沥青：油价反弹，窄幅震荡

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View The report focuses on the asphalt market, indicating that the price of asphalt is experiencing a rebound in oil prices and narrow - range fluctuations. The trend strength of asphalt is neutral, with a value of 0 [1][9]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: For BU2601, the yesterday's closing price was 2,948 yuan/ton, with a daily decline of 0.14%, and the night - session closing price was 2,936 yuan/ton, with a decline of 0.41%. The trading volume was 104,501 lots, a decrease of 25,234 lots, and the open interest was 90,743 lots, a decrease of 13,629 lots. For BU2602, the yesterday's closing price was 2,959 yuan/ton, with a daily decline of 0.13%, and the night - session closing price was 2,954 yuan/ton, with a decline of 0.17%. The trading volume was 104,946 lots, a decrease of 2,447 lots, and the open interest was 180,668 lots, an increase of 7,587 lots. The total market asphalt warehouse receipts were 6,060 lots, with no change [1]. - Spread Data: The basis (Shandong - 01) was - 18 yuan/ton, a decrease of 6 yuan/ton compared to the previous day; the 01 - 02 inter - period spread was - 11 yuan/ton, unchanged; the Shandong - South China spread was - 70, an increase of 40; the East China - South China spread was 180 yuan/ton, an increase of 50 yuan/ton [1]. - Spot Market Data: The Shandong wholesale price was 2,930 yuan/ton, a decrease of 10 yuan/ton, and the Yangtze River Delta wholesale price was 3,180 yuan/ton, unchanged. As of December 4, the refinery operating rate was 34.40%, a decrease of 0.80% compared to December 1, and the refinery inventory rate was 27.00%, an increase of 0.99% [1]. 3.2 Market Information - Production: In the week from November 28 to December 4, 2025, the weekly total domestic asphalt production was 505,000 tons, a decrease of 14,000 tons (2.7%) compared to the previous week and a decrease of 15,000 tons (2.9%) year - on - year. The cumulative production from January to December was 29.017 million tons, an increase of 2.166 million tons (8.1%) year - on - year [10]. - Inventory: As of December 4, 2025, the inventory of 54 domestic asphalt sample refinery warehouses was 626,000 tons, unchanged from December 1. The inventory in the East China region increased significantly. The inventory of 104 domestic asphalt social warehouses was 1.055 million tons, a decrease of 0.6% compared to December 1, with obvious destocking in the East China region [10].