1. Report Industry Investment Rating - Unilateral: Neutral, with previous long positions advised to take appropriate profit and exit [3] 2. Core View of the Report - Terminal demand for asphalt is weak, with local spot prices falling The overall cost side of asphalt still has support, but the weak terminal demand and the wide availability of alternative raw materials will limit the upward space of the market [1][2] 3. Summary by Relevant Catalog Market Analysis - On January 19th, the closing price of the main asphalt futures contract BU2603 in the afternoon session was 3,142 yuan/ton, up 9 yuan/ton from the previous settlement price, a rise of 0.29% The open interest was 191,534 lots, down 2,331 lots from the previous day, and the trading volume was 124,762 lots, down 7,088 lots [1] - According to Zhuochuang Information, the spot settlement prices of heavy - traffic asphalt were: Northeast 3,406 - 3,500 yuan/ton; Shandong 3,010 - 3,240 yuan/ton; South China 3,130 - 3,250 yuan/ton; East China 3,180 - 3,230 yuan/ton [1] - Yesterday, asphalt spot prices in North China rose slightly, while those in Shandong and East China fell, and prices in other regions remained basically stable Weather factors restricted the release of rigid demand for asphalt, but the supply side was still supported due to the limited circulation of some asphalt brands [2] - The market is pricing in the expectation of tightened Venezuelan oil supply and has entered a volatile stage If Venezuelan crude oil originally flowing to Asia continues to flow to Europe and the United States, domestic refineries will need to find alternative heavy - quality raw materials from the Middle East, Canada, South America, etc. after consuming inventory raw materials (expected to last until March), which will make cost and product yield changes more complex [2] Strategy - Unilateral: Neutral, previous long positions should take appropriate profit and exit; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None [3]

Report Summary 1) Report Industry Investment Rating - Not mentioned in the provided content 2) Core Viewpoints - The asphalt market has limited contradictions, with the asphalt futures showing a slight decline and the spot price generally stable, except for small drops in North China and Shandong. The asphalt market has shifted to a volatile trend after pricing in the expectation of tightened Venezuelan oil supply. The expectation of tightened Venezuelan oil supply to domestic asphalt refineries is gradually being realized, and there is still support at the cost - end. However, the key lies in the increase in cost and the change in asphalt yield after refineries adjust raw material oil types, and continuous attention is needed due to the uncertainty of the Iranian situation [1]. - The trading strategy suggests being cautiously bullish on the single - side, buying the main BU contract on dips, and allowing early bottom - fishing long positions to take appropriate profit. For the inter - period strategy, it is recommended to buy the BU2303/2306 spread on dips (positive spread). There are no strategies for cross - varieties, spot - futures, and options [2]. 3) Summary by Relevant Catalogs Market Analysis - On January 15, the closing price of the main BU2603 contract of asphalt futures in the afternoon session was 3167 yuan/ton, a decrease of 2 yuan/ton or 0.06% from the previous settlement price. The open interest was 199,517 lots, a decrease of 3,810 lots from the previous day, and the trading volume was 159,746 lots, a decrease of 39,400 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3406 - 3500 yuan/ton; Shandong: 3030 - 3240 yuan/ton; South China: 3130 - 3250 yuan/ton; East China: 3180 - 3230 yuan/ton [1]. Strategy - Single - side: Cautiously bullish, buy the main BU contract on dips, and allow early bottom - fishing long positions to take appropriate profit [2]. - Inter - period: Buy the BU2303/2306 spread on dips (positive spread) [2]. - Cross - varieties: None [2]. - Spot - futures: None [2]. - Options: None [2]. Charts - The report contains multiple charts showing various aspects of the asphalt market, including spot prices in different regions (Shandong, East China, South China, North China, Southwest, Northwest), futures index and contract closing prices, trading volume and open interest, production, consumption, and inventory levels [3].

Report Investment Rating - Not provided Core Views - Terminal demand for asphalt is gradually declining, while spot prices remain generally stable. The rigid demand for asphalt continues to decline, suppressing the sentiment in the asphalt spot market. Currently, there is a tug - of - war between cost - side support and weak demand. After pricing in the expectation of tightened Venezuelan crude oil supply, the market has shifted to a volatile trend [1]. - In the context of escalating South American situation and the US intention to strengthen control over Venezuelan resources, the expectation of tightened supply of Venezuelan crude oil to domestic refineries is continuously materializing. If Venezuelan crude oil that originally flowed to Asia continues to flow to Europe and the US, domestic refineries will need to seek alternative heavy - quality raw materials from the Middle East, Canada, South America, etc. after depleting inventory raw materials (expected to last until March), which will make cost and product yield changes more complex and require dynamic tracking [1]. Market Analysis - On January 13th, the closing price of the main BU2603 asphalt futures contract in the afternoon session was 3,125 yuan/ton, down 21 yuan/ton or 0.66% from the previous day's settlement price. The open interest was 207,908 lots, a decrease of 14,617 lots compared to the previous day, and the trading volume was 280,447 lots, an increase of 59,521 lots compared to the previous day [1]. - According to Zhuochuang Information, the spot settlement prices of heavy - traffic asphalt are as follows: 3,406 - 3,500 yuan/ton in Northeast China; 3,020 - 3,240 yuan/ton in Shandong; 3,130 - 3,250 yuan/ton in South China; 3,180 - 3,230 yuan/ton in East China. The spot price of asphalt in North China declined slightly yesterday, while prices in other regions remained basically stable [1]. Strategy - Unilateral: Cautiously bullish. Buy the main BU contract on dips, and early bottom - fishing long positions can be appropriately closed for profit [2]. - Inter - delivery spread: Buy the BU2303/2306 spread on dips (positive spread trading) [2]. - Inter - commodity spread: None [2]. - Futures - cash: None [2]. - Options: None [2]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The spot price of asphalt in the domestic market remained stable overall on January 7, 2026, with slight increases in North China and Shandong. The market has entered a volatile stage after pricing in the expectation of tightened Venezuelan crude oil supply, which has not been falsified yet. Although refineries can seek alternative heavy - quality raw materials from the Middle East, Canada, and South America, an increase in costs may be inevitable, providing short - term support for the market [1] 3. Summary by Relevant Catalogs Market Analysis - On January 7, 2026, the closing price of the main asphalt futures contract BU2603 in the afternoon session was 3,160 yuan/ton, a decrease of 4 yuan/ton or 0.13% compared to the previous day's settlement price. The open interest was 222,253 lots, a net increase of 12,839 lots, and the trading volume was 309,749 lots, an increase of 85,312 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were as follows: Northeast region, 3,306 - 3,500 yuan/ton; Shandong region, 3,050 - 3,190 yuan/ton; South China region, 3,100 - 3,150 yuan/ton; East China region, 3,100 - 3,200 yuan/ton [1] Strategy - Unilateral trading: Be cautiously bullish. Buy the main BU contract on dips, but avoid excessive chasing of rising prices. - Inter - delivery spread trading: Buy the spread of BU2303/2306 on dips (positive spread trading). - Inter - commodity trading: No recommendation. - Spot - futures trading: No recommendation. - Options trading: No recommendation [2]