1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The fundamental situation of apples is strong. The cold - storage inventory of apples is at a relatively low level in the same period over the years. As of February 27, 2026, the cold - storage inventory of apples in the main producing areas was 552.92 million tons, a decrease of 19.08 million tons from the previous week and a year - on - year decrease of 18.11 million tons, a reduction of 3.2%. The inventory is only higher than that in the 2018/19 fruit season [5]. - Although the apple price is relatively high this fruit season, the sales and delivery situation before the Spring Festival was acceptable. After the Spring Festival, from March to April is a relatively off - season for other fruits to be on the market. Recently, the sales situation of apples has improved, and the inventory reduction speed has accelerated compared with last week [5]. - As March enters the delivery month, the market has once again focused on whether the cold - storage apples can meet the delivery requirements and the cost of making warehouse receipts. The fundamental situation of the May contract for apples is indeed strong, but the price of the May contract has increased significantly today, and there may be some profit - taking orders for closing positions. It is necessary to be cautious when chasing high prices. It is recommended to build long positions after a pullback [5]. 3. Summary by Relevant Catalogs 3.1 Market Information - **Spot Price**: The Fuji apple price index was 110.41, the next - working - day price was 110.56, with a decrease of 0.15. The prices of various apple varieties in different regions remained stable, such as the price of Luochuan semi - commercial paper - bagged 70 apples was 4.20, and the prices of Qixia and Penglai first - and second - grade paper - bagged 80 apples were 4.00 and 4.10 respectively, with no change. The average wholesale price of 6 kinds of fruits was 8.00, and the next - working - day price was 8.06, with a decrease of 0.06 [2]. - **Futures Price**: For AP01, the price was 8540, the previous closing price was 8586, with a decrease of 46; for AP05, the price was 10316, the previous closing price was 10753, with a decrease of 437; for AP10, the price was 8652, the previous closing price was 8690, with a decrease of 38. The spreads between different contracts also changed, such as AP01 - AP05 increased by 391, AP05 - AP10 decreased by 399, and AP10 - AP01 increased by 8 [2]. - **Basis**: The basis of Qixia first - and second - grade 80 apples against AP01 was - 540, an increase of 46 compared with the previous trading day; against AP05 was - 2316, an increase of 437; against AP10 was - 652.0, an increase of 38 [2]. 3.2 Market News and Views - **Apple Market News** - As of March 5, 2026, the cold - storage inventory of apples in the main producing areas was 527.53 million tons, a decrease of 25.39 million tons from the previous week and a year - on - year decrease of 21.7 million tons, a reduction of 4.1% [7]. - In December 2025, the export volume of fresh apples was about 15.65 million tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. The import volume was 0.31 million tons, a month - on - month increase of 21.31% and a year - on - year increase of 20.02%. The cumulative import volume in 2025 was 11.68 million tons, a year - on - year increase of 19.72% [7]. - In Shandong, the apple price remained stable, the number of customers increased, and in Shaanxi, the demand for high - quality goods was good, and the purchasing enthusiasm of merchants was relatively high. The market arrivals increased slightly, sales were stable, and prices were stable [7]. - In Shandong, the price of late - maturing paper - bagged Fuji high - quality apples in cold storage was stable, and there were merchants packing in the cold storage, concentrated in the main producing areas. Currently, the trading volume in the cold storage was not large, and foreign trade merchants mainly purchased medium - and small - sized fruits, and the number of merchants increased compared with before. In Qixia, the mainstream quotation of 80 and above first - and second - grade paper - bagged Fuji apples was 3.0 - 3.5 yuan per catty. In Shaanxi, the mainstream price was stable, the number of merchants increased, mainly purchasing high - quality goods. Recently, the transactions were good, the supply of high - quality goods was less, and the purchasing difficulty was relatively large. In Luochuan, the mainstream price of cold - storage paper - bagged Fuji 70 and above was 4.0 - 4.5 yuan per catty, priced according to quality [7]. - **Trading Logic**: The apple market has a strong fundamental situation. The low inventory, good pre - and post - festival sales, and market attention during the delivery month all support the market. However, due to the significant increase in the price of the May contract, there may be profit - taking, and it is recommended to build long positions after a pullback [5]. - **Trading Strategy** - **Unilateral**: Considering that the price of the May contract is already relatively high, it is recommended to leave the market and wait and see [8]. - **Arbitrage**: Go long on the May contract and short on the October contract [8]. - **Options**: It is recommended to wait and see [8]. 3.3 Related Attachments The report provides 10 figures, including the price trends of Qixia first - and second - grade paper - bagged 80 apples, Luochuan semi - commercial paper - bagged 70 apples, AP contract main basis, spreads between different AP contracts, the arrival volume of apples in wholesale markets, the price of 6 kinds of fruits, the cold - storage inventory of apples in the whole country, and the cold - storage apple delivery volume, etc. The data sources are mainly Galaxy Futures, Steel Union, and Wind Information [10][11][13]

Core Insights - In 2025, Yan'an's total foreign trade import and export value is expected to exceed 3 billion yuan for the first time, reaching 3.19 billion yuan, marking a historical high with a year-on-year growth of 34.9%, the highest growth rate in the province [1] Group 1: Trade Structure and Growth - Yan'an's foreign trade structure shows a trend of "main force highlighting, new momentum bursting," with a significant increase in bonded warehouse imports by 7.5 times year-on-year, and the emergence of leasing trade [1] - New foreign trade formats such as cross-border e-commerce are steadily advancing and gaining momentum [1] Group 2: Trade Partnerships and Export Characteristics - Yan'an's foreign trade partnerships are continuously expanding, with imports and exports to countries and regions involved in the Belt and Road Initiative reaching 2.34 billion yuan, accounting for 73.4% of the city's total foreign trade [1] - The characteristics of Yan'an's import and export goods show a focus on imports and diversification in exports, with steady exports of specialty products like fresh apples and concentrated apple juice, and first-time exports of live cattle to Hong Kong and Macau, as well as flower pepper to Yichuan [1] Group 3: Support for Agricultural Exports - To support the export of specialty agricultural products, Yan'an Customs regularly conducts policy delivery actions, providing a customs policy publicity package covering nine types of apple export businesses [1] - Yan'an Customs has established online and offline service platforms and conducted over ten practical training sessions to meet the needs of apple export enterprises [1] - In 2025, Yan'an added 23 new registered export orchards and 9 packaging factories, with year-on-year growth of 315% and 429% respectively, bringing the total number of registered foreign trade enterprises in the city to 344 [1]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The apple futures main contract AP2605 showed a slight upward trend and maintained a volatile market. The pre - festival stocking effect boosted the market. The current cold - storage apple supply is relatively sufficient, with fruit farmers having a high willingness to sell. Good - quality apples are in short supply, and prices are slightly stronger. The pre - festival stocking is coming to an end, and the packaging volume is gradually decreasing. The market is expected to remain volatile before the Spring Festival, and it is recommended to wait and see [8][13][35]. 3. Summary According to the Directory 3.1 This Week's Market Review - The apple futures main contract AP2605 slightly strengthened and maintained a volatile market. The pre - festival stocking effect drove the market up [8]. 3.2 Supply - side Situation - As of February 5, 2026, the national cold - storage apple inventory was 5.6351 billion tons, with an inventory ratio of about 42.79%, 4.08 percentage points lower than the same period last year. Cold - storage supplies are relatively sufficient, fruit farmers are eager to sell, and the proportion of good - quality apples is small, with prices being stable and slightly stronger [13]. 3.3 Demand - side Situation - **Inventory and Packaging**: As of February 5, 2026, the national cold - storage capacity ratio decreased by 2.85 percentage points, and the de - stocking rate was 23.41%. The cold - storage capacity ratio in Shandong and Shaanxi also decreased. The pre - festival stocking is coming to an end, and the packaging volume is gradually decreasing [18]. - **Export Volume**: In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. The first quarter is the peak export season, and the export volume is expected to remain at a high level [20]. - **Substitute Fruit Prices**: Not elaborated in the report. - **Spot Prices**: As of February 6, the price of apples in Qixia, Yantai, Shandong was stable. The overall packaging was okay, but some cold - storage facilities reported a gradual decrease in packaging volume [31]. 3.4 Week - long View - The cold - storage apple supply is sufficient, fruit farmers are eager to sell, and good - quality apples are scarce with stable and slightly stronger prices. The pre - festival stocking is ending, and packaged goods are being shipped to the market. The purchase situation in the northwest production area is good. The Spring Festival support boosts demand, but the later sales time is compressed, and the supply of citrus squeezes the apple market. The market is expected to remain volatile before the festival, and it is recommended to wait and see [35].

Report Industry Investment Rating - Not mentioned in the report Core Viewpoint - The apple futures market is expected to remain volatile at a high level before the Spring Festival. Low inventory provides some support for the market, and the operation should be based on a volatile mindset [37] Summary by Directory 1. This Week's Market Review - The main contract of apple futures, AP2605, first rose and then fell, maintaining an overall volatile market. The festival stocking effect boosted the market to rise slightly, but on Friday, the general decline in the commodity market led to a weakening of the apple futures market [8] 2. Supply - side Situation - As of January 29, 2026, the national cold - storage apple inventory was 6.0101 billion tons, and the national cold - storage inventory ratio was about 45.63%. The defective rate of low - price fruits from fruit farmers was relatively high, and the number of packaging workers increased recently [13] 3. Demand - side Situation - **Cold - storage shipment volume**: As of January 29, 2026, the national cold - storage capacity ratio decreased by 2.38 percentage points, and the de - stocking rate was 18.32%. In Shandong, the cold - storage capacity ratio was 48.36%, a decrease of 1.57 percentage points this week. In Shaanxi, the cold - storage capacity ratio was 43.15%, a decrease of 2.56 percentage points this week. The shipment speed in the producing areas has accelerated due to the Spring Festival stocking peak [18] - **Export volume**: In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. The overseas demand increased due to the Christmas and New Year festivals, leading to a significant month - on - month increase in export volume [22] - **Spot price in the producing area**: As of January 30, the apple price in Qixia, Yantai, Shandong was stable. The intended price of first - and second - grade fruit farmer's slice - red apples above 80 was 3.7 - 4.0 yuan per catty, and that of striped apples was 4.0 - 4.7 yuan per catty. The intended price of first - and second - grade merchant's apples above 80 was 4.2 - 5.2 yuan per catty. The price of first - to third - grade fruit farmer's apples above 80 was 3.0 - 3.5 yuan per catty, the price of general goods was 2.5 - 3.0 yuan per catty, and the price of third - grade apples was 1.8 - 2.5 yuan per catty. The number of packaging workers increased recently, and the shipment situation was okay [33]

Core Viewpoint - Gansu Province is accelerating the creation of new momentum and advantages for high-quality development through deepened reforms and expanded openness, aiming for significant progress in the "14th Five-Year Plan" and beyond into the "15th Five-Year Plan" [15][42]. Group 1: Economic Development and Reforms - Gansu's state-owned enterprises have achieved an average annual industrial output growth rate of 21.5% during the "14th Five-Year Plan," contributing to 46.5% of the province's industrial growth [25]. - The province has seen a cumulative tax revenue exceeding 100 billion yuan, an increase of nearly 33 billion yuan compared to the "13th Five-Year Plan" period [25]. - Key projects in the chemical and energy sectors, such as the construction of the Lingtai Power Plant, are indicative of Gansu's focus on enhancing its energy infrastructure [14][12]. Group 2: Export Growth and Agricultural Products - In the first ten months of this year, Gansu's fresh apple exports reached 430 million yuan, with products being shipped to 14 countries including Vietnam and Australia [28]. - A total of 361 types of Gansu's specialty agricultural products have been exported to 131 countries, with a total export value of 13.28 billion yuan [30]. - The province's logistics sector is integrating with international trade, facilitating the export of various products including medicinal herbs and fruits [31]. Group 3: Business Environment and Competitiveness - The number of enterprises engaged in import and export activities in Gansu has reached 1,548, showing a year-on-year increase [34]. - Gansu has implemented innovative customs clearance processes, significantly reducing the time for importing copper concentrate from nearly 200 hours to under 30 hours, saving companies over 100 million yuan [36]. - The province is enhancing its business environment through various reforms, including the establishment of a unified mobile government service platform and reducing the time required for business registration to one working day [38].

Group 1 - The core viewpoint of the articles highlights Gansu's efforts to expand its agricultural products, particularly apples, into international markets, exemplified by the shipment of "Tianshui Huaniu" apples to Indonesia [1] - Gansu has implemented a comprehensive support mechanism for foreign trade enterprises, including 19 measures to stabilize and enhance development, along with detailed project implementation plans [1] - The province is actively participating in the construction of the "Belt and Road" initiative and the new western land-sea corridor, strengthening its strategic position in national westward opening [1] Group 2 - Gansu has established multiple international freight train routes covering over 20 countries and regions, including connections to Central Asia, South Asia, and various sea ports [1] - The province is promoting cross-border e-commerce by developing industrial parks in Lanzhou and Tianshui, facilitating the growth of the cross-border e-commerce industry [2] - In the first ten months of this year, Gansu's foreign trade showed steady growth, with a total import and export value of 54.48 billion yuan, a year-on-year increase of 16.1%, including exports of 13.87 billion yuan, up 39.4% [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The current apple futures main contract AP2601 is in a high - level oscillation. The inventory is lower than the same period last year, the cold - storage shipment volume is gradually increasing, and the export volume in October increased month - on - month. With the approaching of Christmas and New Year's Day, the festival boost effect is obvious. The substitution effect of seasonal fruits is greatly weakened, which is beneficial for the recovery of apple demand. The decline in production and quality strongly supports the price. The cost of storage may increase, and the prices of different - quality apple sources will be significantly differentiated in the later stage. The futures contract may show a pattern of near - term weakness and long - term strength [7][11][15][19][37] 3. Summary by Directory 3.1 This Week's Market Review - The apple futures main contract AP2601 is in high - level oscillation [7] 3.2 Supply - side Situation - As of November 27, 2025, the national cold - storage apple inventory is 7.2935 billion tons, and the cold - storage inventory ratio is about 55.38%, 7.84 percentage points lower than the same period last year, with a year - on - year decrease of 12.40%. The cold - storage inventory in Shandong production area is basically completed, with only a very small increase in individual cold - storages, mainly other varieties such as Cream Fuji and Venus [11][37] 3.3 Demand - side Situation - **Cold - storage Shipment Volume**: As of November 27, 2025, the national cold - storage capacity ratio decreased by 0.31 percentage points, and the de - inventory rate is 0.87%. The cold - storage capacity ratio in Shandong production area is 55.61%, with a weekly decrease of 0.13 percentage points, and that in Shaanxi is 53.89%, with a weekly decrease of 0.67 percentage points [16][37] - **Export Volume**: In October 2025, the export volume of fresh apples is about 80,400 tons, a month - on - month increase of 13.51% and a year - on - year decrease of 17.04%. The listing time of new - season apples is postponed, resulting in a significant year - on - year decrease in the export volume of new - season apples in October [19] - **Substitute Fruit Prices**: Not elaborated in detail in the content - **Origin Spot Price**: As of November 28, the apple price in Qixia, Yantai, Shandong is stable. The off - cold - storage transactions are basically completed. The remaining acquisition market is for a very small amount of tail - end products, mainly for market distribution after the transaction. The cold - storage transactions are for some medium - and small - sized fruits. The price of 65 - 70 fruits of cold - storage farmers is 2.0 - 2.2 yuan per catty, and that of 75 fruits of merchants is about 3.0 yuan per catty. The transactions of first - and second - grade goods above 80 have not started yet. The intended transaction price of first - and second - grade farmer's slice - red apples above 80 is 3.7 - 4.0 yuan per catty, and the price range of striped apples is 4.0 - 4.7 yuan per catty; the asking price of merchants' goods is relatively high, with the intended price of first - and second - grade goods above 80 being 4.2 - 5.2 yuan per catty (not yet traded, and the cold - storage quotation is calculated by adding 0.2 - 0.4 yuan per catty of profit to the inventory cost) [33] 3.4 Market Outlook - The festival boost effect of Christmas and New Year's Day is obvious, and the substitution effect of seasonal fruits is greatly weakened, which is beneficial for the recovery of apple demand. The decline in production and quality strongly supports the price. The cost of storage may increase due to quality problems. The new - season apple production reduction pattern is set, which provides strong support for the cost side. The prices of different - quality apple sources will be significantly differentiated in the later stage, and the futures contract may show a pattern of near - term weakness and long - term strength [37]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Based on the Huatai Commodity Multi-Factor Model, this week it is recommended to overweight copper, silver, soybean oil, gold, and fresh apples, and underweight glass, alumina, soda ash, eggs, and styrene [4][51] Summary by Relevant Catalogs 1. Plate Liquidity - This week, the trading volume of the basic metals sector was 1784.354 billion yuan, a change of 104.21% from last week, with a margin of 50.724 billion yuan, a change of -3.33 billion yuan from last week [1] - The energy and chemical sector had a trading volume of 1641.153 billion yuan, a change of 148.50% from last week, and a margin of 36.5 billion yuan, a change of 0.198 billion yuan from last week [1] - The agricultural products sector had a trading volume of 1222.184 billion yuan, a change of 88.30% from last week, and a margin of 41.853 billion yuan, a change of 1.864 billion yuan from last week [1] - The precious metals sector had a trading volume of 5172.317 billion yuan, a change of 271.03% from last week, and a margin of 76.338 billion yuan, a change of 4.96 billion yuan from last week [1] - The black building materials sector had a trading volume of 1013.342 billion yuan, a change of 161.66% from last week, and a margin of 33.353 billion yuan, a change of 1.948 billion yuan from last week [1] - The stock index futures sector had a trading volume of 3921.85 billion yuan, a change of 133.22% from last week, and a margin of 154.917 billion yuan, a change of -10.672 billion yuan from last week [1] - The treasury bond futures sector had a trading volume of 1592.895 billion yuan, a change of 132.22% from last week, and a margin of 16.084 billion yuan, a change of 1.145 billion yuan from last week [1] 2. Market and Plate Style - Since the beginning of this year, the Wande Commodity Index has a change of 33.76%, the Non-ferrous Index has a change of 2.25%, the Energy Index has a change of -22.63%, the Chemical Index has a change of -17.92%, the Oilseeds Index has a change of 4.47%, the Precious Metals Index has a change of 48.17%, and the Coking Coal and Steel Ore Index has a change of 0.64% [2] - The Huatai Commodity Long-term Momentum Index has a change of 18.76%, the Short-term Momentum Index has a change of 0.20%, the Skewness Index has a change of 12.23%, and the Term Structure Index has a change of 3.39% [2] - The latest VIX indicators of stock index options are as follows: SSE 50 Index Option is 19.26%, CSI 300 Index Option is 20.98%, and CSI 1000 Index Option is 26.67% [2] 3. Plate Premium and Discount Structure - The latest basis of stock index futures: IH is 7.47 points, IF is -17.27 points, IC is -143.47 points, and IM is -159.17 points; the annualized basis rate: IH is 1.46%, IF is -2.22%, IC is -11.85%, and IM is -12.83% [3] - The latest basis of treasury bond futures: TS is -0.02 yuan, TF is -0.05 yuan, T is 0.10 yuan, and TL is -0.29 yuan; the latest net basis: TS is -0.01 yuan, TF is -0.04 yuan, T is -0.08 yuan, and TL is -0.51 yuan [3] 4. Strategy - According to the Huatai Commodity Multi-Factor Model, this week it is recommended to overweight copper, silver, soybean oil, gold, and fresh apples, and underweight glass, alumina, soda ash, eggs, and styrene [4][51]

Core Viewpoint - The introduction of the "batch inspection (quarantine)" model significantly accelerates the customs clearance process for agricultural and food products exported from Shaanxi, enhancing efficiency and reducing costs for companies [1][2][3]. Group 1: New Inspection Model - The "batch inspection (quarantine)" model allows for the inspection of fresh fruits within the same batch to be approved after the first inspection, enabling companies to apply for document review and customs clearance in batches without on-site inspections, thus compressing inspection cycles and lowering storage costs [2][3]. - This model is based on credit and risk management, utilizing smart customs construction to scientifically set inspection batches and implement efficient inspection and quarantine supervision for exported agricultural products [3]. Group 2: Export Performance - From January to July, Shaanxi exported 84,000 tons of fruit valued at 700 million yuan, representing year-on-year increases of 9.6% and 10.7%, respectively, with significant growth in citrus, grapes, kiwifruit, and fresh peaches [3]. Group 3: Regional Advantages and Support - Shaanxi's favorable natural conditions and rich agricultural resources position it as a key area for developing modern agricultural technology and promoting foreign trade [2]. - The Weinan Customs is actively enhancing local regulatory efficiency and establishing support services for export agricultural products, including a regulatory service studio and a technical trade measures workstation [2][3].

Economic Development - The yak industry transformation reflects Tibet's commitment to high-quality economic development, with a GDP of 138.27 billion yuan in the first half of the year, a 7.2% year-on-year increase [1] - The region's industrial added value increased by 14.8%, and fixed asset investment rose by 24.8% [1] - The per capita disposable income of residents grew by 7.6% [1] Clean Energy Initiatives - Tibet's clean energy generation accounts for over 99%, with cumulative clean energy exports exceeding 16.1 billion kWh, reducing CO2 emissions by approximately 13.86 million tons [3] - The region is focusing on developing water, wind, solar, and thermal energy projects to establish itself as a national clean energy base [3] Trade and Agriculture - Tibet's foreign trade has significantly increased, with an annual average now reaching over 10 billion yuan, compared to just 6.93 million yuan in 1965 [4] - In the first half of the year, exports of green products such as wool, fresh apples, and barley products approached 30 million yuan [4] Transportation Infrastructure - By the end of 2024, Tibet aims for a 100% road accessibility rate for towns and villages, with a total road mileage exceeding 124,900 kilometers [5] - The transportation network, including railways and air routes, supports the efficient movement of goods and enhances trade opportunities [5][6] Technological Empowerment - The development of modern logistics and agricultural technology is improving local livelihoods, with initiatives leading to increased income for local farmers [7] - The region emphasizes inclusive development, aiming to enhance the well-being and happiness of its diverse population [7] Overall Progress - Over the past 60 years, Tibet has shown significant development vitality, with a focus on high-quality growth and unity among its diverse communities [8]