Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - No relevant content Group 3: Summaries Based on Related Catalogs 1. Basis and Spread - On December 3, the Shandong basis (+80) (Hongrun) was 78, down 36 from the previous day; the East China basis (Zhenjiang Warehouse) was 88, down 46; the South China basis (Foshan Warehouse) was 18, down 46 [3]. - The 12 - 01 spread was -25 with no change; the 12 - 03 spread was -52; the 01 - 02 spread was -9, down 4 [3]. 2. Futures Contracts - The BU main - contract (01) price on December 3 was 2952, up 36. The trading volume was 510923, up 67578 (13% increase), and the open interest was 442532, down 32101 [3]. - The contract size remained at 4690 [3]. 3. Spot Market - On December 3, Brent crude oil was at 62.5, down 0.7. The prices of Jingbo, Zhenjiang Warehouse, and Foshan Warehouse decreased by 10, while Hongrun's price remained unchanged [3]. 4. Profits - On December 3, the asphalt - Ma Rui profit was 163, up 25, and the Ma Rui - type refinery comprehensive profit was 776, up 21 [3].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No clear core viewpoints are presented in the given content 3. Summary by Relevant Catalogs 3.1 Basis and Spread - On November 28, the Shandong basis (+80) (Hongrun) was 44, with a daily change of -9; the East China basis (Zhenjiang Warehouse) was 54, down 29 from the previous day; the South China basis (Foshan Warehouse) was -16, a decrease of 49 [3] - The 12 - 01 spread was -18, up 4; the 12 - 03 spread was -48, up 3; the 01 - 02 spread was -7, down 2 [3] 3.2 Futures Contract Information - The price of the BU main contract (01) on November 28 was 2996, down 11 from the previous day [3] - The trading volume was 587,546, an increase of 211,118, or 23%; the open interest was 407,598, a decrease of 6,644, or 6% [3] - The combined order quantity remained at 4,690 [3] 3.3 Spot Prices - On November 28, the price of Brent crude oil was 63.3, an increase of 0.2 [3] - The price of Jingbo was 3000, unchanged; Hongrun was 2960, down 20; Zhenjiang Warehouse was 3050, down 40; Foshan Warehouse was 2980, down 60 [3] 3.4 Profits - The asphalt - Ma Rui profit on November 28 was 155, a decrease of 25; the comprehensive profit of Ma Rui - type refineries was 749, down 22 [3]

1. Report Investment Rating There is no information about the investment rating in the provided content. 2. Core Viewpoints There are no clear core viewpoints explicitly stated in the given report. The report mainly presents a large amount of data on asphalt market indicators. 3. Summary by Categories Futures Contracts - **Price Changes**: From September 17 to October 16, the prices of most BU series futures contracts showed a downward trend. For example, the BU10 contract price decreased from 3451 to 3200, and the BU11 contract price dropped from 3445 to 3279 [4]. - **Volume and Open Interest**: The trading volume on October 16 was 269344, with a daily increase of 7215 and a weekly decrease of 53977. The open interest was 353352, with a daily increase of 6845 and a weekly increase of 30758 [4]. Spot Market - **Market Prices**: The market prices of asphalt in different regions generally declined. The Shandong market price decreased from 3520 to 3420, the East China market price dropped from 3640 to 3500, and the North China market price fell from 3660 to 3440 [4]. - **Regional Price Differences**: The price differences between regions also changed. For instance, the East China - South China price difference decreased from 150 to 50 [4]. Basis and Calendar Spreads - **Basis**: The basis values in different regions had fluctuations. The Shandong basis (+80) decreased from 125 to 171, and the East China basis decreased from 72 to 71 [4]. - **Calendar Spreads**: The spreads between different contract months changed significantly. For example, the 10 - 11 spread decreased from 112 to -79 [4]. Crack Spreads and Profits - **Crack Spreads**: The asphalt Brent crack spread increased from -31 to 200 [4]. - **Profits**: The profits of different types of refineries generally increased. The ordinary refinery comprehensive profit increased from 370 to 530, and the Ma Rui - type refinery comprehensive profit rose from 697 to 916 [4].