Group 1: Report Investment Rating - No information provided Group 2: Core Views For Shanghai Nickel - Last week, nickel prices rebounded, with manufacturers showing some reluctance to sell and traders remaining cautious in purchasing. Some production capacities have reduced recently, leading to a shortage of certain supplies. The price of nickel ore is firm, and ocean freight rates remain unchanged. The RKAB quota in Indonesia for 2026 is expected to be 3.19 billion tons, indicating a loose supply outlook. The price of nickel iron shows signs of stabilizing, with most remaining stable and a small portion still declining. The cost line remains stable. Stainless steel inventory has increased, and demand remains weak. Refined nickel inventory remains at a high level, and the oversupply situation persists. Although the production and sales data of new energy vehicles are good, the overall boost to nickel demand is limited. The basis is positive, but inventory, the market trend, and the main positions all suggest a bearish outlook. The Shanghai Nickel 2601 contract is expected to fluctuate around the 20 - day moving average, and for the medium - to - long - term, it is advisable to sell on rebounds [2]. For Stainless Steel - The spot price of stainless steel has slightly decreased. In the short term, the price of nickel ore is firm, ocean freight rates are unchanged, and the price of nickel iron has stopped falling with most remaining stable, so the cost line remains stable. Stainless steel inventory has increased. The basis is positive, inventory is neutral, and the market trend is bearish. The Stainless Steel 2601 contract is expected to be under pressure below the 20 - day moving average and operate weakly [4]. Group 3: Summary by Related Catalogs Nickel and Stainless Steel Price Overview - **Nickel Futures**: On November 28, the Shanghai Nickel main contract closed at 117,010, up 110 from the previous day; the LME nickel closed at 14,820, down 20. Among spot nickel, SMM1 electrolytic nickel was 119,500, up 500; 1 Jinchuan nickel was 121,900, up 600; 1 imported nickel was 117,550, up 500; and nickel beans were 119,600, up 500 [10]. - **Stainless Steel Futures**: The stainless steel main contract closed at 12,355 on November 28, down 55 from the previous day. Among spot stainless steel, the average price of cold - rolled 304*2B in different regions showed little change, with some prices remaining stable and a small decline in Foshan [10]. Nickel Warehouse Receipts and Inventory - As of November 28, the LME nickel inventory was 254,760 tons, a decrease of 690 tons; the Shanghai Futures Exchange nickel warehouse receipts were 33,309 tons, a decrease of 239 tons. The total inventory was 288,069 tons, a decrease of 929 tons [13]. Stainless Steel Warehouse Receipts and Inventory - On November 28, the inventory in Wuxi was 579,400 tons, in Foshan was 355,900 tons, and the national inventory was 1,086,100 tons, a month - on - month increase of 14,400 tons. The inventory of the 300 - series was 669,200 tons, a month - on - month increase of 10,400 tons. The stainless steel warehouse receipts were 63,119 tons, a decrease of 354 tons [16][17]. Nickel Ore and Nickel Iron Prices - The price of laterite nickel ore CIF with Ni1.5% remained at 57 US dollars per wet ton, and with Ni0.9% remained at 29 US dollars per wet ton on November 28. Ocean freight rates from the Philippines to Lianyungang and Tianjin Port remained unchanged. The price of high - nickel wet ton (8 - 12) was 883 yuan per nickel point, down 1 yuan, and the price of low - nickel wet ton (below 2) remained at 3,200 yuan per ton [20]. Stainless Steel Production Cost - The traditional production cost of stainless steel was 12,473 yuan, the production cost using scrap steel was 12,768 yuan, and the production cost using low - nickel iron and pure nickel was 16,248 yuan [22]. Nickel Import Cost Calculation - The converted import price was 118,722 yuan per ton [25].

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - The short - term trend of Shanghai zinc ZN2601 is expected to be an oscillating rebound. The previous trading day saw an oscillating rebound in Shanghai zinc, with shrinking trading volume and small reductions in both long and short positions. Technically, the price is near the long - term moving average with strong support, short - term indicator KDJ is rising in the weak area, and the trend indicator shows that both long and short forces are rising and becoming intertwined [2][19] Summary According to Related Catalogs 1. Fundamental Information - In September 2025, global refined zinc production was 1.1935 million tons, consumption was 1.2292 million tons, resulting in a supply shortage of 35,700 tons. From January to September, global zinc sheet production was 10.3632 million tons, consumption was 10.7369 million tons, with a supply shortage of 373,700 tons. In September, global zinc ore production was 1.1633 million tons, and from January to September, it was 9.9647 million tons [2] 2. Basis - The spot price is 22,460, and the basis is +35, indicating a neutral situation [2] 3. Inventory - On November 28, LME zinc inventory increased by 950 tons to 51,750 tons compared to the previous day, and the Shanghai Futures Exchange zinc inventory warrants decreased by 1,501 tons to 67,617 tons [2] 4. Futures Market Quotes - On November 28, the zinc futures of different delivery months showed various price changes. For example, for the 2512 delivery month, the previous settlement price was 22,440, the opening price was 22,320, the highest price was 22,420, the lowest price was 22,280, and the closing price was 22,385 [3] 5. Spot Market Quotes - On November 28, the price of domestic zinc concentrate had different levels. The domestic zinc concentrate spot TC was 2,300 yuan/metal ton, and the imported zinc concentrate comprehensive TC was 70 US dollars/dry ton. The price of 0 zinc in different regions also varied, such as 22,460 yuan/ton in Shanghai, 22,300 yuan/ton in Guangdong, 22,370 yuan/ton in Tianjin, and 22,530 yuan/ton in Zhejiang [4] 6. Zinc Ingot Inventory Statistics - From November 17 to November 27, the total inventory of zinc ingots in major domestic markets decreased from 162,400 tons to 140,400 tons. Compared with November 20, it decreased by 19,400 tons, and compared with November 24, it decreased by 11,200 tons [5] 7. Zinc Warrant Report - On November 28, the total zinc warrants of the Shanghai Futures Exchange were 67,617 tons, a decrease of 1,501 tons. Different regions had different warrant changes, such as a decrease of 872 tons in Guangdong and a decrease of 224 tons in Tianjin [6] 8. LME Zinc Inventory Distribution - On November 28, the LME zinc inventory had different changes in different locations, with a total increase of 950 tons to 51,750 tons [7] 9. Zinc Concentrate Price - On November 28, the price of 50% - grade zinc concentrate in major domestic cities was around 18,210 - 18,610 yuan/ton, with a decrease of 70 yuan/ton compared to the previous period [9] 10. Zinc Ingot Smelter Price - On November 28, the price of 0 zinc ingots from different smelters decreased by 80 yuan/ton. For example, the price of zinc ingots from Hunan Mochazhaojing was 22,640 yuan/ton, and that from Liaoning Huludao Zinc Industry was 23,070 yuan/ton [12] 11. Refined Zinc Production - In October 2025, the actual production of refined zinc was 524,300 tons, with a month - on - month increase of 4.87%, a year - on - year increase of 18.38%, and a 2.88% increase compared to the planned value. The planned production for November is 522,300 tons [15] 12. Zinc Concentrate Processing Fee - On November 28, the processing fee of 50% - grade domestic zinc concentrate was around 2,200 - 2,800 yuan/metal ton, and the imported 48% - grade zinc concentrate processing fee was 60 - 80 US dollars/dry ton, with a decrease of 10 US dollars/dry ton [17] 13. Member Trading and Position Ranking - On November 28, in the Shanghai Futures Exchange, for zinc trading, in terms of trading volume, the top three were CITIC Futures (on behalf of clients) with 28,212 lots, Orient Futures (on behalf of clients) with 24,739 lots, and Guotai Junan (on behalf of clients) with 22,295 lots. In terms of long positions, the top three were Orient Futures (on behalf of clients) with 10,229 lots, CITIC Futures (on behalf of clients) with 9,694 lots, and Guotai Junan (on behalf of clients) with 7,863 lots. In terms of short positions, the top three were CITIC Futures (on behalf of clients) with 16,159 lots, Guotai Junan (on behalf of clients) with 8,976 lots, and Galaxy Futures (on behalf of clients) with 5,056 lots [18]

交易咨询业务资格：证监许可【2012】1091号 尿素早报 2025-12-1 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。 • 1. 基本面：当前日产及开工率再次出现回升，重回近年高位，综合库存有所回落，去库形态 较明显。需求端，农业需求近期有所提升，工业需求按需为主，复合肥、三聚氰胺开工率同比均 有所回升。出口内外价差大，库存去库叠加农储需求提升，提振盘面情绪。国内尿素整体仍供过 于求。交割品现货1660（+10），基本面整体中性； • 2. 基差： UR2601合约基差-17，升贴水比例-1.0%，偏空； • 3. 库存：UR综合库存146.4万吨（-7.3），偏空； • 4. 盘面： UR主力合约20日均线向上，收盘价位于20日线上，偏多； • 5. 主力持仓：UR主力持仓净空，增空，偏空； • 6. 预期：尿素主力合约盘面震荡反弹 ...

交易咨询业务资格：证监许可【2012】1091号 聚烯烃早报 2025-12-1 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。 • LLDPE概述： • 1. 基本面：宏观方面，10月份，官方PMI为49，比上月下降0.8个百分点，制造业景气度有所 回落。OPEC+11 月 30 日会议决定维持 11 月初制定的产量计划，12 月份增产 13.7 万桶 / 日， 在 2026 年 1 月、2 月和 3 月暂停增产计划。近日丙烷价格走强带动聚烯烃价格。供需端，农 膜需求逐步回落，包装膜仍以刚需为主，部分地区有所转好。当前LL交割品现货价6770（-0）， 基本面整体偏空； • 2. 基差： LLDPE 2601合约基差-19，升贴水比例-0.3%，中性； • 3. 库存：PE综合库存50.1万吨（-5.3），偏空； • 4. 盘面： LLDP ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Copper supply is subject to disruptions with smelting enterprises reducing production and scrap - copper policies being relaxed. The November China Manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, still in the contraction range but showing marginal improvement. The overall assessment of the fundamentals is neutral [2]. - The spot price is 87360 with a basis of - 70, indicating a discount to the futures, which is neutral [2]. - On November 28, copper inventories increased by 2250 to 159425 tons, and SHFE copper inventories decreased by 12673 tons to 97930 tons compared with the previous week, a neutral situation [2]. - The closing price is above the 20 - day moving average, and the 20 - day moving average is moving upwards, showing a bullish trend [2]. - The net position of the main players is long, but the long positions are decreasing, also showing a bullish trend [2]. - With inventory rising and geopolitical disturbances remaining (such as the event at Indonesia's Grasberg Block Cave mine), copper prices are expected to fluctuate at high levels [2]. 3. Summary by Relevant Catalogs Daily View - The supply - side of copper has disturbances, and the PMI shows marginal improvement. The overall fundamentals, basis, and inventory are neutral; the price trend and main - player positions are bullish. Copper prices are expected to fluctuate at high levels [2]. Recent利多利空Analysis - The logic involves global policy easing and the escalation of trade wars, but specific details of the impact on copper prices are not elaborated [3]. Spot - The document provides a table format for spot information including location, mid - price, price change, and inventory details, but specific data is not filled in [6]. 期现价差 No specific content provided. Exchange Inventory No specific content provided. Bonded Area Inventory - Bonded area inventories are rising from a low level [13]. Processing Fee - Processing fees are falling [15]. CFTC No specific content provided. Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, the market will be in a tight balance. A detailed China annual supply - demand balance table for copper is also provided [19][21].

沪铝早报- 交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 ：祝森林 从业资格证号：F3023048 投资咨询证号：Z0013626 联系方式：0575-85226759 铝: 1、基本面：碳中和控制产能扩张，下游需求不强劲，房地产延续疲软，宏观短期情绪多变；中性。 2、基差：现货21430，基差-180，贴水期货，中性。 3、库存：上期所铝库存较上周跌8439吨至115277吨；中性。 4、盘面：收盘价收于20均线上，20均线向上运行；偏多。 5、主力持仓：主力净持仓多，多减；偏多。 6、预期：碳中和催发铝行业变革，长期利多铝价，宏观情绪多变，铝价震荡运行 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。 每日观点 1、全球经济并不乐观，高铝价会压制下游消费。 2、铝材出口退税取消 逻辑： 利空： 每日汇总 | 现货 昨日现货 | 地方 地方 上海 昨日上 | 中间价 中间价 70770 | 涨跌 涨跌 -375 | 库存 | 类型 类型 仓单 仓单 ...

1 每日提示 2 多空关注 3 基本面数据 交易咨询业务资格：证监许可【2012】1091号 2025-11-28甲醇早报 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。 CONTENTS 目 录 4 检修状况 甲醇2601： 1、基本面：产区甲醇工厂无库存压力，但港口高库存对整体行情有压制作用，预计本周国内甲醇震荡整理，且部分地 区不排除走跌可能。内地方面来看，虽然当前产区工厂暂无库存压力，但市场消息称托县甲醇装置近期有重启计划，内 地重回高开工弱需求的供应格局，以及港口进口货源持续倒流内地，业者对后市心态谨慎，后期或震荡偏弱。港口方面， 伊朗多套装置停车兑现和港口库存明显去化，才能构成行情反转的支撑点，在此达成之前，期现货深度磨底。预计本周 港口甲醇市场延续探底，不过目前绝对价格来看，预计下方空间有限；关注伊朗装置检修实际落地节点；中性 2 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - The soybean meal M2601 will fluctuate in the range of 3020 - 3080. The US soybean market is closed for Thanksgiving, and the market focuses on China's soybean purchases. Domestic soybean meal is rising, but the demand improvement and spot price discount limit the rebound. It is expected to maintain a short - term oscillatory pattern [9]. - The soybean A2601 will fluctuate in the range of 4060 - 4160. The domestic soybean market is affected by the US soybean trend, and the cost - performance advantage of domestic soybeans supports the price, but the domestic soybean production increase restricts the upward movement [11]. - The preliminary agreement on Sino - US tariff negotiations is short - term positive for US soybeans. However, there are uncertainties in China's purchase quantity and US soybean weather. The domestic soybean meal market will return to range - bound fluctuations due to various factors such as the decline of soybean arrivals in November, the decrease in hog farming profits, and the high inventory of soybean meal in domestic oil mills [13]. Group 3: Summary by Directory 1. Daily Hints - No relevant detailed content found 2. Recent News - The preliminary Sino - US tariff negotiation agreement is short - term positive for US soybeans. The US soybean market is oscillating strongly above the 1000 - point mark. The domestic soybean meal market has returned to range - bound fluctuations due to factors like the decline in imported soybean arrivals in November, the decrease in hog farming profits, and high inventory in domestic oil mills [13]. 3. Long and Short Concerns - **Soybean Meal Longs**: The preliminary Sino - US trade negotiation agreement is short - term positive for US soybeans; the inventory of soybean meal in domestic oil mills has no pressure; the weather in the US and South American soybean - producing areas is still uncertain [14]. - **Soybean Meal Shorts**: The total arrival volume of imported soybeans in November remains high; under normal weather conditions, South American soybeans are expected to have a bumper harvest [15]. - **Soybean Longs**: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected recovery of domestic soybean demand supports the domestic soybean price [16]. - **Soybean Shorts**: Brazil's soybean harvest is good, and China is increasing its purchases of Brazilian soybeans; the expected increase in domestic soybean production restricts the price increase [16]. 4. Fundamental Data - **Soybean Meal**: The basis of soybean meal in East China is - 55, indicating a discount to futures. The inventory of soybean meal in oil mills is 99.29 million tons, a month - on - month decrease of 13.89% and a year - on - year increase of 27.52% [9]. - **Soybeans**: The basis of domestic soybeans is - 6, indicating a discount to futures. The inventory of soybeans in oil mills is 747.71 million tons, a month - on - month decrease of 1.87% and a year - on - year increase of 40.92% [11]. - The report also provides the supply - demand balance sheets of global and domestic soybeans from 2015 - 2024, including data on harvest area, production, inventory, etc. [33][34] 5. Position Data - The main short positions in both soybean meal and soybeans have increased, and funds have flowed out [9][11] 6. Soybean Meal and Soybean Price and Transaction Data - The report provides the transaction prices and volumes of soybean meal and rapeseed meal from November 19 - 27, 2025, as well as the price differences between them [17]. - It also shows the futures and spot prices of soybeans and soybean meal from November 20 - 27, 2025 [19]. - The report presents the warehouse receipt statistics of soybeans and soybean meal from November 18 - 27, 2025 [21]. 7. Global Soybean Production Progress - The report provides the planting and harvesting progress of soybeans in Argentina (2023/24, 2024/25), the US (2024, 2025), and Brazil (2024/25, 2025/26) [35][36][40] 8. USDA Supply - Demand Report - The report shows the USDA's monthly supply - demand reports from April - November 2025, including data on planting area, yield, production, and ending inventory [46] 9. Other Market Conditions - The weekly export inspection of US soybeans has increased month - on - month but decreased year - on - year [47]. - The arrival volume of imported soybeans decreased from its high in November but increased overall year - on - year [49]. - The inventory of soybeans in oil mills remains high, while the inventory of soybean meal has decreased from its high [50]. - The unfulfilled contracts of oil mills have increased from a low level, and the备货 demand has recovered [52]. - The import cost of Brazilian soybeans has decreased following the decline of US soybeans, and the on - paper profit has fluctuated slightly [56]. - The hog inventory has been rising, the sow inventory is flat year - on - year and slightly decreased month - on - month. The hog price has fluctuated slightly recently, and the piglet price has remained weak. The proportion of large hogs in China has increased, and the cost of secondary fattening of hogs has increased slightly. The domestic hog farming profit has decreased slightly [58][60][64]

大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 | | | 供给端来看 ， | 上周碳酸锂产量为22130吨 环比增长2 71% 高于历史同期平均水平 ， . , | | 。 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 需求端来看 ， | 上周磷酸铁锂样本企业库存为102584吨 环比减少2 05% ， . , | | 上周三元材料 | | | | | | | | | | 样本企业库存为19290吨 | 环比增加0 41% ， . 。 | | | | | | | | | | | | 成本端来看 | 外购锂辉石精矿成本为91118元/吨 日环比增长3 28% | 生产所得为398 | | | | | | | | | 1 | 基本面: 、 | ， | ， . , | | | 中性 | | | | | 。 | | | | 元/吨 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The supply pressure remains high on the supply - side, and the recovery is weak on the demand - side [12] - The high - priced asphalt has insufficient demand, and the overall demand is declining with an increasing expectation of an economic recession in Europe and the United States [11] - The cost of crude oil is relatively high, providing some support [10] - The asphalt market is expected to fluctuate narrowly in the short term, with the asphalt 2601 contract oscillating between 2981 - 3033 [8] 3. Summary by Relevant Catalogs 3.1 Daily Views - **Supply - side**: In November 2025, the total planned output of refinery asphalt was 1.312 million tons, a month - on - month increase of 18.2% and a year - on - year decrease of 6.5%. The capacity utilization rate of domestic petroleum asphalt samples was 26.4262%, a month - on - month decrease of 4.37 percentage points. The national sample enterprises' shipment was 245,550 tons, a month - on - month increase of 15.28%. The sample enterprises' output was 441,000 tons, a month - on - month decrease of 14.20%. The estimated maintenance volume of sample enterprise equipment was 958,000 tons, a month - on - month increase of 14.59%. Refineries reduced production this week to ease supply pressure, but supply pressure may increase next week [8] - **Demand - side**: The开工率 of heavy - traffic asphalt was 24.8%, a month - on - month decrease of 0.14 percentage points, lower than the historical average; the开工率 of construction asphalt was 6%, flat month - on - month, lower than the historical average; the开工率 of modified asphalt was 10.587%, a month - on - month decrease of 0.63 percentage points, lower than the historical average; the开工率 of road - modified asphalt was 34%, flat month - on - month, higher than the historical average; the开工率 of waterproofing membranes was 34%, a month - on - month increase of 1.00 percentage point, lower than the historical average. Overall, the current demand is lower than the historical average [8] - **Cost - side**: The daily processing profit of asphalt was - 453.38 yuan/ton, a month - on - month increase of 1.00%. The weekly delayed coking profit of Shandong refineries was 1,086.84 yuan/ton, a month - on - month increase of 18.76%. The processing loss of asphalt increased, and the profit difference between asphalt and delayed coking increased. With the strengthening of crude oil, it is expected to provide short - term support [8] - **Basis**: On November 27, the spot price in Shandong was 3,010 yuan/ton, and the basis of the 01 contract was 3 yuan/ton, with the spot at a premium to the futures [8] - **Inventory**: Social inventory was 794,000 tons, a month - on - month decrease of 3.75%; factory inventory was 642,000 tons, a month - on - month decrease of 0.77%; port diluted asphalt inventory was 800,000 tons, a month - on - month increase of 28.57%. Social and factory inventories continued to decline, while port inventory continued to accumulate [8] - **Market Chart**: The MA20 was downward, and the futures price of the 01 contract closed below the MA20 [8] - **Main Position**: The main position was net short, and the short position decreased [8] 3.2 Asphalt Market Overview - The report provides detailed data on yesterday's asphalt market, including the prices, changes, and trading volumes of different contracts, as well as inventory, production, and demand indicators [15] 3.3 Asphalt Futures Market Analysis - **Basis Trend**: It shows the historical trends of the Shandong and East China asphalt basis from 2020 - 2025 [18][20] - **Spread Analysis**: - **Main Contract Spread**: Displays the historical trends of the 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 - 2025 [23] - **Asphalt - Crude Oil Price Trend**: Presents the historical price trends of asphalt, Brent crude oil, and West Texas crude oil from 2020 - 2025 [26] - **Crude Oil Crack Spread**: Shows the historical crack spreads of asphalt against SC, WTI, and Brent crude oils from 2020 - 2025 [29][30] - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: Displays the historical price ratio trends of asphalt against SC crude oil and fuel oil from 2020 - 2025 [34] 3.4 Asphalt Spot Market Analysis - It shows the historical price trends of Shandong heavy - traffic asphalt from 2020 - 2025 [36] 3.5 Asphalt Fundamental Analysis - **Profit Analysis**: - **Asphalt Profit**: Displays the historical profit trends of asphalt from 2019 - 2025 [39] - **Coking - Asphalt Profit Spread Trend**: Shows the historical profit spread trends between coking and asphalt from 2020 - 2025 [43] - **Supply - side Analysis**: - **Shipment Volume**: Displays the historical weekly shipment volumes of asphalt small - sample enterprises from 2020 - 2025 [46] - **Diluted Asphalt Port Inventory**: Shows the historical domestic diluted asphalt port inventories from 2021 - 2025 [48] - **Production Volume**: Displays the historical weekly and monthly production volumes of asphalt from 2019 - 2025 [51] - **Marey Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: Shows the historical price trends of Marey crude oil and the monthly production volumes of Venezuelan crude oil from 2018 - 2025 [56] - **Refinery Asphalt Production**: Displays the historical production volumes of refinery asphalt from 2019 - 2025 [58] - **Capacity Utilization Rate**: Displays the historical weekly capacity utilization rates of asphalt from 2021 - 2025 [61] - **Estimated Maintenance Loss Volume**: Shows the historical estimated maintenance loss volume trends of asphalt from 2018 - 2025 [64] - **Inventory Analysis**: - **Exchange Warehouse Receipts**: Displays the historical exchange warehouse receipts (total, social inventory, and factory inventory) of asphalt from 2019 - 2025 [67][68] - **Social Inventory and Factory Inventory**: Shows the historical social and factory inventories of asphalt from 2022 - 2025 [71] - **Factory Inventory - Inventory Ratio**: Displays the historical factory inventory - inventory ratios of asphalt from 2018 - 2025 [74] - **Import and Export Situation**: - **Export and Import Trends**: Displays the historical export and import trends of asphalt from 2019 - 2025 [77] - **South Korean Asphalt Import Spread Trend**: Shows the historical import spread trends of South Korean asphalt from 2020 - 2025 [80] - **Demand - side Analysis**: - **Petroleum Coke Production**: Displays the historical production volumes of petroleum coke from 2019 - 2025 [83] - **Apparent Consumption**: Shows the historical apparent consumption volumes of asphalt from 2019 - 2025 [86] - **Downstream Demand**: - **Highway Construction and Transportation Fixed - Asset Investment**: Displays the historical highway construction and transportation fixed - asset investment trends from 2020 - 2025 [89] - **New Local Special Bonds and Infrastructure Investment Completion Year - on - Year**: Shows the historical trends of new local special bonds and the year - on - year completion of infrastructure investment from 2019 - 2025 [90] - **Downstream Machinery Demand**: Displays the historical sales volumes of asphalt concrete pavers, the monthly operating hours of excavators, and the sales volumes of domestic excavators and road rollers from 2019 - 2025 [93][95] - **Asphalt Capacity Utilization Rate**: - **Heavy - Traffic Asphalt Capacity Utilization Rate**: Displays the historical capacity utilization rates of heavy - traffic asphalt from 2019 - 2025 [98] - **Asphalt Capacity Utilization Rate by Use**: Shows the historical capacity utilization rates of construction asphalt, modified asphalt, and other types of asphalt from 2019 - 2025 [100] - **Downstream Capacity Utilization Situation**: Displays the historical capacity utilization rates of shoe - material SBS - modified asphalt, road - modified asphalt, waterproofing membrane - modified asphalt, and other downstream products from 2019 - 2025 [102][104] - **Supply - Demand Balance Sheet**: Provides the monthly asphalt supply - demand balance sheets from January 2024 to November 2025, including downstream demand, inventory, export, import, and production data [107]