Core Viewpoint - The Shandong Provincial Government is enhancing the protection and utilization of forest and grass germplasm resources to support the construction of a beautiful Shandong, emphasizing the importance of these resources for national food security, biological safety, and ecological safety [1] Group 1: Understanding Germplasm Resources - Shandong has a diverse range of forest and grass germplasm resources due to its climatic and geographical conditions, with a total of 2,736 species identified, including 1,784 herbaceous plants and 952 woody plants, marking an increase of 740 species since 1990 [3] - Recent surveys have recorded 71 new species of herbaceous plants in Shandong, including one new record for mainland China and one for the country overall, contributing to the biodiversity database [3] Group 2: Conservation Efforts - The province has established a national facility for the preservation of forest and grass germplasm resources, which has accumulated 69,700 samples, the largest and most diverse among similar facilities in the country, earning the title of China's first "seed ark" [4] Group 3: Economic Impact - Shandong has developed 146 approved high-quality tree species since the 14th Five-Year Plan, significantly boosting agricultural productivity, with specific examples showing increased yields and market prices for pomegranate and hawthorn varieties [6] Group 4: International Collaboration and Education - The province is collaborating with various domestic and international research institutions to enhance the scientific value of germplasm resources and is establishing a large-scale public education platform focused on plant conservation and biodiversity [7]

Report General Information - Report Title: Apple Industry Daily Report 2025 - 08 - 25 [1] - Researcher: Zhang Xin - Futures Practitioner Qualification Number: F03109641 - Futures Investment Consulting Practitioner Certificate Number: Z0018457 Report Industry Investment Rating - Not provided Report Core View - The inventory of old - season apples is low, which still supports the price. However, with the increase in the listing volume of Gala apples, the price increase rhythm is restricted, showing a range - bound market. It is recommended to conduct range trading and pay attention to the coloring and listing situation of early - maturing apples [2] Summary by Directory Futures Market - The closing price of the October contract for apples is 8141 yuan/ton, and the position of the main contract is 77,654 lots, with an increase of 2,964 lots [2] - The number of apple warehouse receipts is 0, and the net long position of the top 20 futures holders is - 1,128 lots, a decrease of 1,128 lots [2] 现货市场 - The spot price of apples in Shandong Yantai Qixia (paper - bagged, above 80) is 3.7 yuan/jin, and in Gansu Jingning (paper - bagged, above 75) is 4 yuan/jin, both unchanged [2] - The spot price of apples in Shandong Yiyuan (paper - bagged, above 75) is 2.3 yuan/jin, and in Shaanxi Luochuan (paper - bagged, above 70 semi - commodity) is 4 yuan/jin, both unchanged [2] Upstream Situation - The national apple output is 5,128.51 million tons, an increase of 168.34 million tons [2] - The average wholesale price of apples is 9.66 yuan/kg, a decrease of 0.03 yuan/kg; the average wholesale price of Fuji apples is 9.5 yuan/kg, an increase of 0.02 yuan/kg [2] - The total national apple cold - storage inventory is 39.45 million tons, a decrease of 6.56 million tons; the storage capacity ratio of Shandong apples is 0.07, a decrease of 0.01; the storage capacity ratio of Shaanxi apples is 0.01 [2] - The monthly export volume of apples is 50,000 tons, an increase of 10,000 tons [2] Industry Situation - The monthly export value of apples is 63.284 million US dollars, and the monthly import value of fresh, dried fruits and nuts is 1.742602 billion US dollars, a decrease of 212.886 million US dollars [2] - The profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin, an increase of 0.4 yuan/jin [2] Downstream Situation - The average wholesale price of tangerines is 9.76 yuan/kg, a decrease of 0.35 yuan/kg; the wholesale price of bananas is 3.54 yuan/kg, a decrease of 0.04 yuan/kg; the wholesale price of watermelons is 5.75 yuan/kg, a decrease of 0.13 yuan/kg [2] - The average daily early - morning arrival of trucks at the Guangdong Jiangmen wholesale market is 11.4 vehicles, an increase of 3.8 vehicles; at the Guangdong Xiaqiao wholesale market is 22.2 vehicles, an increase of 7.2 vehicles; at the Guangdong Chalong wholesale market is 4.8 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 19.28%, and that of at - the - money put options is 19.28%, an increase of 1.5% [2] Industry News - On August 25, 2025, the Gala apple trading in the western production area entered the later stage, with poor overall quality and few high - quality goods, and the actual transaction prices were chaotic [2] - In the Shandong production area, the trading of stored Fuji apples was slow, with fruit farmers and inventory merchants eager to sell, and most transactions were made at discounted prices. The early - maturing Luli and Meiba apples were priced according to quality, and the sales volume was average [2] - On Monday, the Apple 2510 contract closed up 0.63. According to Mysteel statistics, the preliminary estimate of the national apple output in the new season is 3,736.64 million tons, an increase of 85.93 million tons or 2.35% compared with the 2024 - 2025 production season [2] - As of August 20, 2025, the apple cold - storage inventory in the main national production areas was 39.45 million tons, a decrease of 6.56 million tons compared with the previous week [2]

Report's Investment Rating for the Industry - No information provided Core Views of the Report - The price of Gala apples is relatively firm, and the apple price mainly fluctuates. The new - season early - maturing Gala apples have uneven quality this year, with a limited proportion of good - quality and large fruits, and the prices are polarized. The overall purchasing enthusiasm of merchants is acceptable. The trading volume in the South China and East China markets has increased this week, and the early - maturing apple arrivals are gradually increasing. The market prefers high - redness premium apples. The inventory in Shandong is moving slowly, and fruit farmers are gradually reducing prices for sales. [6] - As of August 21, 2025, the national cold - storage inventory ratio is about 3.06%, with a decrease of 0.44 percentage points in this period and 2.61 percentage points lower than the same period last year. The destocking rate is 95.19%. With the increase of early - maturing apples, the destocking speed of inventory has been affected to some extent, and the sales speed has slowed down slightly compared with last week. [11] - The early - morning arrival of vehicles at the Chalong market in Guangdong has slightly increased compared with last week. The market is still mainly supplied with Fuji apples, and the early - maturing Gala apples are increasing. The terminal sales speed is not fast, with good - quality apples being digested well and poor - quality apples slowly. The arrival volume in the market is still lower than the same period of previous years, but it is expected to continue to increase later. [14] - The new - season apple production is expected to change little compared with this season. Recently, the price of early - maturing apples has weakened, putting pressure on the market. It is expected that the market will mainly fluctuate widely in the short term. [16] Summary by Directory 1. Apple Spot Analysis - This week, early - maturing apple varieties continued to increase in volume. The new - season early - maturing Gala apples in northern Shaanxi were on the market, with uneven quality. The overall purchasing enthusiasm of merchants was acceptable. The inventory in Shandong was moving slowly, and fruit farmers were reducing prices. The main producing areas had different price ranges for different apple grades. [6] 2. Supply Analysis - As of August 21, 2025, the national cold - storage inventory ratio was about 3.06%, with a decrease of 0.44 percentage points in this period and 2.61 percentage points lower than the same period last year. The destocking rate was 95.19%. The cold - storage capacity ratio in Shandong was 5.26%, with a decrease of 0.59 percentage points, and the shipment was slower than last week. The cold - storage capacity ratio in Shaanxi was 2.65%, with a decrease of 0.49 percentage points, and the overall shipment showed an increasing trend. As of August 20, 2025, the national main - producing area cold - storage inventory was 39.45 tons, a decrease of 6.56 tons from last week. [11] 3. Demand Analysis - The early - morning arrival of vehicles at the Chalong market in Guangdong slightly increased compared with last week. The market was still mainly supplied with Fuji apples, and early - maturing Gala apples were increasing. The terminal sales speed was not fast, with good - quality apples being digested well and poor - quality apples slowly. The arrival volume in the market was still lower than the same period of previous years, but it is expected to continue to increase later. The average wholesale price of 6 key - monitored fruits on August 21 decreased slightly compared with last Friday, and was at the median of the same period in recent years. The profit of storage merchants for 80 first - and second - grade apples in Qixia from 2024 - 2025 remained the same as last week. [14] 4. Trading Strategy - For options, it is recommended to wait and see. For single - side trading, the new - season apple production is expected to change little compared with this season. Recently, the price of early - maturing apples has weakened, putting pressure on the market. It is expected that the market will mainly fluctuate widely. For arbitrage, it is recommended to wait and see. [15][16] 5. Apple Supply and Demand Situation - No specific analysis text provided, only relevant charts are shown, including apple export, planting area, consumption, production, etc. [20] 6. Inventory and Shipment - No new analysis text provided, only relevant charts are shown, including national cold - storage inventory, national shipment volume, Shandong cold - storage inventory, and Shaanxi cold - storage inventory. [23] 7. Spread and Basis - The text provides the closing prices, price changes, and basis information of different apple futures contracts and spot prices, as well as the basis trends of different months in different years. [26] 8. Spot and Futures Prices - The text provides the current prices, previous trading - day prices, and price changes of the Fuji apple price index, spot prices of different producing areas, and average wholesale prices of 6 kinds of fruits. [27]

Report Summary 1) Report Industry Investment Rating - No industry investment rating is provided in the given report 2) Core View of the Report - Since August, the Apple 10 contract has risen for multiple consecutive trading days, with the AP2510 contract up 1.27% as of the 11th. The quality differentiation of early - maturing apples has led to concerns about the quality of deliverable Fuji apples. The market is in a state where long and short factors are intertwined, and the futures market shows a volatile pattern [3] 3) Summary by Related Content Apple Futures Market Performance - The Apple 10 contract has been rising for multiple consecutive trading days in August, and the AP2510 contract had a 1.27% increase as of August 11th [3] Situation of Early - Maturing Apples - In the western producing areas, the early - maturing Gala apples have been gradually listed. Due to high - temperature weather, there are problems such as difficult coloring, and the large - scale listing time is expected to be delayed compared with previous years. In the Shandong producing area, the current supply of Luli apples is average, and the trading price is stable. Some early - maturing apple varieties in Shandong and high - quality paper - bagged Gala apples in Shaanxi have higher listing prices than last year. However, due to climate factors, the proportion of high - quality apples has decreased, and the mainstream price has shown a downward trend after the high - price start [3] Forecast of New - Season Apple Yield and Price - The preliminary estimate of the new - season apple yield shows a limited reduction. The reference range for the opening price is 3.2 - 3.5 yuan per catty (equivalent to 7,500 - 8,500 yuan per ton). Under normal climate conditions in major producing areas, the spot price has a bottom support, but the upside is limited [3]

Group 1 - The domestic futures market for agricultural products showed a mostly positive trend, with apple futures experiencing a price increase of approximately 1.91%, reaching a high of 8192.00 yuan/ton [1] - The main contract for apples opened at 8100.00 yuan/ton and fluctuated between a low of 8062.00 yuan and a high of 8192.00 yuan, indicating a strong performance in the market [1] - Southwest Futures noted that the main contract represents the new season's purchase price, with a slight increase in national production, contradicting previous reduction expectations [1] Group 2 - Guotai Junan Futures highlighted that the supply of early-ripening apples has decreased in recent years, leading to a significant price differentiation in the market, with high-quality apples commanding higher prices [2] - The new season's apple bagging quantity is slightly lower than the previous season, and the purchase prices for early-ripening apples in the northwest region are higher than last year, providing some support for late-ripening varieties [2] - The market is advised to consider buying on dips in the short term, focusing on the performance of the new season's apple production [2]