Report Summary 1. Report's Investment Rating for the Industry No investment rating for the industry is provided in the report. 2. Core View of the Report The report suggests that asphalt is currently in a temporary state of oscillation, and investors should be wary of the risk of rising crude oil prices [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Information**: The closing price of BU2507 was 3,620 yuan/ton, down 1.15%, with a night - session closing price of 3,620 yuan/ton and no change. The closing price of BU2508 was 3,647 yuan/ton, up 0.75%, and the night - session closing price was 3,658 yuan/ton, up 0.30%. The trading volume of BU2507 was 42 lots, a decrease of 648 lots, and the open interest was 1,119 lots, a decrease of 13 lots. The trading volume of BU2508 was 3,974 lots, an increase of 1,006 lots, and the open interest was 15,024 lots, a decrease of 1,821 lots. The total market asphalt warehouse receipts were 82,300 lots with no change [1]. - **Spread Information**: The basis (Shandong - 07) was 215 yuan/ton, up 52 yuan/ton from the previous day. The 07 - 08 inter - period spread was - 27 yuan/ton, a decrease of 69 yuan/ton. The Shandong - South China spread was 215, up 20, and the East China - South China spread was 210 yuan/ton, up 10 yuan/ton [1]. - **Spot Market Information**: The Shandong wholesale price was 3,835 yuan/ton, up 10 yuan/ton, and the Yangtze River Delta wholesale price was 3,830 yuan/ton with no change. As of July 7, the refinery operating rate was 35.53%, up 2.72% from July 3, and the refinery inventory rate was 27.91% with no change [1]. 3.2 Trend Intensity The trend intensity of asphalt is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [9]. 3.3 Market Information - In the week of 20250703 - 0709, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 32.7%, a 1.0% increase from the previous week, mainly due to the slight production increase of individual refineries in the Northwest and Southwest regions and the resumption of asphalt production by major refineries in the South China and Shandong regions [13]. - In the week of 20250702 - 0708, the total shipment volume of 54 domestic asphalt enterprises was 39.8 tons, a 2.6% increase from the previous week. The increase was more obvious in the East China and Southwest regions. In the East China region, the main refineries' shipments by ship increased, and in the Southwest region, individual refineries increased production and some goods were exported [13].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The trend strength of asphalt is 1, indicating a neutral stance on the market [8] Group 3: Summary by Relevant Catalogs Fundamental Tracking - Futures: For BU2507, the yesterday's closing price was 3,488 yuan/ton with a daily decline of 0.54%, and the night - session closing price was 3,499 yuan/ton with a night - session increase of 0.32%. The trading volume was 40,556 lots, a decrease of 24,713 lots, and the open interest was 60,928 lots, a decrease of 5,025 lots. For BU2508, the yesterday's closing price was 3,481 yuan/ton with a daily decline of 0.54%, and the night - session closing price was 3,492 yuan/ton with a night - session increase of 0.32%. The trading volume was 12,192 lots, a decrease of 12,074 lots, and the open interest was 27,815 lots, a decrease of 1,908 lots [1] - Spot Market: The yesterday's price of Shandong wholesale was 3,725 yuan/ton, an increase of 15 yuan/ton, and the factory - warehouse spot equivalent to the futures price was 3,775 yuan/ton, and the warehouse - spot equivalent to the futures price was 3,907 yuan/ton. The yesterday's price of the Yangtze River Delta wholesale was 3,670 yuan/ton, with no change, and the factory - warehouse spot equivalent to the futures price was 3,656 yuan/ton, and the warehouse - spot equivalent to the futures price was 3,707 yuan/ton [1] - Spread: The basis (Shandong - 07) was 237 yuan/ton, an increase of 34 yuan/ton compared with the previous day; the 07 - 08 inter - period spread was 7 yuan/ton, with no change; the Shandong - South China spread was 315, an increase of 30; the East China - South China spread was 260 yuan/ton, an increase of 15 yuan/ton [1] - Inventory and Production: As of June 9, the refinery operating rate was 34.49%, an increase of 0.95% compared with June 5, and the refinery inventory rate was 30.29%, a decrease of 0.54% compared with June 5 [1] Market Information - Capacity Utilization: From June 5 - 11, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 31.5%, a month - on - month increase of 0.2%. The reason was that although some Shandong refineries switched to produce residual oil, some main refineries in East China increased production [11] - Maintenance Volume: From June 5 - 11, 2025, the domestic asphalt plant maintenance volume was 70.8 million tons, a decrease of 3 million tons or 4.1% compared with the previous week. The reason was that although Jiangsu Xinhai switched to produce residual oil, Sinochem Quanzhou had intermittent resumption of production, leading to a decrease in the loss volume [11] - Shipment Volume: From June 4 - 10, 2025, the total shipment volume of 54 domestic asphalt enterprises was 434,000 tons, a month - on - month decrease of 4.0%. Regionally, the changes in North China and East China were more obvious. In North China, the contract volume at the beginning of the month was relatively small, resulting in a significant decrease in shipment volume, while in East China, the main refineries had intermittent production increases and good ship shipments, driving an increase in regional shipment volume [11]