Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - This week, the 11 - contract showed an upward trend. The opening price on Monday was 3410 yuan/ton, and the closing price on Friday was 3421 yuan/ton, with a weekly increase of 0.32%. It is expected that next week, the demand recovery will be limited, the supply will decrease, and the cost support will weaken. The market may undergo a bearish oscillatory adjustment [5][6]. Section Summaries 1. Review and Outlook - **Market Performance**: The 11 - contract rose this week, with an opening price of 3410 yuan/ton on Monday and a closing price of 3421 yuan/ton on Friday, a 0.32% increase [5]. - **Supply**: In June 2025, the total planned asphalt production in China was 239.8 million tons, a 3.5% month - on - month increase and a 12.7% year - on - year increase. This week, the sample capacity utilization rate of domestic petroleum asphalt was 36.3734%, a 0.06 - percentage - point decrease month - on - month. The national sample enterprise shipment was 31.36 million tons, a 31.10% month - on - month increase. The sample enterprise production was 60.7 million tons, a 0.16% month - on - month decrease. The estimated maintenance volume of sample enterprise equipment was 69.9 million tons, a 2.95% month - on - month increase. Refineries reduced production this week, but supply pressure may increase next week [5]. - **Demand**: The heavy - traffic asphalt开工率 was 34.4%, a 0.01 - percentage - point decrease month - on - month, lower than the historical average. The construction asphalt开工率 was 18.2%, unchanged month - on - month, lower than the historical average. The modified asphalt开工率 was 20.2298%, a 1.71 - percentage - point increase month - on - month, higher than the historical average. The road - modified asphalt开工率 was 30.31%, a 1.69 - percentage - point increase month - on - month, lower than the historical average. The waterproofing membrane开工率 was 36.57%, a 0.50 - percentage - point increase month - on - month, lower than the historical average. Overall, the current demand is lower than the historical average [5]. - **Cost**: The daily asphalt processing profit was - 556.31 yuan/ton, a 3.00% month - on - month decrease. The weekly Shandong local refinery delayed coking profit was 706.6457 yuan/ton, a 12.97% month - on - month decrease. The asphalt processing loss decreased, and the profit difference between asphalt and delayed coking decreased. Crude oil weakened, and it is expected that the short - term support will weaken [6]. - **Inventory**: The social inventory was 114.6 million tons, a 2.88% month - on - month decrease. The in - plant inventory was 65.3 million tons, a 4.53% month - on - month decrease. The port diluted asphalt inventory was 24 million tons, a 20.00% month - on - month decrease. All types of inventories continued to decline [6]. 2. Asphalt Futures Market - **Basis Analysis**: The report presents the Shandong and East China basis trends of asphalt from 2020 to 2025 [10][11]. - **Spread Analysis** - **主力合约价差**: The 1 - 6 and 6 - 12 contract spread trends of asphalt from 2020 to 2025 are shown [13][14]. - **沥青原油价格走势**: The price trends of asphalt, Brent oil, and West Texas oil from 2020 to 2025 are presented [17]. - **原油裂解价差**: The cracking spread trends of asphalt and different types of crude oil (SC, WTI, Brent) from 2020 to 2025 are shown [20][21]. - **沥青、原油、燃料油比价走势**: The price ratio trends of asphalt, crude oil, and fuel oil from 2020 to 2025 are presented [24]. 3. Asphalt Spot Market - **各地区市场价走势**: The price trends of heavy - traffic asphalt in East China and Shandong from 2020 to 2025 are shown [27][28]. 4. Asphalt Fundamental Analysis - **Profit Analysis** - **沥青利润**: The profit trend of asphalt from 2019 to 2025 is presented [30]. - **焦化沥青利润价差走势**: The profit spread trend between coking and asphalt from 2020 to 2025 is shown [33][34]. - **Supply - side Analysis** - **出货量**: The weekly shipment volume of asphalt small - sample enterprises from 2020 to 2025 is presented [36][37]. - **稀释沥青港口库存**: The domestic diluted asphalt port inventory from 2021 to 2025 is shown [38][39]. - **产量**: The weekly and monthly production trends of asphalt from 2019 to 2025 are presented [42]. - **马瑞原油价格及委内瑞拉原油月产量走势**: The price trend of Ma Rui crude oil and the monthly production trend of Venezuelan crude oil from 2018 to 2025 are shown [46]. - **开工率**: The weekly开工率 of asphalt from 2023 to 2025 is presented [50][51]. - **检修损失量预估**: The estimated maintenance loss volume trend of asphalt from 2018 to 2025 is shown [54]. - **Inventory Analysis** - **交易所仓单**: The exchange warehouse receipt trends (total, social inventory, and in - plant inventory) of asphalt from 2019 to 2025 are presented [57][59]. - **社会库存和厂内库存**: The social inventory (70 samples) and in - plant inventory (54 samples) trends of asphalt from 2022 to 2025 are shown [62]. - **厂内库存存货比**: The in - plant inventory - to - stock ratio trend of asphalt from 2018 to 2025 is shown [65]. - **进出口情况**: The export and import trends of asphalt from 2019 to 2025 are presented, as well as the import price spread trend of South Korean asphalt from 2020 to 2025 [67][68][71]. - **Demand - side Analysis** - **石油焦产量**: The petroleum coke production trend from 2019 to 2025 is presented [74]. - **表观消费量**: The apparent consumption trend of asphalt from 2019 to 2025 is presented [77]. - **下游需求** - **公路建设交通固定资产走势, 新增地方专项债走势, 基础建设投资完成额同比**: The trends of highway construction traffic fixed assets, new local special bonds, and the year - on - year growth rate of infrastructure investment completion from 2019 to 2025 are presented [80][81]. - **下游机械需求走势**: The sales volume trend of asphalt concrete pavers, the monthly working hours trend of excavators, and the sales volume trends of domestic excavators and road rollers from 2020 to 2025 are presented [84][86]. - **沥青开工率** - **重交沥青开工率**: The heavy - traffic asphalt开工率 trend from 2019 to 2025 is presented [89]. - **按用途分沥青开工率**: The construction asphalt and modified asphalt开工率 trends from 2019 to 2025 are presented [92]. - **下游开工情况**: The开工率 trends of shoe - material SBS - modified asphalt, road - modified asphalt, waterproofing membrane - modified asphalt from 2019 to 2025 are presented [95][97]. - **供需平衡表**: The monthly asphalt supply - demand balance table from January 2024 to September 2025 is presented, including production, import, export, inventory, and downstream demand [100]. 5. Technical Analysis - The price and trading volume trends of the BU main contract from August 25 to September 19, 2025, are presented, along with the moving average trends of different periods (5 - period, 10 - period, 20 - period, 60 - period, 120 - period) of the closing price [103].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply side shows that refineries have reduced production this week, alleviating supply pressure, and it is expected to reduce supply pressure next week; the demand side shows that the current demand is lower than the historical average level; the cost side shows that the decline in asphalt processing losses and the increase in the profit difference between asphalt and delayed coking, along with the rising crude oil, are expected to strengthen the short - term support. It is expected that the market will fluctuate narrowly in the short term, with the asphalt 2511 contract fluctuating in the range of 3389 - 3433 [8][9][10]. - The bullish factor is that the relatively high cost of crude oil provides some support; the bearish factors are the insufficient demand for high - priced goods, the overall decline in demand, and the increasing expected recession of the European and American economies. The main logic is that the supply pressure remains high, and the demand recovery is weak [12][13][14]. 3. Summary According to the Directory 3.1 Daily Views - **Supply**: In August 2025, the domestic total planned asphalt production was 2.413 million tons, 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 sample enterprise output was 509,000 tons, a month - on - month decrease of 2.86%, and the estimated device maintenance volume was 685,000 tons, a month - on - month increase of 0.44%. Refineries have reduced production this week, alleviating supply pressure [8]. - **Demand**: The construction rate of heavy - traffic asphalt was 28.1%, a month - on - month decrease of 0.04 percentage points; the construction rate of building asphalt was 18.2%, unchanged from the previous month; the construction rate of modified asphalt was 15.8893%, a month - on - month decrease of 1.25 percentage points; the construction rate of road - modified asphalt was 27.5%, a month - on - month decrease of 0.83 percentage points; the construction rate of waterproofing membranes was 33.93%, a month - on - month increase of 0.07 percentage points. Overall, the current demand is lower than the historical average [8]. - **Cost**: The daily asphalt processing profit was - 513.38 yuan/ton, a month - on - month decrease of 3.00%, and the weekly delayed coking profit of Shandong local refineries was 792.0771 yuan/ton, a month - on - month increase of 6.94%. The asphalt processing loss decreased, and the profit difference between asphalt and delayed coking increased. The rising crude oil is expected to strengthen the short - term support [9]. - **Basis**: On September 16th, the spot price in Shandong was 3520 yuan/ton, and the basis of the 11 - contract was 109 yuan/ton, with the spot price higher than the futures price [10]. - **Inventory**: The social inventory was 1.225 million tons, a month - on - month decrease of 3.54%; the in - factory inventory was 642,000 tons, a month - on - month decrease of 4.74%; the port diluted asphalt inventory was 320,000 tons, a month - on - month increase of 68.42%. The social and in - factory inventories continued to decline, while the port inventory continued to increase [10]. - **Market**: The MA20 was downward, and the futures price of the 11 - contract closed below the MA20 [10]. - **Main Position**: The main position was net short, and the short position increased [10]. 3.2 Asphalt Market Overview The report provides the latest values, previous values, changes, and change rates of various indicators such as different contracts, weekly inventory, weekly production, and weekly construction rate of asphalt [17]. 3.3 Asphalt Futures Market - Basis Trend The report presents the historical trends of the Shandong and East China basis of asphalt from 2020 to 2025 [19][20]. 3.4 Asphalt Futures Market - Spread Analysis - **Main Contract Spread**: 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 shows the historical trends of asphalt, Brent crude oil, and West Texas crude oil prices from 2020 to 2025 [25][26]. - **Crude Oil Crack Spread**: It shows the historical trends of the crack spreads of asphalt - SC, asphalt - WTI, and asphalt - Brent from 2020 to 2025 [28][29][30]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: It shows the historical trends of the price ratios of asphalt - SC and asphalt - fuel oil from 2020 to 2025 [32][34]. 3.5 Asphalt Spot Market - Market Price Trends in Various Regions It shows the historical trend of the price of Shandong heavy - traffic asphalt from 2020 to 2025 [35][36]. 3.6 Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: It shows the historical trend of asphalt profit from 2019 to 2025 [38][39]. - **Coking - Asphalt Profit Spread Trend**: It shows the historical trend of the profit spread between coking and asphalt from 2020 to 2025 [41][42][43]. - **Supply - Side Analysis** - **Shipment Volume**: It shows the historical trend of the weekly shipment volume of asphalt small - sample enterprises from 2020 to 2025 [44][45]. - **Diluted Asphalt Port Inventory**: It shows the historical trend of the domestic diluted asphalt port inventory from 2021 to 2025 [46][47]. - **Production**: It shows the historical trends of the weekly and monthly production of asphalt from 2019 to 2025 [49][50]. - **Marey Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: It shows the historical trends of the Marey crude oil price and Venezuelan crude oil monthly production from 2018 to 2025 [53][55]. - **Local Refinery Asphalt Production**: It shows the historical trend of local refinery asphalt production from 2019 to 2025 [56][57]. - **Construction Rate**: It shows the historical trend of the weekly construction rate of asphalt from 2021 to 2025 [59][60]. - **Estimated Maintenance Loss Volume**: It shows the historical trend of the estimated maintenance loss volume of asphalt from 2018 to 2025 [61][62]. - **Inventory Analysis** - **Exchange Warehouse Receipts**: It shows the historical trends of the exchange warehouse receipts (total, social inventory, and factory inventory) of asphalt from 2019 to 2025 [64][65][66]. - **Social Inventory and In - Factory Inventory**: It shows the historical trends of the social inventory (70 samples) and in - factory inventory (54 samples) of asphalt from 2022 to 2025 [68][69]. - **In - Factory Inventory Inventory Ratio**: It shows the historical trend of the in - factory inventory inventory ratio of asphalt from 2018 to 2025 [71][72]. - **Import and Export Situation** - **Export and Import Trends**: It shows the historical trends of asphalt export and import from 2019 to 2025 [74][75]. - **Korean Asphalt Import Spread Trend**: It shows the historical trend of the Korean asphalt import spread from 2020 to 2025 [78][79]. - **Demand - Side Analysis** - **Petroleum Coke Production**: It shows the historical trend of petroleum coke production from 2019 to 2025 [80][81]. - **Apparent Consumption**: It shows the historical trend of asphalt apparent consumption from 2019 to 2025 [83][84]. - **Downstream Demand** - **Highway Construction and Fixed - Asset Investment in Transportation**: It shows the historical trend of highway construction and fixed - asset investment in transportation from 2020 to 2025 [86][87]. - **New Local Special Bonds and Infrastructure Investment Completion Year - on - Year**: It shows the historical trends of new local special bonds and infrastructure investment completion year - on - year from 2019 to 2025 [88]. - **Downstream Machinery Demand**: It shows the historical trends of the sales volume of asphalt concrete pavers, the monthly working hours of excavators, the domestic sales volume of excavators, and the sales volume of road rollers from 2019 to 2025 [90][91][93]. - **Asphalt Construction Rate** - **Heavy - Traffic Asphalt Construction Rate**: It shows the historical trend of the heavy - traffic asphalt construction rate from 2019 to 2025 [95][96]. - **Asphalt Construction Rate by Use**: It shows the historical trends of the construction rates of building asphalt and modified asphalt from 2019 to 2025 [98][99]. - **Downstream Construction Situation**: It shows the historical trends of the construction rates of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane - modified asphalt from 2019 to 2025 [101][102][104]. - **Supply - Demand Balance Sheet**: It provides the monthly asphalt supply - demand balance sheet from January 2024 to September 2025, including production, import, export, social inventory, in - factory inventory, diluted asphalt port inventory, and downstream demand [106][107].

交易咨询业务资格：证监许可【2012】1091号 目 录 1 每日观点 2 基本面/持仓数据 每日观点 沥青期货早报 2025年7月24日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 供给端来看，根据隆众，2025年7月份国内沥青总计划排产量为253.9万吨，环比增幅5.9%, 同比增幅23.4%。本周国内石油沥青样本产能利用率为34.2761%，环比增加0.359个百分 点，全国样本企业出货24.9万吨，环比减少4.67%,样本企业产量为57.2万吨，环比增加 1.06%,样本企业装置检修量预估为57.4万吨，环比减少1.37%,本周炼厂有所增产，提升供 应压力。下周或将减少供给压力。 需求端来看，重交沥青开工率为32.8%，环比增加0.00个百分点，低于历史平均水平；建筑 沥青开工率为18.2%，环比持平，低于历史平均水平；改性沥青开 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Supply pressure is high as domestic asphalt planned production in July 2025 is 2.539 million tons, with a month - on - month increase of 5.9% and a year - on - year increase of 23.4%. The sample capacity utilization rate has increased, and refineries have increased production, which may further increase supply pressure next week [7]. - Demand is lower than the historical average. The opening rates of various types of asphalt and related products are mostly below the historical average, with some showing a decline or little change [7]. - The cost support is weakening in the short term. The daily asphalt processing profit has decreased by 11.00% month - on - month, and the weekly Shandong refinery delayed coking profit has decreased by 24.69% month - on - month. Crude oil prices are weakening [8]. - The asphalt market is expected to fluctuate narrowly in the short term. The asphalt 2509 contract is expected to fluctuate in the range of 3598 - 3648 [9]. - There are both positive and negative factors. The positive factor is that the relatively high crude oil cost provides some support, while the negative factors are the insufficient demand for high - priced goods and the overall downward demand with an increasing expectation of an economic recession in Europe and the United States [12][13]. Group 3: Summaries According to the Table of Contents 1. Daily Views - **Supply**: The planned production in July 2025 is 2.539 million tons, with a month - on - month increase of 5.9% and a year - on - year increase of 23.4%. The sample capacity utilization rate is 33.9166%, a month - on - month increase of 0.779 percentage points. The sample enterprise output is 566,000 tons, a month - on - month increase of 2.35%, and the device maintenance volume is estimated to be 582,000 tons, a month - on - month decrease of 2.51%. Refineries have increased production, increasing supply pressure [7]. - **Demand**: The opening rates of various types of asphalt and related products are mostly below the historical average. For example, the heavy - traffic asphalt opening rate is 32.7%, a month - on - month increase of 0.03 percentage points; the building asphalt opening rate is 18.2%, unchanged month - on - month; the modified asphalt opening rate is 14.383%, a month - on - month increase of 0.34 percentage points; the road - modified asphalt opening rate is 25%, a month - on - month decrease of 1.00 percentage point; and the waterproofing membrane opening rate is 30%, a month - on - month decrease of 3.00 percentage points [7]. - **Cost**: The daily asphalt processing profit is - 460.93 yuan/ton, a month - on - month decrease of 11.00%. The weekly Shandong refinery delayed coking profit is 838.2543 yuan/ton, a month - on - month decrease of 24.69%. Crude oil prices are weakening, and short - term cost support is expected to weaken [8]. - **Expectation**: The asphalt market is expected to fluctuate narrowly in the short term, with the asphalt 2509 contract fluctuating in the range of 3598 - 3648 [9]. - **Other Factors**: There are positive factors such as relatively high crude oil cost providing some support, and negative factors such as insufficient demand for high - priced goods and overall downward demand with an increasing expectation of an economic recession in Europe and the United States [12][13] 2. Asphalt Futures Market Analysis - **Price and Spread Analysis**: It includes the analysis of the price trends of different contracts (such as 01 - 12 contracts), the basis trends of Shandong and East China regions, the spread trends between main contracts (1 - 6, 6 - 12 contracts), the price trends of asphalt, crude oil (Brent, WTI), the cracking spread of crude oil, and the price - ratio trends of asphalt, crude oil, and fuel oil [17][20][25] - **Inventory Analysis**: Social inventory is 1.312 million tons, a month - on - month decrease of 0.45%; factory inventory is 763,000 tons, a month - on - month increase of 2.01%; and port diluted asphalt inventory is 27,000 tons, a month - on - month increase of 68.75%. Social inventory is decreasing, while factory and port inventories are increasing [10] 3. Asphalt Fundamental Analysis - **Profit Analysis**: Analyzes the profit trends of asphalt and the spread between coking and asphalt profits [39][42] - **Supply - side Analysis**: Covers aspects such as shipment volume, port diluted asphalt inventory, production volume (weekly and monthly), Ma Rui crude oil price and Venezuelan crude oil monthly production, refinery asphalt production, opening rate, and estimated maintenance loss [45][47][50] - **Inventory Analysis**: Includes exchange warehouse receipts, social inventory, factory inventory, and the inventory - to - stock ratio of factory inventory [65][69][72] - **Import and Export Analysis**: Analyzes the export and import trends of asphalt and the import price spread of Korean asphalt [75][78][80] - **Demand - side Analysis**: Considers factors such as petroleum coke production, apparent consumption, downstream demand (including highway construction investment, new local special bonds, infrastructure investment completion, and downstream machinery demand), asphalt opening rate (heavy - traffic, classified by use), and downstream opening conditions [81][84][87] - **Supply - Demand Balance Sheet**: Presents the monthly asphalt supply - demand balance sheet including production, import, export, inventory, and downstream demand from January 2024 to July 2025 [105]

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年6月12日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2025年6月份国内沥青总计划排产量为239.8万吨，环比增幅3.5%,同 比增幅12.7%。本周国内石油沥青样本产能利用率为32.2987%，环比增加3.655个百分点，全国 样本企业出货29.56万吨，环比增加14.31%,样本企业产量为53.9万吨，环比增加12.76%,样本 企业装置检修量预估为73.8万吨，环比减少3.40%,本周炼厂有所增产，提升供应压力。下周或 将增加供给压力。 需求端来看，重交沥青开工率为31.3%，环比增加0.13个百分点，低于历史平均水平；建筑沥青 开工率为18.2%，环比持平，低于历史平均水平；改性 ...

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年6月11日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2025年6月份国内沥青总计划排产量为239.8万吨，环比增幅3.5%,同 比增幅12.7%。本周国内石油沥青样本产能利用率为32.2987%，环比增加3.655个百分点，全国 样本企业出货29.56万吨，环比增加14.31%,样本企业产量为53.9万吨，环比增加12.76%,样本 企业装置检修量预估为73.8万吨，环比减少3.40%,本周炼厂有所增产，提升供应压力。下周或 将增加供给压力。 需求端来看，重交沥青开工率为31.3%，环比增加0.13个百分点，低于历史平均水平；建筑沥青 开工率为18.2%，环比持平，低于历史平均水平；改性 ...

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年6月6日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2025年5月份国内沥青总计划排产量为231.8万吨，环比增幅1.3%。本 周国内石油沥青样本产能利用率为28.6433%，环比减少3.06个百分点，全国样本企业出货 25.86万吨，环比减少5.62%,样本企业产量为47.8万吨，环比减少9.64%,样本企业装置检修量 预估为76.4万吨，环比增加0.79%,本周炼厂有所减产，降低供应压力。下周或将减少供给压力 。 需求端来看，重交沥青开工率为27.7%，环比减少0.10个百分点，低于历史平均水平；建筑沥青 开工率为18.2%，环比持平，低于历史平均水平；改性沥青开工率为14.047%， ...

沥青期货早报 2025年6月5日 交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2025年5月份国内沥青总计划排产量为231.8万吨，环比增幅1.3%。本 周国内石油沥青样本产能利用率为28.6433%，环比减少3.06个百分点，全国样本企业出货 25.86万吨，环比减少5.62%,样本企业产量为47.8万吨，环比减少9.64%,样本企业装置检修量 预估为76.4万吨，环比增加0.79%,本周炼厂有所减产，降低供应压力。下周或将减少供给压力 。 需求端来看，重交沥青开工率为27.7%，环比减少0.10个百分点，低于历史平均水平；建筑沥青 开工率为18.2%，环比持平，低于历史平均水平；改性沥青开工率为14.047%， ...

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年5月22日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2025年5月份国内沥青总计划排产量为231.8万吨，环比增幅1.3%。本 周国内石油沥青样本产能利用率为34.9952%，环比增加5.752个百分点，全国样本企业出货 24.48万吨，环比增加7.23%,样本企业产量为58.4万吨，环比增加19.67%,样本企业装置检修量 预估为72.1万吨，环比减少0.82%,本周炼厂有所增产，提升供应压力。下周或将增加供给压力 需求端来看，重交沥青开工率为34.4%，环比增加0.19个百分点，低于历史平均水平；建筑沥青 开工率为18.2%，环比持平，低于历史平均水平；改性沥青开工率为11.2624 ...

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年4月28日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2025年4月份国内沥青总计划排产量为228.9万吨，环比减少9.7万吨， 降幅4.1%，同比增加0.4万吨，增幅0.2%。本周国内石油沥青样本产能利用率为39.4115%，环 比增加2.477个百分点，全国样本企业出货29.11万吨，环比增加42.42%,样本企业产量为52.5 万吨，环比增加6.71%,样本企业装置检修量预估为75.1万吨，环比减少5.17%,本周炼厂有所增 产，提升供应压力。下周或将增加供给压力。 需求端来看，重交沥青开工率为30.7%，环比增加0.07个百分点，低于历史平均水平；建筑沥青 开工率为9.7%，环比增 ...