Report Industry Investment Rating - Not provided Core Viewpoints - The asphalt market is expected to oscillate weakly. Supply is decreasing, demand is weakening, and inventories are at a low level. The price of crude oil has rebounded slightly, but the overall market is still weak [1]. Summary by Relevant Catalogs Market Analysis - Last week, the asphalt operating rate decreased by 0.7 percentage points to 29.0% week-on-week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years. In November, domestic asphalt production is expected to be 2.228 million tons, a decrease of 454,000 tons month-on-month, a decrease of 16.9%, and a decrease of 274,000 tons year-on-year, a decrease of 11.0% [1]. - Last week, the operating rates of most downstream asphalt industries were stable. The road asphalt operating rate decreased by 1 percentage point to 33% week-on-week, slightly higher than the same period last year, restricted by funds and weather. The supply in North China decreased, and its shipments decreased significantly. The national shipments decreased by 31.02% to 213,000 tons week-on-week, at a moderately low level [1]. - The inventory-to-sales ratio of asphalt refineries increased slightly week-on-week but remained at the lowest level in the same period in recent years. The crack spread of refined oil products in Europe and the United States increased, and the crude oil price rebounded slightly. This week, refineries such as Shandong Shengxing plan to switch to producing residual oil, and the asphalt operating rate will remain low. With the arrival of the cold wave, the temperature in the north continues to drop, road construction is gradually ending, and subsequent demand will further weaken. The increase in projects in the south is limited [1]. Futures and Spot Market - Today, the asphalt futures contract 2601 fell 0.13% to 3,045 yuan/ton, above the 5-day moving average. The lowest price was 3,025 yuan/ton, and the highest price was 3,066 yuan/ton. The open interest decreased by 10,781 to 181,181 lots [2]. - The mainstream market price in Shandong increased to 3,030 yuan/ton, and the basis of the asphalt 01 contract increased to -15 yuan/ton, at a neutral level [3]. Fundamental Tracking - On the supply side, refineries such as Qilu Petrochemical and Shanghai Petrochemical switched to producing residual oil. The asphalt operating rate decreased by 0.7 percentage points to 29.0% week-on-week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years [1][4]. - From January to September, the national highway construction investment decreased by 6.0% year-on-year. The cumulative year-on-year growth rate rebounded slightly compared with January - August 2025 but was still negative. From January to October 2025, the cumulative year-on-year growth rate of the actual completed fixed - asset investment in the road transportation industry was -4.3%, a slight decline from -2.7% from January to September 2025, still in a cumulative year-on-year negative growth situation. From January to October 2025, the cumulative year-on-year growth rate of the completed fixed - asset investment in infrastructure construction (excluding electricity) decreased to -0.1% from 1.1% from January to September 2025 [4]. - As of the week of November 14, the operating rates of most downstream asphalt industries were stable. The road asphalt operating rate decreased by 1 percentage point to 33% week-on-week, slightly higher than the same period last year, restricted by funds and weather [1][4]. - From the perspective of social financing stock, from January to September 2025, the social financing stock increased by 8.7% year-on-year, and the growth rate slowed down by 0.1 percentage point compared with January - August. In September, the new social financing was as high as 3.53 trillion yuan, but year-on-year it was 233.5 billion yuan less due to the high base. Attention should be paid to the progress of forming physical workload [4]. Inventory - As of the week of November 14, the inventory - to - sales ratio of asphalt refineries increased by 0.4 percentage points to 14.5% compared with the week of November 7, but it was still at the lowest level in the same period in recent years [5]

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core View of the Report - The PP industry is expected to experience weak and volatile trends. Although previous cost increases and the downstream peak season pushed up the PP price, the overall supply - demand pattern remains unchanged [1] 3. Summary According to Relevant Catalogs 3.1行情分析 - PP downstream operating rate increased by 0.14 percentage points to 53.28% week - on - week, at a relatively low level in the same period over the years. However, the operating rate of plastic weaving, the main downstream of PP drawstring, decreased by 0.12 percentage points to 44.24% week - on - week, with slightly fewer orders and slightly lower than the same period last year [1] - On November 19th, new maintenance devices such as the first line of Guangdong Petrochemical were added, and the PP enterprise operating rate dropped to around 81%, at a moderately low level. The production ratio of the standard drawstring grade rose to around 25% [1][4] - Petrochemical inventory reduction slowed down, and the current petrochemical inventory is at a moderately high level in the same period in recent years [1][4] - On the cost side, after the end of the US government shutdown, the crack spread of refined oil in Europe and the US continued to strengthen, and the crude oil price rebounded after a decline. However, OPEC adjusted the global oil supply from a shortage of 400,000 barrels per day in Q3 2025 to a surplus of 500,000 barrels per day, and the pattern of crude oil supply surplus has become more of a consensus, so the increase in crude oil price is limited [1] - In terms of supply, PetroChina Guangxi Petrochemical with a new production capacity of 400,000 tons per year was put into operation in mid - October, and the number of maintenance devices has increased recently. The downstream is at the end of the peak season, the follow - up of orders such as plastic weaving is limited, the market lacks large - scale centralized procurement, and the boost to the market is limited. Traders generally offer discounts to stimulate transactions [1] 3.2期现行情 3.2.1期货方面 - The PP2601 contract reduced positions and fluctuated upwards, with a minimum price of 6,394 yuan/ton, a maximum price of 6,444 yuan/ton, and finally closed at 6,434 yuan/ton, below the 20 - day moving average, with a gain of 0.11%. The position decreased by 18,039 lots to 620,333 lots [2] 3.2.2现货方面 - Most PP spot prices in various regions declined. The drawstring grade was reported at 6,200 - 6,560 yuan/ton [3] 3.3基本面跟踪 - On the supply side, on November 19th, new maintenance devices such as the first line of Guangdong Petrochemical were added, and the PP enterprise operating rate dropped to around 81%, at a moderately low level [4] - In terms of demand, as of the week of November 14th, the PP downstream operating rate increased by 0.14 percentage points to 53.28% week - on - week, at a relatively low level in the same period over the years. However, the operating rate of plastic weaving, the main downstream of PP drawstring, decreased by 0.12 percentage points to 44.24% week - on - week, with slightly fewer orders and slightly lower than the same period last year [1][4] - On Wednesday, the petrochemical early inventory decreased by 10,000 tons to 700,000 tons week - on - week, 40,000 tons higher than the same period last year. Petrochemical inventory reduction slowed down, and the current petrochemical inventory is at a moderately high level in the same period in recent years [4] 3.4原料端原油 - The Brent crude oil 01 contract fluctuated around $64 per barrel, and the CFR propylene price in China remained flat at $730 per ton week - on - week [6]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - As of the close on November 19, domestic futures main contracts showed mixed performance, with some rising and some falling [6]. - The overall trend of various commodities is affected by factors such as supply and demand, production, consumption, and geopolitical situations, and most commodities are expected to show a weak - oscillating trend [9][11][12]. 3. Summary by Commodity Metals - **Copper**: Copper opened low and moved high, showing strength during the day. Affected by US employment data, copper prices slightly increased. With an expected increase in production and a transition from peak to off - peak demand, the fundamental situation restricts the upward space of prices [9]. - **Silver**: The main contract of Shanghai silver rose more than 2%, and the main contract of Shanghai silver 2602 had an inflow of 1.733 billion yuan [6][7]. - **Carbonate Lithium**: It opened low and moved high, rising during the day. Due to strong demand, inventory has been continuously decreasing, and the supply - demand balance pattern promotes the price to oscillate strongly, but a callback should be guarded against [11]. - **Aluminum Oxide**: It fell nearly 2% [6]. - **Coking Coal**: It opened low and moved low, falling during the day. With weakening supply - demand fundamentals and increased inventory pressure at the Mao Du Port, it is expected to run weakly [20][21]. Energy - **Crude Oil**: OPEC+ decided to increase production in December, which will intensify the supply pressure in the fourth quarter but reduce it in the first quarter of next year. With the end of the peak demand season and an increase in inventory, the supply - demand pattern is oversupplied, and prices are expected to oscillate weakly [12][13]. - **Asphalt**: The supply is decreasing, the demand is weakening, and the inventory is at a low level. With the approach of cold weather, the demand will further decline, and the futures price is expected to oscillate weakly [14]. Chemicals - **PP**: The downstream start - up rate is at a low level, the supply has increased due to new production capacity and some maintenance, and the demand is in the off - peak season. With an oversupplied crude oil market, the price is expected to oscillate weakly [15][16]. - **Plastic**: The start - up rate has slightly increased, new production capacity has been put into operation, the demand in the north has decreased, and the downstream purchasing intention is insufficient. With an oversupplied crude oil market, the price is expected to oscillate weakly [17]. - **PVC**: The upstream price has decreased, the supply start - up rate has decreased, the downstream start - up rate is low, the inventory is high, and the market is affected by policies and other factors. The price is expected to oscillate weakly [19]. - **Urea**: It opened high and moved low, oscillating strongly. The supply is loose, the cost is rising, the demand is improving, and the inventory is decreasing. The price is expected to continue to rebound, and attention should be paid to the upper pressure level [22]. Others - **Palm Oil**: It rose nearly 2% [6]. - **Peanuts**: It fell nearly 2% [6]. - **Concentration Index (European Line)**: It fell more than 2% [6]. - **Stock Index Futures**: The main contract of CSI 300 stock index futures (IF) rose 0.49%, the main contract of SSE 50 stock index futures (IH) rose 0.55%, the main contract of CSI 500 stock index futures (IC) fell 0.02%, and the main contract of CSI 1000 stock index futures (IM) fell 0.42% [7]. - **Treasury Bond Futures**: The main contracts of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures all fell [7].

投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 【冠通期货研究报告】 原油日报：原油震荡上行 发布日期：2025年11月19日 【行情分析】 11月2日，欧佩克+八国决定12月增产13.7万桶/日，与此前10月、11月增产计划一致，明年第一 季度暂停增产，欧佩克+八国下一次会议将于11月30日举行。这将加剧四季度的原油供应压力，但对 于明年一季度的供应压力意外减轻。原油需求旺季结束，EIA数据显示美国原油累库幅度超预期，成 品油库存去库幅度不及预期，整体油品库存继续增加。美国原油产量继续刷新历史最高位。美国对 俄罗斯态度转变，美国财政部制裁俄罗斯最大的两家石油企业俄罗斯石油公司、卢克石油公司及其 子公司，俄罗斯原油出口预期受限。印度有与美国达成新的关税协议而同意逐步减少对俄罗斯石油 进口的倾向。美国财政部外国资产控制办公室称，近十几个主要的印度买家表示打算暂停购买俄罗 斯12月份交付的石油。乌克兰对俄罗斯炼厂袭击，俄罗斯梁赞炼油厂暂停原油加工，欧洲汽柴油持 续上涨，关注俄罗斯原油的出口情况。美国与委内瑞拉军事对峙升级，福特号打击群到达加勒比海。 利比亚首都的黎波里附 ...

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The fundamentals of the urea market have improved, with continuous inventory reduction despite high daily production, and the futures price continues to rebound. Attention should be paid to the upper resistance level [1]. 3. Summary by Related Catalogs 3.1. Market Analysis - Urea futures opened higher and closed lower, showing a volatile and slightly stronger trend. The trading sentiment has improved recently, with good orders received by factories and firm spot prices. The ex - factory price of small - particle urea in Shandong, Henan, and Hebei ranges from 1550 - 1600 yuan/ton, with a price increase of 10 - 20 yuan/ton, and the highest price is in Hebei [1][5]. - The supply side remains loose, with previously shut - down plants resuming production, and the output is expected to continue to increase. The price of coal raw materials continues to rise, but the increase is gradually narrowing [1]. - The operating load of compound fertilizer plants decreased this week due to environmental inspections in North China. After the inspections end, the operation will improve. The raw material prices have increased significantly, driving up the cost. Currently, it is in the late stage of the wheat fertilizer season, and the winter storage policy for compound fertilizers is advancing. The finished product inventory of factories is in the digestion stage of autumn fertilizers [1]. - Downstream procurement has increased. Although the price has been rising, the inventory has continued to decline this week, but the decline rate has narrowed compared with the previous period. In October 2025, China's urea export volume was about 1.2 million tons, and from January to October 2025, it was about 4.01 million tons, a significant increase of about 3.754 million tons compared with 256,000 tons in the same period of 2025 [1]. 3.2. Futures and Spot Market - **Futures**: The main urea 2601 contract opened at 1665 yuan/ton, closed at 1663 yuan/ton, with a change of + 0.06%. The trading volume was 249,090 lots, a decrease of 1817 lots. Among the top 20 positions of the main contract, long positions decreased by 669 lots, and short positions decreased by 1566 lots. Fangzheng Mid - term had a net long position of - 477 lots, GF Futures had a net long position of + 375 lots, CITIC Futures had a net short position of + 1550 lots, and Guotai Junan had a net short position of - 1019 lots [2]. - **Spot**: The trading sentiment in the spot market has improved, with good orders received by factories and firm prices. The ex - factory price of small - particle urea in Shandong, Henan, and Hebei ranges from 1550 - 1600 yuan/ton, with a price increase of 10 - 20 yuan/ton, and the highest price is in Hebei [1][5]. 3.3. Fundamental Tracking - **Basis**: The mainstream spot market quotation and the futures closing price both increased today. Based on the Henan region, the basis strengthened compared with the previous trading day, and the basis of the January contract was - 33 yuan/ton, an increase of 19 yuan/ton [7]. - **Supply**: On November 19, 2025, the national daily urea output was 201,200 tons, unchanged from the previous day, and the operating rate was 82.91% [10]. - **Enterprise Inventory**: As of November 21, 2025, the total inventory of Chinese urea enterprises was 1.4372 million tons, a decrease of 46,400 tons from last week, a month - on - month decrease of 3.13% [11]. - **Pre - sale Orders**: As of November 21, 2025, the pre - sale order days of Chinese urea enterprises were 7.12 days, a decrease of 0.59 days from the previous period, a month - on - month decrease of 7.65% [11].

【冠通期货研究报告】 PVC日报：震荡下行 发布日期：2025年11月19日 【行情分析】 上游西北地区电石价格下调25元/吨。目前供应端，PVC开工率环比减少2.24个百分点至78.51%， PVC开工率转而减少，仍处于近年同期偏高水平。PVC下游开工率略有回落，虽超过过去两年同期， 只是仍是偏低水平。印度将关于PVC的BIS政策终止，对于中国出口PVC至印度的担忧有所缓解。只是 印度反倾销税即将执行，贸易商开始观望，PVC以价换量，上周出口签单环比回升。上周社会库存小 幅减少，但目前仍偏高，库存压力仍然较大。2025年1-10月份，房地产仍在调整阶段，投资、新开 工、竣工面积同比降幅仍较大，投资、销售、新开工、竣工等同比增速进一步下降。30大中城市商 品房周度成交面积环比回升，但仍处于近年同期最低水平，房地产改善仍需时间。氯碱综合利润仍 为正值，PVC开工率同比往年偏高。同时新增产能上，40万吨/年的天津渤化已满负荷生产，30万吨/ 年的甘肃耀望和30万吨/年的嘉兴嘉化试车后低负荷运行。目前PVC产业还未有实际政策落地，老装 置也大多通过技改升级，当然反内卷与老旧装置淘汰，解决石化产能过剩问题仍是宏观政策 ...

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core View of the Report The U.S. employment data affects the interest - rate cut expectations, leading to a slight increase in copper prices. Copper production shows an increasing trend, and as the demand side is transitioning from the peak season to the off - season, the fundamentals limit the rebound space. With the release of U.S. economic data and the approaching of the interest - rate meeting, the trend of copper prices will become clearer [1]. 3) Summary by Relevant Catalogs Market Analysis - The U.S. initial jobless claims for the week ending October 18 were 232,000, and the continued jobless claims were 1.957 million, an increase from the previous week. In November, 5 smelters are expected to undergo maintenance, involving a crude smelting capacity of 1.5 million tons and an expected maintenance impact of 48,000 tons. However, some enterprises that underwent maintenance in October are resuming production, and with the increase in copper prices, production enthusiasm is rising, so output is expected to increase. The supply of scrap copper has increased, making up for the shortage of copper ore resources. The rise in copper prices has restricted downstream consumption, and except for the power and power battery new - energy sectors, downstream demand is weak. In October 2025, China's exports of unwrought copper and copper products were 134,304 tons, a year - on - year increase of 67.8%, and imports were 440,000 tons, a year - on - year decrease of 13.5% [1]. Futures and Spot Market - Futures: Shanghai copper opened lower and moved higher, showing strength during the day. - Spot: The spot premium in East China was 70 yuan/ton, and in South China was 35 yuan/ton. On November 18, 2025, the LME official price was $10,690/ton, and the spot premium was - $41/ton [4]. Supply Side - As of November 17, the spot crude smelting fee (TC) was - $41.82/dry ton, and the spot refining fee (RC) was - 4.37 cents/pound [6]. Fundamental Tracking - Inventory: SHFE copper inventory was 58,400 tons, a decrease of 2,522 tons from the previous period. As of November 17, the copper inventory in the Shanghai Free Trade Zone was 111,200 tons, an increase of 4,300 tons from the previous period. LME copper inventory was 140,500 tons, an increase of 325 tons from the previous period. COMEX copper inventory was 389,300 short tons, an increase of 3,221 short tons from the previous period [9].

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期： 2025/11/19 隔夜夜盘市场走势 1. 国际贵金属期货普遍收跌，COMEX 黄金期货跌 0.17%报 4067.40 美元/盎司， COMEX 白银期货跌 0.34%报 50.54 美元/盎司。 2. 美油主力合约报 60.57 美元/桶；布伦特原油主力合约涨 0.93%报 64.8 美 ...

Report Summary 1. Hot News - The US Patent and Trademark Office modified the transparency rules for patent invalidation applications, targeting foreign - affiliated companies, and some Chinese firms received notices. China's Ministry of Commerce responded that it violates international obligations and discriminates against Chinese enterprises, and will take measures to safeguard their rights [2] - In October, the unemployment rate of the urban labor force aged 16 - 24 (excluding students) was 17.3%, 7.2% for those aged 25 - 29, and 3.8% for those aged 30 - 59 [2] - The Guangzhou Futures Exchange will adjust the trading and intraday closing transaction fees of the lithium carbonate futures LC2601 contract to 0.012% of the trading volume starting from November 20 [2] - The total inventory of imported iron ore at 47 Chinese ports was 15,799,450 tons, a decrease of 20,040 tons from the previous Monday due to a decline in arrivals and unloading [2] - An 1.1 - million - ton granular urea plant in Iran's Hengam Petrochemical Project started trial production and is expected to be officially put into operation by the end of December. Iran's annual urea production capacity is about 8.9 million tons, and exports in the first nine months of this year dropped 34% due to production issues [3] 2. Sector Performance - Key sectors to watch: urea, coking coal, soda ash, PVC, and plastics [4] - Night - session performance: Non - metallic building materials rose 3.40%, precious metals 28.63%, oilseeds 10.08%, non - ferrous metals 23.43%, soft commodities 2.63%, coal, coke, steel, and minerals 12.73%, energy 2.92%, chemicals 10.93%, grains 1.20%, and agricultural and sideline products 4.05% [4] 3. Sector Positions - The report shows the five - day changes in commodity futures sector positions for November 12 - 18 [5] 4. Performance of Major Asset Classes | Category | Name | Daily Return (%) | Monthly Return (%) | Year - to - Date Return (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | - 0.81 | - 0.38 | 17.54 | | | SSE 50 | - 0.30 | - 0.28 | 11.85 | | | CSI 300 | - 0.65 | - 1.56 | 16.09 | | | CSI 500 | - 1.17 | - 2.46 | 24.89 | | | S&P 500 | - 0.83 | - 3.26 | 12.51 | | | Hang Seng Index | - 1.72 | 0.09 | 29.26 | | | German DAX | - 1.85 | - 3.36 | 16.30 | | | Nikkei 225 | - 3.22 | - 7.08 | 22.08 | | | FTSE 100 | - 1.27 | - 1.70 | 16.88 | | Fixed - income | 10 - year Treasury futures | 0.03 | - 0.17 | - 0.39 | | | 5 - year Treasury futures | 0.03 | - 0.14 | - 0.58 | | | 2 - year Treasury futures | 0.01 | - 0.05 | - 0.47 | | Commodity | CRB Commodity Index | 0.57 | 0.27 | 2.24 | | | WTI Crude Oil | 1.30 | - 0.30 | - 15.61 | | | London Spot Gold | 0.55 | 1.60 | 54.97 | | | LME Copper | - 0.75 | - 1.78 | 21.82 | | | Wind Commodity Index | - 1.89 | - 3.36 | 26.25 | | Others | US Dollar Index | 0.06 | - 0.14 | - 8.19 | | | CBOE Volatility Index | 0.00 | 28.33 | 28.99 | [6]

Report Industry Investment Rating - No relevant content provided Core View - The asphalt market is facing a situation where supply is decreasing, demand is weakening, and prices are showing a weak and volatile trend. The supply side is affected by refinery conversions to produce other products, and the demand side is restricted by factors such as funds, weather, and overall infrastructure investment. Additionally, the excess supply of crude oil and the release of low - price resources from refineries are also contributing to the weakening of asphalt prices [1][4]. Summary by Directory Market Analysis - Supply: Last week, the asphalt operating rate dropped by 0.7 percentage points to 29.0% week - on - week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years. In November, the estimated domestic asphalt production is 222.8 million tons, a decrease of 45.4 million tons (16.9%) month - on - month and 27.4 million tons (11.0%) year - on - year. Refineries such as Qilu Petrochemical and Shanghai Petrochemical have switched to producing residual oil [1][4]. - Demand: As of the week of November 14, most of the operating rates of downstream asphalt industries were stable. The operating rate of road asphalt decreased by 1 percentage point to 33% week - on - week, slightly higher than the same period last year, restricted by funds and weather. From January to September, the national highway construction investment decreased by 6.0% year - on - year. From January to October, the cumulative year - on - year growth rate of fixed - asset investment in road transportation was - 4.3%, and the cumulative year - on - year growth rate of infrastructure investment (excluding electricity) was - 0.1% [1][4]. - Price: OPEC adjusted the global oil market from a shortage of 400,000 barrels per day in the third quarter of 2025 to a surplus of 500,000 barrels per day, leading to a decline in crude oil prices. The release of low - price resources from refineries in the long - term has weakened the basis of asphalt in Shandong, and the spot price is weak. The futures price of asphalt is weakly volatile [1]. Futures and Spot Market Conditions - Futures: Today, the asphalt futures 2601 contract fell 0.36% to 3032 yuan/ton, below the 5 - day moving average. The lowest price was 3029 yuan/ton, the highest was 3072 yuan/ton, and the open interest decreased by 2515 to 191,962 lots [2]. - Basis: The mainstream market price in Shandong remained at 3010 yuan/ton, and the basis of the asphalt 01 contract rose to - 22 yuan/ton, at a neutral level [3]. Fundamental Tracking - Supply: Refineries such as Qilu Petrochemical and Shanghai Petrochemical have switched to producing residual oil, causing the asphalt operating rate to drop by 0.7 percentage points to 29.0% week - on - week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years [4]. - Demand: From January to September, the national highway construction investment decreased by 6.0% year - on - year. From January to October, the cumulative year - on - year growth rate of fixed - asset investment in road transportation was - 4.3%, and the cumulative year - on - year growth rate of infrastructure investment (excluding electricity) was - 0.1%. As of the week of November 14, the operating rate of road asphalt decreased by 1 percentage point to 33% week - on - week, slightly higher than the same period last year, restricted by funds and weather [4]. - Inventory: As of the week of November 14, the inventory - to - sales ratio of asphalt refineries increased by 0.4 percentage points to 14.5% week - on - week, still at the lowest level in recent years [5].