沥青：原油回升及淡季双重压制估值比价

Core Viewpoint - The rebound in crude oil costs is suppressing asphalt valuation ratios, with expectations of limited price recovery due to political pressures [1] Group 1: Crude Oil Market - Current crude oil costs have bottomed out and are on the rise, providing additional support for crude oil prices [1] - The upcoming hurricane season in the U.S. is expected to bring small hurricanes from Mexico into the southwestern U.S., further supporting crude oil costs [1] Group 2: Asphalt Valuation - The seasonal off-peak period for asphalt may lead to a dual contraction, continuing to suppress valuation ratios [1] - Domestic "anti-involution" macro policies have not led to significant supply disruption expectations for asphalt [1] - The overall view on asphalt valuation ratios remains bearish [1]