沥青：10月沥青均价跌幅扩大 10月沥青均价3669.29元/吨，环比下跌2.9%，跌幅扩大。由于美国针对中国的贸易威胁导致月初原油价 格不断下跌，成本端对沥青价格产生利空；中上旬山东、华北及周边地区连续多日的阴雨天气抑制项目 开工，北方需求减少叠加南方需求增量不足，需求端同样施压沥青价格，导致10月沥青跌幅扩大。短期 沥青供需均将出现季节性下滑走势，但需求的下滑对市场利空更大，加之原油有望继续下跌，预计沥青 均价将延续跌势。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com ...

Core Viewpoint - The asphalt prices have significantly declined due to multiple factors including the continuous drop in crude oil prices, increased operating rates of asphalt plants, and weak demand recovery [1] Group 1: Price Trends - Since August, the main asphalt futures contract BU2510 has fallen over 200 points from its monthly high as of August 20 [1] - The average spot price in Shandong has decreased by 195 yuan/ton [1] Group 2: Production and Profitability - The theoretical production profit for local refineries in Shandong producing asphalt from crude oil remains high at 165.04 yuan/ton [1] - Despite the high production profit, there is insufficient support from the cost side, indicating potential for further price declines [1] Group 3: Demand and Market Outlook - The characteristics of a demand peak season are not yet evident, suggesting that spot prices may still have downward potential [1]