沥青：跟随原油小幅偏强

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - The asphalt market is slightly stronger following crude oil, with a trend strength of 1, indicating a moderately positive outlook [2][10] Group 3: Summary by Relevant Catalogs Fundamental Tracking - Futures Data: For BU2511, the yesterday's closing price was 3,392 yuan/ton with a daily increase of 0.56%, and the night - session closing price was 3,415 yuan/ton with a night - session increase of 0.68%. The trading volume was 152,942 lots, a decrease of 29,145 lots, and the open interest was 216,897 lots, a decrease of 14,925 lots. For BU2512, the yesterday's closing price was 3,337 yuan/ton with a daily increase of 0.51%, and the night - session closing price was 3,362 yuan/ton with a night - session increase of 0.75%. The trading volume was 51,155 lots, a decrease of 4,666 lots, and the open interest was 90,322 lots, a decrease of 2,055 lots. The total market asphalt warehouse receipts were 55,980 lots with no change [3] - Spread Data: The basis (Shandong - 11) was 108 yuan/ton, a decrease of 29 yuan/ton compared to the previous day; the 11 - 12 inter - period spread was 55 yuan/ton, an increase of 2 yuan/ton; the Shandong - South China spread was 0, a decrease of 10; the East China - South China spread was 60 yuan/ton, a decrease of 10 yuan/ton [3] - Spot Market Data: The Shandong wholesale price was 3,500 yuan/ton, a decrease of 10 yuan/ton, with the factory - warehouse spot equivalent to 3,544 yuan/ton on the futures market and the warehouse spot equivalent to 3,671 yuan/ton. The Yangtze River Delta wholesale price was 3,560 yuan/ton, a decrease of 10 yuan/ton, with the factory - warehouse spot equivalent to 3,536 yuan/ton on the futures market and the warehouse spot equivalent to 3,584 yuan/ton. The refinery operating rate was 47.22%, an increase of 4.63% compared to the previous period; the refinery inventory rate was 26.74%, an increase of 0.50% [3] Market News - Capacity Utilization: From September 18 - 24, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 40.1%, a month - on - month increase of 5.7%. This was mainly due to the resumption of asphalt production by Xinjiang Tianzhize, Henan Fengli, and Jiangsu Xinhai, along with the stable production of Shandong Shengxing, Dongming Petrochemical, and Qilu Petrochemical, despite intermittent shutdowns and production cuts at some refineries in East China [13] - Shipment Volume: From September 17 - 23, 2025, the total shipment volume of 54 domestic asphalt enterprises was 49.6 tons, a month - on - month increase of 9.0%. Shandong saw the most significant increase due to increased supply and good downstream demand, while East China had the largest decrease because of intermittent production at major refineries and the preference for low - cost social inventory resources [13] - Modified Asphalt Capacity Utilization: From September 17 - 23, 2025, the capacity utilization rate of 69 domestic modified asphalt sample enterprises was 18.9%, a month - on - month decrease of 1.3% and a year - on - year increase of 0.8%. Precipitation affected construction in Shandong and Henan, leading to a decline in demand for modified asphalt and a reduction in production in these regions, along with insufficient demand in the South [13]