现货持稳为主，盘面震荡运行

Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The spot price of asphalt in the domestic market remained stable overall on January 7, 2026, with slight increases in North China and Shandong. The market has entered a volatile stage after pricing in the expectation of tightened Venezuelan crude oil supply, which has not been falsified yet. Although refineries can seek alternative heavy - quality raw materials from the Middle East, Canada, and South America, an increase in costs may be inevitable, providing short - term support for the market [1] 3. Summary by Relevant Catalogs Market Analysis - On January 7, 2026, the closing price of the main asphalt futures contract BU2603 in the afternoon session was 3,160 yuan/ton, a decrease of 4 yuan/ton or 0.13% compared to the previous day's settlement price. The open interest was 222,253 lots, a net increase of 12,839 lots, and the trading volume was 309,749 lots, an increase of 85,312 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were as follows: Northeast region, 3,306 - 3,500 yuan/ton; Shandong region, 3,050 - 3,190 yuan/ton; South China region, 3,100 - 3,150 yuan/ton; East China region, 3,100 - 3,200 yuan/ton [1] Strategy - Unilateral trading: Be cautiously bullish. Buy the main BU contract on dips, but avoid excessive chasing of rising prices. - Inter - delivery spread trading: Buy the spread of BU2303/2306 on dips (positive spread trading). - Inter - commodity trading: No recommendation. - Spot - futures trading: No recommendation. - Options trading: No recommendation [2]