原油情绪溢价上涨，成本端支撑稳固

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The recent significant escalation of the Middle East situation, with the US increasing pressure on Iran, has led to a surge in the geopolitical premium of crude oil and driven up downstream energy and chemical commodities. The current main driver of the asphalt market comes from the cost side, and the weak terminal demand and availability of alternative raw materials will restrict the upward space of the market. The cost support for asphalt is relatively strong, but the market is expected to be short - term volatile and bullish [1][2] 3. Summary by Related Contents Market Analysis - On January 26th, the closing price of the main asphalt futures contract BU2603 in the afternoon session was 3,279 yuan/ton, up 45 yuan/ton or 1.39% from the previous settlement price. The open interest was 173,774 lots, a decrease of 12,890 lots from the previous day, and the trading volume was 221,863 lots, an increase of 9,893 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are: 3,406 - 3,550 yuan/ton in Northeast China; 3,080 - 3,240 yuan/ton in Shandong; 3,200 - 3,300 yuan/ton in South China; 3,160 - 3,230 yuan/ton in East China [1] Strategy - Unilateral: Short - term volatile and bullish, and early long - position holders can take appropriate profit - taking. No strategies are provided for inter - period, inter - commodity, spot - futures, and options trading [3]