盘面维持弱势震荡，市场氛围平淡

Report Summary 1) Report Industry Investment Rating - The report does not provide an industry investment rating. 2) Core Viewpoints - The market will maintain a weak and volatile trend. The asphalt spot prices in Shandong and East China continued to decline, and those in other regions remained stable. Due to the weak fundamentals of crude oil, the upward momentum is insufficient, and the cost - side support for asphalt is limited. With the increase in refinery operating rates, the supply is abundant, while the demand side lacks positive stimuli. Typhoon weather in the southern region has temporarily hindered project construction, and the terminal demand remains weak. The spot market is filled with strong wait - and - see sentiment, and traders and end - users mainly purchase cautiously. The market is expected to continue to fluctuate weakly [1]. 3) Summary Based on Related Catalogs Market Analysis - On September 24th, the closing price of the main asphalt futures contract BU2511 in the afternoon session was 3392 yuan/ton, up 15 yuan/ton or 0.44% from the previous settlement price. The open interest was 216,897 lots, a decrease of 14,925 lots from the previous day, and the trading volume was 152,942 lots, a decrease of 29,145 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3756 - 4086 yuan/ton; Shandong: 3450 - 3720 yuan/ton; South China: 3450 - 3550 yuan/ton; East China: 3510 - 3600 yuan/ton [1]. Strategy - Unilateral: Weak and volatile. - Inter - delivery spread: Short the spread of BU2511 - 2512 (reverse spread). - Inter - commodity spread: None. - Futures - cash: None. - Options: None [2]