市场收紧预期逐步兑现，现货延续涨势

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The market's tightening expectations are gradually being realized, and spot prices continue to rise. The fundamentals of asphalt still have positive drivers, but attention should be paid to significant fluctuations in the single - side price of the futures after the basis weakens [1][2]. - Due to the high - level operation of crude oil and the strong upward trend of asphalt futures, the sentiment in the asphalt spot market has been boosted. However, the current situation in Iran is unclear, and the market is in a state of high volatility, so both long and short positions lack a safety margin, and caution is needed [2]. 3. Summary by Relevant Catalogs Market Analysis - On the afternoon of March 23, the closing price of the main asphalt futures contract BU2606 was 4,661 yuan/ton, up 191 yuan/ton or 4.27% from the previous settlement price, with an open interest of 257,404 lots (a net increase of 10,776 lots), and trading volume of 869,133 lots (a decrease of 112,035 lots) [1]. - The spot settlement prices of heavy - traffic asphalt in different regions are as follows: Northeast China, 4,496 - 4,580 yuan/ton; Shandong, 4,280 - 4,300 yuan/ton; South China, 4,500 - 4,600 yuan/ton; East China, 4,570 - 4,590 yuan/ton [1]. - Yesterday, asphalt spot prices in the northwest region remained generally stable, while prices in other regions increased to varying degrees [2]. Strategy - Single - side: The short - term trend is oscillating upward, and attention should be paid to the development of the Iran situation [3]. - Inter - delivery: Pay attention to the opportunity of positive arbitrage at low prices (BU2605/2606) [3]. - Inter - commodity: No strategy provided [3]. - Futures - spot: No strategy provided [3]. - Options: No strategy provided [3]. Figures The report includes figures related to asphalt spot prices in various regions, asphalt futures prices, trading volume and open interest, domestic asphalt production, consumption, and inventory, with units such as yuan/ton, lots, and 10,000 tons [4].