中东地缘局势依然紧张，成本端支撑偏强

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The geopolitical situation in the Middle East remains tense, with strong support on the cost side. Although the terminal consumption momentum is weak, there is seasonal recovery potential after the Spring Festival, and the overall inventory level is at a medium - low level. There are still positive drivers for the asphalt fundamentals, but attention should be paid to the significant fluctuations in the unilateral price of the disk after the basis weakens, and the monthly spread opportunities can be focused on [2] 3. Summary by Relevant Catalog Market Analysis - On March 18, the closing price of the main BU2606 contract of asphalt futures in the afternoon session was 4,425 yuan/ton, up 5 yuan/ton or 0.11% from the previous day's settlement price. The open interest was 261,472 lots, up 8,479 lots from the previous day, and the trading volume was 1,132,604 lots, down 286,875 lots from the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 4,306 - 4,500 yuan/ton in Northeast China, 3,960 - 4,200 yuan/ton in Shandong, 4,200 - 4,400 yuan/ton in South China, and 4,130 - 4,190 yuan/ton in East China [1] - The spot prices of asphalt in Northeast, Shandong, and East China continued to rise yesterday, while the intended spot price of asphalt in North China declined. The prices in other regions remained generally stable. Crude oil prices and asphalt futures remained volatile at high levels, continuing to support the atmosphere of the asphalt spot market [2] Strategy - Unilateral: Short - term shock is on the strong side, and attention should be paid to the development of the Iranian situation [3] - Inter - period: Pay attention to the opportunity of positive arbitrage on dips (BU2605/2606) [3] - Inter - variety: None [3] - Spot - futures: None [3] - Options: None [3]