Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The asphalt market has a solid short - term support, with the spot market showing a strong willingness to hold prices. However, the improvement in the consumption side is still insufficient, and the increase in rainfall in the south will limit project construction and terminal demand, restricting the market's upward space. The supply - demand weakness pattern continues, but due to the low pressure on regional traders at the beginning of the month, the average domestic asphalt price has increased [1]. 3) Summary by Relevant Catalog Market Analysis - On June 3, the closing price of the main asphalt futures contract BU2507 in the afternoon session was 3482 yuan/ton, up 42 yuan/ton or 1.22% from the previous day's settlement price. The position was 95984 lots, down 4606 lots from the previous day, and the trading volume was 196526 lots, down 98818 lots from the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast, 3780 - 4091 yuan/ton; Shandong, 3470 - 3870 yuan/ton; South China, 3410 - 3450 yuan/ton; East China, 3530 - 3620 yuan/ton. Prices in Shandong, North China, and East China markets rose yesterday, while prices in other regions remained stable [1]. - The supply - demand weakness pattern of asphalt continues. The rigid demand for asphalt is generally poor, but due to the low shipment pressure of regional traders at the beginning of the month, the willingness to hold prices is strong, leading to an increase in the average domestic asphalt price. Currently, the increase in market supply is limited, and both the overall operating rate and inventory are at low levels, resulting in limited market pressure and a solid short - term support. However, the improvement in the consumption side is still insufficient [1]. Strategy - Unilateral: Oscillation [2]. - Inter - delivery: Go long on the spread of BU2507 - 2509 at low prices (positive spread trading) [2]. - Inter - commodity: None [2]. - Futures - cash: None [2]. - Options: None [2].

Market Performance - The majority of government bond futures closed lower, with the 30-year main contract up by 0.03%, while the 10-year, 5-year, and 2-year main contracts fell by 0.03%, 0.04%, and 0.04% respectively [1] - The yields on major interbank bonds decreased across the board, with the 30-year government bond yield rising by 1.25 basis points to 1.9315%, the 10-year bond yield up by 0.1 basis points to 1.676%, and the 3-year bond yield increasing by 1 basis point to 1.49% [1] Funding Conditions - The central bank announced a 7-day reverse repurchase operation of 454.5 billion yuan at a fixed rate of 1.40%, with the same amount being the bid and winning amount [2] - A total of 830 billion yuan in reverse repos matured on the same day, resulting in a net withdrawal of 375.5 billion yuan [2] - The interbank market showed a balanced and slightly loose funding condition, with overnight weighted rates around 1.40% and non-bank institutions borrowing at approximately 1.55% [2] Operational Suggestions - Concerns over certificate of deposit supply and funding conditions may lead to slight weakness in the bond market [3] - June is a critical month for exports, with high-frequency data indicating downward pressure but overall resilience, supporting industrial production [3] - Short-term bond yields are expected to face resistance near previous lows, while long-term yields may rise due to potential pressures from external demand [3] - The forecast for bond market yields suggests a range for the 10-year bond yield between 1.6% and 1.75%, and for the 30-year bond yield between 1.8% and 1.95% [3] - Investment strategies include range trading and attention to the TS2509 contract for potential opportunities [3]

Market Performance - Treasury futures closed lower across the board, with the 30-year main contract down 0.26% at 119.460, the 10-year main contract down 0.11% at 108.735, the 5-year main contract down 0.03% at 106.030, and the 2-year main contract down 0.02% at 102.408 [1] - Major interbank bond yields rose, with the 30-year government bond yield increasing by 0.8 basis points to 1.9180%, the 10-year government bond yield rising by 1.4 basis points to 1.7090%, and the 3-year government bond yield up by 0.50 basis points to 1.4925% [1] Funding Conditions - The central bank announced a fixed-rate reverse repurchase operation of 448 billion yuan for 7 days at an interest rate of 1.40%, with a net injection of 91 billion yuan for the day [2] - Liquidity remains loose, with overnight and 7-day pledged repo rates declining, the former down over 6 basis points and the latter down over 3 basis points [2] - The one-year interbank certificates of deposit rates are around 1.71%, showing little change from the previous day, indicating pressure on banks' liabilities [2] Operational Suggestions - The bond market is expected to continue a narrow range of fluctuations, with limited risk of a significant decline in the short term due to the central bank's support for liquidity [3] - Short-term 10-year government bond yields are anticipated to fluctuate between 1.65% and 1.7%, while 30-year government bond yields are expected to range between 1.85% and 1.95% [3] - A single strategy of observation is recommended, focusing on high-frequency economic data and liquidity dynamics, while a spread strategy is suggested for the 2509 contract [3]

Group 1: Market Analysis - On March 24, the regional prices were as follows: Shandong market 4740 - 4820 yuan/ton, Northeast market 4430 - 4510 yuan/ton, North China market 4800 - 4850 yuan/ton, East China market 4950 - 5150 yuan/ton, Yangtze River market 5120 - 5230 yuan/ton, Northwest market 4650 - 4880 yuan/ton, South China market 5000 - 5150 yuan/ton [1] - In the second half of April 2025, the CIF prices of refrigerated cargo in East China were propane at 618 US dollars/ton (up 1 US dollar/ton) and butane at 608 US dollars/ton (up 1 US dollar/ton), equivalent to RMB prices of propane at 4884 yuan/ton (up 10 yuan/ton) and butane at 4805 yuan/ton (up 10 yuan/ton); in South China, propane was 614 US dollars/ton (up 1 US dollar/ton) and butane was 604 US dollars/ton (up 1 US dollar/ton), equivalent to RMB prices of propane at 4852 yuan/ton (up 9 yuan/ton) and butane at 4773 yuan/ton (up 9 yuan/ton) [1] - The mainstream transaction price in the South China civil gas market yesterday was 5000 - 5150 yuan/ton, up from the previous working day. The small quantity of major refineries supported the price increase. The refinery in Beihai, Guangxi is about to undergo maintenance, with a small quantity and little sales pressure, and some low - priced products had more sales than production. The mainstream transaction price in the Pearl River Delta imported gas market was 5060 - 5120 yuan/ton. There were many arriving ships at the import terminals, the market supply was relatively abundant, and the low - price shipments were acceptable [1] - The PG futures price has rebounded continuously recently. After the cancellation of the March warehouse receipts, the upward resistance in the market will be reduced, but the fundamentals may lack continuous driving force [1] Group 2: Strategy - Unilateral: Oscillation - Inter - period: None - Inter - variety: None - Spot - futures: None - Options: None [2]