原料端风险发酵，市场显著走强

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core View of the Report The risk on the raw material side has intensified, causing the asphalt market to strengthen significantly. The concern about asphalt raw materials has increased due to the US airstrike on Venezuela and the control of President Maduro. As Venezuelan Merey crude oil is the main raw material for domestic asphalt production, the supply of Merey crude oil may tighten in the medium - term, leading to an increase in the asphalt cost center [1][2]. 3) Summary by Related Content Market Analysis - On January 5th, the closing price of the main BU2602 asphalt futures contract in the afternoon session was 3,133 yuan/ton, up 119 yuan/ton or 3.95% from the previous day's settlement price. The open interest was 95,437 lots, down 139 lots from the previous day, and the trading volume was 297,779 lots, up 133,632 lots from the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3,306 - 3,500 yuan/ton; Shandong: 3,020 - 3,190 yuan/ton; South China: 3,140 - 3,150 yuan/ton; East China: 3,050 - 3,150 yuan/ton [1]. Strategy - Unilateral: Be cautiously bullish. Go long on the main BU contract on dips, and avoid excessive chasing of the upside [3]. - Inter - delivery: Go long on the BU2303/2306 spread on dips (calendar spread) [3]. - Cross - commodity: No strategy [3]. - Spot - futures: No strategy [3]. - Options: No strategy [3]. Figures The report presents various figures related to asphalt, including spot prices in different regions (Shandong, East China, South China, North China, Southwest, Northwest), futures index and contract closing prices, trading volume and open interest, production volume in different regions and overall domestic weekly production, consumption in different fields (road, waterproof, coking, ship fuel), and refinery and social inventories [4].