1. Report Industry Investment Rating - The rating for the unilateral strategy is neutral, suggesting waiting for a clear bottom signal and considering a left - side long - position allocation at low prices. There are no specific ratings for cross -品种, cross - period, spot - futures, and options strategies [3] 2. Core View - The asphalt market is currently influenced by both bullish and bearish factors, with a north - south divide in the regional market. Cost - side support has become marginally stronger due to factors such as the rebound in crude oil prices and the escalation of the geopolitical situation in Venezuela, which has increased concerns about asphalt raw materials. Meanwhile, the actual fundamentals of asphalt remain weak, especially in the south where refineries are releasing a large amount of low - priced resources, leading to significant surplus pressure. The contradiction of local surplus needs time to be resolved, and the risk of tightening raw material supply is a potential upward driver. The market is in a state of game between reality and expectations, and there will still be fluctuations during the bottom - rebound process [1][2] 3. Market Analysis Futures Market - On December 24, the closing price of the main BU2602 contract of asphalt futures in the afternoon session was 2,996 yuan/ton, up 8 yuan/ton or 0.27% from the previous day's settlement price. The open interest was 190,035 lots, a decrease of 14,707 lots compared to the previous day, and the trading volume was 187,941 lots, a decrease of 54,265 lots compared to the previous day [2] Spot Market - According to Zhuochuang Information, the spot settlement prices of heavy - traffic asphalt are as follows: 3,156 - 3,500 yuan/ton in Northeast China, 2,870 - 3,190 yuan/ton in Shandong, 2,750 - 2,950 yuan/ton in South China, and 3,000 - 3,100 yuan/ton in East China. The spot price of asphalt in Shandong increased slightly yesterday, while those in East China and Sichuan - Chongqing regions decreased. The spot prices in other regions remained generally stable [2] 4. Strategy Unilateral Strategy - Neutral. Wait for a clear bottom signal and consider a left - side long - position allocation at low prices [3] Other Strategies - There are no specific strategies for cross -品种, cross - period, spot - futures, and options [3]