Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalogs Futures Contracts - The closing prices of BU main contract, BU09, and BU12 on July 29 were 3619, 3619, and 3485 respectively, with daily changes of 50, 50, and 44, and interval changes of -38, -38, and 0 [4]. - The closing prices of BU06 and BU03 on July 29 were 3416 and 3444 respectively, with daily changes of 38 and 16, and interval changes of 10 and 16 [4]. Trading Volume and Open Interest - The trading volume on July 29 was 327,129, a daily decrease of 16,850 and an interval increase of 117,100 [4]. - The open interest on July 29 was 445,049, a daily increase of 8 and an interval decrease of 34,604 [4]. Spot Prices - The low - end prices in Shandong, East China, South China, North China, and Northeast markets on July 29 were 3580, 3670, 3550, 3710, and 3850 respectively, with daily changes of 0, 0, 0, 10, and 0, and interval changes of -60, 0, -10, -30, and -50 [4]. - The prices of Jingbo (Haiyun), Runo, and Xinhai (Xin Bohai) on July 29 were 3690, 3660, and 3710 respectively, with daily changes of 0, -10, and 10, and interval changes of -30, -50, and -30 [4]. Basis and Monthly Spread - The basis of Shandong, East China, and South China on July 29 were -39, 51, and -69 respectively, with daily changes of -50, -50, and -50, and interval changes of -22, 38, and 28 [4]. - The monthly spreads of 03 - 06, 06 - 09, 09 - 12, and 12 - 03 on July 29 were 28, -203, 134, and 41 respectively, with daily changes of 21, -12, 6, and -15, and interval changes of 6, 48, -38, and -16 [4]. Crack Spread and Profit - The asphalt Brent crack spread on July 29 was -90, a daily decrease of 89 and an interval decrease of 137 [4]. - The asphalt Ma Rui profit on July 29 was -150, a daily decrease of 80 and an interval decrease of 122 [4]. - The comprehensive profit of ordinary refineries and Ma Rui - type refineries on July 29 were 393 and -6 respectively, with daily changes of -56 and -82, and interval changes of -66 and -92 [4]. - The import profits of South Korea - East China and Singapore - South China on July 29 were -153 and -1006 respectively, with daily changes of -5 and -6, and interval changes of -1 and -10 [4]. Related Prices - The price of Brent crude oil on July 29 was 70.0, a daily increase of 1.6 and an interval increase of 1.5 [4]. - The market prices of gasoline, diesel, and residue oil in Shandong on July 29 were 7795, 6675, and 3650 respectively, with daily changes of 39, 37, and 0, and interval changes of -43, -13, and 0 [4].

Group 1: Information on Futures Contracts - BU main contract price on July 25 was 3615, with a daily change of 13 and a weekly change of -13 [4] - BU06 price on July 25 was 3421, with a daily change of 37 and a weekly change of 37 [4] - BU09 price on July 25 was 3615, with a daily change of 13 and a weekly change of -13 [4] - BU12 price on July 25 was 3484, with a daily change of 25 and a weekly change of 34 [4] - BU03 price on July 25 was 3430, with a daily change of 38 and a weekly change of 21 [4] - Futures trading volume on July 25 was 322134, with a daily change of 63915 and a weekly change of 66996 [4] - Futures open interest on July 25 was 450652, with a daily change of -3106 and a weekly change of -23396 [4] - Warehouse receipts remained at 42950 from July 17 - 25, with no daily or weekly change [4] Group 2: Spot Market Prices - Shandong market low - end price on July 25 was 3590, with a daily change of -10 and a weekly change of 20 [4] - East China market low - end price remained at 3670 from July 21 - 25, with no daily or weekly change [4] - South China market low - end price remained at 3550 from July 23 - 25, with no daily change and a weekly change of -30 [4] - North China market low - end price remained at 3710 on July 24 - 25, with no daily change and a weekly change of -40 [4] - Northeast market low - end price remained at 3900 from July 17 - 25, with no daily or weekly change [4] - Jingbo (Haiyun) spot price on July 25 was 3700, with a daily change of 10 and no weekly change [4] - 54 Hai spot price on July 25 was 3700, with a daily change of 10 and a weekly change of -10 [4] - Mu Hai (Lu Bohai) spot price remained at 3710 on July 24 - 25, with no daily change and a weekly change of -40 [4] Group 3: Basis and Spread - Shandong basis on July 25 was -25, with a daily change of -23 and a weekly change of 33 [4] - East China basis on July 25 was 55, with a daily change of -13 and a weekly change of 13 [4] - South China basis on July 25 was -57, with a daily change of -13 and a weekly change of -17 [4] - 03 - 06 spread on July 25 was 9, with a daily change of 7 and a weekly change of -16 [4] - 06 - 09 spread on July 25 was -194, with a daily change of 24 and a weekly change of 50 [4] - 09 - 12 spread on July 25 was 131, with a daily change of -12 and a weekly change of -47 [4] - 12 - 03 spread on July 25 was 54, with a daily change of -13 and a weekly change of 13 [4] - Consecutive - one to consecutive - two spread on July 25 was 24, with a daily change of -4 and a weekly change of -32 [4] Group 4: Crack Spread and Profit - Asphalt Brent crack spread on July 25 was -27, with a daily change of -49 and a weekly change of 33 [4] - Asphalt Marrow profit on July 25 was -94, with a daily change of -44 and a weekly change of 30 [4] - Ordinary refinery comprehensive profit on July 25 was 438, with a daily change of -14 and a weekly change of 20 [4] - Marrow - type refinery comprehensive profit on July 25 was 45, with a daily change of -26 and a weekly change of 24 [4] - Import profit (South Korea - East China) on July 25 was -146, with a daily change of -4 and a weekly change of 8 [4] - Import profit (Singapore - South China) on July 25 was -997, with a daily change of -5 and a weekly change of -17 [4] Group 5: Related Prices - Brent crude oil price on July 25 was 69.2, with a daily change of 0.7 and a weekly change of -0.1 [4] - Shandong gasoline market price on July 25 was 7822, with a daily change of 27 and a weekly change of 17 [4] - Shandong diesel market price on July 25 was 6693, with a daily change of 48 and a weekly change of -3 [4] - Shandong residue oil market price remained at 3650 from July 23 - 25, with no daily change and a weekly change of -50 [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - Not explicitly stated in the given content. 3. Summary by Relevant Catalog Futures Contracts - The closing prices of BU主力合约, BU09 were 3602 on 7/24, with a daily change of 8 and a weekly change of -21; BU06 was 3384, with a daily change of -7 and a weekly change of -4; BU12 was 3459, with a daily change of -1 and a weekly change of 9; BU03 was 3392, with a daily change of -14 and a weekly change of -13 [4]. - The trading volume on 7/24 was 258,219, a daily decrease of 42,267 and a weekly increase of 107,200; the open interest was 453,758, a daily decrease of 5,653 and a weekly decrease of 14,650 [4]. - The futures inventory remained at 42,950 from 7/22 - 7/24, with no daily or weekly change [4]. Spot Market - The low - end prices in Shandong, East China, South China, North China, and Northeast markets on 7/24 were 3600, 3670, 3550, 3710, and 3900 respectively. The daily changes were -20, 0, 0, -10, 0, and the weekly changes were 40, 0, -30, -40, 0 [4]. - The prices of Jingbo (Haiyun), るの, and Luohai (Xin Bohai) on 7/24 were 3690, 3690, and 3710 respectively, with daily changes of -20, -20, -10 and weekly changes of -20, -20, -40 [4]. Basis and Calendar Spreads - The basis of Shandong, East China, and South China on 7/24 were -2, 68, -52 respectively, with daily changes of -28, -8, -8 and weekly changes of 61, 21, -9 [4]. - The spreads of 03 - 06, 06 - 09, 09 - 12, 12 - 03 on 7/24 were 8, -218, 143, 67 respectively, with daily changes of -7, -15, 9, 13 and weekly changes of -9, 17, -30, 22 [4]. - The first - second nearby spread on 7/24 was 28, with a daily change of -8 and a weekly change of -25 [4]. Crack Spreads and Profits - The asphalt Brent crack spread on 7/24 was 19, with a daily change of -11 [4]. - The asphalt Marrow profit on 7/24 was -52, with a daily change of -10 and a weekly change of 89 [4]. - The comprehensive profit of ordinary refineries on 7/24 was 450, with a daily change of 3 and a weekly change of 40; the comprehensive profit of Marrow - type refineries was 69, with a daily change of -3 and a weekly change of 60 [4]. - The import profit from South Korea to East China on 7/24 was -145, with a daily change of 4 and a weekly change of 6; the import profit from Singapore to South China was -dde (data may be incomplete), with a daily change of 5 and a weekly change of -19 [4]. Related Prices - The price of Brent crude oil on 7/24 was 68.5, with a daily change of -0.1 and a weekly change of -1.0 [4]. - The market prices of gasoline, diesel, and residue oil in Shandong on 7/24 were 7795, 6645, 3650 respectively, with daily changes of -4, -10, 0 and weekly changes of -15, -47, -50 [4].

Report Information - Report Title: Asphalt Morning Report [2][19] - Research Team: Research Center Energy and Chemicals Team [3][20] - Report Date: July 23, 2025 [3][20] Key Data Summary Futures Contracts - BU主力合约 price on July 22 was 3609, with a daily change of -48 and a weekly change of -37 [4][21] - Trading volume on July 22 was 345,260, with a daily increase of 135,231 and a weekly increase of 137,952 [4][21] - Open interest on July 22 was 460,563, with a daily decrease of 19,090 and a weekly decrease of 15,053 [4][21] Spot Prices - Shandong market low - end price on July 22 was 3620, with a daily change of -20 and a weekly change of 70 [4][21] - East China market low - end price on July 22 was 3670, with no daily change and no weekly change [4][21] - South China market low - end price on July 22 was 3550, with a daily change of -10 and a weekly change of -50 [4][21] - North China market low - end price on July 22 was 3730, with a daily change of -10 and a weekly change of -20 [4][21] - Northeast market low - end price on July 22 was 3900, with no daily change and a weekly change of 50 [4][21] Basis and Month - to - Month Spreads - Shandong basis on July 22 was 11, with a daily change of 28 and a weekly change of 107 [4][21] - East China basis on July 22 was 61, with a daily change of 48 and a weekly change of 37 [4][21] - South China basis on July 22 was -59, with a daily change of 38 and a weekly change of -13 [4][21] - 03 - 06 spread on July 22 was 5, with a daily change of -17 and a weekly change of -21 [4][21] - 06 - 09 spread on July 22 was -224, with a daily change of 27 and a weekly change of 40 [4][21] - 09 - 12 spread on July 22 was 156, with a daily change of -16 and a weekly change of -25 [4][21] - 12 - 03 spread on July 22 was 63, with a daily change of 6 and a weekly change of 6 [4][21] Crack Spreads and Profits - Asphalt Brent crack spread on July 22 was -6, with a daily change of -16 and a weekly change of 40 [4][21] - Asphalt Ma Rui profit on July 22 was -74, with a daily change of -14 and a weekly change of 35 [4][21] - Ordinary refinery comprehensive profit on July 22 was 415, with a daily change of -14 and a weekly change of -66 [4][21] - Import profit (South Korea - East China) on July 22 was -153, with no daily change and a weekly change of -4 [4][21] - Import profit (Singapore - South China) on July 22 was -1005, with a daily change of -9 and a weekly change of -49 [4][21] Related Prices - Brent crude price on July 22 was 69.2, with a daily change of -0.1 and a weekly change of 0.5 [4][21] - Shandong gasoline market price on July 22 was 7830, with a daily change of -8 and a weekly change of -14 [4][21] - Shandong diesel market price on July 22 was 6673, with a daily change of -15 and a weekly change of -76 [4][21] - Shandong residue market price on July 22 was 3650, with no daily change and no weekly change [4][21]

Report Overview - Report Title: "Asphalt Morning Report" [2] - Research Team: Research Center Energy and Chemicals Team - Report Date: July 23, 2025 [3] Core Data Summary Futures Contract Prices - BU主力合约 price on July 22 was 3609, down 48 from the previous day and 37 from the previous week [4] - Different contract prices (BU06, BU09, BU12, BU03) also showed various degrees of decline or change [4] Trading Volume and Open Interest - Trading volume on July 22 was 345,260, an increase of 135,231 from the previous day and 137,952 from the previous week [4] - Open interest on July 22 was 460,563, a decrease of 19,090 from the previous day and 15,053 from the previous week [4] Spot Market Prices - Shandong market low - end price on July 22 was 3620, down 20 from the previous day but up 70 from the previous week [4] - Different regional market low - end prices (East China, South China, North China, Northeast) had different trends [4] Basis and Spread - Shandong basis on July 22 was 11, an increase of 28 from the previous day and 107 from the previous week [4] - Different basis and spread values (03 - 06, 06 - 09, 09 - 12, 12 - 03) showed different changes [4] Crack Spread and Profit - Asphalt Brent crack spread on July 22 was - 6, down 16 from the previous day but up 40 from the previous week [4] - Different profit indicators (asphalt Marrow profit, ordinary refinery comprehensive profit, etc.) also had different changes [4] Related Prices - Brent crude oil price on July 22 was 69.2, down 0.1 from the previous day but up 0.5 from the previous week [4] - Gasoline, diesel, and residue oil prices in Shandong market also showed different trends [4]

Report Overview - Report Title: Asphalt Morning Report [2] - Research Team: Research Center's Energy and Chemicals Team [3] - Report Date: July 18, 2025 [3] 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoint - No clear core viewpoint is presented in the provided content. 3. Summary by Relevant Catalogs Futures Contracts - BU主力合约 price on July 17 was 3628, with a daily increase of 5 and an interval increase of 5 [4]. - BU06 price was 3384, down 4 daily and up 30 interval [4]. - BU09 price was 3628, up 5 daily and 5 interval [4]. - BU12 price was 3450, unchanged daily and up 10 interval [4]. - BU03 price was 3409, up 4 daily and 26 interval [4]. Trading Volume and Open Interest - Trading volume on July 17 was 255138, an increase of 104119 from the previous day and 31904 interval [4]. - Open interest was 474048, an increase of 5640 daily and 5027 interval [4]. Spot Market - Shandong market low - end price on July 17 was 3570, up 10 daily and down 30 interval [4]. - East China market low - end price was 3670, unchanged daily and interval [4]. - South China market low - end price was 3580, unchanged daily and down 20 interval [4]. - North China market low - end price was 3750, unchanged daily and interval [4]. - Northeast market low - end price was 3900, unchanged daily and up 50 interval [4]. Basis and Monthly Spread - Shandong basis was - 58, up 5 daily and down 35 interval [4]. - East China basis was 42, down 5 daily and 5 interval [4]. - South China basis was - 48, down 5 daily and 25 interval [4]. - 03 - 06 spread was 25, up 8 daily and down 4 interval [4]. - 06 - 09 spread was - 244, down 9 daily [4]. - 09 - 12 spread was 178, up 5 daily and down 5 interval [4]. - 12 - 03 spread was 41, down 4 daily and 16 interval [4]. Crack Spread and Profit - Asphalt Brent crack spread was - 21, up 17 daily and down 23 interval [4]. - Asphalt Ma Rui profit was - 87, up 15 daily and down 20 interval [4]. - Ordinary refinery comprehensive profit was 452, up 6 daily and down 44 interval [4]. - Import profit (South Korea - East China) was - 154, down 3 daily [4]. - Import profit (Singapore - South China) was - 980, down 3 daily and 17 interval [4]. Related Prices - Brent crude oil price on July 17 was 68.5, down 0.2 daily and 0.1 interval [4]. - Shandong gasoline market price was 7805, down 5 daily and 26 interval [4]. - Shandong diesel market price was 6696, up 4 daily and down 115 interval [4]. - Shandong residue oil market price was 3700, unchanged daily and up 85 interval [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. 3. Summary by Relevant Catalogs Futures Contracts - The price of BU main contract on 7/10 was 3629, with a daily change of 6 and an interval change of 58 [4]. - The price of BU06 on 7/10 was 3370, with a daily change of 16 and an interval change of 100 [4]. - The price of BU09 on 7/10 was 3629, with a daily change of 6 and an interval change of 58 [4]. - The price of BU12 on 7/10 was 3447, with a daily change of 7 and an interval change of 70 [4]. - The price of BU03 on 7/10 was 3384, with a daily change of 1 and an interval change of 69 [4]. Trading Volume and Open Interest - The trading volume on 7/10 was 176,852, a decrease of 46,382 from the previous day and a decrease of 30,278 from the interval [4]. - The open interest on 7/10 was 471,972, an increase of 2,951 from the previous day and a decrease of 12,902 from the interval [4]. Spot Prices - The low - end price in the Shandong market on 7/10 was 3580, a decrease of 20 from the previous day and an increase of 20 from the interval [4]. - The low - end price in the East China market on 7/10 was 3670, with no daily change and an increase of 20 from the interval [4]. - The low - end price in the South China market on 7/10 was 3600, with no daily and interval change [4]. - The low - end price in the North China market on 7/10 was 3750, with no daily and interval change [4]. - The low - end price in the Northeast market on 7/10 was 3850, with no daily change and a decrease of 50 from the interval [4]. Basis and Spread - The Shandong basis on 7/10 was - 49, a decrease of 26 from the previous day and a decrease of 38 from the interval [4]. - The East China basis on 7/10 was 41, a decrease of 6 from the previous day and a decrease of 38 from the interval [4]. - The South China basis on 7/10 was - 29, a decrease of 6 from the previous day and a decrease of 28 from the interval [4]. - The 03 - 06 spread on 7/10 was 14, a decrease of 15 from the previous day and a decrease of 31 from the interval [4]. - The 06 - 09 spread on 7/10 was - 259, an increase of 10 from the previous day and an increase of 42 from the interval [4]. - The 09 - 12 spread on 7/10 was 182, a decrease of 1 from the previous day and a decrease of 12 from the interval [4]. - The 12 - 03 spread on 7/10 was 63, an increase of 6 from the previous day [4]. Crack Spread and Profit - The asphalt Brent crack spread on 7/10 was - 97, a decrease of 21 from the previous day and a decrease of 59 from the interval [4]. - The asphalt Ma Rui profit on 7/10 was - 157, a decrease of 18 from the previous day and a decrease of 53 from the interval [4]. - The ordinary refinery comprehensive profit on 7/10 was 419, a decrease of 10 from the previous day and a decrease of 46 from the interval [4]. - The import profit (South Korea - East China) on 7/10 was - 153, with no daily change and an increase of 12 from the interval [4]. - The import profit (Singapore - South China) on 7/10 was - 961, an increase of 2 from the previous day and a decrease of 7 from the interval [4]. Related Prices - The Brent crude oil price on 7/10 was 70.2, with no daily change and an increase of 1.4 from the interval [4]. - The gasoline market price in Shandong on 7/10 was 7831, with no daily change and an increase of 81 from the interval [4]. - The diesel market price in Shandong on 7/10 was 6788, a decrease of 23 from the previous day and a decrease of 19 from the interval [4]. - The residue oil market price in Shandong on 7/10 was 3625, an increase of 10 from the previous day and a decrease of 15 from the interval [4].

Summary of Report Core Content Group 1: Futures Contract Information - The closing prices of BU main contract, BU06, BU09, BU12, and BU03 on July 9 were 3623, 3354, 3623, 3440, and 3383 respectively, with daily changes of 34, 62, 34, 51, and 78, and weekly changes of 61, 105, 61, 72, and 89 [4]. Group 2: Trading Volume and Open Interest - The trading volume on July 9 was 223,234, with a daily increase of 32,161 and a weekly decrease of 3,715. The open interest was 469,021, with a daily increase of 2,276 and a weekly decrease of 16,519 [4]. Group 3: Spot Market Prices - The low - end prices in Shandong, East China, South China, North China, and Northeast markets on July 9 were 3600, 3670, 3600, 3750, and 3850 respectively. The daily changes were 20, 0, - 10, 0, and - 50, and the weekly changes were 40, 20, 0, 0, and - 50 [4]. Group 4: Basis and Calendar Spread - On July 9, the Shandong - East China, Shandong - Northeast, and East - South China basis were - 70, - 250, and 70 respectively, with daily changes of 20, 70, and 10, and weekly changes of 20, 90, and 20. The 03 - 06, 06 - 09, 09 - 12, and 12 - 03 calendar spreads were 29, - 269, 183, and 57 respectively, with daily changes of 16, 28, - 17, and - 27, and weekly changes of - 16, 44, - 11, and - 17 [4]. Group 5: Crack Spread and Profit - The asphalt Brent crack spread on July 9 was - 74, with a daily decrease of 9 and a weekly decrease of 20. The ordinary refinery's comprehensive profit was 432, with a daily decrease of 11 and a weekly decrease of 12. The import profit from South Korea to East China was - 152, with no daily change and a weekly increase of 13. The import profit from Singapore to South China was - 959, with a daily decrease of 8 and a weekly decrease of 6 [4]. Group 6: Related Prices - On July 9, the price of Brent crude oil was 70.2, with a daily increase of 0.6 and a weekly increase of 1.0. The gasoline price in Shandong market was 7831, with a daily increase of 29 and a weekly increase of 102. The diesel price in Shandong market was 6811, with a daily increase of 17 and a weekly increase of 16. The residual oil price in Shandong market was 3615, with a daily increase of 15 and a weekly decrease of 25 [4].

Report Information - Report Title: Asphalt Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: July 9, 2025 [3] Core Data Summary Futures Contracts - **Prices**: The BU main contract price on July 8 was 3589, with a daily change of 23 and a weekly change of 25. Different contract months (BU06, BU09, BU12, BU03) also showed various price changes [4]. - **Trading Volume**: The trading volume on July 8 was 191073, with a daily increase of 10177 and a weekly decrease of 52750 [4]. - **Open Interest**: The open interest on July 8 was 466745, with a daily decrease of 1654 and a weekly decrease of 27458 [4]. - **Combined Volume**: The combined volume on July 8 was 52390, with a daily decrease of 620 and a weekly decrease of 4620 [4]. Spot Market - **Regional Low - end Prices**: On July 8, the low - end prices in Shandong, East China, South China, North China, and Northeast China markets were 3580, 3670, 3610, 3750, and 3900 respectively, with different daily and weekly changes [4]. - **Specific Spot Prices**: The prices of some specific brands like Jingbo (Haiyun), Runhai, and Modong (Xin Bohai) also had corresponding changes [4]. Basis and Spread - **Basis**: The basis in Shandong, East China, and South China showed different trends. For example, the Shandong basis on July 8 was - 9, with a daily change of - 13 and a weekly change of - 25 [4]. - **Monthly Spread**: The spreads between different contract months (03 - 06, 06 - 09, 09 - 12, 12 - 03) also had their own changes. For instance, the 06 - 09 spread on July 8 was - 297, with a daily change of - 15 and a weekly change of 12 [4]. Crack Spread and Profit - **Crack Spread**: The asphalt Brent crack spread on July 8 was - 64, with a daily change of - 57 and a weekly change of - 135 [4]. - **Profit**: The ordinary refinery comprehensive profit on July 8 was 442, with a daily decrease of 42 and a weekly decrease of 97. The import profits from South Korea to East China and Singapore to South China also had different changes [4]. Related Prices - **Crude Oil and Product Prices**: The Brent crude oil price on July 8 was 69.6, with a daily increase of 1.3 and a weekly increase of 2.5. The prices of gasoline, diesel, and residue oil in the Shandong market also changed [4].

s 疯皮期货 华东标品基差 500 r 300 100 -10QV -300 -500 500 300 100 -100 -300 -500 2019 - 2022 - 2020 2019 -- 2022 - 2019 -- 2022 2021 - 2020 -- 2021 - 2020 -- 2021 2023 2024 2025 2023 - 2024 - 2025 - 2023 · 2024 · 2025 华东非标基差 山东非标基差(+80) 华南非标基差 500 700 - 700 г 300 500 500 100 300 300 100 -1007 100 -300 -100~ -100% -500 -300 -300 2019 2020 2021 2022 2019 - 2022 · 2020 - 2021 - 2021 - 2022 = 2019 · 2020 · 2023 2024 2023 2025 · 2024 - 2025 - 2023 2024 - 2025 BU09-12 BU06-09 BU03-06 500 - 500 - 500 300 - 300 300 100 100 1 ...