Report Industry Investment Rating - Apple: Neutral [3] - Red dates: Neutral [8] Core Views - Apple: The price of apple futures rose yesterday with active trading in the early-ripening Fuji market. As late-ripening Fuji is approaching harvest, attention should be paid to its quality. The sales of high-quality stored apples have slightly improved with stable and firm prices, and the demand for festival stocking in the sales areas is emerging. The overall de-stocking speed of stored apples is still average, and the short-term market is expected to run stably [1][2][3] - Red dates: The price of red date futures rose yesterday. There is a strong expectation of a reduction in the new-season jujube production, but the reduction amplitude may be small compared to previous years. The demand for festival stocking is gradually being released, but the overall trading volume is average. The inventory of red dates is much higher than that of the same period last year. The prices of red date futures and spot goods are in a high-level oscillation state after the increase. Attention should be paid to the impact of rainfall in the main production areas on the quality of new-season jujube fruits and the demand for Mid-Autumn Festival and National Day stocking [4][7][8] Market News and Important Data Apple - Futures: The closing price of the apple 2601 contract yesterday was 8,252 yuan/ton, up 122 yuan/ton or 1.50% from the previous day [1] - Spot: The price of 80 first and second-grade late Fuji in Shandong Qixia was 3.80 yuan/jin, unchanged from the previous day; the price of over 70 semi-commodity late Fuji in Shaanxi Luochuan was 4.80 yuan/jin, unchanged from the previous day [1] Red dates - Futures: The closing price of the red date 2601 contract yesterday was 11,225 yuan/ton, up 190 yuan/ton or 1.72% from the previous day [4] - Spot: The price of first-grade grey dates in Hebei was 9.50 yuan/kg, unchanged from the previous day [4] Market Analysis Apple - Yesterday, the apple futures price closed higher. The early-ripening Fuji market had active transactions. As late-ripening Fuji is approaching harvest, attention should be paid to its quality. The sales of high-quality stored apples have slightly improved with stable and firm prices, and the demand for festival stocking in the sales areas is emerging. Last week, there were prominent quality problems with early-ripening Gala in the western region, such as poor coloring and small fruit size. The prices of high-quality goods were significantly higher than those of the same period last year, and the profit of some merchants purchasing high-quality Gala was low. The cold storage inventory in the Shandong production area was mainly for the rigid demand replenishment of merchants, and the price of the stored goods continued to decline. The early-ripening varieties in the Shandong production area, such as Luli, Jindu Red, Huashuo, and Meiba, were gradually listed for trading, with a small overall volume, and the prices followed the expected pattern of high opening and low closing. The remaining inventory of apples in the Shaanxi production area was limited and gradually entered the later stage. Affected by the quality of early-ripening apples, merchants turned to the stored goods in the warehouse, and the price of high-quality stored goods increased. In the sales area market, the wholesale price was stable with obvious polarization. After the early-ripening apples were listed, the number of trucks arriving at the market increased slightly compared with the previous off-season, still mainly Fuji apples, with an increase in early-ripening Gala. The sales of early-ripening apples were okay, but the profit of merchants was average, the terminal sales speed was not fast, the digestion speed of high-quality goods was okay, and the digestion of poor-quality goods was slow [1][2] Red dates - The price of red date futures rose yesterday. There is a strong expectation of a reduction in the new-season jujube production, but the reduction amplitude may be small compared to previous years. The demand for festival stocking is gradually being released, but the overall trading volume is average. The inventory of red dates is much higher than that of the same period last year. In the 2024 production season, the production of red dates was large with high inventory but poor quality. The de-stocking slope of the inventory of 36 sample points was gentler compared to recent years. There is an over - exhaustion problem with the new-season jujube trees, and the estimated new-season production is 56 - 62 tons, with a strong expectation of a reduction. After entering the sugar - increasing period, the growth situation has not shown unexpected changes. The spot price in the sales area market is firm, but the trading volume has decreased, and the demand shows signs of weakness with light trading. Therefore, the prices of red date futures and spot goods are in a high - level oscillation state after the increase. Attention should be paid to the impact of rainfall in the main production areas on the quality of new - season jujube fruits. If the subsequent dynamic production assessment is lower than the current expectation, the upward trend of red dates may continue. At the same time, attention should be paid to the demand for Mid - Autumn Festival and National Day stocking [4][7] Strategies - Apple: Maintain a neutral stance. Although the sales of stored apples have improved, the overall de - stocking speed is still average. The short - term market is expected to run stably [3] - Red dates: Maintain a neutral stance. Without disproving the reduction in production, the futures market may still rise in the short term due to capital sentiment. However, due to the continuously high inventory of old dates, attention should be paid to the final production of new dates. If the reduction amplitude is less than expected, the red date price may return to a weak state under the pressure of high inventory [8]

Core Insights - The apple harvest season in Luochuan County, known as the "Apple Town," is currently in full swing, with early-ripening apples being picked and sold [1][3] - The local apple market is thriving, with strong demand and stable prices, averaging between 4 to 4.5 yuan per pound [3] Group 1: Production and Harvest - Farmers in Luochuan are actively engaged in the apple harvest, with reports of significant yields, such as one farmer expecting 2,500 pounds from four acres [1] - The total planting area for early-ripening apples in the town is approximately 2,500 acres, with an expected total output of over 5,000 tons [3] Group 2: Market Dynamics - The apple market in Luochuan is characterized by high demand and a well-organized trading process, with merchants actively purchasing apples [1][3] - A local merchant noted that Luochuan apples are well-regarded for their taste and quality, ensuring a steady market presence [1] Group 3: Future Outlook - Luochuan County aims to enhance its apple production and marketing strategies, with a projected total apple output of 1.2365 million tons by 2025 [3] - The county plans to strengthen brand promotion and protection for "Luochuan Apples" to increase market influence and sales [3]

1. Report Industry Investment Ratings - Apple: Neutral [3] - Red dates: Neutral [7] 2. Core Views - Apple: With low remaining inventory in production areas and little change in the expected new - season output compared to last year, the apple market has no prominent contradictions, and short - term prices are expected to remain stable. The market is concerned about the growth of late - maturing Fuji due to the poor quality of early - maturing apples [1][2][3]. - Red dates: Since new jujubes entered the critical flowering and fruit - setting period in June, the market has been trading around the expectation of a new - season production cut. There is a large divergence in the expected new - season output. The market is sensitive to weather changes in production areas. The short - term price may rise due to capital sentiment, but if the production cut is less than expected, prices may turn weak under high inventory pressure [6][7]. 3. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2510 contract was 8414 yuan/ton, up 136 yuan/ton (+1.64%) from the previous day [1]. - Spot: The price of 80 first - and second - grade late - maturing Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of 70 semi - commercial late - maturing Fuji in Shaanxi Luochuan was 4.50 yuan/jin, unchanged from the previous day. The spot basis AP10 - 914 in Shandong and AP10 + 586 in Shaanxi both decreased by 136 from the previous day [1]. - Market information: In Shaanxi, early - maturing paper - bag Gala is in the middle - late stage, with a low proportion of good - quality fruits and a polarized price. In Shandong, varieties like Luli, Jinduhong, and Cream Huashuo are being traded in small quantities, and the purchase enthusiasm of merchants is okay. The market for stored Fuji apples is stable and dull, with some farmers and holders starting to sell at discounted prices [1]. Market Analysis - The apple futures price rose yesterday. Due to the low proportion of good - quality Gala in the western production areas and the general quality of Shaanxi Gala, concerns about the quality of late - maturing Fuji have increased. The early - maturing fruit market shows a polarized trend, and the stored fruit market is weak. With the low inventory level, the price of stored fruit is supported. The supply of early - maturing apples in northern Shaanxi and Gansu this week may further squeeze the market for stored fruit. It is expected that the price of stored fruit will remain weak in the short term [2]. Strategy - Maintain a neutral view. Given the low inventory and little change in the expected new - season output, the short - term price is expected to remain stable [3]. Red Dates Market News and Important Data - Futures: The closing price of the red date 2601 contract was 11470 yuan/ton, up 110 yuan/ton (+0.97%) from the previous day [4]. - Spot: The price of first - grade gray jujubes in Hebei was 9.60 yuan/kg, unchanged from the previous day. The spot basis CJ01 - 1870 decreased by 110 from the previous day [4]. - Market information: In Xinjiang, gray jujubes are entering the sugar - increasing stage, and weather prevention is crucial. In the Hebei Cui'erzhuang market, 3 trucks of red dates and 4 trucks of walnuts arrived. The price of walnuts decreased to 20.00 yuan/kg. In the Guangdong Ruyifang market, 3 trucks of red dates arrived, and the morning trading was average [4][5]. Market Analysis - The red date futures price rose yesterday. The arrival of goods in the sales areas has decreased, and the purchasing enthusiasm of the downstream market is general, showing a weak - balance pattern. The inventory at sample points has decreased, but the de - stocking speed has slowed down. In the production areas, the fruit - setting of the first - batch flowers in some orchards was average, but the second - and third - batch flowers had better fruit - setting due to temperature drops and rainfall in early July. In August, strong winds in some areas caused some fruit drops. In the sales areas, the spot price is strong, and the trading atmosphere has improved [6]. Strategy - Maintain a neutral view. The price may rise in the short term due to capital sentiment when the production cut cannot be disproven. However, considering the high inventory of old jujubes, if the production cut is less than expected, the price may turn weak [7].

Report Industry Investment Rating - Apple: Neutral [4] - Red dates: Neutral to bullish [8] Core Views - Apple: The apple market is currently in a relatively stable state with no prominent contradictions in the fundamentals. The short - term price is expected to remain stable. The overall apple spot market is in a dull state, with low inventory levels supporting the price of inventory fruits. The quality of early - maturing fruits is poor, leading to mediocre sales of both early - maturing and inventory fruits. The supply of early - maturing varieties such as Gala in the western region and Luoli in Shandong will be on the market successively, and attention should be paid to the coloring of Gala, as a concentrated supply of red fruits may impact inventory fruits [3][4] - Red dates: The red date market has intensified differences in the new - season production forecast. The short - term trend of the futures market may still be oscillating strongly under the influence of capital sentiment. However, since red dates are still in the traditional off - season of consumption and the inventory of old dates remains high, if the production reduction expectation cannot be fulfilled, the price of red dates may return to a weak state under the pressure of high inventory [7][8] Market News and Important Data Apple - Futures: The closing price of the Apple 2510 contract yesterday was 8178 yuan/ton, up 51 yuan/ton from the previous day, an increase of 0.63% [1] - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.80 yuan/jin, unchanged from the previous day; the price of more than 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.50 yuan/jin, unchanged from the previous day. The spot basis AP10 - 578 in Qixia was down 51 from the previous day, and the spot basis AP10 + 822 in Luochuan was down 51 from the previous day [1] Red dates - Futures: The closing price of the Red Date 2601 contract yesterday was 11550 yuan/ton, down 135 yuan/ton from the previous day, a decrease of 1.16% [5] - Spot: The price of first - grade gray jujubes in Hebei was 9.50 yuan/kg, unchanged from the previous day. The spot basis CJ01 - 2050 was up 135 from the previous day [5] Recent Market News Apple - The market of stored Fuji apples remains stable and dull, with slow overall transactions. Early - maturing Gala and Luoli apples have been successively listed for trading. In the western production areas, the remaining supply of goods is limited, and spot merchants mainly sell their own inventory. In the Shandong production area, the number of merchants is small, and they are still cautious in purchasing, mostly picking and bargaining. The overall出库 speed is slow, and the sales are still mainly low - priced striped red apples. In the early - maturing aspect, bagged Gala apples have been widely removed from bags and are successively listed for trading. This week, the supply of Gala apples in Tongchuan and Weinan will increase. In the Shandong production area, Luoli apples are being traded in an orderly manner, and the purchasing enthusiasm of merchants is acceptable. The demand in the sales area market is poor, and the impact of seasonal fruits is still obvious [2] Red dates - In the main production areas of Xinjiang gray jujubes, jujube farmers are actively carrying out field management during the growth period of jujube trees. Some jujube orchards reported that the fruit - setting situation of the first - crop flowers was average, but the fruit - setting of the second - and third - crop flowers was good due to the temperature drop and rainfall in early July. In the Hebei Cuierzhuang market, 10 trucks of jujubes arrived at the parking area, with the reference prices of special - grade jujubes at 10.80 yuan/kg, first - grade at 9.80 yuan/kg, second - grade at 8.40 yuan/kg, and third - grade at 6.90 yuan/kg, and the prices increased slightly by 0.10 - 0.20 yuan/kg, with nearly 50% of the arrivals being traded. In the Guangdong Ruyifang market, 1 truck of jujubes arrived, and the price of high - quality goods was strong, with the reference prices of special - grade jujubes at 11.50 yuan/kg, first - grade at 10.50 yuan/kg, and second - grade at 8.50 yuan/kg, and the prices increased by 0.10 - 0.20 yuan/kg, with a small amount of trading in the morning market [6] Market Analysis Apple - Yesterday, the apple futures price closed up, reaching a half - month high. The delayed supply of new - season Gala apples and the low inventory in recent years have led to a continued upward trend in the futures price. Attention should be paid to the impact of the large - scale listing of Gala apples on the market and the weather changes in the main production areas. Last week, the trading of early - maturing apples in the western region was limited, bagged Gala apples were sporadically listed, and bagged Qinyang apples were basically out of the market. In the Shandong production area, the sales of stored Fuji apples were slightly faster than the previous week, but the overall transactions were still limited, and merchants were not active in purchasing, especially for large and high - quality fruits. In terms of price, early - maturing fruits were weak, and the price of stored fruits was stable during the week. In the wholesale markets of the sales areas, the phenomenon of high - quality apples getting high prices was obvious, and the overall sales were still slow. This week, the supply of early - maturing bagged Gala apples will increase successively, and attention should be paid to the quality and price trends. Overall, the apple spot market remains dull, with low inventory levels supporting the price of stored fruits. The poor quality of early - maturing apples with many green - returning phenomena has led to mediocre sales of both early - maturing and stored fruits. This week, early - maturing varieties such as Gala in the western region and Luoli in the Shandong production area will be successively listed for supply. Attention should be paid to the coloring of Gala apples, and if red fruits are supplied in a concentrated manner, it may have a certain impact on stored fruits [3] Red dates - The red date futures closed down yesterday, ending a continuous upward trend. Festival stocking is gradually starting, but the consumption of inventory is limited. The temperature in the production areas is high, and the quality of new - season jujubes remains to be verified. Currently, jujubes are in the fruit expansion period, and attention should be continuously paid to the impact of weather changes in the production areas on the yield and quality. In the new - season production areas, some jujube orchards reported that the fruit - setting situation of the first - crop flowers was average, but the fruit - setting of the second - and third - crop flowers was good due to the temperature drop and rainfall in early July. Last week, there was windy weather in some areas, causing some fruit drops in a small number of jujube orchards in windy areas, and attention should be continuously paid to weather changes this week. In the sales areas, the trading atmosphere in the market has improved recently, and the price of high - quality goods is strong. Since new jujubes entered the critical period of flowering and fruit - setting in June, the market has been continuously trading based on the expectation of new - season production reduction, and the sensitivity to new - season changes in the production areas has increased. According to the research data statistics of Mysteel Agricultural Products, the physical inventory of 36 sample points this month was 9784 tons, a decrease of 255 tons from the previous week, a month - on - month decrease of 2.54%, indicating a decline in sample - point inventory [7] Strategy Apple - Maintain a neutral strategy. Since there are no prominent contradictions in the apple fundamentals, it is expected that the price will remain stable in the short term [4] Red dates - Adopt a neutral - to - bullish strategy. The differences in the new - season production forecast of red dates are intensifying, and the short - term trend of the futures market may still be oscillating strongly under the influence of capital sentiment. However, due to the high inventory of old dates and the traditional off - season of consumption, if the production reduction expectation cannot be fulfilled, the price of red dates may return to a weak state under the pressure of high inventory [8]