建信期货沥青日报-20250812

Report Information - Report Title: Asphalt Daily Report [1] - Report Date: August 12, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Investment Rating - Not provided Core View - The supply and demand of asphalt have deteriorated. The previous long - asphalt short - crude oil positions should be temporarily closed for profit and wait and see, with a unilateral short - selling mindset [6] Summary by Directory 1. Market Review and Operation Suggestions - Market Review: For BU2510, the opening price was 3491 yuan/ton, the closing price was 3481 yuan/ton, the highest was 3510 yuan/ton, the lowest was 3466 yuan/ton, the decline was 0.51%, and the trading volume was 162,800 lots. For BU2511, the opening price was 3455 yuan/ton, the closing price was 3439 yuan/ton, the highest was 3477 yuan/ton, the lowest was 3429 yuan/ton, the decline was 0.69%, and the trading volume was 27,400 lots [6] - Spot Market: In the Shandong market, the asphalt spot price fell; in the North China market, it rose slightly, and other regions remained stable. The decline in crude oil and asphalt futures prices increased the wait - and - see sentiment in the spot market [6] - Supply and Demand: Multiple refineries plan to resume asphalt production, and the average operating load rate of asphalt plants will rise significantly. The Universiade and parade will limit local project construction, and the short - term improvement in rigid demand for asphalt is limited [6] - Operation Suggestion: Temporarily close the previous long - asphalt short - crude oil positions for profit and wait and see, with a unilateral short - selling mindset [6] 2. Industry News - Shandong Market: The mainstream transaction price of 70 A - grade asphalt was 3530 - 3970 yuan/ton, a decrease of 10 yuan/ton from the previous workday. International oil prices and asphalt futures continued to fall, and terminal demand was weak. Some traders and refineries lowered prices to stimulate sales [7] - South China Market: The mainstream transaction price of 70 A - grade asphalt was 3550 - 3630 yuan/ton, remaining stable. The inventory of Guangzhou Petrochemical was high, and some refineries planned to lower contract prices, with weak market sentiment [7] 3. Data Overview - Data Source: Wind, Research and Development Department of CCB Futures [10][13] - Graphs: Include graphs of Shandong asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts [11][12][21]