1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - From the supply side, in August 2025, the total planned production volume of domestic asphalt was 2.413 million tons, with a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. This week, the sample capacity utilization rate of domestic petroleum asphalt decreased, and refineries reduced production, which may reduce supply pressure next week [7]. - From the demand side, the current demand for various types of asphalt is lower than the historical average level, indicating weak demand [7]. - From the cost side, the daily processing profit of asphalt decreased, and the profit difference between asphalt and delayed coking increased. With the weakening of crude oil, the short - term support is expected to weaken [8]. - In terms of basis, on September 9, 2025, the spot price in Shandong was 3,530 yuan/ton, and the basis of the 11 - contract was 110 yuan/ton, with the spot at a premium to the futures [9]. - Regarding inventory, social inventory and factory inventory continued to decline, while port inventory continued to increase [9]. - In terms of the market, the MA20 was downward, and the futures price of the 11 - contract closed below the MA20. The main position was net short, and the short position increased. It is expected that the market will fluctuate narrowly in the short term, with asphalt 2511 fluctuating in the range of 3,400 - 3,440 [9]. 3. Summaries According to Relevant Catalogs 3.1 Daily Views - Supply: In August 2025, the total planned production volume of domestic asphalt was 2.413 million tons, with a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. This week, the sample capacity utilization rate of domestic petroleum asphalt was 30.501%, a month - on - month decrease of 0.90 percentage points. The output of sample enterprises decreased, and the estimated maintenance volume of sample enterprise devices increased. Refineries reduced production this week, which may reduce supply pressure next week [7]. - Demand: The current demand for various types of asphalt is lower than the historical average level. The heavy - traffic asphalt开工率 was 28.1%, a month - on - month decrease of 0.04 percentage points; the construction asphalt开工率 was 18.2%, remaining unchanged month - on - month; the modified asphalt开工率 was 15.8893%, a month - on - month decrease of 1.25 percentage points; the road - modified asphalt开工率 was 27.5%, a month - on - month decrease of 0.83 percentage points; the waterproofing membrane开工率 was 33.93%, a month - on - month increase of 0.07 percentage points [7]. - Cost: The daily processing profit of asphalt was - 513.38 yuan/ton, a month - on - month decrease of 3.00%. The weekly delayed coking profit of Shandong local refineries was 792.0771 yuan/ton, a month - on - month increase of 6.94%. The processing loss of asphalt decreased, and the profit difference between asphalt and delayed coking increased. With the weakening of crude oil, the short - term support is expected to weaken [8]. - Basis: On September 9, 2025, the spot price in Shandong was 3,530 yuan/ton, and the basis of the 11 - contract was 110 yuan/ton, with the spot at a premium to the futures [9]. - Inventory: Social inventory was 122.5 million tons, a month - on - month decrease of 3.54%; factory inventory was 64.2 million tons, a month - on - month decrease of 4.74%; port diluted asphalt inventory was 32 million tons, a month - on - month increase of 68.42% [9]. - Market: The MA20 was downward, and the futures price of the 11 - contract closed below the MA20. The main position was net short, and the short position increased. It is expected that the market will fluctuate narrowly in the short term, with asphalt 2511 fluctuating in the range of 3,400 - 3,440 [9]. 3.2 Fundamental/Position Data - The report provides a large amount of data on asphalt futures, including the prices, trading volumes, and inventory changes of different contracts, as well as the production, import, export, and inventory data of asphalt [16].