国泰君安期货·能源化工 石油沥青周度报告 国泰君安期货研究所·王涵西 投资咨询从业资格号：Z0019174 期货从业资格号：F3082452 日期：2025年9月28日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 综述 01 价格&价差 02 基本面数据 03 市场回顾 期现 价差结构 需求 供应 Special report on Guotai Junan Futures 2 综述 1 本周沥青观点：延续窄幅震荡 | 供应 | 国内重交沥青77家企业产能利用率为40.1%，环比增加5.7%。分析原因主要是本周虽然华东个别炼厂间歇停产以及降产，但新疆天之泽、河南 丰利以及江苏新海复产沥青，加之山东胜星、东明石化以及齐鲁石化稳定生产，导致产能利用率增加。 | | --- | --- | | 需求 | 国内沥青54家企业厂家样本出货量共49.6万吨，环比增加9.0%。分地区来看，山东地区增加最为明显，区内供应增加，加之下游赶工需求表现 尚可，炼厂出货积极性增加，带动出货量上升；而华东地区减少最多，主要因为主流炼厂 ...

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]

8月21日晚，亿纬锂能（300014）发布2025年半年报，上半年公司实现营业收入约282亿元，同比增长 30.06%；归母净利润16.05亿元，同比减少24.9%；扣非净利润11.57亿元，同比减少22.82%。公司拟10 股派发现金红利2.45元(含税)，合计派发约5亿元。 对此，亿纬锂能相关负责人表示，若剔除股权激励费用及单项坏账计提影响，公司上半年利润增势良 好。剔除上述因素后，公司上半年归母净利润为22.18亿元，同比增长3.78%，扣非净利润为17.70亿 元，同比增长18.06%。上述影响利润的因素中，股权激励费用系受申报港股上市合规性要求，公司计 提了半年度股权激励费用，此费用往年于四季度方才计提。此外，单项坏账由哪吒汽车破产事件引起， 目前该单项已全部计提完毕。 值得一提的是，动力电池业务毛利率明显改善。上半年，公司动力电池板块毛利率17.60%，同比提升 高达6.92个百分点。 就盈利能力改善的原因，亿纬锂能董秘江敏在电话会上表示，一方面，国际车企交付量的增加，使得公 司动力电池毛利率出现明显提升；另一方面，公司动力电池产线从去年三季度到今年4月有不少在停产 改造，4月改造完成后陆续开始生 ...

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].

2025 年 7 月 10 日 商 品 研 究 沥青：暂时震荡，警惕原油上行风险 王涵西 投资咨询从业资格号：Z0019174 wanghanxi023726@gtjas.com 【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 | | --- | --- | --- | --- | --- | --- | --- | | | BU2507 | 元/吨 | 3,620 | -1.15% | 3,620 | 0.00% | | | BU2508 | 元/吨 | 3,647 | 0.75% | 3,658 | 0.30% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2507 | 手 | 42 | (648) | 1,119 | (13) | | | BU2508 | 手 | 3,974 | 1,006 | 15,024 | (1,821) | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 82300 | 0 | | | | | | | 昨日价差 | 前 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The trend strength of asphalt is 1, indicating a neutral stance on the market [8] Group 3: Summary by Relevant Catalogs Fundamental Tracking - Futures: For BU2507, the yesterday's closing price was 3,488 yuan/ton with a daily decline of 0.54%, and the night - session closing price was 3,499 yuan/ton with a night - session increase of 0.32%. The trading volume was 40,556 lots, a decrease of 24,713 lots, and the open interest was 60,928 lots, a decrease of 5,025 lots. For BU2508, the yesterday's closing price was 3,481 yuan/ton with a daily decline of 0.54%, and the night - session closing price was 3,492 yuan/ton with a night - session increase of 0.32%. The trading volume was 12,192 lots, a decrease of 12,074 lots, and the open interest was 27,815 lots, a decrease of 1,908 lots [1] - Spot Market: The yesterday's price of Shandong wholesale was 3,725 yuan/ton, an increase of 15 yuan/ton, and the factory - warehouse spot equivalent to the futures price was 3,775 yuan/ton, and the warehouse - spot equivalent to the futures price was 3,907 yuan/ton. The yesterday's price of the Yangtze River Delta wholesale was 3,670 yuan/ton, with no change, and the factory - warehouse spot equivalent to the futures price was 3,656 yuan/ton, and the warehouse - spot equivalent to the futures price was 3,707 yuan/ton [1] - Spread: The basis (Shandong - 07) was 237 yuan/ton, an increase of 34 yuan/ton compared with the previous day; the 07 - 08 inter - period spread was 7 yuan/ton, with no change; the Shandong - South China spread was 315, an increase of 30; the East China - South China spread was 260 yuan/ton, an increase of 15 yuan/ton [1] - Inventory and Production: As of June 9, the refinery operating rate was 34.49%, an increase of 0.95% compared with June 5, and the refinery inventory rate was 30.29%, a decrease of 0.54% compared with June 5 [1] Market Information - Capacity Utilization: From June 5 - 11, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 31.5%, a month - on - month increase of 0.2%. The reason was that although some Shandong refineries switched to produce residual oil, some main refineries in East China increased production [11] - Maintenance Volume: From June 5 - 11, 2025, the domestic asphalt plant maintenance volume was 70.8 million tons, a decrease of 3 million tons or 4.1% compared with the previous week. The reason was that although Jiangsu Xinhai switched to produce residual oil, Sinochem Quanzhou had intermittent resumption of production, leading to a decrease in the loss volume [11] - Shipment Volume: From June 4 - 10, 2025, the total shipment volume of 54 domestic asphalt enterprises was 434,000 tons, a month - on - month decrease of 4.0%. Regionally, the changes in North China and East China were more obvious. In North China, the contract volume at the beginning of the month was relatively small, resulting in a significant decrease in shipment volume, while in East China, the main refineries had intermittent production increases and good ship shipments, driving an increase in regional shipment volume [11]