成本端支撑偏强，盘面大幅上涨

1. Report Industry Investment Rating - Unilateral: Neutral [3] 2. Core View of the Report - On January 22, the asphalt futures market showed a significant increase. The spot market was driven but was weaker than the futures. Although the terminal demand was suppressed by large - scale cooling, the cost - side support remained strong. However, the weak terminal demand and the wide range of alternative raw materials would restrict the market's upside potential [1][2] 3. Summary According to Related Catalogs Market Analysis - On January 22, the closing price of the main BU2603 contract in the afternoon was 3,214 yuan/ton, up 92 yuan/ton or 2.92% from the previous day's settlement price. The position was 203,357 lots, up 15,919 lots, and the trading volume was 299,851 lots, up 151,311 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were: Northeast 3,406 - 3,500 yuan/ton; Shandong 3,030 - 3,240 yuan/ton; South China 3,180 - 3,250 yuan/ton; East China 3,130 - 3,230 yuan/ton [1] - The asphalt spot prices in North China, Shandong, and South China increased, while those in other regions remained basically stable [2] Strategy - Unilateral: Neutral. Early long positions could be appropriately closed for profit. No strategies were proposed for inter - period, inter - variety, spot - futures, and options [3]