沥青：原油回落，多地提速去库

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View The report focuses on the asphalt market, showing that with the decline of crude oil prices, many regions are accelerating inventory reduction. It provides detailed data on asphalt's futures, spot markets, and inventory status [1]. 3. Summary by Related Catalogs Fundamental Tracking - Futures Data: For BU2510, the yesterday's closing price was 3,469 yuan/ton with a daily increase of 0.17%, and the night - session closing price was 3,437 yuan/ton with a decline of 0.92%. For BU2511, the yesterday's closing price was 3,463 yuan/ton with a daily increase of 0.38%, and the night - session closing price was 3,425 yuan/ton with a decline of 1.10%. The trading volume and open interest of BU2511 increased significantly compared to the previous day [1]. - Spot Market: The Shandong wholesale price was 3,540 yuan/ton with no change, and the Yangtze River Delta wholesale price was 3,640 yuan/ton also with no change. The refinery operating rate was 39.59%, down 0.63% from the previous update, and the refinery inventory rate was 27.11%, up 0.66% [1]. - Price Difference: The basis (Shandong - 10) was 71 yuan/ton, down 6 yuan from the previous day; the 10 - 11 inter - period spread was 6 yuan/ton, down 7 yuan; the Shandong - South China spread was 40 (unit not specified), up 20; the East China - South China spread was 140 yuan/ton, up 20 yuan [1]. Trend Intensity The asphalt trend intensity is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [8]. Market Information - Production: In the week of 20250905 - 20250911, the domestic weekly asphalt production was 59.9 million tons, a 1.2% decline from the previous week and a 41.9% increase year - on - year. The cumulative production from January to September was 2094.2 million tons, a 10.3% increase year - on - year [14]. - Inventory: As of September 11, 2025, the inventory of 54 domestic asphalt sample refineries was 72.8 million tons, a 1.9% decline from September 8. The inventory of 104 domestic asphalt social warehouses was 165.3 million tons, a 1.4% decline from September 8. Shandong's refinery inventory and Northeast China's social inventory decreased significantly [14].