Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Last week's main view: This week, refinery operations declined, but next week, refinery operations are expected to pick up. Currently, asphalt has entered the peak season, and the upside space depends on whether demand can drive down social inventory. However, demand is restricted by the capital side and is not expected to have significant upside potential, mainly following the cost side [7]. - This week's trend analysis: This week, the asphalt trend showed a rise followed by a fall, generally following the trend of the cost-side crude oil [7]. - This week's industry data: This week, both supply and demand of refineries decreased, and the decline in refinery operations led to a low-level drop in refinery inventory. The previously persistent social inventory decreased slightly this week, but the curve still significantly lags behind the same period in previous years. As the peak season deepens, it will limit the upside space of asphalt [7]. - This week's main view: Next week, refinery operations are expected to pick up, and some large facilities in the north have plans to resume production. Currently, asphalt consumption has entered the peak season, and the upside space depends on whether demand can drive down social inventory. However, demand is restricted by the capital side and is not expected to have significant upside potential, mainly following the cost side [7]. 3. Summary by Relevant Catalogs 3.1 01 Weekly Viewpoint - The report analyzes the asphalt market from last week to this week, including refinery operations, inventory changes, and market trends, and provides a forecast for next week, emphasizing that the market is mainly affected by cost and demand [7]. 3.2 02 Data Overview - **2.1 Asphalt Futures Trends, Monthly Spreads, and Basis**: Presents the trends of asphalt futures prices, monthly spreads (BU9 - BU12), and basis in East China and Shandong regions, with data sources from Wind and Steel Union Data [9][10][11]. - **2.2 Asphalt Supply**: Displays data on asphalt plant operating rates, weekly production, refinery asphalt profits, and the profit difference between asphalt and fuel oil multiplied by the asphalt operating rate, sourced from Steel Union Data [12][13][14]. - **2.3 Asphalt Demand**: Shows data on asphalt shipments, apparent consumption, paver sales, and the product of paver sales and asphalt apparent consumption, sourced from Steel Union Data [15][16][17]. - **2.4 Asphalt Imports and Exports**: Presents data on asphalt imports, exports, import windows in East China and South China, and the price differences between imported完税 prices from South Korea and Singapore and the mainstream prices in East China and South China, sourced from Steel Union Data [18][19][20]. - **2.5 Asphalt Inventory**: Displays data on refinery inventory, social inventory, futures inventory, and monthly futures delivery volume, sourced from Steel Union Data [21][22][23]. - **2.6 Shandong Asphalt Supply, Demand, and Inventory**: Shows data on the operating rate, shipments, refinery inventory, and social inventory of asphalt in Shandong, sourced from Steel Union Data [24][25][26]. - **2.7 East China Asphalt Supply, Demand, and Inventory**: Presents data on the operating rate, shipments, refinery inventory, and social inventory of asphalt in East China, sourced from Steel Union Data [27][28][29]. - **2.8 South China Asphalt Supply, Demand, and Inventory**: Displays data on the operating rate, shipments, refinery inventory, and social inventory of asphalt in South China, sourced from Steel Union Data [30][31][32]. - **Asphalt Production Enterprise Maintenance Information**: Lists the maintenance information of multiple asphalt production enterprises, including the maintenance device, production capacity, maintenance time, end time, and the total annual production capacity and maintenance loss volume [33].