盘面低位震荡，利好因素有限

Report Industry Investment Rating - Unilateral: Neutral, waiting for the market bottom to consolidate [2] - Inter - period: None [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2] Core View - The asphalt market is experiencing low - level fluctuations on the disk with limited positive factors. The downward pressure on asphalt prices has eased, but there is a lack of clear positives and the upward driving force remains insufficient [1] Market Analysis - On November 17, the closing price of the main BU2601 contract of asphalt futures in the afternoon session was 3,032 yuan/ton, up 4 yuan/ton or 0.13% from the previous day's settlement price. The position was 194,477 lots, up 1,726 lots from the previous day, and the trading volume was 156,039 lots, down 111,877 lots from the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are: Northeast 3,156 - 3,700 yuan/ton; Shandong 2,990 - 3,620 yuan/ton; South China 3,110 - 3,210 yuan/ton; East China 3,300 - 3,400 yuan/ton. The spot prices of asphalt in the Northwest, North China, South China, and Sichuan - Chongqing regions declined yesterday, while those in other regions were relatively stable [1] - The market bottom signal has emerged. The refinery operating rate and production have shown a downward trend. After the previous concentrated release of resources, there is a shortage of limited - quantity提货 in northern refineries. However, there is no clear sign of the release of winter - storage demand. The market sentiment is relatively flat, and the rebound momentum is insufficient [1]