整体商业库存去化乏力 沥青陷入震荡偏弱格局

Group 1 - The core viewpoint indicates that the asphalt futures market is experiencing a slight decline in prices, with a weekly drop of 1.29% and a closing price of 2909 yuan/ton as of December 19, 2025 [1] - The total social inventory of asphalt from 70 sample enterprises is 714,000 tons, showing a decrease of 700 tons week-on-week, while the inventory in Shandong is 205,000 tons, down by 900 tons [2] - The domestic shipment volume of asphalt from 54 enterprises is 384,000 tons, reflecting a week-on-week decrease of 3.8% [2] Group 2 - The current national asphalt operating load rate is 37.17%, showing a slight increase, with no supply gap in the market [4] - Demand is weakening in northern regions due to decreasing temperatures, with many road projects in Northeast and Northwest China halted, while southern demand remains stable [4] - The cost side is under pressure as crude oil prices are fluctuating weakly, providing limited support for asphalt prices [4]