建信期货沥青日报-20260122

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - After the bullish factors of asphalt raw materials are gradually digested, the supply and demand return to an equilibrium level, and the price is expected to fluctuate. Attention should be paid to the performance of oil prices [7] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Futures Market: The opening price of BU2603 was 3150 yuan/ton, the closing price was 3157 yuan/ton, the highest was 3167 yuan/ton, the lowest was 3134 yuan/ton, the increase was 0.45%, and the trading volume was 148,500 lots. The opening price of BU2604 was 3164 yuan/ton, the closing price was 3170 yuan/ton, the highest was 3180 yuan/ton, the lowest was 3147 yuan/ton, the increase was 0.51%, and the trading volume was 16,900 lots [6] - Spot Market: The asphalt spot prices in North China, South China, and Sichuan-Chongqing regions decreased, while those in other regions remained stable. Affected by cooling and rain-snow weather, the rigid demand for asphalt continued to decline [6] - Supply: Shengxing Petrochemical planned to switch to asphalt production on the 16th, but Qilu Petrochemical switched to residue production on the 15th. The operating load rate of asphalt plants is expected to remain basically the same next week [7] - Demand: In the next ten days, the cold air will strengthen, and there will be obvious rain-snow processes from the Huanghuai region to the Yangtze River. Road construction projects in East China and Central China may gradually enter the final or suspension stage. Winter storage contracts in the northern region will continue to arrive, and the overall demand is expected to fluctuate limitedly. With the seasonal decline in terminal demand and the lack of new positive factors, the sentiment in the asphalt market may remain cautious, and the speculative demand is expected to increase limitedly [7] 3.2 Industry News - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3000 - 3240 yuan/ton, remaining stable compared with the previous working day. International oil prices and asphalt futures maintained a narrow range of fluctuations, providing no directional guidance for the asphalt spot market. Affected by the low temperature in Shandong and surrounding areas, the market demand was weak, and the spot trading remained light. The mainstream quotations of traders were mainly stable [8] - East China Market: The mainstream transaction price of 70A grade asphalt was 3130 - 3230 yuan/ton, remaining stable compared with the previous working day. The rise in crude oil provided some support for the asphalt market, but affected by the rain-snow weather, the terminal demand for asphalt in the East China region continued to weaken, and downstream purchases were rare. The market trading was light, and the mainstream spot transaction price in East China remained stable today [8] 3.3 Data Overview - The report presents multiple data charts, including asphalt cracking, social inventory, daily operating rate, comprehensive profit in Shandong, spot price in South China, basis in Shandong, manufacturer inventory, and warehouse receipts, with data sources from wind and the Research and Development Department of CCB Futures [13][14][19][22]