沥青：随油小挫

Report Date - The report is dated August 28, 2025 [1] Industry Investment Rating - No industry investment rating is provided in the report. Core View - The asphalt market showed a slight decline following the oil price. The trend strength of asphalt is -1, indicating a relatively bearish outlook [1][9] Summary by Related Catalogs Fundamental Tracking - Futures Data: The closing prices of BU2509 and BU2510 decreased by 1.49% and 1.48% respectively during the day, and increased by 0.46% and 0.61% respectively during the night session. The trading volume of BU2509 decreased by 1,751 lots, and its open interest decreased by 1,288 lots. The trading volume of BU2510 increased by 7,553 lots, and its open interest decreased by 23,879 lots. The total market asphalt warehouse receipts remained unchanged at 71,500 lots [2] - Spread Data: The basis (Shandong - 09) was 25 yuan/ton, with a change of 33 yuan/ton compared to the previous day. The 09 - 10 inter - period spread was 24 yuan/ton, a decrease of 1 yuan/ton. The Shandong - South China spread decreased by 30 yuan/ton to 20 yuan/ton, and the East China - South China spread decreased by 30 yuan/ton to 200 yuan/ton [2] - Spot Market Data: The Shandong wholesale price was 3,520 yuan/ton, a decrease of 20 yuan/ton. The Yangtze River Delta wholesale price was 3,700 yuan/ton, also a decrease of 20 yuan/ton. The refinery operating rate was 36.67%, a decrease of 0.25%, and the refinery inventory rate was 27.15%, a decrease of 0.66% [2] Market Information - Capacity Utilization: The capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 29.3%, a month - on - month decrease of 1.4%. The main reasons were that Xinjiang Meihuit had no production plan this week, and several refineries such as Henan Fengli, Shandong Jincheng, and Shandong Shengxing switched to producing residual oil, and Ningbo Keyuan stopped producing asphalt [14] - Maintenance Volume: The domestic asphalt plant maintenance volume this week (20250821 - 0827) was 68.2 tons, an increase of 3.4 tons or 5.2% compared to last week. Although Sinopec Quanzhou switched to producing asphalt, the shutdown and switch to residual oil production of several refineries increased the loss volume [14] - Shipment Volume: The total shipment volume of 54 domestic asphalt enterprises from August 20 - 26, 2025 was 40.4 tons, a month - on - month increase of 3.3%. In the North China region, shipments decreased due to rainfall and terminal shutdowns, while in the East and South China regions, shipments increased due to good terminal demand [14] - Modified Asphalt Capacity Utilization: The capacity utilization rate of 69 domestic sample modified asphalt enterprises was 17.1%, a month - on - month increase of 0.1% and a year - on - year increase of 1.8%. Although the processing enthusiasm of some northern enterprises weakened due to intermittent project closures and rainfall, the downstream demand in the East and South regions improved, especially in Shandong, which drove up production [14][15]