情绪溢价收窄，现实矛盾仍存

1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report 2. Core Viewpoints of the Report - The emotional premium of the asphalt market has narrowed, but real - world contradictions still exist. The market's expectation of eased geopolitical tensions in the Middle East has led to a decline in international oil prices, weakening the cost - side support for asphalt. However, the conflict has not ended, supply - side contradictions are not substantially resolved. Due to raw material shortages, domestic asphalt refinery production is expected to decline significantly in April. If terminal consumption seasonally rebounds or remains stable, the de - stocking expectation is strong, and the market structure is still supported. The futures market may be repeatedly disturbed by news in the short term, and both long and short positions lack a safety margin [1] 3. Summary by Related Catalogs Market Analysis - On March 25, the closing price of the main asphalt futures contract BU2606 in the afternoon session was 4,410 yuan/ton, a decrease of 49 yuan/ton or 1.1% from the previous day's settlement price. The open interest was 241,074 lots, a net increase of 610 lots, and the trading volume was 903,232 lots, a decrease of 144,430 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 4,506 - 4,690 yuan/ton in Northeast China, 4,200 - 4,400 yuan/ton in Shandong, 4,300 - 4,600 yuan/ton in South China, 4,450 - 4,590 yuan/ton in East China. The asphalt spot price in Northwest China was generally stable, that in Northeast China rose slightly, and prices in other regions decreased to varying degrees [1] Strategy - Unilateral trading: The market will experience sharp short - term fluctuations, so it is advisable to wait and see [2] - Inter - delivery spread trading: Pay attention to the opportunity of positive spreads on dips [2] - Cross - variety trading: No trading strategy provided [2] - Spot - futures trading: No trading strategy provided [2] - Options trading: No trading strategy provided [2]