Report Industry Investment Rating - No relevant information provided Core Views - This week, the price of the main contract of Zhengzhou jujube futures fell, with a weekly decline of about 2.12%. The Xinjiang main - producing area of grey jujubes is in the late stage of harvesting, and the acquisition progress in Aksu and other places has accelerated. As of November 19, 2025, the physical inventory of 36 sample points of jujubes this week was 10,330 tons, an increase of 490 tons from last week, a month - on - month increase of 4.98% and a year - on - year increase of 101.76%. The acquisition progress in the main producing areas is about 50%. The product prices in the sales areas continue to fall, the downstream purchasing enthusiasm is not high, and the market transactions are average. The spot price is expected to be weakly stable, and the short - term Zhengzhou jujube futures price is expected to run at a low level [9]. Summary According to the Directory 1. Week - on - Week Summary - Future trading reminders include spot prices and the consumer side. The price of the main contract of Zhengzhou jujube futures fell this week, with a weekly decline of about 2.12%. The Xinjiang main - producing area of grey jujubes is in the late stage of harvesting, and the acquisition progress in Aksu and other places has accelerated. The sample point inventory has increased. The acquisition progress in the main producing areas is about 50%, and the acquired goods are being shipped. The product prices in the sales areas continue to fall, the downstream purchasing enthusiasm is not high, and the market transactions are average. The spot price is expected to be weakly stable, and the short - term Zhengzhou jujube futures price is expected to run at a low level [9]. 2. Futures and Spot Market - **Futures price**: The price of the Zhengzhou jujube 2601 contract fell this week, with a weekly decline of about 2.12% [14]. - **Top 20 positions**: As of this week, the net position of the top 20 in jujube futures was - 11,650 lots [15]. - **Warehouse receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 0 [20]. - **Futures spread**: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2601 contract and the 2605 contract was - 180 yuan/ton [23]. - **Basis**: As of this week, the basis between the spot price of Hebei grey jujubes and the main contract of jujube futures was 675 yuan/ton [26]. - **Purchase price in the main producing area**: As of November 21, 2025, the purchase price of Aksu jujube bulk goods was 5.5 yuan/kg, that of Alar was 5.65 yuan/kg, and that of Kashgar was 6.8 yuan/kg [29]. - **First - grade jujube spot price**: As of November 21, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei was 4.4 yuan/jin, and that in Henan was 4.45 yuan/jin [33]. - **Super - grade jujube spot price**: As of November 21, 2025, the spot price of super - grade grey jujubes in Cangzhou, Hebei was 9.67 yuan/kg, and the wholesale price in Henan was 9.8 yuan/kg [37]. 3. Industry Chain Situation - **Supply side - Inventory**: As of November 19, 2025, the physical inventory of 36 sample points of jujubes this week was 10,330 tons, an increase of 490 tons from last week, a month - on - month increase of 4.98% and a year - on - year increase of 101.76% [41]. - **Supply side - Production decline possibility**: The jujube production in the 2025/26 season is expected to decline [45]. - **Demand side - Export volume**: In September 2025, China's jujube export volume was 2,283,671 kg, the export value was 36,347,933 yuan, the export average price was 15,916.449 yuan/ton, the export volume decreased by 3.43% month - on - month and 13.54% year - on - year. From January to September 2025, the cumulative export volume was 23,548,402 kg, a cumulative year - on - year increase of 5.12% [47]. - **Demand side - BOCE trading**: This week, the order volume of BOCE Xinjiang Jujube Good Brand had a small amount of transactions [52]. 4. Options Market and Futures - Stock Correlation - **Options market**: Information about the implied volatility of at - the - money options of jujubes this week is presented in a chart, but specific data is not described in text [53]. - **Stock market - Haoxiangni**: A chart of the price - earnings ratio of Haoxiangni is provided, but no specific analysis is given [55].