沥青：开工又升，北方加速去库

Group 1: Report Industry Investment Rating - No information provided about the industry investment rating Group 2: Report's Core View - The report analyzes the asphalt market, with the开工 rate rising and inventory decreasing in the north. The asphalt trend strength is -1, indicating a bearish outlook [1][9] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Data: For BU2601, the yesterday's closing price was 3,007 yuan/ton with a -1.18% daily change, and the overnight closing price was 2,975 yuan/ton with a -1.06% change. Trading volume was 222,866 lots with an increase of 34,956 lots, and the position was 154,449 lots with an increase of 2,170 lots. For BU2602, the yesterday's closing price was 3,012 yuan/ton with a -0.82% daily change, and the overnight closing price was 2,981 yuan/ton with a -1.03% change. Trading volume was 80,530 lots with a decrease of 4,953 lots, and the position was 148,731 lots with an increase of 7,666 lots. The total market asphalt warehouse receipts were 6,890 lots with no change [1] - Spread Data: The basis (Shandong - 01) was 3 yuan/ton, up 26 yuan from the previous day; the 01 - 02 inter - period spread was -5 yuan/ton, down 11 yuan; the Shandong - South China spread was -90 yuan/ton with no change; the East China - South China spread was 140 yuan/ton, up 10 yuan [1] - Spot Market Data: The Shandong wholesale price was 3,010 yuan/ton, down 10 yuan; the Yangtze River Delta wholesale price was 3,240 yuan/ton with no change. As of November 27, the refinery operating rate was 34.11%, up 4.26% from November 24, and the refinery inventory rate was 25.89%, down 0.04% [1] 2. Market Information - As of November 27, 2025, the total inventory of 54 domestic asphalt sample factories was 61.5 tons, a 1.0% decrease from November 24. Shandong and South China regions had obvious factory inventory reduction [10] - As of November 27, 2025, the total inventory of 104 domestic asphalt social warehouses was 108.1 tons, a 2.1% decrease from November 24. Shandong region had obvious social inventory reduction [10] - According to Longzhong's tracking of 92 enterprises, the total planned asphalt production in December 2025 was 215.8 tons, a 3.1% month - on - month decrease and a 13.8% year - on - year decrease [10]