2025 年 8 月 25 日 沥青：油价稍偏强，裂解愈回落 王涵西 投资咨询从业资格号：Z0019174 wanghanxi@gtht.com 【基本面跟踪】 表 1：沥青基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2509 | 元/吨 | 3,520 | 0.69% | 3,535 | 0.43% | | | BU2510 | 元/吨 | 3,483 | 0.52% | 3,498 | 0.43% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2509 | 手 | 6,165 | (1,274) | 17,883 | (2,654) | | | BU2510 | 手 | 139,452 | 16,086 | 208,416 | (3,045) | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 72650 | 0 | | | | | | | 昨日价差 | 前日价差 | ...

石油沥青日报 | 2025-08-14 沥青终端需求仍偏弱，市场驱动有限 市场分析 1、8月13日沥青期货下午盘收盘行情：主力BU2510合约下午收盘价3503元/吨，较昨日结算价下跌1元/吨，跌幅 0.02%；持仓224999手，环比上涨1869手，成交123189手，环比上涨2907手。 2、卓创资讯重交沥青现货结算价：东北，3880—4086元/吨；山东，3520—3870元/吨；华南，3520—3550元/吨； 华东，3600—3800元/吨。 昨日华北市场沥青现货价格有所上涨，华东以及华南地区沥青现货价格出现下跌，其余地区暂时以持稳为主。由 于油价走势转弱，叠加沥青需求表现欠佳，现货市场情绪偏谨慎。就沥青自身基本面来看，供需两弱格局大体延 续，库存仍处于低位，还未出现显著累库的信号，市场短期过剩压力有限，但受到天气因素影响终端需求改善乏 力，投机需求也有待恢复，整体情绪一般。抛开成本端的带动外，沥青来自基本面的驱动有限。如果油价持续下 跌，则沥青市场价格也将跟随进一步走弱。考虑到美俄总统即将会晤，需要注意美国制裁政策的变化以及油市的 波动风险。 策略 单边：震荡偏弱 跨期：无 跨品种：无 期现：无 ...

Report Information - Report Title: Asphalt Daily Report [1] - Report Date: August 7, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The supply growth of asphalt is relatively limited, and the demand is in the peak season, but the actual performance remains to be observed. Considering the performance of oil prices, it is expected that the unilateral price of asphalt will mainly fluctuate. In terms of arbitrage, consider going long on the crack spread after the upward trend of oil prices slows down [7] Section Summaries 1. Market Review and Operation Suggestions - Futures market: For BU2509, the opening price was 3527 yuan/ton, the closing price was 3555 yuan/ton, the highest was 3559 yuan/ton, the lowest was 3527 yuan/ton, the increase was 0.34%, and the trading volume was 4.92 million lots. For BU2510, the opening price was 3516 yuan/ton, the closing price was 3529 yuan/ton, the highest was 3530 yuan/ton, the lowest was 3505 yuan/ton, the increase was 0.17%, and the trading volume was 13.44 million lots [6] - Spot market: The spot prices of asphalt in North China, Shandong, and Sichuan-Chongqing markets declined, while that in South China market increased, and the prices in other regions remained stable. The overall trend of crude oil prices and asphalt futures was weak, and the spot market of asphalt was filled with strong wait-and-see sentiment [6] - Supply: Qilu Petrochemical, Henan Fengli, and Jiangsu Xinhai will resume asphalt production in early August, and the plant operating rate will rebound at the beginning of the month. The total planned asphalt production of domestic refineries in August is 2.433 million tons [6] - Demand: It is expected that the demand will continue to recover, but the extent remains to be observed. In August, precipitation in North China and Northeast China is still relatively high, but the overall weather conditions have improved. Coupled with the rush demand of some projects, it is generally beneficial to demand [6] 2. Industry News - Shandong market: The mainstream transaction price of 70 Grade A asphalt was 3550 - 3970 yuan/ton, a decrease of 10 yuan/ton compared with the previous working day. International oil prices and asphalt futures continued to be weak, and downstream receiving sentiment was cautious. Refineries and traders continued to lower their quotes, driving down the market price. The maintenance of Lanqiao Petrochemical was postponed, and some refineries planned to switch to asphalt production, so the supply of resources in Shandong was relatively abundant [8] - South China market: The mainstream transaction price of 70 Grade A asphalt was 3580 - 3630 yuan/ton, an increase of 10 yuan/ton compared with the previous working day. The asphalt futures price fluctuated at a low level, and there were low-price contract resources traded by spot-futures traders. In addition, Jingbo Hainan warehouse released forward contracts, and the market contract volume was relatively abundant. However, there was concentrated rainfall in South China recently, and the rigid demand was weak. Traders mainly held up prices, and the spot quotation was 3580 - 3600 yuan/ton [8] 3. Data Overview - The report provides data charts on asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt crack spread, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [9][14][20]

Group 1: General Information - Report Title: Asphalt Daily Report [1] - Report Date: August 5, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions Market Review - Futures Market: BU2509 opened at 3658 yuan/ton, closed at 3573 yuan/ton, with a high of 3659 yuan/ton, a low of 3566 yuan/ton, a decline of 2.16%, and a trading volume of 16.91 million lots. BU2510 opened at 3657 yuan/ton, closed at 3556 yuan/ton, with a high of 3657 yuan/ton, a low of 3547 yuan/ton, a decline of 2.39%, and a trading volume of 14.03 million lots [6] - Spot Market: Asphalt spot prices in the northwest and northeast markets rose slightly, while those in the north China, Shandong, south China, and Sichuan-Chongqing regions fell. The east China market remained stable. Crude oil and asphalt futures prices dropped, which had a significant negative impact on the spot market [6] Supply and Demand - Supply: Qilu Petrochemical, Henan Fengli, and Jiangsu Xinhai will resume asphalt production in early August, and the plant operating rate will rebound. The total asphalt production plan of domestic refineries in August is 2.433 million tons [6] - Demand: Demand is expected to continue to recover, but the extent remains to be seen. In August, precipitation in north China and northeast China is still relatively high, but the overall weather conditions have improved. Coupled with the rush demand for some projects, it is generally beneficial to demand [6] Operation Suggestions - The growth of asphalt supply is relatively limited, and demand is in the peak season, but the actual performance remains to be seen. Considering the performance of oil prices, it is expected that the unilateral price of asphalt will mainly fluctuate. In terms of arbitrage, consider going long on the crack spread after the upward trend of oil prices slows down [7] Group 3: Industry News - South China Market: The mainstream transaction price of 70A grade asphalt was 3580 - 3630 yuan/ton, a decrease of 5 yuan/ton from the previous working day. Due to the large planned production volume of Guangzhou Petrochemical, the road and shipping prices of Guangzhou Petrochemical were lowered by 50 yuan/ton over the weekend. Today, it mainly shipped by sea, and there was no road transport resource available for circulation. In addition, the decline in asphalt futures led to the start of transactions of low-price contracts of spot-futures traders in the south China social inventory, driving the spot price in south China to decline slightly [8] - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3590 - 4070 yuan/ton, a decrease of 25 yuan/ton from the previous working day. The significant decline in international oil prices led to the decline of asphalt futures, which had a negative impact on the spot market from the cost side and market sentiment. Although the trading in the spot market continued to be stable, the quotes of some refineries and traders still decreased, resulting in the decline of the spot price in the Shandong market [8] Group 4: Data Overview - The report provides data on asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt crack spread, 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 CCB Futures [9][14][17][20]

日期 2025 年 8 月 1 日 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 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： ...

行业 沥青日报 日期 2025 年 7 月 30 日 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 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 ...

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: July 17, 2025 [2] Group 2: Market Review and Operation Suggestions - Futures Market: BU2509 opened at 3626 yuan/ton, closed at 3623 yuan/ton, with a high of 3629 yuan/ton, a low of 3598 yuan/ton, a decline of 0.22%, and a trading volume of 10.82 million lots. BU2510 opened at 3570 yuan/ton, closed at 3570 yuan/ton, with a high of 3576 yuan/ton, a low of 3545 yuan/ton, a decline of 0.11%, and a trading volume of 2.04 million lots [6] - Spot Market: Domestic asphalt spot prices remained stable. Crude oil and asphalt futures fluctuated narrowly, and the spot market sentiment was cautious [6] - Supply: In the East China region, Jinling Petrochemical stopped producing asphalt, and Xinghai Petrochemical is expected to resume asphalt production in the second half of the month after switching to producing residual oil this week. In addition, Shengxing Petrochemical in Shandong will intermittently switch to producing residual oil next week. The average operating load rate of asphalt plants is expected to decline next week [6] - Demand: Rainfall in the northern region will be relatively scarce in the future, which will support demand to some extent. The focus will be on seasonal demand support [6] - Outlook: The cost-side oil price is expected to have room for further increase. Asphalt supply and demand are both weak. The focus will be on seasonal demand support, and the single-side price is expected to fluctuate upwards following the oil price [6] Group 3: Industry News - Shandong Market: The mainstream transaction price of 70 A-grade asphalt was 3660 - 4070 yuan/ton, remaining stable from the previous trading day. The international oil price and asphalt futures continued to fluctuate. The spot market sentiment was cautious. Although some refineries still had restrictions on sales and queuing for loading, the weak terminal demand led to sluggish spot transactions, and the prices of some brand traders decreased slightly [7] - South China Market: The mainstream transaction price of 70 A-grade asphalt was 3600 - 3650 yuan/ton, remaining stable from the previous trading day. Affected by rainy weather and poor project funds, the number of terminal project starts was limited, and the rigid demand for asphalt remained weak. The trucking price of Guangzhou Petrochemical's asphalt may be lowered today, but the social inventory price in Guangdong remained stable due to the high storage cost [7] Group 4: Data Overview - Figures: The report includes figures on 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 [9][10][13] - Data Source: The data is sourced from Wind and the Research and Development Department of CCB Futures [6][10][12]

2025 年 7 月 11 日 沥青：随油震荡，小幅累库 王涵西 投资咨询从业资格号：Z0019174 wanghanxi023726@gtjas.com 【基本面跟踪】 表 1：沥青基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2507 | 元/吨 | 3,650 | 0.83% | 3,700 | 1.37% | | | BU2508 | 元/吨 | 3,660 | 0.36% | 3,646 | -0.38% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2507 | 手 | 34 | (8) | 1,119 | 0 | | | BU2508 | 手 | 1,868 | (2,106) | 14,639 | (385) | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 82300 | 0 | | | | | | | 昨日价差 | 前日价差 | 价差变动 | | | ...

2025 年 7 月 4 日 沥青：暂时震荡，关注地缘 王涵西 投资咨询从业资格号：Z0019174 wanghanxi023726@gtjas.com 【基本面跟踪】 表 1：沥青基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2507 | 元/吨 | 3,622 | 0.44% | 3,633 | 0.30% | | | BU2508 | 元/吨 | 3,608 | 0.56% | 3,619 | 0.30% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2507 | 手 | 1,426 | (769) | 2,544 | (600) | | | BU2508 | 手 | 3,514 | 12 | 18,131 | (852) | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 95510 | 0 | | | | | | | 昨日价差 | 前日价差 | 价差变动 | | ...

2、卓创资讯重交沥青现货结算价：东北，3930—4086元/吨；山东，3650—4000元/吨；华南，3550—3650元/吨； 华东，3680—3770元/吨。 昨日川渝地区沥青现货价格延续涨势，其余地区沥青现货价格以持稳为主。在中东局势冲突的影响下，油价维持 偏强运行，沥青成本端支撑仍存。就沥青自身基本面而言，整体供需两弱格局延续，库存维持低位。由于沥青刚 性需求较为疲软，多数地区的市场情绪仍较为谨慎。整体来看，目前沥青自身基本面驱动不足，盘面价格波动主 要受到原油端影响，考虑到中东局势仍不明朗，市场或面临反复扰动。 石油沥青日报 | 2025-06-19 现货价格持稳，终端需求仍偏弱 市场分析 1、6月18日沥青期货下午盘收盘行情：主力BU2509合约下午收盘价3695元/吨，较昨日结算价上涨1.87%；持仓274368 手，环比上涨14609手，成交260367手，环比下降37582手。 策略 单边：震荡偏强，关注伊以冲突局势发展 跨期：无 跨品种：无 期现：无 期权：无 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 2025年期货市场研究报告 第1页 请仔 ...