Report Information - Report Title: Asphalt Daily Report [1] - Report Date: August 7, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The supply growth of asphalt is relatively limited, and the demand is in the peak season, but the actual performance remains to be observed. Considering the performance of oil prices, it is expected that the unilateral price of asphalt will mainly fluctuate. In terms of arbitrage, consider going long on the crack spread after the upward trend of oil prices slows down [7] Section Summaries 1. Market Review and Operation Suggestions - Futures market: For BU2509, the opening price was 3527 yuan/ton, the closing price was 3555 yuan/ton, the highest was 3559 yuan/ton, the lowest was 3527 yuan/ton, the increase was 0.34%, and the trading volume was 4.92 million lots. For BU2510, the opening price was 3516 yuan/ton, the closing price was 3529 yuan/ton, the highest was 3530 yuan/ton, the lowest was 3505 yuan/ton, the increase was 0.17%, and the trading volume was 13.44 million lots [6] - Spot market: The spot prices of asphalt in North China, Shandong, and Sichuan-Chongqing markets declined, while that in South China market increased, and the prices in other regions remained stable. The overall trend of crude oil prices and asphalt futures was weak, and the spot market of asphalt was filled with strong wait-and-see sentiment [6] - Supply: Qilu Petrochemical, Henan Fengli, and Jiangsu Xinhai will resume asphalt production in early August, and the plant operating rate will rebound at the beginning of the month. The total planned asphalt production of domestic refineries in August is 2.433 million tons [6] - Demand: It is expected that the demand will continue to recover, but the extent remains to be observed. In August, precipitation in North China and Northeast China is still relatively high, but the overall weather conditions have improved. Coupled with the rush demand of some projects, it is generally beneficial to demand [6] 2. Industry News - Shandong market: The mainstream transaction price of 70 Grade A asphalt was 3550 - 3970 yuan/ton, a decrease of 10 yuan/ton compared with the previous working day. International oil prices and asphalt futures continued to be weak, and downstream receiving sentiment was cautious. Refineries and traders continued to lower their quotes, driving down the market price. The maintenance of Lanqiao Petrochemical was postponed, and some refineries planned to switch to asphalt production, so the supply of resources in Shandong was relatively abundant [8] - South China market: The mainstream transaction price of 70 Grade A asphalt was 3580 - 3630 yuan/ton, an increase of 10 yuan/ton compared with the previous working day. The asphalt futures price fluctuated at a low level, and there were low-price contract resources traded by spot-futures traders. In addition, Jingbo Hainan warehouse released forward contracts, and the market contract volume was relatively abundant. However, there was concentrated rainfall in South China recently, and the rigid demand was weak. Traders mainly held up prices, and the spot quotation was 3580 - 3600 yuan/ton [8] 3. Data Overview - The report provides data charts on asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt crack spread, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [9][14][20]

Group 1: General Information - Report Title: Asphalt Daily Report [1] - Report Date: August 5, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions Market Review - Futures Market: BU2509 opened at 3658 yuan/ton, closed at 3573 yuan/ton, with a high of 3659 yuan/ton, a low of 3566 yuan/ton, a decline of 2.16%, and a trading volume of 16.91 million lots. BU2510 opened at 3657 yuan/ton, closed at 3556 yuan/ton, with a high of 3657 yuan/ton, a low of 3547 yuan/ton, a decline of 2.39%, and a trading volume of 14.03 million lots [6] - Spot Market: Asphalt spot prices in the northwest and northeast markets rose slightly, while those in the north China, Shandong, south China, and Sichuan-Chongqing regions fell. The east China market remained stable. Crude oil and asphalt futures prices dropped, which had a significant negative impact on the spot market [6] Supply and Demand - Supply: Qilu Petrochemical, Henan Fengli, and Jiangsu Xinhai will resume asphalt production in early August, and the plant operating rate will rebound. The total asphalt production plan of domestic refineries in August is 2.433 million tons [6] - Demand: Demand is expected to continue to recover, but the extent remains to be seen. In August, precipitation in north China and northeast China is still relatively high, but the overall weather conditions have improved. Coupled with the rush demand for some projects, it is generally beneficial to demand [6] Operation Suggestions - The growth of asphalt supply is relatively limited, and demand is in the peak season, but the actual performance remains to be seen. Considering the performance of oil prices, it is expected that the unilateral price of asphalt will mainly fluctuate. In terms of arbitrage, consider going long on the crack spread after the upward trend of oil prices slows down [7] Group 3: Industry News - South China Market: The mainstream transaction price of 70A grade asphalt was 3580 - 3630 yuan/ton, a decrease of 5 yuan/ton from the previous working day. Due to the large planned production volume of Guangzhou Petrochemical, the road and shipping prices of Guangzhou Petrochemical were lowered by 50 yuan/ton over the weekend. Today, it mainly shipped by sea, and there was no road transport resource available for circulation. In addition, the decline in asphalt futures led to the start of transactions of low-price contracts of spot-futures traders in the south China social inventory, driving the spot price in south China to decline slightly [8] - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3590 - 4070 yuan/ton, a decrease of 25 yuan/ton from the previous working day. The significant decline in international oil prices led to the decline of asphalt futures, which had a negative impact on the spot market from the cost side and market sentiment. Although the trading in the spot market continued to be stable, the quotes of some refineries and traders still decreased, resulting in the decline of the spot price in the Shandong market [8] Group 4: Data Overview - The report provides data on asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt crack spread, asphalt social inventory, Shandong asphalt spot price, Shandong asphalt basis, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [9][14][17][20]

Group 1: Report Overview - Report Name: Asphalt Daily Report [1] - Date: August 1, 2025 [2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Viewpoint - The asphalt market continues to show a pattern of weak supply and demand. With oil prices rebounding due to macro and geopolitical support, a short - long strategy for asphalt is recommended, with timely profit - taking [7] Group 4: Market Review and Operation Suggestions Futures Market - For futures contracts BU2509, the opening price was 3654 yuan/ton, closing at 3659 yuan/ton, with a high of 3682 yuan/ton, a low of 3650 yuan/ton, a daily increase of 0.30%, and a trading volume of 14.56 million lots. For BU2510, the opening price was 3654 yuan/ton, closing at 3649 yuan/ton, with a high of 3667 yuan/ton, a low of 3637 yuan/ton, a daily increase of 0.47%, and a trading volume of 8.40 million lots [6] Spot Market - In the spot market, the asphalt price in Shandong showed a slight increase, while prices in other regions remained stable. The strong trends of crude oil and asphalt futures positively influenced the spot market sentiment [6] Supply and Demand - Supply: Some refineries in the Northeast that reduced production have no short - term plans to increase output. However, due to Jinling Petrochemical's high - load production after resuming on the 23rd and the possible resumption of Shandong Shengxing Petrochemical, the average asphalt plant operating rate is expected to rise. Demand: Rainy weather still affects most parts of China, with relatively less impact in Shandong and Central China, which supports demand to some extent. But the stability of most road projects outside key projects cannot be guaranteed, and the improvement in asphalt demand is limited [6] Group 5: Industry News Shandong Market - The mainstream transaction price of 70 A - grade asphalt was 3640 - 4070 yuan/ton, up 5 yuan/ton from the previous day. The rising trends of international oil prices and asphalt futures boosted the asphalt price from the cost and market sentiment perspectives, leading some traders to raise their quotes [8] South China Market - The mainstream transaction price of 70 A - grade asphalt was 3560 - 3590 yuan/ton, remaining stable from the previous day. Sinopec's settlement and Gaofu's plan to set new contract prices kept the social inventory quotes stable. Although terminal demand improved slightly, the current asphalt demand is still small, and market sentiment is cautious [8] Group 6: Data Overview - The report presents multiple data charts, including Shandong asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of Jianxin Futures [14][16][17][24]

行业 沥青日报 日期 2025 年 7 月 30 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 研究员 ...

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: July 17, 2025 [2] Group 2: Market Review and Operation Suggestions - Futures Market: BU2509 opened at 3626 yuan/ton, closed at 3623 yuan/ton, with a high of 3629 yuan/ton, a low of 3598 yuan/ton, a decline of 0.22%, and a trading volume of 10.82 million lots. BU2510 opened at 3570 yuan/ton, closed at 3570 yuan/ton, with a high of 3576 yuan/ton, a low of 3545 yuan/ton, a decline of 0.11%, and a trading volume of 2.04 million lots [6] - Spot Market: Domestic asphalt spot prices remained stable. Crude oil and asphalt futures fluctuated narrowly, and the spot market sentiment was cautious [6] - Supply: In the East China region, Jinling Petrochemical stopped producing asphalt, and Xinghai Petrochemical is expected to resume asphalt production in the second half of the month after switching to producing residual oil this week. In addition, Shengxing Petrochemical in Shandong will intermittently switch to producing residual oil next week. The average operating load rate of asphalt plants is expected to decline next week [6] - Demand: Rainfall in the northern region will be relatively scarce in the future, which will support demand to some extent. The focus will be on seasonal demand support [6] - Outlook: The cost-side oil price is expected to have room for further increase. Asphalt supply and demand are both weak. The focus will be on seasonal demand support, and the single-side price is expected to fluctuate upwards following the oil price [6] Group 3: Industry News - Shandong Market: The mainstream transaction price of 70 A-grade asphalt was 3660 - 4070 yuan/ton, remaining stable from the previous trading day. The international oil price and asphalt futures continued to fluctuate. The spot market sentiment was cautious. Although some refineries still had restrictions on sales and queuing for loading, the weak terminal demand led to sluggish spot transactions, and the prices of some brand traders decreased slightly [7] - South China Market: The mainstream transaction price of 70 A-grade asphalt was 3600 - 3650 yuan/ton, remaining stable from the previous trading day. Affected by rainy weather and poor project funds, the number of terminal project starts was limited, and the rigid demand for asphalt remained weak. The trucking price of Guangzhou Petrochemical's asphalt may be lowered today, but the social inventory price in Guangdong remained stable due to the high storage cost [7] Group 4: Data Overview - Figures: The report includes figures on asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, Shandong asphalt spot price, Shandong asphalt basis, asphalt manufacturer inventory, and asphalt warehouse receipts [9][10][13] - Data Source: The data is sourced from Wind and the Research and Development Department of CCB Futures [6][10][12]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report focuses on the asphalt market, indicating that asphalt prices fluctuate with oil prices and manifest a slight inventory build - up. The trend strength of asphalt is - 1, suggesting a relatively bearish outlook [1][10]. 3. Summary by Relevant Catalogs **Fundamental Data** - **Futures**: For BU2507, the yesterday's closing price was 3,650 yuan/ton with a daily increase of 0.83%, and the night - session closing price was 3,700 yuan/ton with a night - session increase of 1.37%. The trading volume was 34 lots (a decrease of 8 lots), and the open interest was 1,119 lots (unchanged). For BU2508, the yesterday's closing price was 3,660 yuan/ton with a daily increase of 0.36%, and the night - session closing price was 3,646 yuan/ton with a night - session decrease of 0.38%. The trading volume was 1,868 lots (a decrease of 2,106 lots), and the open interest was 14,639 lots (a decrease of 385 lots). The total market asphalt warehouse receipts were 82,300 lots (unchanged) [1]. - **Spreads**: The basis (Shandong - 07) was 175 yuan/ton, a decrease of 40 yuan/ton compared to the previous day; the 07 - 08 inter - period spread was - 10 yuan/ton, an increase of 17 yuan/ton; the Shandong - South China spread was 205 (unit not specified), a decrease of 10; the East China - South China spread was 210 yuan/ton, unchanged [1]. - **Spot Market**: The Shandong wholesale price was 3,825 yuan/ton, a decrease of 10 yuan/ton; the Yangtze River Delta wholesale price was 3,830 yuan/ton, unchanged. As of July 10, the refinery operating rate was 36.28%, an increase of 3.47 percentage points from July 7; the refinery inventory rate was 28.87%, an increase of 0.96 percentage points [1]. **Market Information** - **Production**: From July 4 - 10, 2025, the weekly total domestic asphalt production was 567,000 tons, a decrease of 8,000 tons (1.4% decline) compared to the previous week but an increase of 125,000 tons (28.3% increase) year - on - year. The cumulative production from January to July was 15.378 million tons, an increase of 954,000 tons (6.6% increase) year - on - year [13]. - **Inventory**: As of July 10, 2025, the total inventory of 54 domestic asphalt sample refinery warehouses was 806,000 tons, a 0.5% increase from July 7. The total inventory of 104 domestic asphalt social warehouses was 1.818 million tons, a 0.1% increase from July 7. The overall refinery inventory and social inventory showed a slight build - up, with significant inventory build - up in the Northwest and North China refinery warehouses and the Southwest social warehouses [13].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The asphalt market is currently in a temporary oscillation state, and geopolitical factors should be closely monitored [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Information**: The closing prices of BU2507 and BU2508 were 3,622 yuan/ton and 3,608 yuan/ton respectively, with daily increases of 0.44% and 0.56%. The night - session closing prices were 3,633 yuan/ton and 3,619 yuan/ton, with night - session increases of 0.30%. The trading volume of BU2507 was 1,426 lots (a decrease of 769 lots), and the position was 2,544 lots (a decrease of 600 lots). The trading volume of BU2508 was 3,514 lots (an increase of 12 lots), and the position was 18,131 lots (a decrease of 852 lots). The total market warehouse receipts of asphalt were 95,510 lots with no change [1] - **Spread Information**: The basis (Shandong - 07) was 198 yuan/ton, a decrease of 11 yuan compared to the previous day. The 07 - 08 inter - period spread was 14 yuan/ton, a decrease of 4 yuan. The Shandong - South China spread was 190 (unit not specified), a decrease of 25. The East China - South China spread was 150 yuan/ton, a decrease of 30 yuan [1] - **Spot Market Information**: The Shandong wholesale price was 3,820 yuan/ton, an increase of 5 yuan. The Yangtze River Delta wholesale price was 3,780 yuan/ton with no change. The refinery operating rate was 33.45%, a decrease of 0.73% compared to the previous period. The refinery inventory rate was 27.13%, an increase of 0.50% [1] 3.2 Trend Intensity - The trend intensity of asphalt is 0, indicating a neutral state. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [7] 3.3 Market Information - **Production**: From June 27 to July 3, 2025, the weekly total output of domestic asphalt was 559,000 tons, a month - on - month increase of 5,000 tons (0.9%) and a year - on - year increase of 121,000 tons (27.6%). The cumulative output from January to June was 16.714 million tons, a year - on - year increase of 1.329 million tons (8.6%) [10] - **Inventory**: As of July 3, 2025, the total inventory of 54 domestic asphalt sample refinery warehouses was 796,000 tons, a 1.1% increase compared to June 30. The refinery warehouses in the Northeast region had the largest inventory increase. The total inventory of 104 domestic asphalt social warehouses was 1.813 million tons, a 0.1% decrease compared to June 30. The social warehouses in Shandong had a more obvious inventory reduction [10]

2、卓创资讯重交沥青现货结算价：东北，3930—4086元/吨；山东，3650—4000元/吨；华南，3550—3650元/吨； 华东，3680—3770元/吨。 昨日川渝地区沥青现货价格延续涨势，其余地区沥青现货价格以持稳为主。在中东局势冲突的影响下，油价维持 偏强运行，沥青成本端支撑仍存。就沥青自身基本面而言，整体供需两弱格局延续，库存维持低位。由于沥青刚 性需求较为疲软，多数地区的市场情绪仍较为谨慎。整体来看，目前沥青自身基本面驱动不足，盘面价格波动主 要受到原油端影响，考虑到中东局势仍不明朗，市场或面临反复扰动。 石油沥青日报 | 2025-06-19 现货价格持稳，终端需求仍偏弱 市场分析 1、6月18日沥青期货下午盘收盘行情：主力BU2509合约下午收盘价3695元/吨，较昨日结算价上涨1.87%；持仓274368 手，环比上涨14609手，成交260367手，环比下降37582手。 策略 单边：震荡偏强，关注伊以冲突局势发展 跨期：无 跨品种：无 期现：无 期权：无 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 2025年期货市场研究报告 第1页 请仔 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The asphalt market is expected to follow crude oil and fluctuate at a high level [1] Group 3: Summary by Related Catalogs Fundamental Tracking - Futures: BU2507 closed at 3,659 yuan/ton yesterday with a daily increase of 2.95%, and 3,657 yuan/ton in the overnight session with a decrease of 0.05%; BU2508 closed at 3,649 yuan/ton yesterday with a daily increase of 2.99%, and 3,639 yuan/ton in the overnight session with a decrease of 0.27%. The trading volume of BU2507 yesterday was 93,031 lots, an increase of 40,364 lots, and the open interest was 53,840 lots, a decrease of 6,572 lots; the trading volume of BU2508 yesterday was 27,945 lots, an increase of 15,303 lots, and the open interest was 27,352 lots, a decrease of 1,705 lots [1] - Spot Market: The wholesale price of asphalt in Shandong was 3,775 yuan/ton yesterday, an increase of 50 yuan/ton; the wholesale price in the Yangtze River Delta was 3,670 yuan/ton yesterday, with no change. The refinery operating rate was 34.49% (updated on June 9), an increase of 0.95% compared to the previous period; the refinery inventory rate was 30.29% (updated on June 9), a decrease of 0.54% compared to the previous period [1] - Spread: The basis (Shandong - 07) was 116 yuan/ton yesterday, a decrease of 55 yuan/ton compared to the previous day; the 07 - 08 inter - period spread was 10 yuan/ton yesterday, a decrease of 1 yuan/ton; the Shandong - South China spread was 250 yuan/ton, a decrease of 65 yuan/ton; the East China - South China spread was 145 yuan/ton, a decrease of 115 yuan/ton [1] Market Information - Production: This week (20250610 - 20250616), the domestic weekly asphalt production was 534,000 tons, a decrease of 10,000 tons compared to the previous week, a decrease of 1.8%; an increase of 147,000 tons compared to the same period last year, an increase of 38%. The cumulative production from January to June was 1.3975 million tons, an increase of 74,000 tons compared to the same period last year, an increase of 5.6% [11] - Inventory: As of June 16, 2025, the total inventory of 54 domestic asphalt sample refineries was 782,000 tons, a decrease of 3.5% compared to June 12. The domestic refinery inventory decreased significantly, mainly in Shandong and East China. As of June 16, 2025, the total inventory of 104 domestic asphalt social warehouses was 1.854 million tons, a decrease of 0.5% compared to June 12. The domestic social inventory decreased slightly, mainly due to the overall recovery of downstream terminal project demand in the northern region [11] Trend Intensity - The asphalt trend intensity is - 1, indicating a relatively bearish view [10]

行业 沥青日报 日期 2024 年 5 月 14 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 研究员 ...