Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: July 29, 2025 [2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core View - Asphalt continues the pattern of weak supply and demand, and due to the recent continuous decline of oil prices, the previous long positions in asphalt should be temporarily stopped for profit and wait and see [7] Group 4: Market Review and Operation Suggestions - Futures Market: For BU2509, the opening price was 3617 yuan/ton, the closing price was 3569 yuan/ton, the highest was 3637 yuan/ton, the lowest was 3552 yuan/ton, the decline was 1.05%, and the trading volume was 224,900 lots; for BU2510, the opening price was 3592 yuan/ton, the closing price was 3542 yuan/ton, the highest was 3608 yuan/ton, the lowest was 3526 yuan/ton, the decline was 1.14%, and the trading volume was 68,300 lots [6] - Spot Market: The asphalt spot prices in North China and Sichuan-Chongqing markets increased slightly, while the asphalt spot price in Shandong decreased, and the prices in other regions remained stable. The market was cautious and waiting and seeing [6] - Supply: Although some refineries in the Northeast that reduced asphalt production have no short - term production increase plans, due to Jinling Petrochemical's high - load production after July 23 and the possible resumption of production by Shandong Shengxing Petrochemical, the average operating load rate of asphalt plants is expected to rise [6] - Demand: Rainy weather still affects most parts of China, and only Shandong and Central China have relatively less impact, which supports demand to some extent. The improvement of asphalt demand is limited [6] - Operation Suggestion: Temporarily stop for profit and wait and see for the previous long positions in asphalt [7] Group 5: Industry News - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3620 - 4070 yuan/ton, a decrease of 5 yuan/ton from the previous working day. The decline of international oil prices and asphalt futures, as well as the rainy weather, led to the decline of the spot price [8] - South China Market: The mainstream transaction price of 70A grade asphalt was 3560 - 3600 yuan/ton, remaining stable. After the typhoon, the rigid demand did not improve, and the social inventory remained stable waiting for demand release [8] Group 6: Data Overview - The report presents multiple data charts including asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, Shandong asphalt spot price, Shandong asphalt basis, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from wind and the research and development department of Jianxin Futures [9][14][17][20]

021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 沥青日报 日期 2025 年 7 月 23 日 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 研究员 ...

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints of the Report - The cost side of asphalt still has support, and the fundamental contradictions are currently limited. The overall supply - demand pattern of asphalt remains weak, with low inventory levels. The rise in the futures price is mainly driven by the crude oil side, and the market may face repeated disturbances due to the unclear Middle - East situation [1]. - The strategy for asphalt investment is to expect a sideways - to - bullish trend, and it is necessary to pay attention to the development of the Israel - Iran conflict situation [2]. 3) Summary by Related Catalogs Market Analysis - On June 23, the closing price of the main BU2509 asphalt futures contract in the afternoon session was 3,781 yuan/ton, up 30 yuan/ton or 0.8% from the previous settlement price. The open interest was 311,332 lots, a net increase of 26,819 lots, and the trading volume was 317,501 lots, a net increase of 64,215 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3,980 - 4,086 yuan/ton in Northeast China; 3,760 - 4,030 yuan/ton in Shandong; 3,650 - 3,750 yuan/ton in South China; 3,680 - 3,800 yuan/ton in East China. The spot price of asphalt in the Northwest remained stable, while prices in other regions rose to varying degrees [1]. - Affected by the conflict in the Middle - East, oil prices remained strong, providing cost support for asphalt. The overall supply - demand of asphalt was weak, and inventory was low. Terminal demand in the South was suppressed by rainy weather, while there was some support from rigid demand in the North. At the end of the month, the spot resources in the market tightened, but downstream buyers were still cautious about high - priced resources [1]. Strategy - Unilateral: Sideways - to - bullish, pay attention to the development of the Israel - Iran conflict situation. - Inter - delivery spread: No recommendation. - Inter - commodity spread: No recommendation. - Futures - cash: No recommendation. - Options: No recommendation [2]

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: June 24, 2025 [2] Group 2: Investment Rating - Not provided Group 3: Core View - The asphalt market shows a pattern of weak supply and demand, mainly following oil price fluctuations, and is expected to operate strongly [7] Group 4: Market Review and Operation Suggestions - Futures Market: The opening, closing, highest, and lowest prices of BU2509 and BU2508 contracts are provided, with their respective price increases of 0.8% and 1.02%, and trading volumes of 31.75 and 4.75 million lots [6] - Spot Market: Spot prices in Northeast, North China, Shandong, and Sichuan-Chongqing regions increased, while prices in other regions remained stable. The high opening of crude oil and asphalt futures had a positive impact on the spot market [6] - Supply: Jiangsu Xinhai plans to resume asphalt production, but Maoming Petrochemical has no resumption plan, and Jinling Petrochemical in East China and Liaohe Petrochemical in Northeast China have reduced production loads. The average operating load rate of asphalt plants is expected to continue to decline [6] - Profit: Oil prices are expected to remain high, but the increase in asphalt prices may be limited. Asphalt production profits are expected to improve slightly [6] - Demand: There is limited room for improvement in asphalt demand. Traders and downstream users are cautious and mainly purchase on demand [6] Group 5: Industry News - Shandong Market: The mainstream transaction price of 70A grade asphalt is 3760 - 4030 yuan/ton, up 30 yuan/ton from the previous day. Rising international oil prices and asphalt futures have driven up prices, and the market is cautious [8] - East China Market: The mainstream intended price of 70A grade asphalt is 3680 - 3770 yuan/ton, remaining stable. Although the rainy season has affected demand, the strong crude oil and asphalt futures have given impetus to price increases. Pay attention to the possibility of Sinopec raising prices [8] Group 6: Data Overview - Multiple data charts are provided, including asphalt daily operating rate, Shandong asphalt comprehensive profit, Shandong asphalt spot price, Shandong asphalt basis, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and Jianxin Futures Research and Development Department [12][16][20][25]