沥青：原油大幅反弹，出货继续放缓

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The trend strength of asphalt is 1, indicating a neutral stance on the market [8] Group 3: Summary by Relevant Catalogs Fundamental Tracking - Futures: For BU2507, the yesterday's closing price was 3,488 yuan/ton with a daily decline of 0.54%, and the night - session closing price was 3,499 yuan/ton with a night - session increase of 0.32%. The trading volume was 40,556 lots, a decrease of 24,713 lots, and the open interest was 60,928 lots, a decrease of 5,025 lots. For BU2508, the yesterday's closing price was 3,481 yuan/ton with a daily decline of 0.54%, and the night - session closing price was 3,492 yuan/ton with a night - session increase of 0.32%. The trading volume was 12,192 lots, a decrease of 12,074 lots, and the open interest was 27,815 lots, a decrease of 1,908 lots [1] - Spot Market: The yesterday's price of Shandong wholesale was 3,725 yuan/ton, an increase of 15 yuan/ton, and the factory - warehouse spot equivalent to the futures price was 3,775 yuan/ton, and the warehouse - spot equivalent to the futures price was 3,907 yuan/ton. The yesterday's price of the Yangtze River Delta wholesale was 3,670 yuan/ton, with no change, and the factory - warehouse spot equivalent to the futures price was 3,656 yuan/ton, and the warehouse - spot equivalent to the futures price was 3,707 yuan/ton [1] - Spread: The basis (Shandong - 07) was 237 yuan/ton, an increase of 34 yuan/ton compared with the previous day; the 07 - 08 inter - period spread was 7 yuan/ton, with no change; the Shandong - South China spread was 315, an increase of 30; the East China - South China spread was 260 yuan/ton, an increase of 15 yuan/ton [1] - Inventory and Production: As of June 9, the refinery operating rate was 34.49%, an increase of 0.95% compared with June 5, and the refinery inventory rate was 30.29%, a decrease of 0.54% compared with June 5 [1] Market Information - Capacity Utilization: From June 5 - 11, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 31.5%, a month - on - month increase of 0.2%. The reason was that although some Shandong refineries switched to produce residual oil, some main refineries in East China increased production [11] - Maintenance Volume: From June 5 - 11, 2025, the domestic asphalt plant maintenance volume was 70.8 million tons, a decrease of 3 million tons or 4.1% compared with the previous week. The reason was that although Jiangsu Xinhai switched to produce residual oil, Sinochem Quanzhou had intermittent resumption of production, leading to a decrease in the loss volume [11] - Shipment Volume: From June 4 - 10, 2025, the total shipment volume of 54 domestic asphalt enterprises was 434,000 tons, a month - on - month decrease of 4.0%. Regionally, the changes in North China and East China were more obvious. In North China, the contract volume at the beginning of the month was relatively small, resulting in a significant decrease in shipment volume, while in East China, the main refineries had intermittent production increases and good ship shipments, driving an increase in regional shipment volume [11]