沥青早报-20251229

Group 1: Report Overview - Report Title: "Asphalt Morning Report" [2] - Report Date: December 29, 2025 [4] - Report Team: Research Center's Energy and Chemicals Team [4] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core Viewpoints - No clear core viewpoints are presented in the report. Group 4: Summary by Catalog 1. Basis and Spread - Basis: The Shandong basis (+80) (non-Jingbo) was 17 on 11/26 and remained unchanged on 12/26; the East China basis (Zhenjiang warehouse) was 47 and then dropped to -115; the South China basis (Foshan warehouse) was 7 and then decreased to -195. The daily change of all three was 0 [3]. - Spread: The 01 - 03 spread was -12 and then became -33 with a daily change of -1; the 02 - 03 spread was -18 and then -7 with no daily change; the 03 - 06 spread was -45 and then -29 with a daily change of 7 [3]. 2. Futures Market - BU Main Contract (02): The price was 3043 and then dropped to 2992 with no daily change. The trading volume was 342,611 and then fluctuated, with a daily increase of 33,422 and a week - on - week decrease of 287,140. The open interest was 382,270 and then decreased to 443,225, with a daily decrease of 18,009 and a week - on - week decrease of 43,736 [3]. 3. Spot Market - Brent Crude Oil: The price was 63.1 and then changed to 62.2 (N/A on the last record) [3]. - Asphalt Spot: The Jingbo price was 3000 and then dropped to 2940 and remained unchanged; the Shandong (non - Jingbo) price was 2980 and then dropped to 2860 and remained unchanged; the Zhenjiang warehouse price was 3090 and then dropped to 2880 and remained unchanged; the Foshan warehouse price was 3050 and then dropped to 2800 and remained unchanged [3]. 4. Profit - Asphalt - Ma Rui Profit: It was 235 and then changed to 348 (N/A on the last record) [3].