Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalog 3.1 Basis and Spread - The Shandong basis (+80) (non-Jingbo) changed from 22 on 2/25 to -130 on 3/25, with a daily change of -159 [3]. - The East China basis (Zhenjiang warehouse) changed from -28 on 2/25 to -180 on 3/25, with a daily change of -229 [3]. - The South China basis (Foshan warehouse) changed from -128 on 2/25 to -210 on 3/25, with a daily change of -259 [3]. - The 04 - 05 spread changed from -15 to 13, with a daily change of 10 [3]. - The 04 - 06 spread changed from -22 to 15, with a daily change of 7 [3]. - The 06 - 09 spread changed from 36 to 253, with a daily change of 8 [3]. 3.2 Futures Contracts - The BU main contract price changed from 3358 on 2/25 to 4410 on 3/25 [3]. - The trading volume changed from 189,401 on 2/25 to 1,073,847 on 3/25, with a daily change of -202,717 (-30) [3]. - The open interest changed from 327,972 on 2/25 to 350,606 on 3/25, with a daily change of 1,740 (-5) [3]. 3.3 Spot Prices - The Brent crude oil price changed from N/A to 100.8 on 3/25, with a daily change of -0.4 [3]. - The Jingbo spot price changed from 3320 on 2/25 to 4250 on 3/25, with a daily change of -100 [3]. - The Shandong (non-Jingbo) spot price changed from 3300 on 2/25 to 4200 on 3/25, with a daily change of -150 [3]. - The Zhenjiang warehouse spot price changed from 3330 on 2/25 to 4230 on 3/25, with a daily change of -220 [3]. - The Foshan warehouse spot price changed from 3230 on 2/25 to 4200 on 3/25, with a daily change of -250 [3]. 3.4 Profits - The asphalt Ma Rui profit changed from N/A to -204 on 3/25, with a daily change of -60 [3].

Report Overview - The report is an asphalt morning report released by Jia'an Futures' research center's energy and chemical team on March 12, 2026 [1][2][5] Key Data Summary 1. Basis and Spread - **Basis**: The Shandong basis (+80) (non-Jingbo) changed from -63 on 2/10 to -64 on 3/11, with a daily change of -128; the East China basis (Zhenjiang warehouse) was -24 on 3/11, with a daily change of 22; the South China basis (Foshan warehouse) was -74 on 3/11, with a daily change of 32 [3] - **Spread**: 04 - 05 spread was 8 on 3/11, with no daily change; 04 - 06 spread was 33 on 3/11, with a daily change of 17; 06 - 09 spread was 129 on 3/11, with a daily change of 34 [3] 2. Futures Contracts - **BU Main Contract**: The price was 3874 on 3/11, with a daily increase of 128; the trading volume was 526,278, a decrease of 347,113; the open interest was 344,777, a decrease of 6,728 [3] 3. Spot Prices - **Brent Crude Oil (Jingbo)**: The price was 90.2 on 3/11, a decrease of 9.7 [3] - **Zhenjiang Warehouse**: The spot price was 3850 on 3/11, an increase of 150 [3] - **Foshan Warehouse**: The spot price was 3800 on 3/11, an increase of 160 [3] - **Shandong (non-Jingbo)**: The spot price was 3730 on 3/11, with no change [3] 4. Profit - **Asphalt Marrow Profit**: It was -150 on 3/11, with an increase of 519 [3] 5. Weekly Changes - The weekly changes in basis, spread, trading volume, open interest, spot prices, and profit are also provided, such as a weekly change of -34 in the Shandong basis (+80) [6]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - There is no clear core viewpoint presented in the provided content. 3. Summary by Relevant Catalogs 3.1. Basis and Spread - The Shandong basis (+80) (non - Jingbo) changed from -54 on 2/9 to -3751 on 3/10, with a daily change of -3751 [3]. - The East China basis (Zhenjiang warehouse) changed from -4 on 2/9 to -3771 on 3/10, with a daily change of -3771 [3]. - The South China basis (Foshan warehouse) changed from -54 on 2/9 to -3721 on 3/10, with a daily change of -3721 [3]. - The 04 - 05 spread changed from 6 on 2/9 to 7 on 3/10, with a daily change of 7 [3]. - The 04 - 06 spread changed from 7 on 2/9 to -5 on 3/10, with a daily change of -5 [3]. - The 06 - 09 spread changed from 32 on 2/9 to -15 on 3/10, with a daily change of -15 [3]. 3.2. Futures Contracts - The BU main contract price changed from 3334 on 2/9 to 3746 on 3/10, with a daily change of -329 [3]. - The trading volume changed from 273,099 on 2/9 to 873,391 on 3/10, with a daily change of 456,049 [3]. - The open interest changed from 379,965 on 2/9 to 351,505 on 3/10, with a daily change of -30,779 [3]. - The contract quantity remained at 24,640 from 3/3 to 3/10 [3]. 3.3. Spot Prices - The Brent crude oil price for Jingbo changed from $68.3 (3200) on 2/9 to $99.9 (0) on 3/10, with a daily change of 8.1 (-4130) [3]. - The Shandong (non - Jingbo) spot price changed from 3200 on 2/9 to 0 on 3/10, with a daily change of -4080 [3]. - The Zhenjiang warehouse spot price changed from 3330 on 2/9 to 0 on 3/10, with a daily change of -4100 [3]. - The Foshan warehouse spot price changed from 3280 on 2/9 to 0 on 3/10, with a daily change of -4050 [3]. 3.4. Profits - The asphalt - Ma Rui profit changed from 316 on 2/9 to -762 on 3/10, with a daily change of -762 [3].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No clear core view presented in the given content 3. Summary According to Relevant Catalogs 3.1. Basis and Spread - The Shandong basis (+80) (non-Jingbo) on 3/5 was -3579, with a daily change of -3549 [3]. - The East China basis (Zhenjiang warehouse) on 3/5 was -3659, with a daily change of -3549 and a weekly change of -3602 [3][6]. - The South China basis (Foshan warehouse) on 3/5 was -3659, with a daily change of -3499 and a weekly change of -3502 [3][6]. - The 03 - 06 spread on 3/5 was -36, with a daily change of 5 [3]. - The 04 - 06 spread on 3/5 was -1, with a daily change of 12 [3]. - The 06 - 09 spread on 3/5 was 67, with a daily change of 2 [3]. 3.2. Futures Trading Data - The BU main contract price on 3/5 was 3659, with a daily change of -1 [3]. - The trading volume on 3/5 was 706321, with a daily decrease of 137258 [3]. - The open interest on 3/5 was 370385, with a daily decrease of 3568 [3]. - The contract volume on 3/5 was 24640, with no daily change [3]. 3.3. Crude Oil and Asphalt Prices - The Brent crude oil price on 3/5 was 82.1, with a daily decrease of 2.3 [3]. - The Jingbo asphalt price on 3/4 was 3580 [3]. - The Shandong (non-Jingbo) asphalt price on 3/4 was 3550 [3]. - The Zhenjiang warehouse asphalt price on 3/4 was 3550 [3]. - The Foshan warehouse asphalt price on 3/4 was 3500 [3]. 3.4. Asphalt Profit - The asphalt Ma Rui profit on 3/5 was -2, with a daily increase of 132 [3].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalog 3.1. Basis and Calendar Spread - The Shandong basis (+80) (non-Jingbo) decreased from 10 on 1/13 to -93 on 2/11, with a daily change of -30 [3]. - The East China basis (Zhenjiang warehouse) decreased from 30 on 1/13 to -43 on 2/11, with a daily change of -30 [3]. - The South China basis (Foshan warehouse) decreased from -10 on 1/13 to -93 on 2/11, with a daily change of -30 [3]. - The 03 - 06 spread decreased from -15 on 1/13 to -12 on 2/11, with a daily change of -4 [3]. - The 04 - 06 spread increased from -11 on 1/13 to 3 on 2/11, with a daily change of 4 [3]. - The 06 - 09 spread remained at 31 on 2/11, with a daily change of 0 [3]. 3.2. Futures Contract Information - The BU主力合约 price increased from 3140 on 1/13 to 3373 on 2/11, with a daily change of 30 [3]. - The trading volume decreased from 409443 on 1/13 to 234042 on 2/11, with a daily change of 2427 and a decrease of 4 compared to the previous day [3]. - The open interest decreased from 434852 on 1/13 to 365458 on 2/11, with a daily change of -8941 and a decrease of 1 compared to the previous day [3]. - The contract value remained at 13580 from 2/5 to 2/11, with a daily change of 0 [3]. 3.3. Crude Oil and Asphalt Prices - The Brent crude oil price increased from 63.3 on 1/13 to 69.4 on 2/11, with a daily change of 0.7 [3]. - The Jingbo asphalt price decreased from 3260 on 2/5 to 3200 on 2/11, with a daily change of -10 [3]. - The Shandong (non-Jingbo) asphalt price remained at 3200 from 2/9 to 2/11, with a daily change of 0 [3]. - The Zhenjiang warehouse asphalt price remained at 3330 from 2/9 to 2/11, with a daily change of 0 [3]. - The Foshan warehouse asphalt price remained at 3280 from 2/9 to 2/11, with a daily change of 0 [3]. 3.4. Profit - The asphalt - Ma Rui profit decreased from 411 on 1/13 to 269 on 2/11, with a daily change of -31 [3]. 3.5. Weekly Changes - The weekly changes of various indicators are as follows: -104, -54, -54, -9, -7, 9, 34, -42033, -18419, 0, 1.8, -60, -70, -20, -20, -109 [6].

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - No information provided Group 3: Summary by Relevant Catalog Base and Month Spread - The Shandong basis (+80) (non-Jingbo) decreased from -68 on 12/30 to -118 on 1/29, with a daily change of -38 [3]. - The East China basis (Zhenjiang warehouse) decreased from -118 on 12/30 to -178 on 1/29, with a daily change of -18 [3]. - The South China basis (Foshan warehouse) decreased from -138 on 12/30 to -158 on 1/29, with a daily change of -48 [3]. - The 01 - 03 spread decreased from -43 on 12/30 to -124 on 1/29, with a daily change of -2 [3]. - The 02 - 03 spread decreased from -7 on 12/30 to -2 on 1/29, with a daily change of -1 [3]. - The 03 - 06 spread decreased from -24 on 12/30 to 13 on 1/29, with a daily change of -8 [3]. BU Main Contract (02) - The price increased from 3038 on 12/30 to 3478 on 1/29, with a daily change of 68 [3]. - The trading volume decreased from 465494 on 12/30 to 621631 on 1/29, with a daily change of -97356 [3]. - The open interest increased from 440255 on 12/30 to 457004 on 1/29, with a daily change of 13230 [3]. - The warehouse receipts remained at 13580 on 1/29, with a daily change of 0 [3]. Crude Oil and Asphalt Prices - Brent crude oil price increased from 62.0 on 12/30 to 68.1 on 1/29, with a daily change of 1.6 [3]. - Jingbo asphalt price increased from 2980 on 12/30 to 3290 on 1/29, with a daily change of 10 [3]. - Shandong (non-Jingbo) asphalt price increased from 2890 on 12/30 to 3280 on 1/29, with a daily change of 30 [3]. - Zhenjiang warehouse asphalt price increased from 2920 on 12/30 to 3300 on 1/29, with a daily change of 50 [3]. - Foshan warehouse asphalt price increased from 2900 on 12/30 to 3320 on 1/29, with a daily change of 20 [3]. Profit - The asphalt - Ma Rui profit decreased from 339 on 12/30 to 315 on 1/29, with a daily change of -69 [3]. Trader Basis - The trader basis was 500 on 1/27, with the reference being the Shandong basis (+80) [3].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - No relevant content Group 3: Summary by Directory 1. Basis and Spread - The Shandong basis (+80) (non-Jingbo) was -79 on 1/26, with a daily change of 10 and a weekly change of -52 [3][6] - The East China basis (Zhenjiang warehouse) was -79 on 1/26, with a daily change of 80 and a weekly change of 8 [3][6] - The South China basis (Foshan warehouse) was -49 on 1/26, with a daily change of 70 and a weekly change of 48 [3][6] - The 01 - 03 spread was -69 on 1/26, with a daily change of -24 and a weekly change of -29 [3][6] - The 02 - 03 spread was -17 on 1/26, with a daily change of 9 and a weekly change of 8 [3][6] - The 03 - 06 spread was -7 on 1/26, with a daily change of 18 and a weekly change of 24 [3][6] 2. BU Main Contract - The BU main contract (02) price was 3279 on 1/26, with a daily change of 0 [3] - The trading volume was 316451 on 1/26, with a daily change of -37346 and a weekly change of 105185 [3][6] - The open interest was 416650 on 1/26, with a daily change of -3538 and a weekly change of 7270 [3][6] - The contract volume was 10000 on 1/26, with a daily change of 0 and a weekly change of -5010 [3][6] 3. Crude Oil and Asphalt Prices - Brent crude oil price was 65.6 on 1/26, with a daily change of -0.3 and a weekly change of 0.7 [3][6] - Jingbo asphalt price was 3180 on 1/26, with a daily change of 0 and a weekly change of 80 [3][6] - Shandong (non-Jingbo) asphalt price was 3130 on 1/26, with a daily change of 10 and a weekly change of 70 [3][6] - Zhenjiang warehouse asphalt price was 3280 on 1/26, with a daily change of 80 and a weekly change of 130 [3][6] - Foshan warehouse asphalt price was 3300 on 1/26, with a daily change of 70 and a weekly change of 170 [3][6] 4. Profit - The asphalt - Ma Rui profit was 365 on 1/26, with a daily change of 16 and a weekly change of 35 [3][6]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints - There is no clear core viewpoint presented in the provided content. Group 3: Summary by Relevant Catalogs 1. Basis and Month Spread - The Shandong basis (+80) (non-Jingbo) changed from -55 to -79, with a daily change of -23 [3]. - The East China basis (Zhenjiang warehouse) had a value of -56 on 1/23 [3]. - The South China basis (Foshan warehouse) changed from -195 to -49, with a daily change of 7 [3]. - The 01 - 03 spread changed from -32 to -69, with a daily change of 19 [3]. - The 02 - 03 spread changed from -7 to -17, with a daily change of -3 [3]. - The 03 - 06 spread remained at -7, with a daily change of 0 [3]. 2. Futures Contracts - The BU main contract (02) price increased from 2992 to 3279, with a daily increase of 43 [3]. - The trading volume of the BU main contract (02) changed from 251935 to 348643, with a daily increase of 52773 [3]. - The open interest of the BU main contract (02) changed from 461234 to 419657, with a daily decrease of 3533 [3]. 3. Spot Market - Brent crude oil price increased from 63.9 to 65.9, with a daily increase of 1.8 [3]. - Jingbo asphalt price increased from 2940 to 3180, with a daily increase of 30 [3]. - Shandong (non-Jingbo) asphalt price increased from 2860 to 3120, with a daily increase of 20 [3]. - Zhenjiang warehouse asphalt price increased from 2880 to 3200, with a daily increase of 20 [3]. - Foshan warehouse asphalt price increased from 2800 to 3230, with a daily increase of 50 [3]. 4. Profit - The asphalt - Ma Rui profit changed from 376 to 349, with a daily decrease of 36 [3].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs 3.1. Basis and Calendar Spread - The daily changes of Shandong basis (+80) (non-Jingbo), East China basis (Zhenjiang warehouse), and South China basis (Foshan warehouse) on 1/20 were 3, 3, and 33 respectively [3] - The daily changes of 01 - 03, 02 - 03, and 03 - 06 on 1/20 were 3, 0, and 0 respectively [3] 3.2. BU Main Contract - The price of the BU main contract (02) on 1/20 was 3139, with a daily change of -3 [3] - The trading volume on 1/20 was 166,692, a decrease of 18,207 compared to the previous day [3] - The open interest on 1/20 was 413,904, a decrease of 882 compared to the previous day [3] - The warehouse receipts on 1/20 were 16,110, with no change [3] 3.3. Crude Oil and Asphalt Prices - The price of Brent crude oil on 1/20 was 63.9, with a daily change of -0.2 [3] - The prices of Jingbo, Shandong (non-Jingbo), Zhenjiang warehouse, and Foshan warehouse on 1/20 were 3100, 3100, 3150, and 3130 respectively, among which the price of Foshan warehouse increased by 30 [3] 3.4. Asphalt - Marey Profit - The asphalt - Marey profit data after 1/14 was N/A [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View No clear core view is presented in the given content. It mainly provides data on asphalt including basis, spreads, futures contract prices, trading volume, open interest, spot prices, and profit. 3. Summary by Relevant Catalogs Basis and Spreads - **Basis**: The Shandong basis (+80) (non - Jingbo) 01 - 03 changed from 48 - 28 on 12/4 to 17 - 43 on 1/5 with a daily change of 14; the East China basis (Zhenjiang warehouse) changed from 88 to - 33 with a daily change of 49; the South China basis (Foshan warehouse) changed from - 2 to - 63 [3]. - **Spreads**: The 02 - 03 spread changed from - 17 to - 8; the 03 - 06 spread changed from - 37 to 16 with a daily change of 39 [3]. Futures Contracts - **BU Main Contract (02)**: The price of the BU main contract (02) increased from 2952 on 12/4 to 3133 on 1/5, with a daily increase of 111 [3]. - **Trading Volume**: The trading volume increased from 290157 on 12/4 to 687942 on 1/5, with a daily increase of 376665 [3]. - **Open Interest**: The open interest increased from 429348 on 12/4 to 464952 on 1/5, with a daily increase of 38946 [3]. Spot Prices - **Jingbo**: The spot price of Jingbo increased from 2950 on 12/4 to 3100 on 1/5, with an increase of 120 [3]. - **Shandong (non - Jingbo)**: The spot price increased from 2920 on 12/4 to 3070 on 1/5, with an increase of 180 [3]. - **Zhenjiang Warehouse**: The spot price increased from 3040 on 12/4 to 3100 on 1/5, with an increase of 160 [3]. - **Foshan Warehouse**: The spot price increased from 2950 on 12/4 to 3070 on 1/5, with an increase of 170 [3]. Profit - **Asphalt Marrow Profit**: The asphalt Marrow profit increased from 163 to 513 [3]. Weekly Changes - Various indicators showed weekly changes such as 82, 82, 115, - 8, - 1, 41, 125, 301769, 22249, 4080, - 1.2, 160, 210, 210, 240, 192, 2025 [6].