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]

Core Insights - The transformation of the yak industry in Tibet reflects the region's commitment to high-quality economic development, leveraging its unique highland resources and implementing new development concepts [1][3] Economic Performance - In the first half of the year, Tibet achieved a GDP of 138.27 billion yuan, with a year-on-year growth of 7.2% - Industrial added value above designated size grew by 14.8%, and fixed asset investment increased by 24.8% - Per capita disposable income for residents rose by 7.6% [1][4] Clean Energy Development - Tibet's clean energy generation accounts for over 99% of its total power output, with cumulative clean energy exports exceeding 16.1 billion kWh, equivalent to a reduction of approximately 13.86 million tons of CO2 emissions [3] - The region is focusing on developing water, wind, solar, and thermal energy projects to establish itself as a national clean energy base [3] Infrastructure and Transportation - By the end of 2024, the road accessibility rate for towns and villages in Tibet is expected to reach 100%, with a total road mileage exceeding 124,900 kilometers [5] - The transportation network, including railways and air routes, is increasingly facilitating the movement of goods and people, with significant growth in freight and passenger transport [5][6] Agricultural and Industrial Growth - The highland agriculture sector is steadily developing, with the clean energy and green industries showing strong growth [4] - The introduction of modern logistics and technology in agriculture is enhancing productivity and income for local communities [7] Social Impact and Poverty Alleviation - All registered impoverished populations in Tibet were lifted out of poverty by the end of 2019, with per capita income for the formerly impoverished expected to grow by over 12.5% in 2024 [7] - The focus on inclusive development aims to improve the well-being and happiness of all ethnic groups in the region [7]

Report Title - "偏强运行，等待新季产量落地 —— 国信期货苹果周报" [2] Report Date - August 17, 2025 [2] Report Industry Investment Rating - Not provided Core View - The cold storage余量 is lower than the same period in previous years, with goods concentrated in Shandong. Cold storage merchants have a high willingness to ship. The destocking rate is high, but there are differences in shipment among cold storages. Early - maturing apples have problems such as slow coloring and small fruit size in some areas. The number of new - season apple bagging is slightly lower than the previous season, and the purchase price of early - maturing apples in the northwest is higher than last year, which may support the opening price of late - maturing Red Fuji. It is recommended to consider buying on dips in the short term and pay attention to the new - season apple production performance [30] Summary by Directory 1. This Week's Market Review - This week, the main contract of apple futures, AP2510, continued to rise after a slight correction [7] 2. Supply - side Situation - As of August 14, 2025, the total remaining cold - storage apples in the country were 461,300 tons, at the lowest level in the past five years. The remaining cold - storage volume in Shandong was 288,200 tons, and that in Shaanxi was 119,200 tons [10] 3. Demand - side Situation - As of August 14, 2025, the national cold - storage inventory ratio was about 3.50%, with a weekly - on - weekly decrease of 0.41 percentage points and a year - on - year decrease of 2.8 percentage points. The destocking rate was 94.50%. There were differences in shipment among cold storages, and data errors slightly increased [14] - In June 2025, the export volume of fresh apples was about 37,000 tons, a month - on - month decrease of 18.62% and a year - on - year decrease of 38.55%. The second - quarter export volume is expected to decline [16] - As of August 15, the mainstream price of apples in Qixia, Yantai, Shandong was stable. Cold - storage merchants had low - price offers, and customer purchasing enthusiasm was good [26]

Report Industry Investment Rating - Not provided in the content Core View of the Report - As of July 17, 2025, the national cold storage apple inventory ratio was about 5.56%, with a weekly decline of 0.68 percentage points and a year - on - year decrease of 3.32 percentage points. The low inventory supports the price, and the mainstream transaction price in the origin remains stable. The stable closing price of old - season apples may boost the purchase price of new - season apples. The high opening price of new - season early - maturing apples may support the opening price of late - maturing Red Fuji. However, due to the off - season of apple consumption, the weak demand restricts the significant rise of the market. Short - term operations should be treated with a volatile mindset [35] Summary by Relevant Catalogs 1. This Week's Market Review - This week, the main contract of apple futures, AP2510, showed a strong performance [7] 2. Supply - side Situation - As of July 17, 2025, the total remaining amount of apples in national cold storage was 734,100 tons, at the lowest level in the past five years. The remaining amount in Shandong cold storage was 449,300 tons, and that in Shaanxi was 194,800 tons [13] 3. Demand - side Situation - As of July 17, 2025, the national cold storage inventory ratio was about 5.56%, with a weekly decline of 0.68 percentage points and a year - on - year decrease of 3.32 percentage points, and the de - stocking rate was 91.26% [18] - In May 2025, the export volume of fresh apples was about 45,500 tons, a month - on - month decrease of 37.38% and a year - on - year decrease of 25.15%. The second - quarter export volume of fresh apples in 2025 is expected to decline [20] - As of July 11, the mainstream price of apples in Qixia, Yantai, Shandong was stable. The transaction volume increased, and the overall transaction price was stable [31]

Core Viewpoint - Gansu Province's foreign trade import and export value is projected to reach 61.54 billion yuan in 2024, marking a 25.2% increase from the previous year, positioning it as the fastest-growing region in the country for this metric [1]. Group 1: Trade and Economic Development - The "Action Plan for Building a National Westward Opening Strategic Corridor" was introduced, emphasizing Gansu's resource and transportation advantages to enhance its development [1]. - Gansu's strategic location as a historical hub of the Silk Road and its role as a key transportation junction connecting Southwest and Northwest China are highlighted [1]. - The province has seen significant improvements in transportation infrastructure, including the operation of the new T3 terminal at Lanzhou Zhongchuan International Airport and the opening of new international cargo routes, resulting in a 97.6% increase in cargo volume [2]. Group 2: Agricultural and Industrial Growth - Gansu has focused on developing its unique agricultural products, with exports of agricultural goods reaching 1.16 billion yuan in the first four months of the year, serving nearly 90 countries and regions [2]. - The province's efforts in promoting its agricultural sectors, including livestock and various crops, have led to substantial export growth, with several categories exceeding 100 million yuan in export value [2]. Group 3: Cultural and Tourism Promotion - Gansu has successfully hosted various international events, enhancing its role as a platform for foreign exchange and showcasing its rich cultural heritage [2]. - The provincial government has actively promoted Gansu's historical and cultural narratives, contributing to the high-quality development of its cultural and tourism industries [2]. Group 4: Future Development Goals - The "Action Plan" outlines a five-year strategy focusing on enhancing trade quality and quantity, deepening industrial and investment expansion, and improving cultural exchanges [3]. - The plan aims to establish a new framework for foreign trade and elevate the level of open economy development in Gansu [3].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The apple futures main contract AP2510 continued to decline this week with a slight rebound. With the inventory at a five - year low, the supply and demand situation is complex. The current apple is in the off - season, affected by seasonal fruits, and the downstream demand is under pressure. Although the export performance was good in the first quarter, the export volume may slow down. Short - term operation suggests waiting and seeing [8][35] Group 3: Summary by Relevant Catalogs 1. This Week's Market Review - This week, the apple futures main contract AP2510 continued to decline with a slight rebound [8] 2. Supply - side Situation - As of May 15, 2025, the total remaining amount of apples in national cold storage was 1.6582 million tons, at the lowest level in the past five years. The cold - storage remaining amount in Shandong was 951,600 tons, and that in Shaanxi was 447,200 tons. Shaanxi storage merchants generally had a strong reluctance to sell and asked for high prices, while Shandong storage merchants were more willing to ship [13][35] 3. Demand - side Situation - **Inventory and Sales**: As of May 15, 2025, the national cold - storage inventory ratio was about 12.55%, a 1.92 - percentage - point decline from the previous period and a 9.82 - percentage - point decrease year - on - year. The destocking rate was 80.27%. The apple is in the sales off - season, affected by seasonal fruits, the downstream demand is impacted, the enthusiasm of merchants for high - price purchases has declined, the e - commerce platform sales volume has decreased, and the shipping speed in the production area has slowed down [18][35] - **Export**: In March 2025, the export volume of fresh apples was about 96,100 tons, a 40.82% increase from the previous month and a 1.71% increase year - on - year. The cumulative export volume from January to March was about 255,600 tons, a 9.53% increase year - on - year. However, as the price of origin goods rises, the profit margin of traders is compressed, and the export volume may slow down [20] - **Substitute Fruit Price**: Not provided - **Origin Spot Price**: As of May 16, the price of apples in Qixia, Yantai, Shandong was stable. The price of different grades of apples varied, but the high labor price, low packaging volume, and reduced cold - storage trading volume [31]

Core Viewpoint - Langyuan Co., Ltd. has been penalized for financial fraud, facing a fine of 5 million yuan, while its former chairman received a 2 million yuan fine and a 5-year market ban, amidst ongoing financial struggles and a potential turnaround with new controlling shareholder, Dongfang Xingzhi [1][3][7] Financial Fraud Penalty - The China Securities Regulatory Commission (CSRC) found that Langyuan Co. inflated its 2019 revenue, costs, and profits by 52.51 million yuan, 34.94 million yuan, and 18.16 million yuan respectively, which constituted 9.03%, 7.94%, and 43.02% of the reported figures [2] - In a subsequent correction, the company still reported inflated figures of 37.88 million yuan, 27.23 million yuan, and 11.25 million yuan, representing 6.68%, 6.17%, and 26.91% of the respective totals [2][3] - The CSRC issued a warning and fines to several executives, including a 10-year market ban for the former general manager and a 5-year ban for the former chairman [3] Financial Performance and Cash Flow Concerns - Langyuan Co. has reported net losses from 2020 to 2023, with figures of -189 million yuan, -52.19 million yuan, -27.75 million yuan, and -53.63 million yuan [5] - In 2024, despite a revenue increase of 11.41% to 245 million yuan, the company still faced a net loss of 36.44 million yuan, primarily due to losses in the service sector [5][6] - The company's cash flow situation is troubling, with a net cash flow from operating activities of -34.70 million yuan in 2024, a significant decline of 494.05% compared to 2023 [6] Potential for Turnaround with New Shareholder - In April 2024, Dongfang Xingzhi became the controlling shareholder of Langyuan Co., which is linked to New Oriental Education, suggesting potential for capital and operational transformation [7] - Analysts believe that the involvement of the "Dongfang system" could provide opportunities for supply chain collaboration with Dongfang Zhenxuan, potentially leading to a turnaround for Langyuan Co. [7]

Report Industry Investment Rating - Not provided in the content Core View of the Report - As of April 3, 2025, the national cold storage apple inventory is 3.7374 million tons, with an inventory ratio of about 28.29%. The cold storage inventory is lower than the same period last year and at a relatively low level in the same period of previous years. The remaining tradable goods are mainly concentrated in Shaanxi and Shandong. The inventory ratio has decreased by 2.84 percentage points compared to last week and 10.48 percentage points compared to the same period last year, with a destocking rate of 55.52%. During the traditional apple sales season from April to May, terminal demand is expected to be boosted to some extent. The low inventory provides certain support for the market, and short - term operations are recommended to be treated with a bullish - biased shock mentality [13][18][36] Summary by Directory 1. This Week's Market Review - This week, the main contract of apple futures, AP2505, opened higher and showed a relatively strong performance, with certain support from the fundamentals [8] 2. Supply - side Situation - As of April 3, 2025, the national cold storage apple inventory is 3.7374 million tons, with an inventory ratio of about 28.29%. The cold storage inventory is lower than the same period last year and at a relatively low level in the same period of previous years. The remaining tradable goods are mainly concentrated in Shaanxi and Shandong, and there is not much fruit farmer's goods in the northwest region [13] 3. Demand - side Situation - As of April 3, 2025, the inventory ratio has decreased by 2.84 percentage points compared to last week and 10.48 percentage points compared to the same period last year, with a destocking rate of 55.52%. Merchants' holiday stocking has increased the procurement difficulty. From April to May is the traditional apple sales season, and terminal demand is expected to be boosted to some extent [18] - In February, the domestic fresh apple export volume was about 68,200 tons, a month - on - month decrease of 25.28% and a year - on - year increase of 26.64%. The cumulative export volume from January to February was about 159,500 tons, a year - on - year increase of 14.85%. Foreign trade orders increased in February, and exports are expected to perform well in the first quarter [21] - As of April 3, the apple price in Qixia, Yantai, Shandong was stable. The price of Grade 1 and 2 fruit farmer's goods for 80 and above was 3.2 - 3.3 yuan/jin for slice - red apples and 3.5 - 3.8 yuan/jin for striped apples. The price of merchant's goods was 3.5 - 4.0 yuan/jin for slice - red apples and 4.0 - 5.0 yuan/jin for striped apples. The price of general goods was 2.7 - 2.8 yuan/jin, the price of Grade 3 merchant's goods was 2.2 - 2.4 yuan/jin, and the price of fruit farmer's goods was 1.5 - 2.0 yuan/jin [32]