建信期货沥青日报-20250821

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The asphalt market continues to have weak supply and demand, with no significant highlights. The unilateral price mainly follows the weak trend of oil prices, but the trend may be stronger than that of oil prices. It is recommended to go long on asphalt and short on crude oil when the opportunity arises [6]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - Futures Market: For BU2510, the opening price was 3444 yuan/ton, the closing price was 3454 yuan/ton, the highest was 3470 yuan/ton, the lowest was 3434 yuan/ton, the increase was 0.12%, and the trading volume was 146,000 lots. For BU2511, the opening price was 3395 yuan/ton, the closing price was 3404 yuan/ton, the highest was 3422 yuan/ton, the lowest was 3387 yuan/ton, the decrease was 0.12%, and the trading volume was 43,200 lots [6]. - Spot Market: Prices in the North China and South China markets declined slightly, while those in other regions remained stable. The weak oscillation of crude oil prices and asphalt futures negatively affected the sentiment of the asphalt spot market. The average operating load rate of asphalt plants is expected to decline. Demand lacks obvious stimulation, and market sentiment is pessimistic [6]. 3.2 Industry News - East China Market: The mainstream transaction price of 70A grade asphalt was 3580 - 3750 yuan/ton, remaining stable from the previous day. Market demand improved due to better weather, but the weak performance of crude oil and asphalt futures, along with abundant supply, led to weak purchasing enthusiasm [7]. - South China Market: The mainstream transaction price of 70A grade asphalt was 3480 - 3530 yuan/ton, a decrease of 5 yuan/ton from the previous day. The decline was caused by the low - level consolidation of asphalt futures and the sale of some near - expiration contracts [7]. 3.3 Data Overview - The report presents multiple data charts, including asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, asphalt warehouse receipts, Shandong asphalt spot price, and Shandong asphalt basis, with data sources from Wind and the Research and Development Department of CCB Futures [8][13][16]