Report Overview - Report Type: Iron Ore Daily Report [1] - Date: August 19, 2025 [2] - Research Team: Black Metal Research Team [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - On August 18, the main iron ore futures contract 2601 showed a weak and volatile trend, closing at 772.0 yuan/ton, down 0.64%. Although the US steel and aluminum tariff expansion has a negative impact on market sentiment, considering that steel mills maintain high production to support the ore price and there is no obvious restorative growth in overseas shipments in the short term, the ore price still has some support in the short term. However, it is necessary to observe whether the actual impact of production cuts in the Tangshan area will have a negative impact on the fundamentals [7][11] 3. Summary by Directory 3.1 Market Review and Outlook - **Market Review**: On August 18, the main iron ore futures contract 2601 fluctuated weakly. The opening price was 777 yuan/ton, the highest price was 784 yuan/ton, the lowest price was 766.5 yuan/ton, and the closing price was 772 yuan/ton, down 0.64%. The main iron ore outer - disk quotes were down 0.5 US dollars/ton compared with the previous trading day, and the prices of main - grade iron ore at Qingdao Port were down 5 yuan/ton compared with the previous trading day. The KDJ indicator of the daily line of the iron ore 2601 contract continued to decline, and the green column of the MACD indicator of the daily line of the iron ore 2601 contract had been enlarged for two consecutive trading days [7][9] - **Supply and Demand Situation**: Last week, the weekly shipment volume of 19 ports in Australia and Brazil decreased slightly, and the total shipment volume in the past four weeks decreased by 6.2% compared with the previous four weeks. Considering the shipping time, the subsequent arrival volume may fluctuate at a moderately low level. On the demand side, the downstream steel demand is still in a seasonal decline, and the inventory is accumulating rapidly. However, the production enthusiasm of enterprises is still relatively strong, and the molten iron output rebounded after three consecutive weeks of decline, remaining at a relatively high level of over 2.4 million tons, which strongly supports the ore price [11] - **News Impact**: On August 15, 2025, the US Department of Commerce announced that 407 imported steel and aluminum derivative products would be included in the scope of the 232 - clause tariff of 50%. The effective time starts at 12:01 am on August 18, 2025, Eastern Time in the US. On August 9, Tangshan issued a notice requiring independent steel rolling enterprises to stop production at any time according to the meteorological conditions from August 16 to 25 and to stop production from August 25 to September 3. It is estimated that the production restrictions in Tangshan will affect the daily output of about 90,000 tons of 35 billet - rolled section steel enterprises. If the production cuts are strictly implemented, it may have a negative impact on the fundamentals [10][11] 3.2 Industry News - On August 14, 2025, the Ministry of Industry and Trade of Vietnam issued Announcement No. 2310/QD - BCT, making a positive anti - dumping final ruling on carbon and alloy steel coated sheets and coils originating from China and South Korea, and decided to impose anti - dumping duties on the涉案 products. The tax rate for China is 0 - 37.13%, and for South Korea is 0 - 15.67%. The measures are effective from the date of the announcement and are valid for five years [12] 3.3 Data Overview - The report provides multiple sets of data charts, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade ore, low - grade ore and PB powder at Qingdao Port, the basis between iron ore spot and January contract at Qingdao Port, the shipping volume of iron ore from Brazil and Australia, the arrival volume of iron ore at 45 ports, the capacity utilization rate of domestic mines, the trading volume of iron ore at main ports, the inventory available days of iron ore in steel mills, the inventory of imported sintered ore powder, the inventory and port clearance volume of iron ore at ports, the tax - free molten iron cost of sample steel mills, the blast furnace operating rate and iron - making capacity utilization rate, the electric furnace operating rate and capacity utilization rate, the national daily average molten iron output, the apparent consumption of five major steel products, the weekly output of five major steel products, and the inventory of five major steel products in steel mills [14][19][22]

Report Information - Report Title: Treasury Bond Daily Report [1] - Date: August 19, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Investment Rating - Not provided in the content Core View - Long - term, the bull - market foundation of the bond market remains unchanged as the Politburo meeting in July maintained a "moderately loose" stance on monetary policy and there is high tariff uncertainty. But short - term, the stock - bond seesaw effect since late June has put pressure on the bond market, and the short - term rebound of the bond market is unlikely to form a trend. It is recommended to maintain the strategy of going long on short - term and short on long - term bonds [11][12] Summary by Directory 1. Market Review and Operation Suggestions - **Market Condition**: A - shares hitting new highs suppressed the bond market, with treasury bond futures falling across the board and long - end bonds experiencing larger declines. The yields of 30 - year and 10 - year treasury bonds approached the 2.0% and 1.8% thresholds respectively [8] - **Interest Rate Bonds**: The yields of major inter - bank interest rate bonds across all maturities rose, with long - end yields rising significantly by 4 - 6bp. As of 16:30, the yield of the 10 - year treasury bond active bond 250011 was reported at 1.785%, up 4bp [9] - **Funding Market**: The central bank increased its investment to offset tax - period disturbances, and the inter - bank funding market tightened marginally. There were 112 billion yuan of reverse repurchases due, and the central bank conducted 266.5 billion yuan of reverse repurchase operations, achieving a net investment of 154.5 billion yuan. Short - term funding rates rose, while medium - and long - term funding remained stable [10] - **Conclusion**: The long - term bull - market foundation of the bond market remains unchanged, but short - term pressure exists. It is recommended to maintain the strategy of going long on short - term and short on long - term bonds and pay attention to the central bank's investment during the tax - period this week [11][12] 2. Industry News - The Deputy Governor of the People's Bank of China, Zou Lan, stated that policy support will be strengthened to stimulate the vitality of the movable property financing market, which is important for small and medium - sized enterprises and the diversification of the financial market [13] - On the evening of August 17, Eastern Time, Ukrainian President Volodymyr Zelensky arrived in Washington, and on the afternoon of August 18, Eastern Time, he was scheduled to meet with US President Donald Trump [13] - The central bank's second - quarter monetary policy implementation report proposed to implement a moderately loose monetary policy, promote a reasonable recovery of prices, and use structural monetary policy tools [14] 3. Data Overview - **Treasury Bond Futures Market**: Data on trading of various treasury bond futures contracts on August 18, including settlement prices, trading volumes, and open interest, were provided [6] - **Money Market**: Information on SHIBOR term structure changes, inter - bank pledged repurchase weighted interest rate changes, and other money - market data were presented [28][29] - **Derivatives Market**: Information on Shibor3M and FR007 interest rate swap fixing curves was provided [32]

Group 1: Report Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: August 19, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operation Suggestions - **Market Performance**: Carbonate lithium futures rose significantly, with the main contract breaking through 90,000 yuan during the session. The spot price of electric carbon increased by 1,900 yuan to 84,600 yuan, Australian ore rose by 45 to 1,035, lithium mica ore rose by 85 to 2,185, 5-series power-type ternary materials rose by 500, and lithium iron phosphate rose by 515. The production profit of salt plants purchasing lithium spodumene narrowed to 1,069, and the production loss of salt plants purchasing lithium mica expanded to 4,968. The current futures price has a premium of over 4,000 yuan over the spot price [12]. - **Main Drivers**: The rise was mainly due to the news that the mining license of Qinghai Xitai Jinaier Salt Lake of CITIC Guoan expired, and short - term disturbances in the resource side were the main cause of lithium price fluctuations [12]. - **Outlook**: The high supply is expected to remain unchanged in the short term, but the market's short - term trading sentiment is still concentrated on the production cuts and suspensions in the lithium resource sector. It is expected that the price of carbonate lithium is likely to rise and difficult to fall [12]. Group 3: Industry News - **Ganfeng Lithium**: On August 18, Ganfeng Lithium stated on the interactive platform that the future reversal of lithium prices depends on the intensity of supply - side clearance and the pace of demand growth. The company is optimistic about long - term lithium demand, will adjust production capacity flexibly and optimize hedging strategies, and the current volume of carbonate lithium futures hedging is low [13]. - **India's Policy Proposal**: India proposed to reduce the goods and services tax for entry - level two - wheelers, small cars, and hybrid passenger cars, and the proposal is expected to be implemented before October [13]

Report Information - Date: August 19, 2025 [2] Market Performance and Outlook - The main contract price of polysilicon continued to show high-level volatility. The closing price of PS2509 was 52,280 yuan/ton, with a gain of 1.71%. The trading volume was 425,548 lots, and the open interest was 135,517 lots, a net decrease of 3,206 lots [4] - The photovoltaic enterprise symposium has reignited strong policy implementation expectations, but the futures market has already priced in some of these expectations. Further upward movement depends on subsequent policy support. In the second week of August, the average spot price (recycled feedstock) remained stable at 47,500 yuan/ton, providing strong support for the futures price. However, both supply and demand in the fundamentals are increasing, and there is no inventory reduction drive. The Silicon Industry Branch expects the production schedule in September to reach as high as 145,000 tons, and the rebalancing of industry supply and demand still has a long way to go [4] - On the supply side, the polysilicon production schedule in August increased significantly to 125,000 tons, which can roughly meet the downstream cell demand of about 56GW. The monthly production of silicon wafers and cells decreased to around 52GW, and the overall supply-demand pattern remains loose. Overall, the futures and spot prices are supported by policies at the lower end and restricted by supply-demand pressures at the upper end, and are expected to maintain wide-range volatility. Caution should be exercised regarding capital speculation on excessive policy expectations [4] Market News - On August 18, the number of polysilicon warehouse receipts was 5,820 lots, a net increase of 220 lots from the previous trading day [5] - From January to June, the cumulative photovoltaic installed capacity was 212.21GW, a year-on-year increase of 107.07%. In June, the domestic installed capacity was only 14GW [5] - Customs data shows that in June 2025, China exported approximately 21.7GW of photovoltaic modules, a 3% month-on-month decrease and a 2% decrease compared to 22.1GW in June 2024. From January to June, the cumulative export of photovoltaic modules was approximately 127.3GW, a 3% decrease compared to the same period last year [5]

Group 1: General Information - Report title: "集运指数日报" [1] - Date: August 19, 2025 [2] - Research team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core View - The spot freight rates have entered a downward channel, and the SCFIS has continued to decline this week. Considering the significant impact on foreign trade and the high supply of shipping capacity, the freight rates may be weaker in the off - season. The current main 10 - contract has a deep discount, and the market may engage in a game regarding the decline range and rate. It is recommended to short the 10 - contract on rallies [8]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Spot freight rates are in a downward trend. This week, the SCFIS dropped to 2180.17 points. The e - commerce platform quotes show that the August freight rates have been further reduced. The demand is unlikely to improve significantly, and the shipping capacity supply is at a relatively high level in the off - season. The main 10 - contract has a deep discount, and it is advisable to short the 10 - contract on rallies [8]. 2. Industry News - From August 11 to 15, the China export container shipping market continued to adjust, with most routes' freight rates falling. China's industrial added - value in July increased by 5.7% year - on - year. On August 15, the Shanghai Export Containerized Freight Index dropped by 2.0%. In the European route, Germany's ZEW economic sentiment index in August dropped to 34.7, and the eurozone economy also faces challenges. The freight rate from Shanghai Port to European basic ports dropped by 7.2%. In the Mediterranean route, the freight rate dropped by 1.7%. In the North American route, the US PPI in July increased by 3.3% year - on - year, and the customs tariff revenue reached $28 billion, a 273% increase year - on - year. The freight rates from Shanghai Port to the US West and East basic ports dropped by 3.5% and 2.6% respectively. The threat of the Houthi armed forces to global shipping has escalated, and the international shipping safety situation has deteriorated. Israel's attacks on Yemen's ports have further intensified the conflict [9][10]. 3. Data Overview 1. Spot Freight Rates for Container Shipping - The SCFIS for the European route (basic ports) on August 18 was 2180.17 points, a 2.5% drop from August 11. The SCFIS for the US West route (basic ports) was 1106.29 points, a 2.2% increase from August 11 [12]. 2. Futures Quotes of the Container Shipping Index (European Line) - The trading data of container shipping European line futures on August 18 are as follows: for EC2508, the closing price was 2088.2, with a 0.30% increase; for EC2510, the closing price was 1373.1, with a 0.01% increase; for EC2512, the closing price was 1789.7, with a 2.30% increase; for EC2602, the closing price was 1537.9, with a 0.54% increase; for EC2604, the closing price was 1331.0, with a 0.27% decrease; for EC2606, the closing price was 1494.9, with a 0.55% increase [6]. 3. Shipping - Related Data Charts - The report provides charts of the Shanghai Export Containerized Freight Index, container shipping European line futures, European container ship capacity, global container ship orders, and Shanghai - Europe freight rates [13][17][18][21]

Report Information - Report Title: MEG Daily Report [1] - Date: August 19, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Market Review and Operation Suggestions - On the 18th, the main contract 2509 of ethylene glycol futures opened at 4383, with a high of 4383, a low of 4340, a settlement price of 4353, and a closing price of 4346, down 28 from the previous trading day's settlement price. The total volume was 91,926 lots, and the open interest was 128,989 lots [7]. - The current supply - demand structure is weak, and there is insufficient incremental support from the macro - level. It is expected that ethylene glycol may maintain a weak trend in the short term [7]. Industry News - Traders were cautious ahead of the meeting between Trump and Putin to end the Russia - Ukraine conflict, and crude oil futures gave up most of the previous day's gains. On Friday (August 15), the settlement price of West Texas Intermediate crude oil futures for September 2025 on the New York Mercantile Exchange was $62.80 per barrel, down $1.16 or 1.81% from the previous trading day, with a trading range of $62.68 - $64.15. The settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $65.85 per barrel, down $0.99 or 1.48% from the previous trading day, with a trading range of $65.73 - $67.06 [8]. - The spot negotiation price of the Zhangjiagang ethylene glycol market this week was 4436 - 4437 yuan/ton, down 21 yuan/ton from the previous working day. The negotiation price for late August was 4436 - 4437 yuan/ton, and for late September was 4433 - 4435 yuan/ton. This week, the spot basis was at a premium of 90 - 91 yuan/ton over EG2509, the basis for late August cargo was at a premium of 90 - 91 yuan/ton over EG2509, and the basis for late September was at a premium of 87 - 89 yuan/ton over EG2509 [8]. - The prices of short - fiber factories were relatively stable, while the prices of traders increased slightly. Due to cost push, downstream demand was weak, and the on - site trading volume was scarce. The mainstream sales - to - production ratio of factories was 40.41% [8]. Data Overview - The report presents various data charts including MEG futures prices, futures - spot price differences, international crude oil futures main contract closing prices, raw material price indices (ethylene), PTA - MEG price differences, MEG prices, MEG downstream product prices, and MEG downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [13][14][15]

Report Overview - Report Date: August 19, 2025 [2] - Reported Industry: Egg [1] - Research Team: Agricultural Products Research Team [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The supply pressure in the egg market this year is significant, with the peak - season price callback reaching nearly 0.5 yuan/jin, compared to the usual 0.2 - 0.3 yuan/jin. The logic of price increase during the peak season is weakening, causing continuous declines in near - month contracts. The near - month 09 contract has squeezed out the premium and fallen below 3200 points. The futures market sentiment is extremely low. The near - month contracts may still be bearish in the long - term, and there are risks in taking long positions. A fundamental inflection point may appear in the late fourth quarter if the low egg prices are reflected in subsequent replenishment data [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Review**: The prices of egg futures contracts 2509, 2510, and 2511 all declined. The 2509 contract fell 2.91% to 3098, the 2510 contract fell 2.51% to 3113, and the 2511 contract fell 2.64% to 3208. The national egg price rose, with the average price in the main production areas at 3.28 yuan/jin and in the main sales areas at 3.47 yuan/jin, both up 0.17 yuan/jin from the previous day [7]. - **Analysis and Outlook**: The peak - season price increase logic has weakened due to supply pressure and cold - storage egg outflows. The near - month 09 contract has squeezed out the premium. The futures market sentiment is low. The near - month contracts may be bearish in the long - term, and long - position opportunities are risky. A fundamental inflection point may appear in the late fourth quarter [8]. 3.2 Industry News - **In - production Laying Hens**: The inventory of in - production laying hens is on the rise. As of the end of July, the monthly inventory was about 1.356 billion, a 1.2% month - on - month increase and a 6.2% year - on - year increase [9]. - **Chick Hatchlings**: In July, the monthly hatchling volume of sample enterprises was about 39.98 million, down from 40.75 million in June and 41.68 million in the same period in 2024. The decline in July was the first year - on - year decrease this year [9]. - **Hen Culling**: From the first to the third week of August 14, the national hen culling volume showed a downward trend, and the current absolute value is close to the level of the previous three years. As of August 14, the average culling age was 506 days, unchanged from the previous week and one day later than last month [10]. 3.3 Data Overview - The report provides multiple data charts, including the basis of the egg 09 contract, the price difference between the egg 09 and 10 contracts, the average price in the main production areas, the seasonal trend of the egg 09 contract, the monthly inventory of in - production laying hens in China, and the egg - chicken breeding profit [12][13][16].

Group 1: General Information - Report Name: Polyolefin Daily Report [1] - Date: August 19, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Quotes - Futures Market Quotes: Plastic 2601 opened at 7352 yuan/ton, closed at 7334 yuan/ton, down 10 yuan/ton (-0.14%); Plastic 2605 opened at 7346 yuan/ton, closed at 7312 yuan/ton, down 29 yuan/ton (-0.40%); Plastic 2509 opened at 7308 yuan/ton, closed at 7292 yuan/ton, down 3 yuan/ton (-0.04%); PP2601 opened at 7073 yuan/ton, closed at 7048 yuan/ton, down 35 yuan/ton (-0.49%); PP2605 opened at 7075 yuan/ton, closed at 7048 yuan/ton, down 31 yuan/ton (-0.44%); PP2509 opened at 7051 yuan/ton, closed at 7026 yuan/ton, down 36 yuan/ton (-0.51) [5] Group 3: Market Analysis - Market Performance: Futures prices fluctuated downward, suppressing the spot market atmosphere. Traders were eager to sell, but downstream factories' enthusiasm for replenishing stocks did not improve, mainly purchasing in small quantities at low prices [6] - Supply Side: Upstream device operating loads continued to increase. Although PP maintenance losses were still at a high level, with the restart of previously shut - down devices and few new maintenance devices, the impact of maintenance decreased and the expectation of new capacity expansion increased. PE had no new plans, and after the end of the centralized maintenance period, the operating load and output continued to increase. Next week, due to more shut - down and planned shut - down devices, the supply pressure was relatively neutral [6] - Downstream Consumption: The operating loads of agricultural film, plastic weaving, and BOPP increased month - on - month. Some enterprises' orders improved, but the expectation for the peak season was weaker year - on - year [6] - Market Outlook: During the macro - window period, the market returned to fundamentals. A unilateral oscillation mindset was adopted. There was an expectation of improvement in supply - demand margins during the off - peak to peak season transition. Attention should be paid to the improvement of demand in the second half of the month and the actual support of inventory reduction [6] Group 4: Industry News - Inventory: On August 18, 2025, the inventory level of major producers was 825,000 tons, a 7.84% increase (60,000 tons) from the previous working day. The inventory in the same period last year was 830,000 tons [7] - PE Market Price: The PE market price was weakly adjusted. The LLDPE price in North China was 7200 - 7430 yuan/ton, in East China was 7260 - 7700 yuan/ton, and in South China was 7380 - 7700 yuan/ton [7] - Propylene Market Price: The mainstream price of propylene in the Shandong market was temporarily 6400 - 6450 yuan/ton, unchanged from the previous working day. There were both device startups and shutdowns, and the supply side was mixed. Production enterprises' quotes were mostly slightly increased, and downstream factories purchased at low prices. The market was mainly a game between supply and demand [7] - PP Market Price: The PP market declined slightly. The mainstream price of North China wire drawing was 6900 - 7020 yuan/ton, in East China was 6960 - 7080 yuan/ton, and in South China was 6880 - 7120 yuan/ton [8]

Report Information - Reported Industry: Soybean Meal [1] - Report Date: August 19, 2025 [2] - Research Team: Agricultural Products Research Team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The USDA's August supply - demand balance report for US soybeans is unexpectedly bullish. Assuming the area estimate is reasonable, the pressure on the US soybean supply - demand balance sheet will be significantly reduced. The potential for further increases in yield is limited, and the negative impact of weather has been mostly digested. Although there is still room for a decline in US soybean export demand, the extent is expected to be small. The new - season US soybean market will only be slightly loose, and the CBOT soybean low may have been reached, with a future outlook of oscillating slightly stronger [6]. - Domestic soybean meal prices rose following the external market. There have been frequent bullish factors recently. The anti - dumping investigation on Canadian rapeseed has restricted its imports, and high tariffs on Canadian rapeseed meal and oil are favorable for soybean meal. With the 23% tariff on US soybeans remaining until early November, China will continue to purchase Brazilian soybeans. However, Brazilian soybean prices are rising, and it may be difficult to avoid an increase in the cost of imported soybeans. Therefore, soybean meal is expected to remain strong in the medium term [6]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: For the soybean meal contracts, the 2601 contract had a previous settlement price of 3137, opened at 3145, reached a high of 3167, a low of 3123, and closed at 3155, up 18 or 0.57% with a trading volume of 1057425 and an open interest of 2063811, an increase of 48679. The 2509 contract had a previous settlement price of 3082, opened at 3090, reached a high of 3110, a low of 3068, and closed at 3100, up 18 or 0.58% with a trading volume of 363469 and an open interest of 462582, a decrease of 59411. The 2511 contract had a previous settlement price of 3113, opened at 3120, reached a high of 3142, a low of 3100, and closed at 3131, up 18 or 0.58% with a trading volume of 110364 and an open interest of 603346, an increase of 3323. The US soybean futures contract on the external market was oscillating, with the main contract at 1035 cents [6]. 2. Industry News - In July 2025, the US soybean oil inventory was 1.379 billion pounds, slightly lower than the expected 1.38 billion pounds, and up from 1.366 billion pounds in June. The US soybean crushing volume in July 2025 was 195.699 million bushels, higher than the expected 191.59 million bushels and up from 185.709 million bushels in June [15]. - From August 18 - 21, 2025, Pro Farmer will conduct its annual North American field survey. Researchers will measure in more than 2000 corn and soybean fields in seven states, and the results will be announced at 9:00 am Beijing time daily [15]. 3. Data Overview - The report provides multiple data charts, including the ex - factory price of soybean meal, the basis of the 09 contract, the 1 - 5 spread, the 5 - 9 spread, the US dollar - RMB central parity rate, and the US dollar - Brazilian real exchange rate, with data sources from Wind and the Research and Development Department of Jianxin Futures [10][14][20]

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: August 19, 2025 [2] Group 2: Industry Investment Rating - No information provided Group 3: Core View - The asphalt market continues to have weak supply and demand with few highlights. The unilateral price mainly follows the weak trend of oil prices, but the trend may be stronger than that of oil prices. It is recommended to go long on asphalt and short on crude oil when the opportunity arises [6] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: For BU2510, the opening price was 3461 yuan/ton, the closing price was 3473 yuan/ton, the highest was 3497 yuan/ton, the lowest was 3452 yuan/ton, the increase was 0.06%, and the trading volume was 175,500 lots. For BU2511, the opening price was 3405 yuan/ton, the closing price was 3429 yuan/ton, the highest was 3450 yuan/ton, the lowest was 3405 yuan/ton, the increase was 0.00%, and the trading volume was 46,700 lots [6] - Spot Market: Asphalt spot prices in Northeast, North China, Shandong, South China, and Sichuan-Chongqing markets have declined, while other regions remain stable. The weak trend of crude oil prices and asphalt futures has a negative impact on the sentiment of the asphalt spot market [6] - Supply: Jinling Petrochemical in East China may maintain low-load production in the near future. Jiangsu Xinhai has no clear restart plan after shutdown, and Shengxing Petrochemical plans to switch to producing residual oil. It is expected that the average operating load rate of asphalt plants will decline [6] - Demand: There is no obvious boost in demand. Rigid demand is restricted by funds and weather, market sentiment is pessimistic, and speculative demand is released cautiously [6] - Operation Suggestion: Go long on asphalt and short on crude oil when the opportunity arises [6] 2. Industry News - Shandong Market: The mainstream transaction price of 70 A-grade asphalt was 3500 - 3870 yuan/ton, a decrease of 10 yuan/ton from the previous working day. International oil prices and asphalt futures fluctuated and declined. The spot market sentiment remained bearish, and the overall rigid demand for asphalt was weak, leading to a decline in the prices of some asphalt brands and a lower market price [7] - South China Market: The mainstream transaction price of 70 A-grade asphalt was 3490 - 3530 yuan/ton, a decrease of 5 yuan/ton from the previous working day. The asphalt futures price continued to decline, the contract prices of some futures-spot traders' warehouses decreased, and the spot market sentiment was weak. With limited rigid demand, traders' spot quotes followed the decline [7] 3. Data Overview - The report presents multiple data charts, including asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, Shandong asphalt spot price, Shandong asphalt basis, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [8][13][16]