Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The 04 contract is entering the delivery logic, with a neutral valuation. The future lies in the contradiction between the cargo - collection and price - adjustment of the European line and the change in fuel costs, and opportunities for basis repair should be observed [3]. - The 10 contract follows the cost - support logic, and fuel costs continuously affect its valuation, with high geopolitical risks [3]. - The core of other far - month contracts is the blockade time of the Strait of Hormuz. If it is blocked for a long time, it will disrupt the global supply chain and the high oil price will harm the European economy. Due to the complex transmission path of the geopolitical event to the European line and high uncertainty, it is recommended to avoid the high - volatility risk of far - month unilateral trading and look for arbitrage opportunities from the valuation of the monthly spread [3]. Summary by Relevant Catalogs Futures Market Data - **Contract Prices and Changes**: EC2604 closed at 1944.0 with a 1.51% increase, EC2605 at 2191.1 with a 1.07% increase, EC2606 at 2422.3 with a 1.51% increase, EC2607 at 2568.7 with a 1.53% increase, EC2608 at 2377.0 with a 0.46% increase, EC2609 at 1748.5 with a 2.13% increase, EC2610 at 1569.8 with a 0.53% increase, and EC2612 at 1758.7 with a 0.91% increase [2]. - **Volume and Open Interest**: The trading volume and open interest of each contract vary, and the open interest of some contracts has changed. For example, the open interest of EC2604 decreased by 2145, while that of EC2606 increased by 245 [2]. - **Monthly Spread**: The monthly spreads such as EC2604 - 2606, EC2604 - 2605, and EC2606 - 2610 have different values and changes compared to previous days and weeks [2]. Spot Market Data - **European Line Spot**: In Week 13, MSK's price was flat at 2250 US dollars, PA reported 2400 - 2500 US dollars, and some voyages were 2200 US dollars (2000 US dollars for large orders). The average spot price converted to the futures盘面 is about 1700 - 1800 points. In Week 14, MSK reported 2650 US dollars, a 400 - dollar increase from the previous week [4]. - **Price Increase Announcements**: COSCO announced a price increase for the European line in April to 5100 US dollars, and CMA issued a price - increase letter for April at 3500 US dollars [4]. Index Data - **Törnär Index**: Updated weekly on Mondays, the value on March 16, 2026, was 1556.49 points, with a 0.71% increase from the previous period and a 5.61% increase from two periods ago [2]. - **SCFI Index (European Line)**: Updated on Fridays, the value on March 20, 2026, was 1636 US dollars/TEU, with a 1.11% increase from the previous period and an 11.43% increase from two periods ago [2]. News - Iran stated the passage principles of the Strait of Hormuz on March 23. Ships from the US, Israel, and other countries participating in aggression do not meet the conditions for normal and non - hostile passage and will be dealt with according to law. Non - hostile ships from other countries can pass safely after coordinating with the Iranian authorities as long as they do not participate in or cooperate with aggression against Iran and comply with safety regulations [5].

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - It is recommended to mainly adopt a wait - and - see approach. Contract 04 is gradually entering the delivery logic, and it is necessary to observe whether there are opportunities for basis repair. Although historically, the reverse spreads of 6 - 7 and 6 - 8 are reasonably valued, it still depends on the duration of the geopolitical situation. If the issue is resolved in May, the current structure is also reasonable [2] 3. Summary by Relevant Catalogs Futures Contract Information - **Contract Prices and Changes**: EC2604 closed at 1905.3 yesterday, down 4.95%; EC2605 at 2137.0, down 4.64%; EC2606 at 2342.0, down 4.53%; EC2607 at 2475.0, down 2.93%; EC2608 at 2316.0, down 3.54%; EC2609 at 1693.3, down 3.34%; EC2610 at 1525.4, down 3.46%; EC2612 at 1718.8, down 4.56% [2] - **Trading Volume and Open Interest**: The trading volume and open interest of each contract vary, with some contracts showing a decrease in open interest, such as EC2604 with an open - interest change of - 2265, and EC2605 with a change of - 81 [2] - **Monthly Spread**: The monthly spreads of different contract combinations have changed. For example, the spread of EC2604 - 2606 was - 436.7, with a day - on - day increase of 11.8 and a week - on - week decrease of 19.9 [2] Spot Market Information - **Spot Price and Index**: The spot price (in points) was 1545.46 on March 9, 2026, up 5.61% from the previous period. The SCFI (European Line) was 1618 US dollars/TEU on March 13, 2026, up 11.43% from the previous period [2] - **European Line Spot Price Increase**: In March, OA and PA alliances, and MSC announced price increases to around 4000 US dollars. In Week 12, the average price was 2450 US dollars, equivalent to about 1715 points on the futures market. In Week 13, MSK kept the price flat at 2250 US dollars, and other shipping companies quoted around 2700 - 3000 US dollars. On Tuesday, Maersk opened the cabin for the first week of April (Week 14) at 2650 US dollars (up 400 US dollars from the previous period) [3] News - **Fuel Surcharge Increase**: On March 18, CMA CGM raised the emergency fuel surcharge from 150 to 265 US dollars/TEU [4] - **Geopolitical Events**: On March 18, Iran's National Television reported that parts of the South Pars Gas Field and the Asaluyeh Petroleum Industry Facilities were attacked. On March 19, the US Senate rejected the resolution to limit the use of force against Iran again. Trump is considering sending thousands of troops to the Middle East and evaluating ground - action options. Iran warned that if the attacks continue, it will expand the scope of strikes to all energy infrastructure of US and Israeli allies [4][5]

Report Industry Investment Rating - The report suggests a wait - and - see approach [2] Core Viewpoints - The EC2604 contract is gradually entering the delivery logic, and it is necessary to observe whether there is an opportunity for basis repair. Although the historical seasonality shows that the 6 - 7 and 6 - 8 reverse spreads have appropriate valuations, it still depends on the duration of the geopolitical situation. If the issue is resolved in May, the current structure is also reasonable [2] Summary by Related Catalogs Futures Contract Information - For the EC2604 contract, the previous closing price was 1905.3, with a decline of 4.95%, a basis of - 359.8, a trading volume of 27129, an open interest of 21187, and an open interest change of - 2265 [2] - For the EC2605 contract, the price was 2137.0, with a decline of 4.64%, a basis of - 591.5, a trading volume of 1060, an open interest of 1847, and an open interest change of - 81 [2] - For the EC2606 contract, the price was 2342.0, with a decline of 4.53%, a basis of - 796.5, a trading volume of 10169, an open interest of 13686, and an open interest change of - 462 [2] - For the EC2607 contract, the price was 2475.0, with a decline of 2.93%, a basis of - 929.5, a trading volume of 393, an open interest of 841, and an open interest change of 60 [2] - For the EC2608 contract, the price was 2316.0, with a decline of 3.54%, a basis of - 770.5, a trading volume of 1094, an open interest of 2770, and an open interest change of - 6 [2] - For the EC2609 contract, the price was 1693.3, with a decline of 3.34%, a basis of - 147.8, a trading volume of 127, an open interest of 542, and an open interest change of 8 [2] - For the EC2610 contract, the price was 1525.4, with a decline of 3.46%, a basis of 20.1, a trading volume of 2351, an open interest of 7808, and an open interest change of - 147 [2] - For the EC2612 contract, the price was 1718.8, with a decline of 4.56%, a basis of - 173.3, a trading volume of 113, an open interest of 411, and an open interest change of 6 [2] Month - to - Month Spread Information - The EC2604 - 2606 spread was - 436.7, with a daily increase of 11.8 and a weekly decrease of 19.9 [2] - The EC2604 - 2605 spread was - 231.7, with a daily increase of 4.7 and a weekly decrease of 186.3 [2] - The EC2606 - 2610 spread was 816.6, with a daily decrease of 56.4 and a weekly decrease of 39.9 [2] Spot Market Information - The spot price of the European line (Tolar) was 1545.46 points on March 9, 2026, with a week - on - week increase of 5.61% [2] - The SCFI (European line) was 1618 dollars/TEU on March 13, 2026, with a week - on - week increase of 11.43% [2] European Line Spot Situation - In late March, OA and PA alliances and MSC announced price increases to around 4000 US dollars [3] - In Week 12, MSK offered 2250 US dollars (a week - on - week increase of 400), QA alliance offered 2700 - 2800 US dollars, PA alliance offered 2200 US dollars (a reduction of 200 for large - volume orders), and MSC offered 2740 US dollars (a reduction of 200 for large - volume orders). The average price was 2450 US dollars, equivalent to about 1715 points on the futures market [3] - In Week 13, MSK kept the price at 2250 US dollars, while other shipping companies offered around 2700 - 3000 US dollars [3] - On Tuesday, Maersk opened the booking for the first week of April (Week 14) at 2650 US dollars (a week - on - week increase of 400) [3] - On Wednesday, YML offered 2400 US dollars for the last week of March (2200 US dollars for 3 routes), and MSC offered 2840 US dollars (2640 US dollars for large - volume orders) [3] News - On March 18, CMA CGM raised the emergency fuel surcharge from 150 to 265 US dollars/TEU [4] - On March 18, Iran's national TV reported that parts of the South Pars gas field and the Asaluyeh oil industrial facilities were attacked [4] - On March 19, the US Senate rejected the resolution to limit the use of force against Iran again [4] - On March 19, foreign media reported that Trump was considering sending thousands of US troops to the Middle East and evaluating ground - operation options [4] - On March 19, Iran stated that if the attacks continued, it would expand the scope of strikes to all energy infrastructure of US and Israeli allies [5]

Report Overview - Report Title: Cotton Futures Daily Report - Report Date: March 17, 2026 - Report Cycle: Daily - Researcher: You Zhenqi [1] 1. Investment Rating - No investment rating is provided in the report. 2. Core View - The cotton futures market is expected to maintain a volatile pattern in the short term. There are both positive and negative factors affecting the market [6]. 3. Summary by Section 3.1 Futures Market - The cotton futures price showed a volatile downward trend. The opening price was 15,460 yuan/ton, and the closing price was 15,415 yuan/ton, a slight decline of 0.16% from the previous trading day. The price fluctuated between 15,405 - 15,600 yuan/ton, with a range of 195 yuan/ton. The trading volume was 421,364 lots, and the open interest was 710,158 lots, indicating high market activity. The closing price was lower than the opening and settlement prices, suggesting that the short - side forces were slightly dominant [2]. 3.2 Spot Market - The domestic cotton spot price remained relatively high at 16,885.38 yuan/ton, indicating a relatively tight supply in the spot market. The spot price was significantly higher than the futures price, providing space for arbitrage trading. The international cotton price was 73.96 cents/pound, and there was a certain price difference with the domestic price after conversion at the current exchange rate [4]. 3.3 Influencing Factors - Textile demand is picking up as the traditional peak textile seasons "Golden March and Silver April" arrive, and textile enterprises' restocking demand after the Spring Festival has increased. - Export expectations have improved due to the adjustment of US tariff policies, which is beneficial to textile exports, and textile enterprises' orders have increased. - Geopolitical risks have intensified. The global geopolitical tension continues to ferment. Affected by the shipping disruption in the Hormuz Strait and production cuts by major oil - producing countries, international oil prices have fluctuated sharply, and energy price fluctuations may affect the textile industry chain through cost transmission. - There is a strong wait - and - see sentiment in the market because the state reserve cotton rotation policy is not yet clear [5]. 3.4 Market Outlook - Positive factors: The high spot price supports the futures price; there is a large futures discount and a need for basis repair; domestic consumption remains stable; the international price is relatively stable, and import costs provide support. - Negative factors: The recovery of terminal demand is slow, and textile enterprises are cautious in purchasing; imported cotton impacts the domestic market; industrial inventories are high, which suppresses purchasing demand; and global economic uncertainties have increased [6].

Report Industry Investment Rating - The report suggests a wait - and - see approach [2] Core View - It is recommended to wait and see, with the 04 contract gradually entering the delivery logic, and observe whether there are opportunities for basis repair. Although historically, the 6 - 7 and 6 - 8 reverse spreads are reasonably valued, it still depends on the duration of the geopolitical situation. If the issue is resolved in May, the current structure is also reasonable [2] Data Summary Futures Data - EC2604: yesterday's closing price was 2004.5, up 3.39%, with a basis of - 459.0, trading volume of 29117, and an open interest of 23452, down 1151 [2] - EC2605: yesterday's closing price was 2240.9, up 3.03%, with a basis of - 695.4, trading volume of 1452, and an open interest of 1928, down 29 [2] - EC2606: yesterday's closing price was 2453.0, up 2.45%, with a basis of - 907.5, trading volume of 9112, and an open interest of 14148, down 235 [2] - EC2607: yesterday's closing price was 2549.8, up 1.97%, with a basis of - 1004.3, trading volume of 171, and an open interest of 781, up 6 [2] - EC2608: yesterday's closing price was 2401.0, up 1.09%, with a basis of - 855.5, trading volume of 708, and an open interest of 2776, down 92 [2] - EC2609: yesterday's closing price was 1751.9, up 2.04%, with a basis of - 206.4, trading volume of 56, and an open interest of 534, down 42 [2] - EC2610: yesterday's closing price was 1580.0, up 0.77%, with a basis of - 34.5, trading volume of 2403, and an open interest of 7955, down 517 [2] - EC2612: yesterday's closing price was 1801.0, down 0.72%, with a basis of - 255.5, trading volume of 71, and an open interest of 405, up 2 [2] Month - spread Data - EC2604 - 2606: previous day was - 448.5, previous two days was - 455.6, previous three days was - 469.9, daily change was 7.1, weekly change was - 111.8 [2] - EC2604 - 2605: previous day was - 236.4, previous two days was - 236.2, previous three days was - 245.4, daily change was - 0.2, weekly change was - 57.3 [2] - EC2606 - 2610: previous day was 873.0, previous two days was 826.4, previous three days was 859.0, daily change was 46.6, weekly change was 79.6 [2] Spot Index Data - SCFIS (European Line): updated weekly on Mondays, announced on 2026/3/9, the current value was 1545.46 points, up 5.61% from the previous period, and the previous period was down 7.00% [2] - SCFI (European Line): updated weekly, announced on 2026/3/13, the current value was 1618 dollars/TEU, up 11.43% from the previous period, and the previous period was up 2.25% [2] European Line Spot Situation - In late March, OA and PA alliances, and MSC announced price increases to around 4000 US dollars - Week 12: MSK quoted 2250 US dollars (up 400 from the previous week), OA alliance quoted 2700 - 2800 US dollars, PA alliance quoted 2200 US dollars (large - ticket price down 200), MSC quoted 2740 US dollars (large - ticket price down 200), with an average of 2450 US dollars, equivalent to about 1715 points on the futures market - Week 13: MSK's price remained flat at 2250 US dollars, and other shipping companies quoted around 2700 - 3000 US dollars - On Tuesday, Maersk opened bookings for the first week of April (Week 14) at 2650 US dollars (up 400 from the previous week) [3] Related News - On 3/17, Iran stated that it could legally attack countries that allow the US and Israel to use their territories for aggression - On 3/17, the Iranian Speaker said that the Strait of Hormuz would not return to the pre - war state - On 3/17, White House economic advisor Hassett said that oil tankers had started passing through the Strait of Hormuz, and the Iran war would last for weeks rather than months [4]

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - The supply - demand pattern of polyolefins has limited improvement. Although the spot market followed up limitedly at the end of January, there is still an expectation of anti - involution in the chemical industry, and the upstream petrochemical inventory is low. Currently, the basis has been repaired, and polyolefins are expected to fluctuate within a range. Due to the recent new production capacity of plastics and its higher operating rate than PP, coupled with the fact that the concentrated demand for mulch film has not started, the L - PP spread is expected to decline [4]. Group 3: Summary by Related Catalogs 1. Plastic and PP Operating Rates - Plastic operating rate rose 0.5 percentage points to about 90.5% and is at a moderately high level, as the overhaul devices such as Yulong Petrochemical's full - density line 2 restarted. PP operating rate rose 0.5 percentage points to about 80% and is at a moderately low level, with the restart of overhaul devices like Maoming Petrochemical's second - line [13]. 2. Plastic and PP Downstream Operating Rates - As of the week of February 6, the PE downstream operating rate decreased 4.03 percentage points to 33.73% week - on - week. Entering the Spring Festival holiday, agricultural film orders and raw material inventories continued to decrease, and packaging film orders also decreased, showing a seasonal decline. The PP downstream operating rate dropped 2.24 percentage points to 49.84% week - on - week, at a neutral level in the lunar calendar over the years. Among them, the operating rate of the plastic weaving industry, the main downstream of drawn - wire PP, decreased 5.30 percentage points to 36.74% week - on - week, with orders continuing to decline and slightly lower than last year [4][18]. 3. Plastic Basis - Both spot and futures prices fell, and the basis of the 05 contract slightly rose to - 62 yuan/ton, at a relatively low level [22]. 4. Plastic and PP Inventories - The petrochemical early inventory on Friday increased 0.5 tons week - on - week to 42.5 tons, 8 tons lower than the same period of last year. At the end of January, petrochemical inventory was depleted rapidly, and the current inventory is at a relatively low level compared to the same period in recent years [26][27].

Report Summary 1. Industry Investment Rating The report suggests a cautious and bullish stance on PX/PTA/PF/PR, with attention to pre - holiday capital reduction [3]. 2. Core Viewpoints - The commodity market sentiment is warming up, and the PTA basis is being repaired. The cost side is still influenced by the Iranian situation, and the geopolitical situation is complex [1]. - In the PX market, although the short - term fundamentals are weak due to supply increase expectations and demand - side maintenance plans, the medium - term outlook is positive [1]. - For PTA, the short - term supply and demand is in a state of accumulation, but in the long - term, as the capacity expansion cycle ends, the processing fee is expected to improve [1]. - In the demand side, the polyester operating rate is declining, the weaving load is dropping rapidly, and downstream enterprises are preparing for the Spring Festival holiday. Different polyester products have different profit and inventory situations [2]. 3. Summary by Directory Price and Basis - Figures show the trends of TA and PX main contracts, basis, and inter - period spreads, as well as PTA East China spot basis and short - fiber basis [7][8][13]. Upstream Profits and Spreads - Include PX processing fee (PXN), PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [15][17]. International Spreads and Import - Export Profits - Cover toluene US - Asia spread, toluene South Korea FOB - Japan naphtha CFR, and PTA export profit [22][24]. Upstream PX and PTA Operation - Display the operating rates of PTA in China, South Korea, and Taiwan, as well as PX operating rates in China and Asia [25][28][30]. Social Inventory and Warehouse Receipts - Present PTA weekly social inventory, PX monthly social inventory, and various types of warehouse receipts for PTA, PX, and PF [35][38][39]. Downstream Polyester Load - Include the production and sales of filaments and short - fibers, polyester load, and the operating rates of related industries such as Jiangsu and Zhejiang weaving, texturing, and dyeing [44][46][54]. PF Detailed Data - Provide information on polyester short - fiber load, inventory days, and the operating rates and profits of pure - polyester yarn and polyester - cotton yarn [66][71][80]. PR Fundamental Details - Show polyester bottle - chip load, inventory days, processing fees, export profits, and inter - month spreads [84][86][94].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply of asphalt is decreasing, with the start - up rate at a low level and expected production in February 2026 decreasing both month - on - month and year - on - year. The downstream demand is weak, with most downstream industries' start - up rates falling, and the overall market is affected by factors such as raw material supply and geopolitical situation. It is expected that asphalt will fluctuate in the short term, and the strategy of reverse arbitrage is recommended [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - Supply side: Last week, the asphalt start - up rate decreased by 1.3 percentage points to 25.5% week - on - week, 2.6 percentage points lower than the same period last year. In February 2026, the domestic asphalt is expected to be produced 193.6 million tons, a month - on - month decrease of 6.4 million tons (3.2%) and a year - on - year decrease of 13.5 million tons (6.5%). Shandong refineries' production and shipments decreased. This week, Shandong Shengxing Petrochemical plans to switch to producing residual oil, keeping the asphalt start - up at a low level [1] - Demand side: The start - up rates of most downstream industries of asphalt fell last week. Road asphalt start - up remained flat at 14% week - on - week, restricted by funds and weather. Northern rigid demand is basically stagnant, but there is inventory - arbitrage demand, and southern projects are gradually coming to an end [1] - Inventory: The asphalt refinery inventory rate remained flat week - on - week and is near the lowest level in recent years [1][4] - Raw materials: Venezuelan heavy crude oil supply to domestic refineries is severely restricted. Although the possibility of domestic refineries obtaining Venezuelan crude oil has increased, it is still expected to be much lower than before the US intervention [1] - Price: The asphalt price in Shandong is stable, and the basis has been repaired but is still at a low level. It is expected that domestic refineries will still have raw material inventory available before March. Due to the repeated geopolitical situation in Iran and the rebound of crude oil prices, asphalt is expected to fluctuate in the short term [1] 3.2 Futures and Spot Market Quotes - Futures: The asphalt futures 2603 contract rose 1.69% to 3361 yuan/ton today, below the 5 - day moving average. The lowest price was 3311 yuan/ton, the highest was 3384 yuan/ton, and the open interest decreased by 11,833 to 98,945 lots [2] - Basis: The mainstream market price in Shandong remained at 3250 yuan/ton, and the basis of the asphalt 03 contract dropped to - 111 yuan/ton, at a low level [3] 3.3 Fundamental Tracking - Supply: The start - up rate of asphalt decreased by 1.3 percentage points to 25.5% week - on - week, 2.6 percentage points lower than the same period last year, at a low level in recent years [1][4] - Investment data: From January to November, the national highway construction investment decreased by 5.9% year - on - year. From January to December 2025, the fixed - asset investment in road transport decreased by 6.0% year - on - year, and the infrastructure construction investment (excluding electricity) decreased by 2.2% year - on - year [4] - Downstream start - up: As of the week of January 30, most downstream industries' start - up rates of asphalt fell, and the road asphalt start - up remained flat at 14% week - on - week, restricted by funds and weather [1][4] - Social financing: From January to December 2025, the social financing stock increased by 8.3% year - on - year, and the growth rate slowed down by 0.2 percentage points compared with that from January to November [4] - Inventory: As of the week of January 30, the asphalt refinery inventory rate remained flat at 13.6% week - on - week, near the lowest level in recent years [4]

1. Report Industry Investment Rating - Unilateral: Neutral, focus on the progress of US-Iran negotiations [2] - Inter - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View of the Report - Due to the planned negotiations between Iran and the US, the geopolitical situation has eased marginally. This week, crude oil prices have significantly corrected, driving down the prices of energy and chemical products including asphalt. Before a relatively clear result or signal emerges from the Iran - US negotiations, the market may be repeatedly disturbed by news, and caution is needed considering the approaching Spring Festival holiday [1]. - From the perspective of the asphalt market structure, the current fundamentals are in a situation of weak supply and demand, with relatively low trading volume. After the sharp decline in the BU futures market, the futures - spot price of asphalt has converged, and the basis has been repaired. Excluding geopolitical and macro - level disturbances, the contradictions within the asphalt market are relatively limited. The cost and yield changes brought about by raw material switching may gradually become clear after March, and the futures market may turn to a volatile state after a short - term correction [1]. 3. Summary by Relevant Catalogs Market Analysis - On the afternoon of February 3, the closing price of the main BU2603 asphalt futures contract was 3,309 yuan/ton, a decrease of 58 yuan/ton or 1.72% from the previous day's settlement price. The open interest was 110,778 lots, a decrease of 16,712 lots compared to the previous day, and the trading volume was 167,414 lots, a decrease of 129,940 lots compared to the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast, 3,506 - 3,600 yuan/ton; Shandong, 3,210 - 3,270 yuan/ton; South China, 3,280 - 3,320 yuan/ton; East China, 3,250 - 3,280 yuan/ton [1]. Figures - The report includes figures on asphalt spot prices in different regions (Shandong, East China, South China, North China, Southwest, Northwest), asphalt futures prices (index, main contract, near - month contract, near - month spread), trading volume and open interest of asphalt futures (unilateral, main contract), domestic asphalt weekly production (total, independent refineries, in different regions), domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and asphalt inventories (refinery, social) [3]

1. Report Industry Investment Rating - The report gives a neutral rating for the unilateral strategy of asphalt, and there are no specific ratings for other strategies such as inter - period, cross - variety, spot - futures, and options [3] 2. Core Viewpoints - The overall energy sector has risen recently due to multiple factors including macro, geopolitical, and capital aspects. After the previous driving factors faded, the energy sector fell sharply yesterday, and the asphalt futures market declined following the sector [1] - The current fundamentals of the asphalt market are in a situation of weak supply and demand. The recent sharp rise in futures has led to a decrease in the basis, and when the futures market pulled back significantly, the decline on the spot side was relatively limited, resulting in a basis repair [2] - Considering that the Iranian situation has not reached a definite result, short - term caution is still required [2] 3. Summary by Related Content Market Analysis - On February 2, the closing price of the main BU2603 contract of asphalt futures in the afternoon was 3,299 yuan/ton, a decrease of 169 yuan/ton or 4.87% compared with the previous day's settlement price. The open interest was 127,490 lots, a decrease of 18,383 lots compared with the previous day, and the trading volume was 297,354 lots, a decrease of 65,479 lots compared with the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are: 3,506 - 3,550 yuan/ton in Northeast China, 3,250 - 3,300 yuan/ton in Shandong, 3,300 - 3,320 yuan/ton in South China, and 3,200 - 3,280 yuan/ton in East China [1] - The overall rise in the energy sector is driven by multiple factors. The nomination of Kevin Warsh as the new Federal Reserve Chairman by Trump last Friday led to a rebound of the US dollar index at a low level, weakening the macro sentiment and causing a phased ebb in the overall liquidity of commodities. Geopolitically, the Iranian situation was tense last week, and the geopolitical premium in the oil market soared. After the weekend without conflict and with signs of marginal easing in the situation, the geopolitical premium declined [1] Strategy - Unilateral: Neutral, pay attention to the development of the Iranian situation; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None [3] Figures - There are 24 figures in the report, including those showing the spot prices of heavy - traffic asphalt in different regions, the closing prices of petroleum asphalt futures indices and contracts, trading volume and open interest, domestic asphalt production, consumption, and inventory [4]