and merchants purchased according to demand, with average morning sales [4] Market Analysis - The red date futures price continued to be weak yesterday, with the market fluctuating downward. The red date market is in a stage of co - existence of the consumption off - season and high inventory. The core driver is on the demand side, with slow downstream sales and light restocking. As the temperature rises, the market enters the traditional consumption off - season, and the high inventory continuously suppresses prices. Although low valuations attract some funds, the rebound is limited. After the futures and spot prices enter the low - price zone, negative factors are less effective, but rebounds may trigger hedging pressure. Future focus should be on sales area sales rhythm, inventory reduction progress, and weather changes during the budding period in production areas [5] Strategy - The strategy for the red date industry is neutral [6]

Report Industry Investment Rating - The investment rating for both the apple and red date industries is neutral [3][7] Core Viewpoints - The apple market shows significant structural differentiation, with high - quality goods and general goods having different trends. The overall trading atmosphere is average, but the fundamentals are strong. The national cold - storage inventory is at a second - lowest level in the same period, and the proportion of deliverable high - quality goods is low. The focus of market games is shifting from the supply side to consumption verification and new - season weather disturbances [2] - The red date market is in a stage of co - existence of the off - season for consumption and high inventory pressure, with an overall loose supply - demand pattern. The post - festival market recovery is slow, and the downstream replenishment is average. The high inventory reduction has basically stagnated, suppressing the price. The red date futures price is expected to maintain a low - level shock [6] Summary by Directory Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract was 10303 yuan/ton, a change of +16 yuan/ton or +0.16% from the previous day. Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.00 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 and above semi - commodity late Fuji was 4.20 yuan/jin, unchanged from the previous day. The apple market runs steadily, with a two - level differentiation in trading, and the trading atmosphere is stronger in the west than in the east [1] Market Analysis - The apple futures price fluctuated narrowly. The market has a structural differentiation. The cold - storage inventory is low, and the proportion of high - quality goods is low. The northwest region has good demand and strong prices after the festival, while the Shandong region has high inventory and high pressure to move goods. The futures price of near - month contracts has resilience, and the far - month contracts may fluctuate more. Attention should be paid to the inventory reduction rhythm and weather changes in the production areas [2] Strategy - The strategy for the apple market is neutral [3] Red Date Market News and Important Data - Futures: The closing price of the red date 2605 contract was 8985 yuan/ton, a change of - 75 yuan/ton or - 0.83% from the previous day. Spot: The price of first - grade grey jujubes in Hebei was 7.90 yuan/kg, unchanged from the previous day. The 2025 Xinjiang grey jujube acquisition price ranges from 5.00 - 6.50 yuan/kg. After the Spring Festival, there are few repurchase merchants in Xinjiang, and the inventory holders are more willing to sell. The market prices in Hebei and Guangdong are stable, with general transactions [4] Market Analysis - The red date futures price fluctuated narrowly. The market is in the off - season for consumption with high inventory pressure, and the supply - demand pattern is loose. The post - festival market recovery is slow, and the inventory reduction has stagnated, suppressing the price. Although the futures price has rebounded due to external market sentiment and low valuation, the rebound is limited. The market focus is on the demand side, and the futures price is expected to maintain a low - level shock [6] Strategy - The strategy for the red date market is neutral [7]

Apple Market Insights - The apple futures contract closed at 9485 CNY/ton, an increase of 105 CNY/ton or 1.12% from the previous day [2][11] - In the spot market, prices for late Fuji apples in Shandong and Shaanxi remained stable, with Shandong's prices at 4.00 CNY/jin and Shaanxi's at 4.20 CNY/jin [2][12] - The overall trading volume in apple production areas has slightly decreased, with a focus on high-quality and third-grade fruits, while some farmers are eager to sell [3][12] Market Analysis - The apple market is experiencing a slight increase in demand as the Spring Festival approaches, leading to a rise in trading activity [4][12] - Despite the increase in demand, the market is facing pressure from alternative fruits like sugar oranges and cherries, which are affecting apple sales [4][12] - The market is characterized by a divergence between inventory levels and consumer demand, with high-quality apples maintaining strong prices while general inventory is under pressure [4][12] Red Date Market Insights - The red date futures contract closed at 8920 CNY/ton, up by 100 CNY/ton or 1.13% from the previous day [5][14] - In the spot market, the price for first-grade gray dates in Hebei is stable at 8.00 CNY/kg, with procurement prices in Xinjiang ranging from 5.00 to 6.50 CNY/kg depending on the region [5][14] - The market is currently facing pressure due to an oversupply of inventory, despite a slight increase in the pace of inventory depletion [6][16] Market Analysis - The red date market is experiencing a stagnant price trend, with inventory levels remaining high and consumer demand not significantly increasing as the Spring Festival approaches [6][16] - The upcoming 20 days are critical for inventory management, as increased sales during this period could alleviate some of the inventory pressure [6][16] - The competition from alternative products is impacting the sales space for red dates, leading to cautious purchasing behavior among downstream buyers [6][16]

Apple Market Insights - The apple futures contract closed at 9504 yuan/ton, with a change of +38 yuan/ton, representing a +0.40% increase [2][14] - In the spot market, prices for late Fuji apples in Shandong and Shaanxi remained stable, with no change in price [2][14] - Overall market conditions are stable but slightly weak, with limited transaction volumes and increased urgency among farmers to sell [3][15] Recent Market Developments - Packaging and shipping in production areas have slightly accelerated, but transaction volumes remain limited, leading to a weak market sentiment [3][15] - In Shaanxi, transactions are primarily based on limited high-quality sources, while Gansu's market is stable with steady shipping [3][15] - The market is entering a critical period for pre-Spring Festival stocking, with a focus on wholesale market performance and shipping progress from production areas [3][15] Market Analysis - The apple market is characterized by supply support but weak demand, with farmers willing to lower prices to stimulate sales [5][16] - The pre-Spring Festival stocking phase has seen a slight improvement in transactions, but overall activity remains subdued [5][16] - The market is experiencing a "hot production area, cold sales area" dynamic, with significant inventory buildup in transit warehouses [5][16] Strategy - The current market strategy is neutral, reflecting the mixed signals from supply and demand dynamics [6][17] Jujube Market Insights - The jujube futures contract closed at 8820 yuan/ton, with a change of +60 yuan/ton, representing a +0.68% increase [7][18] - In the spot market, prices for Hebei's first-grade gray jujubes remained stable at 8.00 yuan/kg [7][18] Recent Market Developments - The jujube market is entering the traditional pre-Spring Festival stocking peak, with increased transaction volumes compared to the initial listing of new jujubes [9][20] - Downstream channels are adopting a low inventory strategy, with limited time left for pre-holiday purchases due to impending logistics shutdowns [9][20] - The market is facing high inventory levels and soft consumer demand, leading to a cautious sentiment among traders [9][20] Market Analysis - The jujube market is experiencing a slight increase in prices but remains under pressure from high inventory and weak demand [9][20] - The focus is shifting to downstream consumption as production areas complete their harvests, with some processing plants halting operations due to inventory pressures [9][20] - The overall market sentiment is pessimistic, with a need to monitor sales pace and buyer sentiment closely [9][20] Strategy - The current market strategy for jujubes is also neutral, reflecting the ongoing challenges in the market [21][22]

Group 1: Report Investment Ratings - The investment rating for both the apple and红枣 industries is neutral [4][8] Group 2: Core Views of the Report - Apple: The trading speed of apple production areas is differentiated, with transactions improving in Shaanxi and Shanxi, but overall slow. The low excellent fruit rate and high price of excellent fruits, along with the impact of alternative fruits, suppress sales. The market is waiting for the Spring Festival stocking to drive up sales [2][3][4] - 红枣: Although the current year's production has decreased, the market supply is still abundant due to sufficient inventory. The downstream consumption is in the peak season, but the sales speed is average. The market trend depends on the release of consumption demand and festival stocking progress [7][8] Group 3: Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract was 9583 yuan/ton, a change of -31 yuan/ton or -0.32% from the previous day [1] - Spot: The price of Shandong Qixia 80 first and second-grade late Fuji was 4.10 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 above semi-commodity late Fuji was 4.20 yuan/jin, unchanged from the previous day [1] Market Analysis - The apple futures price opened high and closed low. Different production areas have different trading speeds. The consumption peak season may drive up sales, but the low-price alternative fruits in the sales area suppress the sales of apples. The excellent fruit rate is low, the hardness of cold storage fruits is insufficient, and the delivery cost is high [3] Strategy - Maintain a neutral view. The Spring Festival stocking season is approaching, but the low excellent fruit rate and high price of excellent fruits, along with the impact of alternative fruits, suppress sales [4] 红枣 Market News and Important Data - Futures: The closing price of the 红枣 2605 contract was 9150 yuan/ton, a change of +175 yuan/ton or +1.95% from the previous day [5] - Spot: The price of first-grade grey jujube in Hebei was 8.20 yuan/kg, unchanged from the previous day [6] Market Analysis - The 红枣 futures price closed higher at a high level. The acquisition work in the production area has basically ended. Although the production has decreased, the market supply is still abundant. The downstream consumption is in the peak season, but the sales speed is average. The market trend depends on the release of consumption demand and festival stocking progress [7] Strategy - Maintain a neutral view. The new and old stocks of 红枣 are sufficient. The sales speed in the sales area is average, and the price fluctuates at a low level. Pay attention to the downstream sales atmosphere, acquisition price changes, and peak season consumption changes [8]

Report Industry Investment Rating - The investment rating for both the apple and jujube industries is neutral [4][9] Core Views - For the apple industry, the current入库量 and入库结构 expectations are already reflected in the price. Future focus should be on terminal market consumption recovery, the impact of入库结构 differentiation, and pre - Chinese New Year inventory adjustment by merchants. The market is in a seasonal off - peak, and caution is needed when chasing high prices [4] - For the jujube industry, if the sales situation in the distribution areas improves, the jujube price may rebound during the consumption peak. However, due to the large inventory of new and old seasons, the upward rebound space is expected to be limited [9] Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract yesterday was 9506 yuan/ton, a change of - 133 yuan/ton or - 1.38% from the previous day [1] - Spot: The price of Shandong Qixia 80 first and second - grade late Fuji was 4.10 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.20 yuan/jin, unchanged from the previous day. The spot basis AP05 - 1306 and AP05 - 1106 increased by 133 from the previous day respectively [1] Recent Market Information - The mainstream market price of late Fuji in storage remains stable, with trading on an as - needed basis. In the western production areas, there are sporadic inquiries from merchants, mainly for farmers' two - grade goods, and the transaction volume is limited. In some areas of Gansu, merchants are shipping Huaniu and high - quality goods, with fair transactions. In Shandong, there is sporadic shipping, and the export of small fruits through foreign trade channels has slowed down. The arrival volume at the wholesale market has changed little, and downstream consumption is weak [2] Market Analysis - Yesterday, the apple futures price fluctuated downward. Compared with previous years, the apple inventory is lower, and the quality is relatively poor. Farmers and traders are less willing to sell, and the shipping speed in each production area is slow. Most merchants are still waiting and watching. The new - season late Fuji has completed warehousing, with the warehousing volume more than 10% lower than the same period last year. The overall mentality of merchants is optimistic. The inventory started to decline last week, and the overall shipping is average. Affected by the seasonal off - peak, consumption is mainly on an as - needed basis, and the demand side is under pressure. The increase in the listing volume of citrus fruits squeezes the sales space of apples, and the sentiment in the distribution areas is relatively pessimistic [3] Strategy - The recommendation is neutral. Given that the expectations of warehousing volume and structure are already priced in, future attention should be on terminal consumption recovery, the impact of warehousing structure differentiation, and merchants' inventory adjustment in the warehouse before the Chinese New Year. It is expected that the double - holiday stocking has not started in large quantities this week, and the market is still in an off - peak situation, so caution is needed when chasing high prices [4] Jujube Market News and Important Data - Futures: The closing price of the jujube 2601 contract yesterday was 9180 yuan/ton, a change of + 5 yuan/ton or + 0.05% from the previous day [5] - Spot: The price of first - grade grey jujubes in Hebei was 8.60 yuan/kg, an increase of 0.10 yuan/kg from the previous day. The spot basis CJ01 - 580 increased by 95 from the previous day [5] Recent Market Information - In the Xinjiang production areas, the acquisition of grey jujubes is nearing completion, with only some low - quality and price - holding sellers remaining. The mainstream prices in different areas vary. In the Hebei market, there was a small amount of new - season jujubes arriving at the parking area over the weekend, and they are gradually being processed after being brought back to the factory. The new - season jujubes have a large price difference due to cost and quality. In the Guangdong Ruyifang market, there were 9 trucks of jujubes arriving, and the market supply is sufficient. Some holders are reducing prices to avoid storage costs, and downstream merchants are purchasing on an as - needed basis. In the Hebei distribution area, the supply of new - season jujubes is increasing, and it is expected that the spot price will remain stable in the short term [6][7] Market Analysis - The jujube futures price fluctuated slightly yesterday. Merchants from various places are actively purchasing, and the market trading activity is increasing. However, the inventory is still at a high level, and the sales pressure remains. The trading in the distribution areas is mainly for new - season jujubes, which have a large price difference due to cost and quality. The acquisition of grey jujubes in the Xinjiang main production areas is about 90% complete, and the prices have stopped falling and stabilized, with the cost becoming clearer. The prices in the distribution areas have also stabilized, and some holders are slightly increasing their quotes as downstream purchases increase. The inventory of 36 sample points has increased significantly, reaching the highest level in recent years, and the supply - demand contradiction has not been substantially alleviated. The market's future expectations are pessimistic, which has led to a significant decline in futures and spot prices in the past month. As the weather gets colder, jujubes enter the consumption peak season, and the actual consumption situation on the demand side will become another focus [8] Strategy - The recommendation is neutral. If the sales situation in the distribution areas improves, the jujube price may rebound during the consumption peak. However, due to the large inventory of new and old seasons, the upward rebound space is expected to be limited even if the consumption data improves [9]