【冠通期货研究报告】 沥青日报：震荡下行 发布日期：2025年11月26日 【行情分析】 供应端，上周沥青开工率环比回落4.2个百分点至24.8%，较去年同期低了7.0个百分点，处于近 年同期最低水平。据隆众资讯数据，11月份国内沥青预计排产222.8万吨，环比减少45.4万吨，减幅 为16.9%，同比减少27.4万吨，减幅为11.0%。上周，沥青下游各行业开工率涨跌互现，其中道路沥青 开工环比持平于34%，受到资金和天气制约。上周，东北地区沥青产量增加，叠加降价刺激出货，其 出货量增加较多，全国出货量环比增加15.28%至24.6万吨，处于中性略偏低水平。沥青炼厂库存存货 比环比持平，处于近年来同期的最低位附近。俄罗斯副总理诺瓦克表示，美国及西方最新实施的制 裁并未对俄罗斯的石油产量造成影响，另外特朗普政府极力促成俄乌停火，泽连斯基表明对和谈持 开放态度，原油价格下跌。委内瑞拉Jose工业区发生火灾，20万桶/日的蒸馏装置停运，不过美方对 委内瑞拉军事威胁之下，稀释沥青贴水幅度扩大。本周山东胜星等炼厂将稳定生产沥青，沥青开工 率将有所上升。北方气温下降后，道路施工逐渐收尾，后续需求将进一步转弱，南方项目增量 ...

【冠通期货研究报告】 沥青日报：震荡运行 发布日期：2025年11月25日 【行情分析】 供应端，上周沥青开工率环比回落4.2个百分点至24.8%，较去年同期低了7.0个百分点，处于近 年同期最低水平。据隆众资讯数据，11月份国内沥青预计排产222.8万吨，环比减少45.4万吨，减幅 为16.9%，同比减少27.4万吨，减幅为11.0%。上周，沥青下游各行业开工率涨跌互现，其中道路沥青 开工环比持平于34%，受到资金和天气制约。上周，东北地区沥青产量增加，叠加降价刺激出货，其 出货量增加较多，全国出货量环比增加15.28%至24.6万吨，处于中性略偏低水平。沥青炼厂库存存货 比环比持平，处于近年来同期的最低位附近。俄罗斯副总理诺瓦克表示，美国及西方最新实施的制 裁并未对俄罗斯的石油产量造成影响，另外特朗普政府极力促成俄乌停火，泽连斯基表明对和谈持 开放态度，原油价格下跌。本周山东胜星等炼厂将稳定生产沥青，沥青开工率将有所上升。北方气 温下降后，道路施工逐渐收尾，后续需求将进一步转弱，南方项目增量有限，整体需求平淡。近期 山东地区沥青基差维持在中性水平，市场谨慎，预计沥青期价偏弱震荡。 【期现行情】 期货方面： ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The asphalt market is expected to oscillate weakly. Supply is decreasing, demand is weakening, and the crude oil supply surplus situation is becoming more obvious, leading to a decline in crude oil prices and a weakening of the asphalt basis. The spot price is weak, and the market is cautious [1]. 3. Summary by Relevant Catalogs 3.1. Market Analysis - Supply: This week, the asphalt operating rate decreased by 0.7 percentage points to 29.0% week - on - week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years. In November, domestic asphalt is expected to have a production of 2.228 million tons, a month - on - month decrease of 454,000 tons (16.9%) and a year - on - year decrease of 274,000 tons (11.0%). Some refineries plan to switch to producing residual oil, and the asphalt operating rate will remain low [1]. - Demand: This week, the operating rates of most downstream asphalt industries were stable. The road asphalt operating rate decreased by 1 percentage point to 33% week - on - week, slightly higher than the same period last year, restricted by funds and weather. With the continuous decline in northern temperatures, road construction is gradually ending, and subsequent demand will further weaken, while the increase in southern projects is limited [1]. - Inventory: The inventory - to - sales ratio of asphalt refineries increased slightly week - on - week but remained at the lowest level in the same period in recent years. The national asphalt shipment volume decreased by 31.02% week - on - week to 21,300 tons, at a moderately low level [1]. - Price: The OPEC adjusted the global oil situation from a shortage of 400,000 barrels per day in Q3 2025 to a surplus of 500,000 barrels per day, and the crude oil supply surplus pattern has become more of a consensus, leading to a decline in crude oil prices. The forward low - price resources of refineries are being released intensively, the asphalt basis in Shandong has weakened recently, and the spot price is weak, causing the asphalt futures price to oscillate weakly [1]. 3.2. Futures and Spot Market Conditions - Futures: Today, the asphalt futures 2601 contract rose 0.10% to 3,037 yuan/ton, below the 5 - day moving average. The lowest price was 3,001 yuan/ton, the highest was 3,056 yuan/ton, and the open interest decreased by 1,021 to 192,751 lots [2]. - Basis: The mainstream market price in Shandong remained at 3,000 yuan/ton, and the basis of the asphalt 01 contract fell to - 37 yuan/ton, at a neutral level [3]. 3.3. Fundamental Tracking - Supply: Refineries such as Qilu Petrochemical and Shanghai Petrochemical switched to producing residual oil, and the asphalt operating rate decreased by 0.7 percentage points to 29.0% week - on - week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years [4]. - Investment: From January to September, the national highway construction investment decreased by 6.0% year - on - year, and the cumulative year - on - year growth rate rebounded slightly compared with January - August 2025 but was still negative. From January to September 2025, the cumulative year - on - year growth rate of the actual completed fixed - asset investment in the road transport industry was - 2.7%, a slight rebound from - 3.3% in January - August 2025 but still in negative growth. From January to September 2025, the cumulative year - on - year growth rate of the fixed - asset investment in infrastructure construction (excluding electricity) was 1.1%, continuing to decline from 2.0% in January - August 2025 [4]. - Social Financing: From January to September 2025, the year - on - year growth rate of social financing stock was 8.7%, a 0.1 - percentage - point decline compared with January - August. In September, the new social financing reached 3.53 trillion yuan, but year - on - year it was 233.5 billion yuan less due to the high base. Attention should be paid to the progress of forming physical work volume [4]. - Inventory: As of the week of November 14, the inventory - to - sales ratio of asphalt refineries increased by 0.4 percentage points to 14.5% compared with the week of November 7, but it remained at the lowest level in the same period in recent years [4].

Report Industry Investment Rating - Not provided Core Viewpoints - The asphalt market is experiencing a downward trend with weak oscillations. The supply - demand relationship, crude oil price changes, and capital constraints are influencing the market. With the expected increase in production from some refineries and the weakening of subsequent demand, along with the decline in crude oil prices, the asphalt futures price is showing a weak performance [1]. Summaries by Related Catalogs 1.行情分析 (Market Analysis) - Supply side: Last week, the asphalt operating rate dropped 1.8 percentage points to 31.5% week - on - week, 3.5 percentage points higher than the same period last year, at a relatively low level in recent years. In November, the domestic asphalt planned production is 2.228 million tons, a decrease of 454,000 tons (16.9%) month - on - month and 274,000 tons (11.0%) year - on - year. Some refineries plan to resume production, and asphalt output will increase [1]. - Demand side: Last week, the operating rates of most downstream asphalt industries increased, with the road asphalt operating rate rising 1 percentage point to 34% week - on - week, slightly exceeding the level of the same period last year, but restricted by funds and weather. The national shipping volume decreased 6.79% to 308,800 tons week - on - week, at a neutral level. The subsequent demand will gradually weaken [1]. - Crude oil factor: OPEC adjusted the global oil market from a shortage of 400,000 barrels per day in the third quarter of 2025 to a surplus of 500,000 barrels per day, and the oversupply pattern of crude oil has become more of a consensus, leading to a decline in crude oil prices [1]. - Market situation: The concentrated release of long - term low - price resources from refineries has weakened the asphalt basis in Shandong recently, and the spot price has followed the decline, resulting in a weak oscillation of asphalt futures prices [1]. 2.期现行情 (Futures and Spot Market) - Futures: Today, the asphalt futures 2601 contract fell 1.05% to 3029 yuan/ton, below the 5 - day moving average. The lowest price was 2999 yuan/ton, the highest was 3058 yuan/ton, and the open interest decreased by 4500 to 193,772 lots [2]. - Basis: The mainstream market price in Shandong dropped to 3000 yuan/ton, and the basis of the asphalt 01 contract dropped to - 29 yuan/ton, at a neutral level [3]. 3.基本面跟踪 (Fundamental Tracking) - Supply side: Some refineries such as Zhonghua Quanzhou and Zhongyou Qinhuangdao stopped asphalt production, and the asphalt operating rate dropped 1.8 percentage points to 31.5% week - on - week, 3.5 percentage points higher than the same period last year, at a relatively low level in recent years. From January to September, the national highway construction investment decreased 6.0% year - on - year, and the cumulative year - on - year growth rate slightly rebounded compared with January - August 2025 but was still negative [4]. - Demand - related investment: From January to September 2025, the cumulative year - on - year growth rate of the actual completed investment in fixed assets of the road transport industry was - 2.7%, a slight rebound from - 3.3% from January to August 2025 but still in negative growth. The cumulative year - on - year growth rate of the completed investment in fixed assets of infrastructure construction (excluding electricity) was 1.1%, a further decline from 2.0% from January to August 2025 [4]. - Downstream operating rate: As of the week of November 7, the operating rates of most downstream asphalt industries increased, with the road asphalt operating rate rising 1 percentage point to 34% week - on - week, slightly exceeding the level of the same period last year, restricted by funds and weather [4]. - Social financing: From January to September 2025, the year - on - year growth rate of social financing stock was 8.7%, a 0.1 - percentage - point decline compared with January - August. In September, the new social financing was 3.53 trillion yuan, but year - on - year it was 233.5 billion yuan less due to the high base [4]. - Inventory: As of the week of November 7, the inventory - to - sales ratio of asphalt refineries dropped 1.2 percentage points to 14.1% compared with the week of October 31, remaining at the lowest level in recent years [4]

Report Industry Investment Rating No relevant content provided. Core View of the Report The asphalt market is showing a trend of oscillating downward. The supply side has a slightly increased production rate but a significant reduction in planned production for November. The downstream industry's production rate has mostly increased, and the inventory ratio of asphalt refineries has continued to decline slightly, remaining at the lowest level in the same period in recent years. The crude oil price is oscillating, and the asphalt futures price is weakly oscillating [1]. Summary by Related Catalogs Market Analysis - Last week, the asphalt production rate increased by 0.4 percentage points to 31.5% week-on-week, 2.1 percentage points higher than the same period last year, and at a relatively low level in the same period in recent years. In November, the domestic asphalt planned production is expected to be 2.228 million tons, a decrease of 454,000 tons month-on-month, a decrease of 16.9%, and a decrease of 274,000 tons year-on-year, a decrease of 11.0% [1]. - Last week, the production rates of most downstream industries of asphalt increased. The production rate of road asphalt increased by 1 percentage point to 33% week-on-week, slightly exceeding the level of the same period last year, but restricted by funds and weather [1]. - Last week, the main refineries in North China maintained stable production and fulfilled contracts for shipment, with a significant increase in shipment volume. The national shipment volume increased by 13.98% week-on-week to 331,300 tons, at a neutral level [1]. - The inventory ratio of asphalt refineries continued to decline slightly week-on-week, remaining at the lowest level in the same period in recent years. The production of Sinochem Quanzhou and some main refineries is intermittent, and the asphalt output will slightly decrease [1]. - Projects in many northern regions are rushing to complete work, and the market is actively shipping, but funds are still restricted. In the south, there is more inquiry for low-priced goods. Recently, the market has digested the news of sanctions on Russian oil. The meeting between the leaders of China and the United States basically met market expectations, and the relationship between the two countries has not fundamentally changed. OPEC+ decided to increase production by 137,000 barrels per day in December, but suspend production increase in the first quarter of next year. The crude oil price is oscillating. The long-term resources of refineries are being released intensively. Recently, the basis of asphalt in Shandong has dropped significantly from a high level and is currently at a neutral level. The spot price has followed the decline, and the asphalt futures price is weakly oscillating [1]. Futures and Spot Market Conditions - Today, the asphalt futures contract 2601 fell 2.00% to 3,193 yuan per ton, below the 5-day moving average. The lowest price was 3,189 yuan per ton, and the highest price was 3,245 yuan per ton. The open interest decreased by 892 to 206,960 lots [2]. - The mainstream market price in Shandong has dropped to 3,200 yuan per ton, and the basis of the asphalt 01 contract has risen to 7 yuan per ton, at a neutral level [3]. Fundamental Tracking - On the supply side, refineries such as Zhonghai Yingkou have resumed asphalt production. The asphalt production rate increased by 0.4 percentage points to 31.5% week-on-week, 2.1 percentage points higher than the same period last year, and at a relatively low level in the same period in recent years [1][4]. - From January to September, the national highway construction investment decreased by 6.0% year-on-year. The cumulative year-on-year growth rate slightly rebounded compared with January - August 2025 but was still negative. From January to September 2025, the actual cumulative year-on-year growth rate of fixed - asset investment in the road transportation industry was -2.7%, a slight rebound from -3.3% from January - August 2025 but still in a cumulative year-on-year negative growth situation. From January to September 2025, the cumulative year-on-year growth rate of fixed - asset investment in infrastructure construction (excluding electricity) decreased from 2.0% in January - August 2025 to 1.1% [4]. - As of the week ending October 31, the production rates of most downstream industries of asphalt increased. The production rate of road asphalt increased by 1 percentage point to 33% week-on-week, slightly exceeding the level of the same period last year, restricted by funds and weather [1][4]. - From the perspective of the stock of social financing, from January to September 2025, the year-on-year growth rate of the stock of social financing was 8.7%, and the growth rate slowed down by 0.1 percentage point compared with January - August. In September, the newly added social financing was as high as 3.53 trillion yuan, but year-on-year it was 233.5 billion yuan less due to the high base. Attention should be paid to the progress of forming physical workload [4]. - As of the week ending October 31, the inventory ratio of asphalt refineries decreased by 0.7 percentage points to 15.3% compared with the week ending October 24, and the inventory ratio of asphalt refineries remained at the lowest level in the same period in recent years [4].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The asphalt market is showing a downward trend with fluctuations. The supply side has seen a decline in the asphalt operating rate, and the expected production in November is decreasing. The downstream operating rate has mostly increased, and the national shipments have increased. The inventory ratio of asphalt refineries has slightly decreased and remains at the lowest level in the same period in recent years. Due to factors such as international events affecting crude oil prices and the large decline of the asphalt basis in Shandong from a high level, it is recommended to cautiously observe the asphalt futures price [1]. Summary by Related Catalogs Market Analysis - Last week, the asphalt operating rate decreased by 4.7 percentage points to 31.1% week - on - week, 2.4 percentage points higher than the same period last year, at a relatively low level in recent years. In November, the domestic asphalt is expected to produce 222.8 million tons, a decrease of 45.4 million tons (16.9%) month - on - month and 27.4 million tons (11.0%) year - on - year. The downstream operating rates of asphalt industries mostly increased last week, with the road asphalt operating rate increasing by 3 percentage points to 32% week - on - week, slightly exceeding the level of the same period last year, restricted by funds and rainfall in some areas. The refinery supply in the East China region increased, and the national shipments increased by 14.73% week - on - week to 29.07 million tons, at a neutral level. The inventory ratio of asphalt refineries decreased slightly week - on - week and remains at the lowest level in the same period in recent years. Qilu Petrochemical refinery is in stable production, and the asphalt output will increase slightly. Projects in many northern regions are rushing to work, the weather has improved, and the market is actively shipping, but funds are still restricted. Recently, crude oil prices have rebounded significantly from a low level, and the asphalt basis in Shandong has decreased significantly from a high level and is currently at a moderately high level [1]. Futures and Spot Market - Today, the asphalt futures 2601 contract fell 0.79% to 3279 yuan/ton, near the 5 - day moving average, with a minimum price of 3263 yuan/ton and a maximum price of 3295 yuan/ton. The open interest increased by 3762 to 197,268 lots [2]. - The mainstream market price in Shandong decreased to 3320 yuan/ton, and the basis of the asphalt 01 contract decreased to 41 yuan/ton, at a moderately high level [3]. Fundamental Tracking - On the supply side, refineries such as Shandong Shengxing and Guangzhou Petrochemical have stopped production for maintenance, and the asphalt operating rate decreased by 4.7 percentage points to 31.1% week - on - week, 2.4 percentage points higher than the same period last year, at a relatively low level in recent years. From January to August, the national highway construction investment decreased by 7.1% year - on - year, and the cumulative year - on - year growth rate slightly rebounded compared with January - July 2025 but was still negative. From January to September 2025, the cumulative year - on - year growth rate of the actual completed fixed - asset investment in the road transportation industry was - 2.7%, a slight rebound from - 3.3% from January to August 2025 but still in a negative growth situation. From January to September 2025, the cumulative year - on - year growth rate of the fixed - asset investment in infrastructure construction (excluding electricity) decreased from 2.0% in January - August 2025 to 1.1%. As of the week of October 24, the downstream operating rates of asphalt industries mostly increased, with the road asphalt operating rate increasing by 3 percentage points to 32% week - on - week, slightly exceeding the level of the same period last year, restricted by funds and rainfall in some areas. From January to September 2025, the year - on - year growth rate of the social financing stock was 8.7%, 0.1 percentage point lower than that from January to August. In September, the new social financing reached 3.53 trillion yuan, but with a high base, it was 233.5 billion yuan less than the same period last year. Attention should be paid to the progress of forming physical workload [4]. Inventory - As of the week of October 24, the inventory ratio of asphalt refineries decreased by 0.6 percentage points to 16.0% compared with the week of October 17 and remains at the lowest level in the same period in recent years [5].

【冠通期货研究报告】 沥青日报：震荡上行 发布日期：2025年10月23日 【行情分析】 供应端，上周沥青开工率环比回升1.3个百分点至35.8%，较去年同期高了8.0个百分点，处于近 年同期中性偏低水平。据隆众资讯数据，10月份国内沥青预计排产268.2万吨，环比减少0.4万吨，减 幅为0.1%，同比增加35.0万吨，增幅为15.0%。上周，沥青下游各行业开工率多数稳定，其中道路沥 青开工环比持平于29.0%，仍处于近年同期最低水平，受到资金和部分地区降雨制约。上周，国庆假 期归来，全国出货量环比增加14.48%至25.33万吨，处于中性偏低水平。沥青炼厂库存存货比环比继 续上升，但仍处于近年来同期的最低位。无棣鑫岳等炼厂有检修计划，沥青产量将有所减少，但仍 处高位。北方多地项目赶工，只是个别地区降温明显，南方降雨增加，另外，资金端制约，市场谨 慎，影响沥青需求。近日中美即将进行新一轮的经贸磋商，美国制裁俄罗斯重要石油公司，原油价 格低位反弹幅度较大，近两日山东地区沥青基差从高位降幅较大，目前在中性偏高水平，建议沥青 期价谨慎观望。 【期现行情】 期货方面： 今日沥青期货2601合约上涨2.31%至3277 ...

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].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply pressure of asphalt is increasing as refineries have recently increased production. The overall demand recovery is less than expected and remains sluggish, with current demand below historical average levels. - Inventory is continuously decreasing, while crude oil prices are rising, strengthening the short - term cost support. - It is expected that the asphalt futures market will experience narrow - range fluctuations in the short term, with the asphalt 2509 contract oscillating between 3462 and 3514 [8][9][10]. 3. Summary According to Relevant Catalogs 3.1 Daily Viewpoint 3.1.1 Supply - In May 2025, the total planned production volume of domestic asphalt was 2318,000 tons, a month - on - month increase of 1.3%. This week, the sample capacity utilization rate of domestic petroleum asphalt was 32.2987%, a month - on - month increase of 3.655 percentage points. The total output of sample enterprises was 539,000 tons, a month - on - month increase of 12.76%. The estimated maintenance volume of sample enterprise equipment was 738,000 tons, a month - on - month decrease of 3.40%. Refineries increased production this week, increasing supply pressure, and it may further increase next week [8]. 3.1.2 Demand - The current demand for asphalt is below historical average levels. The heavy - traffic asphalt开工率 was 31.3%, a month - on - month increase of 0.13 percentage points; the building asphalt开工率 was 18.2%, unchanged from the previous month; the modified asphalt开工率 was 12.332%, a month - on - month decrease of 1.72 percentage points; the road - modified asphalt开工率 was 25.6%, a month - on - month decrease; the waterproofing membrane开工率 was 34.5%, a month - on - month increase of 1.50 percentage points [8]. 3.1.3 Cost - The daily asphalt processing profit was - 474.54 yuan/ton, a month - on - month increase of 9.10%. The weekly delayed coking profit of Shandong local refineries was 671.8557 yuan/ton, a month - on - month decrease of 4.19%. The asphalt processing loss increased, and the profit difference between asphalt and delayed coking decreased. With the strengthening of crude oil prices, short - term cost support is expected to strengthen [9]. 3.1.4 Basis - On June 9, 2025, the spot price in Shandong was 3695 yuan/ton, and the basis of the 09 contract was 207 yuan/ton, indicating that the spot price was higher than the futures price [9]. 3.1.5 Inventory - Social inventory was 1.351 million tons, a month - on - month decrease of 0.29%; factory inventory was 797,000 tons, a month - on - month decrease of 2.08%; port diluted asphalt inventory was 390,000 tons, a month - on - month increase of 60.00%. Social and factory inventories are decreasing, while port inventory is increasing [9]. 3.1.6 Expectation - It is expected that the asphalt futures market will experience narrow - range fluctuations in the short term, with the asphalt 2509 contract oscillating between 3462 and 3514 [10]. 3.2 Asphalt Market Overview - The report provides the price, basis, inventory, and other data of different asphalt contracts (01 - 12 contracts), as well as the price changes and inventory data of weekly inventory, including social inventory, factory inventory, and port diluted asphalt inventory [16][17]. 3.3 Asphalt Futures Market Analysis 3.3.1 Basis Trend - The report presents the historical trends of the Shandong and East China asphalt basis from 2020 to 2025 [19][20]. 3.3.2 Spread Analysis - **主力合约价差**: It shows the historical trends of the 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 to 2025 [22][23]. - **Asphalt - Crude Oil Price Trend**: It presents the price trends of asphalt, Brent crude oil, and WTI crude oil from 2020 to 2025 [25][26]. - **Crude Oil Crack Spread**: It shows the historical trends of the asphalt - SC, asphalt - WTI, and asphalt - Brent crack spreads from 2020 to 2025 [28][29][30]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: It presents the historical trends of the asphalt - SC price ratio and asphalt - fuel oil price ratio from 2020 to 2025 [32][33]. 3.4 Asphalt Spot Market Analysis - The report shows the price trends of heavy - traffic asphalt in the East China and Shandong regions from 2020 to 2025 [36][37]. 3.5 Asphalt Fundamental Analysis 3.5.1 Profit Analysis - **Asphalt Profit**: It presents the historical trends of asphalt profit from 2019 to 2025 [39][40]. - **Coking - Asphalt Profit Spread Trend**: It shows the historical trends of the coking - asphalt profit spread from 2020 to 2025 [42][44]. 3.5.2 Supply - Side Analysis - **Shipment Volume**: It presents the historical trends of weekly asphalt shipment volume from 2020 to 2025 [45][46]. - **Diluted Asphalt Port Inventory**: It shows the historical trends of domestic diluted asphalt port inventory from 2021 to 2025 [47][48]. - **Production Volume**: It presents the historical trends of weekly and monthly asphalt production volume from 2019 to 2025 [50][51]. - **Maya Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: It shows the historical trends of Maya crude oil price and Venezuelan crude oil monthly production from 2018 to 2025 [54][56]. - **Local Refinery Asphalt Production Volume**: It presents the historical trends of local refinery asphalt production volume from 2019 to 2025 [57][59]. - **开工率**: It shows the historical trends of weekly asphalt开工率 from 2023 to 2025 [60][61]. - **Maintenance Loss Estimation**: It presents the historical trends of asphalt refinery maintenance loss estimation from 2018 to 2025 [63][64]. 3.5.3 Inventory Analysis - **Exchange Warehouse Receipts**: It shows the historical trends of exchange warehouse receipts (total, social inventory, and factory inventory) from 2019 to 2025 [66][67][68]. - **Social Inventory and Factory Inventory**: It presents the historical trends of social inventory (70 samples) and factory inventory (54 samples) from 2022 to 2025 [71][72]. - **Factory Inventory - to - Stock Ratio**: It shows the historical trends of the factory inventory - to - stock ratio from 2018 to 2025 [74][75]. 3.5.4 Import and Export Analysis - It presents the historical trends of asphalt export and import volume from 2019 to 2025, as well as the historical trends of the South Korean asphalt import price difference from 2020 to 2025 [77][78][80]. 3.5.5 Demand - Side Analysis - **Petroleum Coke Production Volume**: It shows the historical trends of petroleum coke production volume from 2019 to 2025 [83][84]. - **Apparent Consumption**: It presents the historical trends of asphalt apparent consumption from 2019 to 2025 [86][87]. - **Downstream Demand**: It shows the historical trends of highway construction traffic fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year from 2019 to 2025, as well as the historical trends of asphalt concrete paver sales volume, excavator monthly working hours, domestic excavator sales volume, and roller sales volume from 2019 to 2025 [89][90][93][94]. - **Asphalt开工率**: It presents the historical trends of heavy - traffic asphalt开工率, asphalt开工率 by use (building asphalt and modified asphalt), and downstream开工率 (shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane - modified asphalt) from 2019 to 2025 [98][101][103]. 3.5.6 Supply - Demand Balance Sheet - It provides the monthly asphalt supply - demand balance sheet from January 2024 to June 2025, including asphalt monthly production volume, import volume, export volume, social inventory, factory inventory, diluted asphalt port inventory, and downstream demand [108][109].