Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints - The short - term trend of asphalt is expected to remain weak due to the weak operation of crude oil, the fading of the peak season for asphalt fundamentals, and the negative sentiment driven by price cuts in Shandong [4]. - The recommended strategies are: 1) The single - side trend is weak; 2) No specific suggestion for inter - period trading; 3) Hold a short position in BU and a long position in SC [4]. 3) Summaries by Directory Overview - Supply: From October 30 to November 5, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 29.7%, a 1.8% decrease from the previous period. This was mainly due to production cuts at some refineries and intermittent shutdowns at others [4]. - Demand: The total shipment volume of 54 domestic asphalt enterprises was 445,000 tons, a 5.1% decrease from the previous period. Shandong was the only region with an increase in shipments, while the most significant decrease was in East China [4]. - Valuation: The average weekly theoretical profit of domestic asphalt processing was - 593.2 yuan/ton, a decrease of 58.8 yuan/ton from the previous period. The average weekly price of domestic asphalt was 3,352 yuan/ton, a decrease of 82 yuan/ton from the previous period. Six regions saw price drops, with Shandong having the highest decline of 4.3% [4]. Price & Spread - Cost structure: The cost of asphalt is affected by factors such as Brent, WTI, imported diluted asphalt, and different types of crude oils. Different raw materials have different asphalt yields, for example, the yield of Venezuelan Merey crude oil is 55% - 60% [7]. - Price data: There are multiple price - related charts, including futures - market price and trading volume, and spot - market prices of heavy - traffic asphalt and Merey crude oil, as well as various price spreads and basis data [11][12]. Fundamental Data - Demand: - Consumption distribution: The demand for asphalt comes from road construction, road maintenance, waterproofing, shipping fuel, coking, and exports. Road construction includes different types of roads, and various factors such as policies, funds, and seasonal factors affect demand [18]. - Shipment volume: From October 29 to November 4, 2025, the total shipment volume of 54 domestic asphalt enterprises was 445,000 tons, a 5.1% decrease from the previous period. Shandong was the only region with an increase, and East China had the most significant decrease [22]. - Capacity utilization: The capacity utilization rate of 69 domestic modified asphalt enterprises was 11.9%, a 3.1% decrease from the previous period and a 1.3% decrease year - on - year [22]. - Supply: - Supply pattern: Domestic asphalt supply comes from domestic refineries and imports. Refineries can be classified by attribute (state - owned or private) and region. Key supply indicators include inventory, production profit, maintenance plans, and monthly production schedules [23]. - Production, maintenance, and raw materials: As of November 6, 2025, the total inventory of 54 domestic asphalt sample factories was 685,000 tons, a 2.4% increase from November 3. The total inventory of 104 domestic asphalt social warehouses was 1,209,000 tons, a 3.9% decrease from November 3 [26]. -开工率: There are charts showing the weekly开工率 of 77 major asphalt refineries in different regions, including the overall开工率 and those in Shandong, the Yangtze River Delta, etc. [28][30]. - Inventory: There are charts showing the weekly inventory rates of asphalt refineries and the asphalt market in different regions and overall [37].

沥青：弱势运行 王涵西 投资咨询从业资格号：Z0019174 wanghanxi@gtht.com 【基本面跟踪】 表 1：沥青基本面数据 商 品 研 究 2025 年 11 月 6 日 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2512 | 元/吨 | 3,164 | -0.78% | 3,139 | -0.79% | | | BU2601 | 元/吨 | 3,166 | -0.85% | 3,141 | -0.79% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2512 | 手 | 20,806 | 4,361 | 26,685 | (3,040) | | | BU2601 | 手 | 178,534 | 4,477 | 203,527 | (3,433) | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 7690 | 0 | | | | | | | 昨日价差 | 前日价差 ...

Report Date - October 16, 2025 [1] Industry Investment Rating - Not provided Core Viewpoints - The asphalt market is facing shipment pressure [1] - The trend strength of asphalt is 0, indicating a neutral outlook [9] Summary by Relevant Catalogs Fundamental Tracking - **Futures Market**: - BU2511 closed at 3,250 yuan/ton yesterday, down 1.22%, and 3,246 yuan/ton in the night session, down 0.12%. Its trading volume was 112,815 lots, an increase of 12,090 lots, and the open interest was 82,783 lots, a decrease of 16,325 lots [2] - BU2512 closed at 3,184 yuan/ton yesterday, down 0.84%, and 3,180 yuan/ton in the night session, down 0.13%. Its trading volume was 43,274 lots, a decrease of 9,101 lots, and the open interest was 82,394 lots, a decrease of 2,167 lots [2] - The total market asphalt warehouse receipts were 42,370 lots, with no change [2] - **Spread**: - The basis (Shandong - 11) was 200 yuan/ton, up 30 yuan from the previous day [2] - The 11 - 12 inter - period spread was 66 yuan/ton, down 13 yuan [2] - The Shandong - South China spread was 0, down 10 [2] - The East China - South China spread was 70 yuan/ton, with no change [2] - **Spot Market**: - The Shandong wholesale price was 3,450 yuan/ton, down 10 yuan. The factory - warehouse spot equivalent to the futures price was 3,451 yuan/ton, and the warehouse - spot equivalent was 3,572 yuan/ton [2] - The Yangtze River Delta wholesale price was 3,520 yuan/ton, with no change. The factory - warehouse spot equivalent to the futures price was 3,444 yuan/ton, and the warehouse - spot equivalent was 3,485 yuan/ton [2] - **Operating and Inventory Rates**: - The refinery operating rate was 42.77% on October 13, up 4.47% from October 9 [2] - The refinery inventory rate was 28.70% on October 13, up 2.23% from October 9 [2] Market News - From October 9 - 15, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 35.8%, a 1.3% increase from the previous week. Some refineries in Henan, Shandong and Shandong stopped production or switched to residue production, while some refineries in East China and Jiangsu had intermittent production [17] - From October 7 - 14, 2025, the total shipment volume of 54 domestic asphalt enterprises was 39.3 tons, a 2.9% increase from the previous week. The shipments in East China and Northeast China increased significantly [17] - From October 8 - 14, 2025, the capacity utilization rate of 69 domestic modified asphalt enterprises was 12.6%, a 4.7% decrease from before the holiday and a 2.5% decrease year - on - year. The demand in the north decreased due to cold weather, and continuous rainfall in Central China also suppressed demand [17]

Report Overview - Report Title: Petroleum Asphalt Weekly Report - Report Date: September 28, 2025 - Analyst: Wang Hanxi - Investment Advisory Qualification Number: Z0019174 - Futures Trading Qualification Number: F3082452 Report Industry Investment Rating - Not provided in the report Core Views - This week, asphalt continued to fluctuate within a narrow range. It followed the rise of crude oil, but the shipping resistance significantly increased, and the factory inventory accumulation rate increased month - on - month. In the short term, the valuation of asphalt may be weaker than that of crude oil. Attention should be paid to the trading situation in Shandong [4]. - The weekly average price of domestic asphalt was 3,627 yuan/ton, a decrease of 10 yuan/ton compared to the previous period. The price fluctuation range of the asphalt market was 3,621 - 3,631 yuan/ton, and the price fluctuation range narrowed [4]. - The recommended strategy is to continue holding the reverse spread for the inter - period trading [4]. Summary by Directory 1. Overview - **Supply**: The capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 40.1%, a month - on - month increase of 5.7%. Although some refineries in East China had intermittent shutdowns and production cuts, the resumption of asphalt production by Xinjiang Tianze, Henan Fengli, and Jiangsu Xinhai, along with the stable production of Shandong Shengxing, Dongming Petrochemical, and Qilu Petrochemical, led to the increase in capacity utilization [4]. - **Demand**: The total shipment volume of 54 domestic asphalt enterprises was 496,000 tons, a month - on - month increase of 9.0%. Shandong had the most significant increase due to increased supply and good downstream construction demand. East China had the largest decrease because of intermittent production of major refineries and the preference of traders for low - cost resources in social warehouses [4]. - **Valuation**: The BU futures fluctuated and strengthened with crude oil, while the spot price remained stable. The weekly average price of domestic asphalt decreased, and the price fluctuation range narrowed. The prices in Southwest, South China, Shandong, and East China showed a downward trend, while the price in North China increased slightly [4]. 2. Price & Spread - **Cost Structure**: The cost of asphalt is affected by factors such as Brent, WTI, imported diluted asphalt, and Ma Rui crude oil. Different crude oil varieties have different asphalt yields, and there are also impacts from import and export policies, exchange rates, and freight [7]. - **Futures - Market Price and Trading Positions**: The report presents data on the trading positions of asphalt futures, the flow of Venezuelan Ma Rui crude oil, the spread between BU and SC, and the warehouse receipts of BU in different regions [9][10][11]. - **Spot - Heavy - Traffic Asphalt and Ma Rui Crude Oil**: It shows the price trends of domestic heavy - traffic asphalt in different regions, the price differences between regions, and the production profit margin of asphalt in Shandong [13]. - **Spread - Basis and Calendar Spread**: The report provides historical data on the basis in Shandong, North China, and the Yangtze River Delta regions, as well as the calendar spread data [15][16][17]. 3. Fundamental Data - **Demand** - **Consumption Distribution**: The demand for asphalt mainly comes from the road market (including highway construction and maintenance), the waterproof market, the ship - fuel market, the coking market, and the export market. Seasonal factors have a limited impact [22]. - **Downstream Shipment**: From September 17 - 23, 2025, the total shipment volume of 54 domestic asphalt enterprises increased by 9.0% month - on - month. Shandong had the most significant increase, while East China had the largest decrease. The capacity utilization rate of 69 domestic modified asphalt enterprises was 18.9%, a month - on - month decrease of 1.3% and a year - on - year increase of 0.8% [25]. - **Supply** - **Production, Maintenance, and Raw Materials**: In October 2025, the total planned production of domestic asphalt was 2.682 million tons, a month - on - month decrease of 0.4 million tons and a year - on - year increase of 0.35 million tons. From September 19 - 25, 2025, the weekly total production was 699,000 tons, a month - on - month increase of 12,000 tons and a year - on - year increase of 213,000 tons. As of September 25, 2025, the factory inventory of 54 asphalt samples increased by 0.9%, and the social inventory of 104 samples decreased by 1.8% [31]. - **Start - up**: The report shows the weekly start - up rates of 77 major asphalt refineries in different regions over the years [34][35][37]. - **Inventory**: It presents the weekly inventory rates of asphalt refineries in different regions and the total inventory rate of the asphalt market over the years [43][44][48].

Report Date - The report is dated August 28, 2025 [1] Industry Investment Rating - No industry investment rating is provided in the report. Core View - The asphalt market showed a slight decline following the oil price. The trend strength of asphalt is -1, indicating a relatively bearish outlook [1][9] Summary by Related Catalogs Fundamental Tracking - **Futures Data**: The closing prices of BU2509 and BU2510 decreased by 1.49% and 1.48% respectively during the day, and increased by 0.46% and 0.61% respectively during the night session. The trading volume of BU2509 decreased by 1,751 lots, and its open interest decreased by 1,288 lots. The trading volume of BU2510 increased by 7,553 lots, and its open interest decreased by 23,879 lots. The total market asphalt warehouse receipts remained unchanged at 71,500 lots [2] - **Spread Data**: The basis (Shandong - 09) was 25 yuan/ton, with a change of 33 yuan/ton compared to the previous day. The 09 - 10 inter - period spread was 24 yuan/ton, a decrease of 1 yuan/ton. The Shandong - South China spread decreased by 30 yuan/ton to 20 yuan/ton, and the East China - South China spread decreased by 30 yuan/ton to 200 yuan/ton [2] - **Spot Market Data**: The Shandong wholesale price was 3,520 yuan/ton, a decrease of 20 yuan/ton. The Yangtze River Delta wholesale price was 3,700 yuan/ton, also a decrease of 20 yuan/ton. The refinery operating rate was 36.67%, a decrease of 0.25%, and the refinery inventory rate was 27.15%, a decrease of 0.66% [2] Market Information - **Capacity Utilization**: The capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 29.3%, a month - on - month decrease of 1.4%. The main reasons were that Xinjiang Meihuit had no production plan this week, and several refineries such as Henan Fengli, Shandong Jincheng, and Shandong Shengxing switched to producing residual oil, and Ningbo Keyuan stopped producing asphalt [14] - **Maintenance Volume**: The domestic asphalt plant maintenance volume this week (20250821 - 0827) was 68.2 tons, an increase of 3.4 tons or 5.2% compared to last week. Although Sinopec Quanzhou switched to producing asphalt, the shutdown and switch to residual oil production of several refineries increased the loss volume [14] - **Shipment Volume**: The total shipment volume of 54 domestic asphalt enterprises from August 20 - 26, 2025 was 40.4 tons, a month - on - month increase of 3.3%. In the North China region, shipments decreased due to rainfall and terminal shutdowns, while in the East and South China regions, shipments increased due to good terminal demand [14] - **Modified Asphalt Capacity Utilization**: The capacity utilization rate of 69 domestic sample modified asphalt enterprises was 17.1%, a month - on - month increase of 0.1% and a year - on - year increase of 1.8%. Although the processing enthusiasm of some northern enterprises weakened due to intermittent project closures and rainfall, the downstream demand in the East and South regions improved, especially in Shandong, which drove up production [14][15]

Core Viewpoint - The company reported a significant increase in revenue but a decline in net profit for the first half of 2025, highlighting the impact of specific costs on profitability [1][2] Financial Performance - The company achieved operating revenue of approximately 28.2 billion yuan, a year-on-year increase of 30.06% [1] - The net profit attributable to shareholders was 1.605 billion yuan, a decrease of 24.9% year-on-year [1] - The non-recurring net profit was 1.157 billion yuan, down 22.82% year-on-year [1] - After excluding stock incentive expenses and specific bad debt provisions, the adjusted net profit was 2.218 billion yuan, up 3.78% year-on-year, and the adjusted non-recurring net profit was 1.770 billion yuan, up 18.06% year-on-year [1] Dividend Distribution - The company plans to distribute a cash dividend of 2.45 yuan per 10 shares (including tax), totaling approximately 500 million yuan [1] Sales and Production - The company reported a significant increase in battery shipments, with power battery shipments reaching 21.48 GWh, a year-on-year increase of 58.58%, and energy storage battery shipments at 28.71 GWh, up 37.02% year-on-year [1] - The gross margin for the power battery segment improved significantly, reaching 17.60%, an increase of 6.92 percentage points year-on-year [1] Operational Insights - The improvement in profitability was attributed to increased delivery volumes from international automakers and the completion of production line upgrades, which had been under renovation from last year's third quarter until April [2] - The company expressed confidence in achieving its annual targets, with stable deliveries expected in the second half of the year [2] - The production capacity utilization rate is generally effective, with only a portion of the ternary soft-pack production line remaining idle [2]

Report Summary 1. Industry Investment Rating No information about the report's industry investment rating is provided. 2. Core View The asphalt market shows signs of weakness, with a downward trend in prices and a recent decrease in shipments. However, there has been a slight increase in the capacity utilization rate of domestic heavy - traffic asphalt and modified asphalt enterprises. The market is influenced by factors such as crude oil prices, regional demand, and refinery production schedules [1][16]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures prices**: On August 13, 2025, BU2509 closed at 3,534 yuan/ton, down 0.14%, and the night - session closed at 3,512 yuan/ton, down 0.62%; BU2510 closed at 3,503 yuan/ton, down 0.09%, and the night - session closed at 3,471 yuan/ton, down 0.91% [1]. - **Trading volume and open interest**: The trading volume of BU2509 was 12,434 lots, a decrease of 4,801 lots, and the open interest was 41,183 lots, a decrease of 3,171 lots. The trading volume of BU2510 was 123,189 lots, an increase of 2,907 lots, and the open interest was 224,999 lots, an increase of 1,869 lots [1]. - **Warehouse receipts**: The total market warehouse receipts of asphalt were 73,750 lots, with no change [1]. - **Spreads**: The basis (Shandong - 09) was 106 yuan/ton, a decrease of 5 yuan; the 09 - 10 inter - period spread was 31 yuan/ton, a decrease of 2 yuan; the Shandong - South China spread was 110 yuan/ton, a decrease of 10 yuan; the East China - South China spread remained unchanged at 200 yuan/ton [1]. - **Spot prices**: The Shandong wholesale price was 3,640 yuan/ton, a decrease of 10 yuan; the Yangtze River Delta wholesale price was 3,730 yuan/ton, with no change [1]. - **Refinery indicators**: As of August 7, the refinery operating rate was 34.33%, a decrease of 0.07%, and the refinery inventory rate was 25.54%, a decrease of 0.20% [1]. 3.2 Trend Strength The asphalt trend strength is - 1, indicating a relatively bearish outlook, with the value ranging from - 2 (most bearish) to 2 (most bullish) [10]. 3.3 Market Information - **Shipment volume**: From August 6 - 12, 2025, the total shipment volume of 54 domestic asphalt enterprises was 40.2 tons, a decrease of 3.8% compared to the previous period. The shipment volume decreased significantly in the Northeast and East China regions [16]. - **Capacity utilization rate**: From August 7 - 13, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 32.9%, an increase of 1.2% compared to the previous period. From August 6 - 12, 2025, the capacity utilization rate of 69 domestic modified asphalt enterprises was 17.1%, an increase of 1.2% compared to the previous period and an increase of 3.8% year - on - year [16].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report indicates that asphalt prices are in a high - level oscillation, and investors should be vigilant about a potential rise in crude oil prices [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: For BU2508, the yesterday's closing price was 3,683 yuan/ton with a daily increase of 0.30%, and the overnight closing price was 3,669 yuan/ton with a decrease of 0.38%. The trading volume was 1,025 lots with a decrease of 546 lots, and the open interest was 1,533 lots with a decrease of 362 lots. For BU2509, the yesterday's closing price was 3,659 yuan/ton with a daily increase of 0.25%, and the overnight closing price was 3,654 yuan/ton with a decrease of 0.14%. The trading volume was 145,613 lots with a decrease of 45,926 lots, and the open interest was 125,992 lots with a decrease of 5,504 lots. The total market asphalt warehouse receipts were 81,140 lots with no change [1]. - **Spread Data**: The basis (Shandong - 08) was 102 yuan/ton, a decrease of 11 yuan compared to the previous day; the 08 - 09 inter - period spread was 24 yuan/ton, an increase of 2 yuan; the Shandong - South China spread was 185, a decrease of 20; the East China - South China spread was 180 yuan/ton, a decrease of 20 yuan/ton [1]. - **Spot Market Data**: The Shandong wholesale price was 3,785 yuan/ton with no change, and the factory - warehouse spot equivalent to the futures price was 3,915 yuan/ton, while the warehouse spot equivalent to the futures price was 4,058 yuan/ton. The Yangtze River Delta wholesale price was 3,780 yuan/ton with no change, and the factory - warehouse spot equivalent to the futures price was 3,841 yuan/ton, and the warehouse spot equivalent to the futures price was 3,905 yuan/ton. The refinery operating rate was 34.91%, a decrease of 1.00% compared to the previous period; the refinery inventory rate was 25.87%, a decrease of 0.35% [1]. 3.2 Market Information - **Capacity Utilization**: From July 24 - 30, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 33.1%, a month - on - month increase of 4.3%. The reason was that although some refineries reduced production, some major refineries in Shandong and Jinling Petrochemical maintained stable production [13]. - **Maintenance Volume**: From July 24 - 30, 2025, the domestic asphalt plant maintenance volume was 60.4 tons, a decrease of 3.8 tons or 5.9% compared to the previous week. The reason was that some refineries in Xinjiang and Shandong resumed asphalt production [13]. - **Shipment Volume**: From July 23 - 29, 2025, the total shipment volume of 54 domestic asphalt enterprises was 41.9 tons, a month - on - month increase of 1.0%. In the Northeast region, refinery production decreased and high - price transactions slowed down, while in the East China region, shipments increased significantly after supply recovery [13]. 3.3 Trend Intensity The asphalt trend intensity is 0, indicating a neutral outlook. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [8].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report focuses on the asphalt market, showing that asphalt prices are rising slowly following the strong performance of crude oil. It also analyzes the fundamentals, market trends, and recent industry news of asphalt [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Market**: The closing prices of BU2508 and BU2509 increased, with daily increases of 0.77% and 0.86% respectively. The trading volume of BU2508 increased by 1,089 lots, while that of BU2509 decreased by 17,315 lots. The positions of both decreased [1]. - **Spot Market**: The wholesale prices in Shandong and the Yangtze River Delta increased and remained unchanged respectively. The refinery operating rate decreased by 1.29% to 31.95%, and the refinery inventory rate decreased by 0.79% to 25.10% [1]. - **Spread**: The basis (Shandong - 08) decreased by 18 yuan/ton, the 08 - 09 inter - period spread decreased by 3 yuan/ton, the Shandong - South China spread increased by 10, and the East China - South China spread remained unchanged [1]. 3.2 Trend Intensity The asphalt trend intensity is 1, indicating a relatively neutral to slightly positive outlook, with the intensity ranging from - 2 (most bearish) to 2 (most bullish) [10]. 3.3 Market News - **Capacity Utilization**: From July 24 - 30, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 33.1%, a 4.3% increase from the previous period, mainly due to stable production in some major refineries in Shandong and Jinling Petrochemical [15]. - **Maintenance Volume**: From July 24 - 30, 2025, the domestic asphalt plant maintenance volume was 60.4 tons, a 5.9% decrease from the previous week, mainly due to the resumption of production in Xinjiang Meihuit and some Shandong refineries [15]. - **Shipment Volume**: From July 23 - 29, 2025, the total shipment volume of 54 domestic asphalt enterprises was 41.9 tons, a 1.0% increase from the previous period. Shipments in the Northeast weakened, while those in the East China increased significantly [15].

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].