Report Industry Investment Ratings - Propylene: ★☆☆ [1] - Plastic: ★☆☆ [1] - Polypropylene: ★☆☆ [1] - Pure Benzene: ☆☆☆ [1] - Styrene: ☆☆☆ [1] - PX: ☆☆☆ [1] - PTA: ☆☆☆ [1] - Ethylene Glycol: ☆☆☆ [1] - Short Fiber: ☆☆☆ [1] - Bottle Chip: ☆☆☆ [1] - Methanol: ★☆☆ [1] - Urea: ★★☆ [1] - PVC: ★★☆ [1] - Caustic Soda: ★☆☆ [1] - Soda Ash: ★★★ [1] - Glass: ★★★ [1] Core Views - The chemical market shows mixed trends with different products facing various supply - demand and price situations. Some products are under pressure due to factors like over - supply or weak demand, while others are supported by factors such as production cuts or policy impacts [2][3][5] Grouped Summaries by Product Categories Olefins - Polyolefins - Propylene futures had a narrow - range consolidation. Production enterprises faced weak sales and rising inventory pressure, while downstream demand was weak due to more polypropylene device shutdowns [2] - Plastic and polypropylene futures had a weak consolidation. Polyethylene had supply pressure from high - load production and slow inventory digestion, along with weak downstream demand. Polypropylene had weak cost support and demand [2] Pure Benzene - Styrene - Pure benzene futures had a weak run. Although import pressure decreased slightly and there were expectations of supply - demand relief, it would mainly oscillate at a low level. A long - short spread positive spread could be considered on dips in the medium - term [3] - Styrene futures closed lower with a narrow - range decline. Cost support was insufficient, and the market was weak due to slower de - stocking and expected supply growth [3] Polyester - PX and PTA prices rose due to oil price rebound. PX is expected to be strong in the medium - term, and PTA's processing margin is expected to recover. Ethylene glycol rebounded but is still under long - term pressure. Short fiber's supply - demand seasonally weakened, and bottle chip's demand declined with over - capacity pressure [5] Coal Chemicals - Methanol futures prices rose. Ports were de - stocking, and the market might be turning. Urea prices rose significantly. Indian import tenders boosted the market, and production enterprises were de - stocking [6] Chlor - Alkali - PVC continued to rise under macro - mood influence. Supply was high, and demand was weak. It is expected to fluctuate with the macro - mood. Caustic soda oscillated strongly. Supply pressure was high, and it is also expected to follow the macro - mood [7] Soda Ash - Glass - Soda ash prices rose with high - level inventory and large supply pressure. It is expected to follow the macro - mood. Glass prices rose with high inventory and weak demand, and is expected to have a slightly strong oscillation in the short - term [8]

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-12-19 每日观点 玻璃： 1、基本面：生产利润修复乏力但供给收缩不及预期；地产拖累下游深加工订单偏弱，库存同期历 史高位；偏空 2、基差：浮法玻璃河北沙河大板现货944元/吨，FG2605收盘价为1062元/吨，基差为-118元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存5855.80万重量箱，较前一周增加0.57%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：玻璃基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、沙河地区"煤改气" ，行业冷修，产量损失。 利空： 1、地产终端需求依然疲弱，玻璃深加工企业订 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The iron ore 2605 contract is expected to experience wide - range fluctuations, with a short - term, medium - term, and intraday outlook of oscillation, oscillation, and weak oscillation respectively. The core logic is that the supply - demand pattern is weakening, and the upward driving force is not strong [1] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For the iron ore 2605 contract, the short - term view is oscillation, the medium - term view is oscillation, and the intraday view is weak oscillation. The overall view is wide - range oscillation, and the core logic is the weakening supply - demand pattern and lack of upward driving force [1] Market Driving Logic - The supply - demand pattern of iron ore has not improved. Steel mill production is weakening, and their profitability has not improved, leading to weak ore demand and downward pressure on prices. At the same time, domestic port arrivals have increased significantly, and miners' shipments have reached a new high for the year. Overall ore supply remains high despite a contraction in domestic ore supply. Although there are short - term positive factors supporting the price to return to a high level, the continuous weakening of demand and high - level supply result in a poor fundamental situation. The price will continue to oscillate under the game of multiple and short factors, and attention should be paid to the performance of steel [3]

Report Summary 1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Report Core Views - The report analyzes the market trends, core logics, technical aspects, and provides trading strategies for three commodities: lithium carbonate, polysilicon, and industrial silicon. It also mentions potential influencing factors and trading opportunities for each commodity [1][7][10]. 3. Summary by Commodity Lithium Carbonate - **Market Trend**: The lithium carbonate futures weakened today. The main 2605 contract closed at 106,160 yuan/ton, down 2.26% from the previous trading day's closing price [1]. - **Core Logic**: The weekly production and inventory data for lithium carbonate were released, showing a continued de - stocking pattern, but the de - stocking amplitude significantly narrowed. Since December, the inventory has decreased by 2000 - 3000 tons per week, but only 1044 tons this week, far lower than expected. The demand side still has some resilience, with domestic power and energy storage demand both increasing month - on - month in November. It is expected that domestic energy storage installations in 2026 may increase by over 60% year - on - year. The resumption progress of the Jianxiaowo lithium mine needs to be closely watched, as its resumption may drive the futures price down [1][2]. - **Technical Analysis**: The overall trading volume of lithium carbonate futures changed little today, with some reduction at the end of the session. It is still dominated by long positions. The 5 - minute cycle of the main 2605 contract is a red line, blue ribbon, and green ladder. The overnight 2 - hour cycle is still a strong red ladder line, with the long - short dividing water level at 97,720 yuan/ton [3]. - **Strategy Suggestion**: In the context of "strong reality, strong expectation", the operation should be mainly based on buying on dips. Intraday trading can refer to the Band Winner indicator in the 8:30 morning live broadcast [3]. Polysilicon - **Market Trend**: The polysilicon futures weakened today. The main 2605 contract closed at 59,300 yuan/ton, up 3.73% from the previous trading day's closing price [7]. - **Core Logic**: The market has a need for adjustment after continuous new highs since listing, driven by the establishment of a polysilicon platform company. However, from a policy perspective, the elimination of backward production capacity in the photovoltaic industry chain is still emphasized. The polysilicon output has decreased year - on - year for the first time since 2013, strengthening the expectation of price increase, and it is still considered strong [7]. - **Technical Analysis**: The overall trading volume of polysilicon futures decreased significantly today, and it is still dominated by long positions. There was an opportunity to intervene at 13:35 today with the "three - line resonance method" combined with a significant decline in trading volume. The 5 - minute cycle of the 2605 contract is a green line, blue ribbon, and green ladder, and the overnight 2 - hour cycle is still a strong red ladder line, with the long - short dividing water level at 59,300 yuan/ton [7]. - **Strategy Suggestion**: Polysilicon is still considered strong. Intraday trading can refer to the Band Winner indicator in the 8:30 morning live broadcast [7]. Industrial Silicon - **Market Trend**: The industrial silicon futures strengthened today. The 2605 contract closed at 8,645 yuan/ton, up 2.07% from the previous trading day's closing price [10]. - **Core Logic**: Affected by the macro - sentiment, domestic commodities generally rose today, with significant increases in precious metals and coking coal. Fundamentally, the current situation of weak supply and demand in the industrial silicon industry continues, and the industry inventory is at a three - year high, with the inventory - building pattern continuing. Some manufacturers have a strong price - holding mentality under continuous cost inversion, but the overall effect is average in the face of weak demand [10]. - **Technical Analysis**: The overall trading volume of industrial silicon futures has been continuously decreasing, and it has turned to be dominated by long positions. The downward driving force has weakened. The 5 - minute cycle of the 2605 contract is a green line, red ribbon, and red ladder, and the overnight 2 - hour cycle has turned into a strong red ladder line, with the long - short dividing water level at 8,230 yuan/ton [11][14]. - **Strategy Suggestion**: It is considered a rebound. Intraday trading can refer to the Band Winner indicator in the 8:30 morning live broadcast [14].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - On December 18, the JM2605 contract of coking coal closed at 1126.5, up 6.07%. Coking coal continued its technical rebound. The mine capacity utilization rate has been rising, and the mine - end clean coal inventory has increased for 7 consecutive weeks. The mid - and downstream inventories increased this period. The short - term trend is expected to be volatile. [2] - On December 18, the J2601 contract of coke closed at 1603.5, up 5.39%. There was a second - round price cut on the spot side. The central government plans to stabilize the real estate market from both supply and demand sides next year. The coke inventory is moderately weak, and the steel mill inventory increased this period. The short - term trend is expected to be volatile. [2] Group 3: Summary by Directory Futures Market - The closing price of the JM main contract was 1126.50 yuan/ton, up 64.50 yuan; the closing price of the J main contract was 1603.50 yuan/ton, up 73.00 yuan. - The JM futures contract position was 703005.00 lots, down 5489.00 lots; the J futures contract position was 38997.00 lots, down 2591.00 lots. - The net position of the top 20 coking coal contracts was - 39347.00 lots, up 10104.00 lots; the net position of the top 20 coke contracts was 48.00 lots, down 701.00 lots. - The JM5 - 1 month contract spread was 110.50 yuan/ton, up 19.00 yuan; the J5 - 1 month contract spread was 139.50 yuan/ton, up 6.50 yuan. - The coking coal warehouse receipts were 0.00, down 200.00; the coke warehouse receipts were 2070.00, unchanged. [2] Spot Market - The price of Ganqimao Meng 5 raw coal was 919.00 yuan/ton, down 51.00 yuan; the price of Tangshan first - grade metallurgical coke was 1775.00 yuan/ton, unchanged. - The price of Russian prime coking coal forward spot was 160.00 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - first - grade metallurgical coke was 1570.00 yuan/ton, unchanged. - The price of Australian imported prime coking coal at Jingtang Port was 1500.00 yuan/ton, up 10.00 yuan; the price of first - grade metallurgical coke at Tianjin Port was 1670.00 yuan/ton, unchanged. - The price of Shanxi - produced prime coking coal at Jingtang Port was 1630.00 yuan/ton, unchanged; the price of quasi - first - grade metallurgical coke at Tianjin Port was 1570.00 yuan/ton, unchanged. - The price of medium - sulfur prime coking coal in Jiexiu, Jinzhong, Shanxi was 1610.00 yuan/ton, unchanged. - The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1350.00 yuan/ton, unchanged. - The JM main contract basis was 483.50 yuan/ton, down 64.50 yuan; the J main contract basis was 171.50 yuan/ton, down 73.00 yuan. [2] Upstream Situation - The clean coal output of 314 independent coal washing plants was 27.30 million tons per day, down 0.60 million tons; the clean coal inventory of 314 independent coal washing plants was 327.30 million tons per week, down 5.10 million tons. - The capacity utilization rate of 314 independent coal washing plants was 0.38%, down 0.01%; the raw coal output was 42679.30 million tons per month, up 2004.30 million tons. - The import volume of coal and lignite was 4405.00 million tons per month, up 231.00 million tons; the daily average output of raw coal from 523 coking coal mines was 192.70 million tons, up 2.90 million tons. - The inventory of imported coking coal at 16 ports was 481.60 million tons per week, up 11.00 million tons; the inventory of coke at 18 ports was 248.60 million tons per week, up 2.80 million tons. - The total inventory of coking coal in the full - sample of independent coking enterprises was 1037.30 million tons per week, up 28.10 million tons; the inventory of coking coal in 247 steel mills across the country was 794.65 million tons per week. - The inventory of coke in the full - sample of independent coking enterprises was 87.32 million tons per week, up 10.88 million tons; the inventory of coke in 247 sample steel mills across the country was 635.28 million tons per week, up 10.03 million tons. [2] Industry Situation - The available days of coking coal in the full - sample of independent coking enterprises were 12.82 days per week, down 0.06 days; the available days of coke in 247 sample steel mills were 11.66 days per week, up 0.37 days. - The import volume of coking coal was 1059.32 million tons per month, down 33.04 million tons; the export volume of coke and semi - coke was 72.00 million tons per month, down 1.00 million tons. - The output of coking coal was 4231.51 million tons per month, up 255.59 million tons; the capacity utilization rate of independent coking enterprises was 73.16%, down 0.68%. - The profit per ton of coke in independent coking plants was 44.00 yuan/ton per week, up 14.00 yuan. - The output of coke was 4170.30 million tons per month, down 19.30 million tons. [2] Downstream Situation - The blast furnace operating rate of 247 steel mills across the country was 78.61% per week, down 1.53%; the blast furnace iron - making capacity utilization rate of 247 steel mills was 85.90% per week, down 1.16%. - The crude steel output was 6987.10 million tons per month, down 212.60 million tons. [2] Industry News - In 2025, China's indirect steel exports are estimated to reach about 143 million tons, an increase of 9.5 million tons year - on - year, with a growth rate of about 7%. It is expected to continue to grow in 2026, reaching about 150 million tons, with a growth rate of about 4% - 5%. - From January to November, the national general public budget revenue was 200516 billion yuan, up 0.8% year - on - year; the national general public budget expenditure was 248538 billion yuan, up 1.4% year - on - year. - In 2025, the new silicon - iron production capacity was mainly concentrated in Gansu and Inner Mongolia, with 33000 tons put into production in Gansu and 81000 tons in Inner Mongolia, accounting for 1.16% of the total production capacity. In 2026, the silicon - iron production capacity is expected to reach 1041300 tons, with an annual output of 560000 - 570000 tons. - According to the International Energy Agency, global coal demand increased by 0.5% in 2025, reaching a record 8850 million tons, but demand has entered a plateau. [2]

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2025 年 12 月 18 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2605 | 震荡 | 震荡 | 震荡 偏强 | 震荡思路 | 多空博弈加剧，焦煤低位反弹 | | 焦炭 | 2605 | 震荡 | 震荡 | 震荡 偏强 | 震荡思路 | 冬储补库预期支撑，焦炭期货低 位反弹 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点：震荡偏强 中期观点：震荡 参考观点：震荡思路 核心逻辑：现货市场方面，甘其毛 ...

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货橡胶早报-2025-12-18 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2605 | 震荡 | 震荡 | 偏强 | 偏强运行 | 多空分歧出现，沪胶震荡企稳 | | 合成胶 | 2602 | 震荡 | 震荡 | 偏强 | 偏强运行 | 多空分歧出现，合成胶震荡企稳 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 --------------------------------------- ...

Group 1: Report Investment Rating - There is no information about the report's industry investment rating in the provided content. Group 2: Core Viewpoints - The short - term, medium - term, and intraday views of iron ore 2605 are shock, shock, and shock - weak respectively, with an overall view of wide - range shock. The core logic is that market sentiment has warmed up and the ore price is running at a high level [1]. - The iron ore supply - demand pattern continues to weaken. The terminal consumption of ore is declining, the profitability of steel mills has not improved, and the weak demand pattern remains unchanged, putting pressure on the ore price. The supply of ore is high, with a significant increase in port arrivals in China and a new high in weekly shipments from miners. The ore price is running strongly at a high level due to warm market sentiment and lingering positive factors, but with weak demand and high supply, the upward driving force is not strong, and it will continue to oscillate. Attention should be paid to the performance of steel [3]. Group 3: Summary by Related Catalog Variety Viewpoint Reference - For iron ore 2605, the short - term view is shock, the medium - term view is shock, the intraday view is shock - weak, and the overall view is wide - range shock. The core logic is that market sentiment has warmed up and the ore price is running at a high level [1]. Market Driving Logic - The supply - demand pattern of iron ore is weakening. Terminal ore consumption is decreasing, and the profitability of steel mills has not improved, so the demand for ore remains weak, which pressures the ore price. The supply of ore is high, with a large increase in port arrivals in China and a new high in weekly shipments from miners. Although domestic ore supply has shrunk, the overall supply is still high. The ore price is running strongly at a high level due to warm market sentiment and lingering positive factors, but the fundamentals are weak and the upward driving force is not strong. It will continue to oscillate, and attention should be paid to the performance of steel [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The supply pressure of asphalt remains high, and the demand recovery is weak. The overall market is affected by factors such as high - cost crude oil, insufficient demand for high - price goods, and the strengthening expectation of the European and American economic recession. It is expected that the asphalt market will fluctuate narrowly in the short term, with the asphalt 2602 contract oscillating in the range of 2983 - 3041 [8][9][12][13] 3. Summary According to the Directory 3.1 Daily Views - **Supply - side**: In December 2025, the total planned asphalt production is 2158000 tons, a month - on - month decrease of 3.24%. This week, the sample capacity utilization rate of domestic petroleum asphalt decreased by 0.18 percentage points month - on - month, the sample enterprise output decreased by 0.59% month - on - month, and the device maintenance volume increased by 14.29% month - on - month. The refinery has reduced production this week, and the supply pressure may be reduced next week [8] - **Demand - side**: The current demand for asphalt is lower than the historical average. The heavy - traffic asphalt, building asphalt, and modified asphalt (except for road - modified asphalt) have low and declining or flat opening rates [8] - **Cost - side**: The daily asphalt processing profit is - 361.95 yuan/ton, a month - on - month decrease of 12.00%, and the weekly delayed coking profit of Shandong local refineries is 981.9371 yuan/ton, a month - on - month decrease of 2.11%. The asphalt processing loss has decreased, and the profit difference between asphalt and delayed coking has decreased. The weakening of crude oil is expected to weaken the short - term support [9] - **Comprehensive Judgment**: The fundamentals are bearish, the basis is bearish, the inventory is neutral, the disk is neutral, and the main position is bearish. It is expected that the disk will fluctuate narrowly in the short term, with the asphalt 2602 contract oscillating in the range of 2983 - 3041 [8][9] - **Leverage Factors**: Bullish factors include the relatively high cost of crude oil providing some support; bearish factors include insufficient demand for high - price goods and the overall downward demand with a strengthened expectation of the European and American economic recession [11][12] 3.2 Asphalt Market Overview - The report presents the previous day's asphalt market overview, including the prices, basis, inventory, production, and profit of different contracts and varieties, as well as their changes compared with the previous values [15] 3.3 Asphalt Futures Market Analysis - **Basis Trend**: It shows the historical trends of the Shandong and East China basis of asphalt from 2020 to 2025 [17][18][19][20] - **Spread Analysis**: - **Main Contract Spread**: Displays the historical trends of the 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 to 2025 [22][23] - **Asphalt - Crude Oil Price Trend**: Illustrates the historical price trends of asphalt, Brent crude oil, and West Texas Intermediate crude oil from 2020 to 2025 [25][26] - **Crude Oil Crack Spread**: Shows the historical crack spreads of asphalt and different types of crude oil (SC, WTI, Brent) from 2020 to 2025 [27][28][29] - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: Presents the historical price ratio trends of asphalt, crude oil, and fuel oil from 2020 to 2025 [31][33] 3.4 Asphalt Spot Market Analysis - It shows the historical price trend of Shandong heavy - traffic asphalt from 2020 to 2025 [34][35] 3.5 Asphalt Fundamental Analysis - **Profit Analysis**: - **Asphalt Profit**: Displays the historical profit trend of asphalt from 2019 to 2025 [37][38] - **Coking - Asphalt Profit Spread Trend**: Shows the historical profit spread trend between coking and asphalt from 2020 to 2025 [40][41][42] - **Supply - side Analysis**: - **Shipment Volume**: Presents the historical weekly shipment volume of asphalt from 2020 to 2025 [44][45] - **Diluted Asphalt Port Inventory**: Shows the historical domestic diluted asphalt port inventory from 2021 to 2025 [46][47] - **Production**: Displays the historical weekly and monthly production of asphalt from 2019 to 2025 [49][50][51] - **Marey Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: Illustrates the historical price trend of Marey crude oil and the monthly production trend of Venezuelan crude oil from 2018 to 2025 [52][54] - **Local Refinery Asphalt Production**: Shows the historical monthly production of local refinery asphalt from 2019 to 2025 [55][56] - **Operating Rate**: Displays the historical weekly operating rate of asphalt from 2021 to 2025 [58][59] - **Maintenance Loss Estimation**: Shows the historical maintenance loss estimation trend of asphalt from 2018 to 2025 [60][61] - **Inventory Analysis**: - **Exchange Warehouse Receipts**: Displays the historical exchange warehouse receipts (total, social inventory, and factory inventory) of asphalt from 2019 to 2025 [63][64][65][66] - **Social Inventory and Factory Inventory**: Shows the historical social inventory (70 samples) and factory inventory (54 samples) of asphalt from 2022 to 2025 [67][68] - **Factory Inventory Inventory Ratio**: Displays the historical factory inventory inventory ratio of asphalt from 2018 to 2025 [70][71] - **Import - Export Situation**: Shows the historical import and export trends of asphalt from 2019 to 2025, as well as the historical import price spread trend of South Korean asphalt from 2020 to 2025 [73][74][76][77] - **Demand - side Analysis**: - **Petroleum Coke Production**: Displays the historical production of petroleum coke from 2019 to 2025 [79][80] - **Apparent Consumption**: Shows the historical apparent consumption of asphalt from 2019 to 2025 [82][83] - **Downstream Demand**: - **Highway Construction and Related Indicators**: Displays the historical trends of highway construction traffic fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year from 2019 to 2025 [85][86][87] - **Downstream Machinery Demand**: Shows the historical sales trends of asphalt concrete pavers, excavator monthly operating hours, domestic excavator sales, and roller sales from 2019 to 2025 [89][90][91][92][93] - **Asphalt Operating Rate**: - **Heavy - Traffic Asphalt Operating Rate**: Displays the historical operating rate of heavy - traffic asphalt from 2019 to 2025 [94][95] - **Asphalt Operating Rate by Use**: Shows the historical operating rates of building asphalt, modified asphalt, and other types of asphalt from 2019 to 2025 [97][98] - **Downstream Operating Conditions**: Displays the historical operating rates of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane - modified asphalt from 2019 to 2025 [99][100][101][102] - **Supply - Demand Balance Sheet**: Presents the monthly supply - demand balance sheet of asphalt [104]

2025 年 12 月 18 日 沥青：低位反弹，关注地缘 王涵西 投资咨询从业资格号：Z0019174 wanghanxi@gtht.com -50000 0 50000 100000 150000 200000 250000 300000 吨 山东 江苏 广东 辽宁 BU厂库仓单 国 泰 君 安 期 货 【基本面跟踪】 表 1：沥青基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2602 | 元/吨 | 3,012 | 4.08% | 2,974 | -1.26% | | | BU2603 | 元/吨 | 3,014 | 3.36% | 2,981 | -1.09% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2602 | 手 | 504,034 | 131,674 | 235,465 | (1,592) | | | BU2603 | 手 | 171,022 | 61,203 | 117,175 | 1, ...