沥青：震荡偏弱

Report Industry Investment Rating - The investment rating for the asphalt industry is "Oscillating weakly" [1] Core Viewpoints - The asphalt market shows an oscillating and weakly downward trend, with a trend strength of 0 [1][11] Summary by Relevant Catalogs Fundamental Tracking - Futures Data: The closing prices of BU2509 and BU2510 decreased; trading volume and open interest had different changes, with BU2509's trading volume and open interest decreasing, and BU2510's trading volume and open interest increasing; the total market asphalt warehouse receipts remained unchanged [2] - Spread Data: The basis (Shandong - 09), 09 - 10 inter - period spread, Shandong - South China spread, and East China - South China spread had different changes [2] - Spot Market Data: Shandong and Yangtze River Delta wholesale prices had different changes; refinery operating rates decreased by 0.07%, and refinery inventory rates decreased by 0.20% [2] Market Information - Shipment Volume: From July 30 to August 5, 2025, the total shipment volume of 54 domestic asphalt enterprises was 418,000 tons, a month - on - month decrease of 0.2%. Shandong's shipment volume decreased, while East China's increased [17] - Capacity Utilization Rate: From July 31 to August 6, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 31.7%, a month - on - month decrease of 1.4% due to factors such as refinery production changes [17]