石油沥青日报：需求端表现偏差，市场观望情绪浓厚-20250926

Report Summary 1) Report Industry Investment Rating - The unilateral strategy is to expect a weak and volatile trend; for the inter - period strategy, it is recommended to short the spread of BU2511 - 2512 (reverse spread); there are no recommendations for cross - variety, spot - futures, and options strategies [2] 2) Core View of the Report - On September 25, the closing price of the main asphalt futures contract BU2511 in the afternoon session was 3440 yuan/ton, up 44 yuan/ton or 1.3% from the previous settlement price. The position was 197,649 lots, down 19,248 lots from the previous day, and the trading volume was 175,377 lots, up 22,435 lots from the previous day. The spot prices of heavy - traffic asphalt in major domestic regions remained stable. The overall supply was abundant as the production increased with the continuous rise in the device operating rate. However, the demand side was weak, with some rush - construction demand in the north and weak terminal demand in the south affected by typhoon weather. The spot market was filled with a strong wait - and - see sentiment. Despite the rebound in oil prices, the upward driving force for the asphalt futures market was still insufficient [1] 3) Summary According to Relevant Catalogs Market Analysis - Futures Market: On September 25, the closing price of the main asphalt futures contract BU2511 in the afternoon session was 3440 yuan/ton, up 44 yuan/ton or 1.3% from the previous settlement price; the position was 197,649 lots, down 19,248 lots from the previous day, and the trading volume was 175,377 lots, up 22,435 lots from the previous day [1] - Spot Market: The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were: 3756 - 4086 yuan/ton in the Northeast, 3450 - 3720 yuan/ton in Shandong, 3450 - 3550 yuan/ton in South China, and 3510 - 3600 yuan/ton in East China. The spot prices of asphalt in major domestic regions remained stable. The supply was abundant, while the demand was weak, and the market wait - and - see sentiment was strong [1] Strategy - Unilateral: Weak and volatile [2] - Inter - period: Short the spread of BU2511 - 2512 (reverse spread) [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2]