沥青早报-20250821

Report Summary 1. Report Industry Investment Rating There is no information in the provided content regarding the report industry investment rating. 2. Core Viewpoint There is no clear core viewpoint explicitly stated in the given content. 3. Summary by Related Catalogs Futures Contract Prices - The prices of various BU futures contracts (BU主力合约, BU06, BU09, BU12, BU03) generally showed a downward trend from July 22 to August 20. For example, the BU主力合约 decreased from 3609 on July 22 to 3454 on August 20, a decrease of 52 [4]. Trading Volume and Open Interest - The trading volume on August 20 was 222,537, showing an increase of 5,190 compared to the previous day and 53,888 compared to the previous week. - The open interest on August 20 was 429,967, with an increase of 1,608 compared to the previous day and a decrease of 16,607 compared to the previous week [4]. Spot Market Prices - The spot market prices of asphalt in different regions (Shandong, East China, South China, North China, Northeast China) also had different degrees of change. For instance, the Shandong market price decreased from 3,845 on July 22 to 3,530 on August 20, a decrease of 120 [4]. Basis and Calendar Spreads - The basis and calendar spreads of different regions and contracts showed various changes. For example, the Shandong - East China basis decreased from -80 on August 12 to -190 on August 20, a decrease of 110 [4]. Crack Spreads and Profits - The asphalt Brent crack spread, asphalt Marrow profit, and the comprehensive profits of different types of refineries (ordinary refineries, Marrow - type refineries) and import profits all had fluctuations. For example, the asphalt Marrow profit increased from -74 on July 22 to -4 on August 20, an increase of 38 [4]. Related Prices - The prices of related products such as Brent crude oil, gasoline, diesel, and residual oil in the Shandong market also changed. For example, the Brent crude oil price decreased from 69.2 on July 22 to 65.8 on August 20, a decrease of 0.8 [4].