沥青：区间震荡

Group 1: Report Industry Investment Rating - The investment rating for the asphalt industry is "Range-bound" [1] Group 2: Core Viewpoints - The asphalt market shows a range - bound trend, with the trend strength at 0, indicating a neutral outlook [1][12] Group 3: Summary by Related Catalogs 1. Fundamental Tracking - Futures Data: For BU2506, the yesterday's closing price was 3,539 yuan/ton with a 0.20% increase, and the night - session closing price was 3,522 yuan/ton with a - 0.48% decrease. The trading volume was 24,608 lots with an increase of 2,443 lots, and the open interest was 37,984 lots with a decrease of 5,833 lots. For BU2507, the yesterday's closing price was 3,526 yuan/ton with a 0.28% increase, and the night - session closing price was 3,507 yuan/ton with a - 0.54% decrease. The trading volume was 255,407 lots with an increase of 72,717 lots, and the open interest was 145,481 lots with a decrease of 27,107 lots. The total market asphalt warehouse receipts were 86,510 lots with no change [1] - Spread Data: The basis (Shandong - 06) was 86 yuan/ton, a decrease of 7 yuan/ton from the previous day. The 06 - 07 inter - period spread was 13 yuan/ton, a decrease of 3 yuan/ton from the previous day [1] - Spot Market Data: The Shandong wholesale price was 3,625 yuan/ton with no change, and the factory - warehouse spot equivalent to the futures price was 3,717 yuan/ton, and the warehouse spot equivalent to the futures price was 3,853 yuan/ton. The Yangtze River Delta wholesale price was 3,580 yuan/ton with no change, and the factory - warehouse spot equivalent to the futures price was 3,607 yuan/ton, and the warehouse spot equivalent to the futures price was 3,663 yuan/ton. The refinery operating rate was 30.49%, an increase of 1.28% from the previous update, and the refinery inventory rate was 30.39%, an increase of 0.08% from the previous update [1] 2. Market Information - Production: In June 2025, the total domestic asphalt production is planned to be 2.309 million tons, a 0.4% decrease from the previous month but an 8.5% increase from the same period last year. In the week from May 20 - 26, 2025, the weekly domestic asphalt production was 462,000 tons, an 8.9% decrease from the previous week and a 3.5% decrease from the same period last year. The cumulative production from January to May was 11.961 million tons, a 3.6% increase from the same period last year [13] - Inventory: As of May 26, 2025, the inventory of 54 domestic asphalt sample refinery warehouses was 858,000 tons, a 2.3% decrease from May 22. The inventory of 104 domestic asphalt social warehouses was 1.877 million tons, a 0.1% increase from May 22 [13]