成本端维持强势，盘面延续上行

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The cost side of asphalt remains strong, and the market continues to rise. The geopolitical premium in the oil market has increased significantly due to the tense situation in the Middle East, and the macro - sentiment of commodities has also warmed up, leading to a continuous increase in international oil prices and strengthening the cost - side support for asphalt. However, the current market pricing is more based on expectations, the terminal consumption of asphalt is weak, and the basis has weakened significantly after the continuous rise of the futures price. If the geopolitical situation eases, there is room for a correction in the futures market [1][2] 3. Summary by Related Catalogs Market Analysis - On January 29, the closing price of the main BU2603 contract of asphalt futures in the afternoon session was 3,478 yuan/ton, up 114 yuan/ton or 3.39% from the previous day's settlement price. The open interest was 170,058 lots, a decrease of 5,221 lots from the previous day, and the trading volume was 402,578 lots, a decrease of 51,997 lots from the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3,506 - 3,550 yuan/ton in Northeast China, 3,130 - 3,300 yuan/ton in Shandong, 3,250 - 3,350 yuan/ton in South China, and 3,200 - 3,230 yuan/ton in East China [1] Strategy - Unilateral: Short - term shock is on the strong side, and attention should be paid to the development of the situation in Iran. There are no strategies for inter - period, cross - variety, spot - futures, and options [3]