1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The prices of oils and fats are expected to fluctuate and consolidate. The domestic fundamentals are loose with stable domestic oil and fat supply. Sino - US relations are tense, which puts pressure on the price of new US soybeans due to受挫 exports. Malaysian palm oil inventory is neutral with improving demand. Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The domestic oil and fat fundamentals are neutral with stable import inventory. [2][3][4] 3. Summary by Related Catalogs 3.1 Daily View - Soybean Oil - **Fundamentals**: MPOB report shows that Malaysian palm oil production in December decreased 5.46% month - on - month to 1829800 tons, exports increased 8.55% month - on - month to 1316500 tons, and end - of - month inventory increased 7.59% month - on - month to 3050600 tons. The report is slightly bearish with inventory data exceeding expectations. Current shipping survey agencies show that Malaysian palm oil export data in January increased 29% month - on - month, and the supply pressure will decrease in the subsequent production - reducing season. [2] - **Basis**: The spot price of soybean oil is 8400, with a basis of 302, indicating that the spot price is at a premium to the futures price. [2] - **Inventory**: On January 9th, the commercial inventory of soybean oil was 1.02 million tons, down 60,000 tons from the previous 1.08 million tons, a month - on - month decrease, but up 14.7% year - on - year. [2] - **Market Chart**: The futures price is running below the 20 - day moving average, while the 20 - day moving average is upward. [2] - **Main Position**: The long positions of the main soybean oil contract decreased. [2] - **Expectation**: The soybean oil Y2605 is expected to fluctuate in the range of 7900 - 8300. [2] 3.2 Daily View - Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report on Malaysian palm oil in December is slightly bearish, but the supply pressure will decrease in the subsequent production - reducing season with a 29% month - on - month increase in January export data. [3] - **Basis**: The spot price of palm oil is 8960, with a basis of 20, indicating the spot price is at a premium to the futures price. [3] - **Inventory**: On January 9th, the port inventory of palm oil was 736,000 tons, up 2200 tons from the previous 733,800 tons, a month - on - month increase and up 46% year - on - year. [3] - **Market Chart**: The futures price is running below the 20 - day moving average, while the 20 - day moving average is upward. [3] - **Main Position**: The long positions of the main palm oil contract turned to short positions. [3] - **Expectation**: The palm oil P2605 is expected to fluctuate in the range of 8700 - 9100. [3] 3.3 Daily View - Rapeseed Oil - **Fundamentals**: The MPOB report on Malaysian palm oil in December is slightly bearish, and the supply pressure will decrease in the subsequent production - reducing season with a 29% month - on - month increase in January export data. [4] - **Basis**: The spot price of rapeseed oil is 9900, with a basis of 804, indicating the spot price is at a premium to the futures price. [4] - **Inventory**: On January 9th, the commercial inventory of rapeseed oil was 250,000 tons, down 20,000 tons from the previous 270,000 tons, a month - on - month decrease and down 44% year - on - year. [4] - **Market Chart**: The futures price is running below the 20 - day moving average, while the 20 - day moving average is upward. [4] - **Main Position**: The short positions of the main rapeseed oil contract decreased. [4] - **Expectation**: The rapeseed oil OI2605 is expected to fluctuate in the range of 8900 - 9300. [4] 3.4 Recent Bullish and Bearish Analysis - **Bullish Factors**: The US soybean stock - to - sales ratio remains around 4%, indicating tight supply. [5] - **Bearish Factors**: The prices of oils and fats are at a relatively high historical level, and domestic oil and fat inventories are continuously accumulating. The macro - economy is weak, and the expected production of related oils and fats is high. [5] - **Main Logic**: The global fundamentals of oils and fats are relatively loose. [5]

Report Information - Report Name: Polyolefin Morning Report [2] - Date: February 11, 2026 [2] - Author: Zhu Tianyi from Dayue Futures Investment Consulting Department [3] Core Views - The LLDPE and PP markets are expected to fluctuate today. The suspension of OPEC's production increase in the first quarter and geopolitical factors affecting oil prices provide strong cost support, but downstream demand is weak due to the approaching Spring Festival [4][7] - The main logic for both LLDPE and PP is oversupply, and the supply - demand marginal changes are sensitive [6][8] LLDPE Analysis Fundamental Analysis - The official manufacturing PMI in January was 49.3%, down 0.8 percentage points from the previous month, falling into the contraction range. OPEC+ decided to suspend the production increase plan in Q1 2026 due to weak seasonal demand. Crude oil has returned to a volatile state, and polyolefins have followed with large fluctuations. Near the Spring Festival, most agricultural film and packaging film enterprises have shut down, with few orders. The current LLDPE delivery product spot price is 6600 (-50), and the overall fundamentals are neutral [4] Basis Analysis - The basis of the LLDPE 2605 contract is -175, with a premium - discount ratio of -2.6%, which is bearish [4] Inventory Analysis - The comprehensive PE inventory is 40.3 tons (+5.4), which is bullish [4] Market Analysis - The 20 - day moving average of the LLDPE main contract is upward, and the closing price is below the 20 - day line, which is neutral [4] Main Position Analysis - The net position of the LLDPE main contract is short, and the short position is decreasing, which is bearish [4] Expectation - The LLDPE main contract is expected to fluctuate today [4] Factors - Bullish factor: Cost support [6] - Bearish factor: Weak downstream demand [6] PP Analysis Fundamental Analysis - Similar to LLDPE, the official manufacturing PMI in January was 49.3%, down 0.8 percentage points from the previous month. OPEC+ suspended the production increase plan in Q1 2026. Near the Spring Festival, the overall start - up of plastic weaving has significantly declined, and pipe demand has also been affected by the Spring Festival shutdown. The current PP delivery product spot price is 6650 (-0), and the overall fundamentals are neutral [7] Basis Analysis - The basis of the PP 2605 contract is -38, with a premium - discount ratio of -0.6%, which is bearish [7] Inventory Analysis - The comprehensive PP inventory is 41.6 tons (+1.5), which is bullish [7] Market Analysis - The 20 - day moving average of the PP main contract is upward, and the closing price is below the 20 - day line, which is neutral [7] Main Position Analysis - The net position of the PP main contract is short, and the short position is decreasing, which is bearish [7] Expectation - The PP main contract is expected to fluctuate today [7] Factors - Bullish factor: Cost support [8] - Bearish factor: Weak downstream demand [8] Supply - Demand Balance Tables Polyethylene - From 2018 - 2024, the capacity, production, and net import volume of polyethylene have changed. The import dependence has generally shown a downward trend, and the consumption growth rate has fluctuated. The expected capacity in 2025E is 4319.5 [14] Polypropylene - From 2018 - 2024, the capacity, production, and net import volume of polypropylene have changed. The import dependence has generally decreased, and the consumption growth rate has also fluctuated. The expected capacity in 2025E is 4906 [16]

Report Date - The report is dated February 11, 2026 [2] Report Industry Investment Rating - Not mentioned in the report Report's Core View - The current daily production and operating rate of urea are at a high level compared to the same period last year. With the return of maintenance, the operating rate is expected to continue to increase, and the comprehensive inventory is falling, showing an obvious de - stocking pattern. Although it is approaching the Spring Festival, the order demand is still acceptable, with good agricultural reserve demand. In terms of industrial demand, the demand for compound fertilizer is stable, while the operating rate of melamine is falling. There is a large price difference between domestic and foreign markets for exports. Recently, the downstream demand is acceptable, but the overall domestic urea supply still exceeds demand. The spot price of the delivery product is 1800 (+10), and the overall fundamentals are neutral. The UR2605 contract basis is 15, with a premium - discount ratio of 0.8%, which is bullish. The UR comprehensive inventory is 1.084 billion tons (-0.5), which is bullish. The 20 - day moving average of the UR main contract is upward, but the closing price is below the 20 - day line, which is neutral. The main position of UR is net short, and short positions are increasing, which is bearish. It is expected that the UR main contract will fluctuate today [4] - Bullish factors include inventory de - stocking and good reserve demand; bearish factor is domestic oversupply. The main logics are international prices and domestic demand marginal changes [5] Summary by Relevant Catalog Urea Overview - **Fundamentals**: Current daily production and operating rate are high year - on - year. With maintenance return, operating rate will rise. Comprehensive inventory is falling, and de - stocking is obvious. Near Spring Festival, order demand is okay, agricultural reserve demand is good. Compound fertilizer demand is stable in industrial demand, while melamine operating rate is falling. There is a large export price difference, but domestic supply still exceeds demand. Spot delivery price is 1800 (+10), and fundamentals are neutral [4] - **Basis**: UR2605 contract basis is 15, premium - discount ratio is 0.8%, bullish [4] - **Inventory**: UR comprehensive inventory is 1.084 billion tons (-0.5), bullish [4] - **Disk**: The 20 - day moving average of the UR main contract is upward, but the closing price is below the 20 - day line, neutral [4] - **Main Position**: The main position of UR is net short, and short positions are increasing, bearish [4] - **Expectation**: The UR main contract is expected to fluctuate today, with high operating rate year - on - year. Although it's near Spring Festival, downstream reserve demand is okay, and inventory is de - stocking [4] Spot and Futures | Category | Details | | --- | --- | | **Spot** | Spot delivery product price is 1800 (+10), Shandong spot price is 1800 (+10), Henan spot price is 1800 (0), FOB China price is 3058 [6] | | **Futures** | 05 contract price is 1785 (-3), UR01 price is 1735 (-9), UR09 price is 1743 (-5). UR2605 contract basis is 15 (+13) [6] | | **Inventory** | Warehouse receipts are 11036 (+176), UR comprehensive inventory is 1.084 billion tons (-0.5), UR manufacturer inventory is 919 million tons, UR port inventory is 165 million tons [6] | Supply - Demand Balance Sheet - From 2018 to 2024, urea capacity has been increasing, with growth rates of 8.9% in 2019, 15.5% in 2020, 11.4% in 2021, 8.4% in 2022, 14.1% in 2023, and 13.5% in 2024. The import dependence of PP has shown a downward trend from 18.6% in 2018 to 8.4% in 2023 and then slightly increased to 9.5% in 2024. The consumption growth rate was 12.8% in 2019, 17.9% in 2020, 2.6% in 2021, 0.3% in 2022, 5.9% in 2023, and 8.4% in 2024 [9] - In 2025E, the capacity is expected to be 4906, with a growth rate of 11.0% [9]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The glass market has a weak fundamental situation. With low supply, dismal downstream deep - processing factory orders, and rising glass factory inventories, it is expected to mainly show a weak and volatile downward trend in the short term [2][5] 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract of glass futures decreased from 1078 yuan/ton to 1070 yuan/ton, a decline of 0.74%. The spot price of Shahe Safety large - board remained at 944 yuan/ton. The main basis changed from - 134 yuan/ton to - 126 yuan/ton, a change of - 5.97% [6] Glass Spot Market - The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, was 944 yuan/ton, unchanged from the previous day [11] Fundamental - Cost Side - Glass production profit has been slightly repaired, but cold - repair is less than expected, and supply is at a low level [2] Fundamental - Production - The number of operating national float glass production lines is 211, with an operating rate of 71.86%, at a historically low level in the same period. The daily melting volume of float glass is 149,800 tons, and the production capacity is at a historically low level in the same period [18][20] Fundamental - Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons. The terminal real - estate demand is still weak, and the number of orders from glass deep - processing enterprises is at a historically low level in the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processing plants are cautious, mainly digesting the original glass inventory [24][4] Fundamental - Inventory - The inventory of national float glass enterprises is 53.064 million weight boxes, an increase of 0.95% from the previous week, and the inventory is running above the five - year average [39] Fundamental - Supply - Demand Balance Sheet - The report shows the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data such as production, consumption, and net import ratio. For example, in 2024E, the production is expected to be 55.1 million tons, with a growth rate of 3.94%, and the consumption is expected to be 53.1 million tons, with a decline rate of 1.15% [40]

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2026-2-11 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 利空： 每日观点 纯碱： 1、基本面：碱厂产量高位，整体供给预期充裕；下游浮法玻璃、光伏日熔量整体延续下滑趋势， 纯碱厂库处于历史同期高位；偏空 2、基差：河北沙河重质纯碱现货价1120元/吨，SA2605收盘价为1171元/吨，基差为-51元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存158.11万吨，较前一周增加2.39%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：纯碱基本面不改疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、远兴能源二期产线满产时间预期延后。 主要逻辑和风险点 1、近期企业产线面临恢复， ...

PTA&MEG早报-2026年2月11日 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 6、预期：随着春节假期临近，聚酯减产幅度扩大，终端逐步放假，PTA供需趋累，现货市场商谈清淡，预计年前PTA现货价格跟 随成本端震荡，现货基差区间波动。关注商品氛围及上下游装置变动。 1、基本面：昨日PTA期货震荡上涨，现货市场商谈氛围一般，现货基差变动不大。本周在05贴水75附近商谈成交，价格商谈区 间在5080~5145。2月下在05贴水57~60成交，3月中在05贴水43成交。今日主流现货基差在05-75。中性 2、基差：现货5145，05合约基差-85，盘面升水 中性 3、库存：PTA工厂库存3.74天，环比增加0 ...

Report Industry Investment Rating - Not provided in the report Core View of the Report - The lithium carbonate market is in a state of tight supply - demand balance, with sentiment fluctuations caused by news. The 2605 contract of lithium carbonate is expected to oscillate in the range of 130,740 - 144,420. There are both positive and negative factors in the market. Positive factors include the production cut plans of lithium mica manufacturers and the decline in the import volume of lithium carbonate from Chile. Negative factors are the continuous high supply at the ore/salt lake end with limited decline. The main risk points are the impact of production cut/overhaul plans and the start - time of industry clearance [8][9][10][11] Summary by Directory 1. Daily View - **Supply**: Last week, the lithium carbonate output was 20,744 tons, a 3.82% week - on - week decrease, but still higher than the historical average. In January 2026, the output was 97,900 physical tons, and the predicted output for next month is 81,930 physical tons, a 16.31% month - on - month decrease. The import volume in January was 24,500 physical tons, and the predicted import volume for next month is 21,800 physical tons, an 11.02% month - on - month decrease [8] - **Demand**: Last week, the inventory of sample enterprises of lithium iron phosphate was 95,032 tons, a 1.84% week - on - week decrease, and the inventory of sample enterprises of ternary materials was 18,243 tons, a 2.39% week - on - week decrease. The demand is expected to strengthen next month [8] - **Cost**: The cost of purchased lithium spodumene concentrate is 138,350 yuan/ton, with no daily change, resulting in a loss of 5,672 yuan/ton. The cost of purchased lithium mica is 136,032 yuan/ton, with no daily change, resulting in a loss of 5,711 yuan/ton. The production cost of the recycling end is generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost of the salt lake end is 32,231 yuan/ton, with sufficient profit margin and strong production motivation [8] - **Basis**: On February 9, the spot price of battery - grade lithium carbonate was 135,500 yuan/ton, and the basis of the 05 contract was - 1,500 yuan/ton, with the spot at a discount to the futures [8] - **Inventory**: The smelter's inventory was 18,356 tons, a 3.40% week - on - week decrease, lower than the historical average. The downstream inventory was 43,657 tons, a 7.53% week - on - week increase, higher than the historical average. Other inventory was 43,450 tons, a 9.25% week - on - week decrease, higher than the historical average. The total inventory was 105,463 tons, a 1.87% week - on - week decrease, lower than the historical average [8] - **Disk**: The MA20 of the disk is downward, and the futures price of the 05 contract closed below the MA20 [8] - **Main Position**: The main position is net short, and the short position is decreasing [8] 2. Fundamental/Position Data - **Market Overview**: The prices of various lithium - related products showed different trends. For example, the price of lithium spodumene (6%) increased by 0.90% to 1,897 US dollars/ton, and the price of battery - grade lithium carbonate increased by 0.74% to 135,500 yuan/ton. The registered warehouse receipts increased by 2.43% to 34,597 lots [13] - **Supply - side Data**: The weekly operating rate was 87.14%, with no change. The daily production cost of lithium spodumene was 138,350 yuan/ton, with no change. The monthly processing cost of lithium spodumene increased by 0.43% to 20,950 yuan/ton. The monthly output of lithium carbonate in January was 97,900 tons, a 1.31% month - on - month decrease [15] - **Demand - side Data**: The monthly operating rate and output of lithium iron phosphate and some other products decreased. The monthly output of lithium iron phosphate decreased by 1.81% to 396,600 tons. The monthly power battery loading volume increased by 4.92% to 98,100 GWh [15]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Asian low - sulfur fuel oil market structure remains stable, with sufficient supply offsetting strong downstream marine fuel demand before the Lunar New Year. The Asian high - sulfur fuel oil market cools after a recent rise due to moderate demand and sufficient supply. The market is neutral overall. Short - term fuel oil still has support, with FU2604 expected to operate in the 2800 - 2850 range and LU2604 in the 3260 - 3320 range [3]. 3. Summary According to the Directory 3.1 Daily Tips - The Asian low - sulfur fuel oil market has stable structure, high - sulfur market cools. The basis shows spot premium over futures. Singapore fuel oil inventory increased by 950,000 barrels to 25.529 million barrels in the week of February 4. The price is above the 20 - day line. High - sulfur and low - sulfur主力持仓 are both short positions and the short positions are increasing. Investors should focus on the Middle East geopolitical situation. Short - term fuel oil has support, with specific price ranges for FU2604 and LU2604 [3]. 3.2 Long and Short Concerns - **Likely Positive Factors**: Iran's situation is unstable, and China's import quota is issued [4]. - **Likely Negative Factors**: The optimism of the demand side remains to be verified, and the upstream crude oil is under pressure [4]. - **Market Drivers**: The supply side is affected by geopolitical risks and the demand is neutral [4]. 3.3 Fundamental Data - **Futures Market**: The previous FU主力合约期货 price was 2808, the current price is 2785, a decrease of 23 or 0.82%. The previous LU主力合约期货 price was 3288, the current price is 3253, a decrease of 35 or 1.06%. The previous FU basis was 178, the current basis is 167, a decrease of 11.19 or 6.28%. The previous LU basis was - 10, the current basis is - 43, a decrease of 33 or 336% [5]. - **Spot Market**: The previous price of Zhoushan high - sulfur fuel oil was 478.00, the current price is 472.00, a decrease of 6.00 or 1.26%. The previous price of Zhoushan low - sulfur fuel oil was 492.00, the current price is 487.00, a decrease of 5.00 or 1.02%. The previous price of Singapore high - sulfur fuel oil was 422.24, the current price is 416.19, a decrease of 6.05 or 1.43%. The previous price of Singapore low - sulfur fuel oil was 462.50, the current price is 451.52, a decrease of 10.98 or 2.37%. The previous price of Middle - East high - sulfur fuel oil was 390.56, the current price is 384.60, a decrease of 5.96 or 1.53%. The previous price of Singapore diesel was 642.21, the current price is 649.24, an increase of 7.03 or 1.10% [6]. 3.4 Inventory Data - Singapore fuel oil inventory on February 4, 2026, was 25.529 million barrels, an increase of 950,000 barrels compared to the previous period. The inventory data from November 26, 2025, to February 4, 2026, shows fluctuations in inventory levels [8]. 3.5 Spread Data - The report provides a chart of the high - low sulfur futures spread, but no specific numerical analysis of the spread is given [10].

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2026-02-10 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 ✸豆粕观点和策略 豆粕M2605：2700至2760区间震荡 1.基本面：美豆震荡收跌，巴西大豆收割推进和技术性震荡整理，美豆短期维持区间震荡等 待中美贸易协议执行后续和南美大豆产区生长和收割天气进一步指引。国内豆粕冲高回 落，美豆走势带动和年底需求进入旺季现货价格升水支撑盘面底部，消息面多空交织短 期或维持震荡格局。中性 2.基差：现货3020（华东），基差291，升水期货。偏多 3.库存：油厂豆粕库存94.72万吨，上周104.4万吨，环比减少9.27%，去年同期55.67万吨， 同比增加70.15%。偏空 4.盘面：价格在20 ...

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core Viewpoints of the Report - The fundamentals of the asphalt market are bearish. Supply pressure is high, demand recovery is weak, the cost support from crude oil is weakening, and the market is expected to fluctuate in a narrow range in the short - term. The asphalt 2604 contract is expected to oscillate between 3300 - 3368 [7][8][9] - There are both bullish and bearish factors in the market. The bullish factor is that the relatively high - level crude oil cost provides some support, while the bearish factors include insufficient demand for high - priced goods, overall downward demand, and strengthened expectations of an economic recession in Europe and the United States [11][12] 3. Summary According to the Directory 3.1 Daily Views - **Supply Side**: In February 2026, the domestic refinery asphalt production plan was 1.023 million tons, a month - on - month decrease of 3.30%. The sample capacity utilization rate of domestic petroleum asphalt was 26.1266%, a month - on - month decrease of 1.20 percentage points. The sample enterprise output was 436,000 tons, a month - on - month decrease of 4.38%. The estimated maintenance volume of sample enterprise equipment was 1.03 million tons, a month - on - month increase of 0.78%. Refineries have reduced production, and supply pressure is expected to decrease next week [7] - **Demand Side**: The operating rates of heavy - traffic asphalt, building asphalt, modified asphalt, road - modified asphalt, and waterproofing membrane are mostly lower than or close to historical averages, indicating that current demand is lower than historical averages [8] - **Cost Side**: The daily processing profit of asphalt was 88.21 yuan/ton, a month - on - month decrease of 1040.00%. The weekly delayed coking profit of Shandong refineries was 81.8643 yuan/ton, a month - on - month increase of 5.51%. The asphalt processing profit decreased, and the profit difference between asphalt and delayed coking increased. With the weakening of crude oil, the short - term support is expected to weaken [8] - **Other Aspects**: The main positions are net short with an increase in short positions. On February 9th, the Shandong spot price was 3210 yuan/ton, and the basis of the 04 contract was - 137 yuan/ton, with the spot at a discount to the futures. The social inventory increased by 5.16% month - on - month, the in - plant inventory decreased by 3.15% month - on - month, and the port diluted asphalt inventory increased by 20.24% month - on - month. The MA20 of the market is upward, and the price of the 04 contract closed above the MA20 [9] 3.2 Asphalt Market Overview - **Futures Closing Prices**: The closing prices of most asphalt futures contracts decreased, with the 04 contract closing at 3347 yuan/ton, a decrease of 54 yuan or 1.59% compared to the previous value [15] - **Basis**: The basis of most contracts changed, with the 04 contract basis at - 137 yuan/ton, a change of 24 yuan compared to the previous value [15] - **Some Inter - monthly Spreads**: The spreads of some contract combinations changed, such as the 3 - 6 spread changing from - 3 to - 6, a change rate of 100.00% [15] - **Weekly Data**: Weekly inventory, operating rate, output, and other data also showed corresponding changes, such as the social inventory increasing by 5.16% week - on - week, and the national heavy - traffic operating rate decreasing by 4.39% week - on - week [17] 3.3 Asphalt Futures Market - **Basis Trend**: The report presents the historical trends of the Shandong and East China asphalt basis from 2020 to 2026 [20][22] - **Spread Analysis**: - **Main Contract Spreads**: The report shows the historical trends of the 1 - 6 and 6 - 12 contract spreads from 2020 to 2026 [24][25] - **Asphalt - Crude Oil Price Trends**: The report shows the historical price trends of asphalt, Brent crude oil, and WTI crude oil from 2020 to 2026 [28] - **Crude Oil Crack Spreads**: The report presents the historical trends of asphalt - SC, asphalt - WTI, and asphalt - Brent crude oil crack spreads from 2020 to 2026 [30][31][32] - **Asphalt, Crude Oil, Fuel Oil Price Ratios**: The report shows the historical trends of the asphalt - SC price ratio and asphalt - fuel oil price ratio from 2020 to 2026 [34][35] 3.4 Asphalt Spot Market - **Market Prices in Different Regions**: The report shows the historical trends of the market prices of heavy - traffic asphalt in the East China and Shandong regions from 2020 to 2026 [37][38] 3.5 Asphalt Fundamental Analysis - **Profit Analysis**: - **Asphalt Profit**: The report shows the historical trends of asphalt profit from 2019 to 2026 [40][41] - **Coking - Asphalt Profit Spread**: The report shows the historical trends of the coking - asphalt profit spread from 2020 to 2026 [43][44][45] - **Supply Side**: - **Shipment Volume**: The report shows the historical trends of the weekly shipment volume of small - sample asphalt enterprises from 2020 to 2026 [46][47] - **Diluted Asphalt Port Inventory**: The report shows the historical trends of domestic diluted asphalt port inventory from 2021 to 2026 [49][50] - **Output**: The report shows the historical trends of weekly and monthly asphalt output from 2019 to 2026 [52][53] - **Maya Crude Oil Price and Venezuelan Crude Oil Production**: The report shows the historical trends of Maya crude oil price and Venezuelan crude oil monthly production from 2018 to 2026 [56][58] - **Refinery Asphalt Production**: The report shows the historical trends of refinery asphalt production from 2019 to 2026 [59][60] - **Operating Rate**: The report shows the historical trends of the weekly asphalt capacity utilization rate from 2023 to 2026 [62][63] - **Maintenance Loss Estimation**: The report shows the historical trends of maintenance loss estimation from 2018 to 2026 [65][66] - **Inventory**: - **Exchange Warehouse Receipts**: The report shows the historical trends of exchange warehouse receipts (total, social inventory, and in - plant inventory) from 2019 to 2026 [68][69][71] - **Social Inventory and In - Plant Inventory**: The report shows the historical trends of social inventory (70 sample enterprises) and in - plant inventory (54 sample enterprises) from 2022 to 2026 [72][73] - **In - Plant Inventory Ratio**: The report shows the historical trends of the in - plant inventory ratio from 2018 to 2026 [75][76] - **Import and Export Situation**: - **Export and Import Trends**: The report shows the historical trends of asphalt export and import from 2019 to 2025 [78][79] - **Korean Asphalt Import Spread**: The report shows the historical trends of the Korean asphalt import spread from 2020 to 2026 [82][83] - **Demand Side**: - **Petroleum Coke Output**: The report shows the historical trends of petroleum coke output from 2019 to 2025 [84][85] - **Apparent Consumption**: The report shows the historical trends of asphalt apparent consumption from 2019 to 2025 [87][88] - **Downstream Demand**: - **Infrastructure - Related Demand**: The report shows the historical trends of highway construction traffic fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year from 2019 to 2025 [90][91][92] - **Downstream Machinery Demand**: The report shows the historical trends of asphalt concrete paver sales, excavator monthly operating hours, domestic excavator sales, and roller sales from 2019 to 2025 [94][95][97] - **Asphalt Operating Rate**: - **Heavy - Traffic Asphalt Operating Rate**: The report shows the historical trends of heavy - traffic asphalt operating rate from 2019 to 2025 [99][100] - **Asphalt Operating Rate by Use**: The report shows the historical trends of building asphalt and modified asphalt operating rates from 2019 to 2025 [102][103] - **Downstream Operating Conditions**: The report shows the historical trends of the operating rates of shoe - material SBS - modified asphalt, shoe - material TPR, road - modified asphalt, and waterproofing membrane from 2021 to 2026 [105][106][107] - **Supply - Demand Balance Sheet**: The report shows the monthly supply - demand balance sheet of asphalt from 2024 to 2026, including monthly output, import volume, export volume, downstream demand, social inventory, in - plant inventory, and diluted asphalt port inventory [109][110]