Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Report Date: October 23, 2025 [2] Group 2: Investment Rating - No investment rating information provided Group 3: Core Views - The price of asphalt futures increased with the rebound of oil prices, and the previous strategy of going long on asphalt and short on crude oil was gradually stopped for profit. It is recommended to wait and see on a single - side position [6] - The overall rigid demand for asphalt is poor, the trading atmosphere in the spot market is light, the expected supply may decline, and the funds for small and medium - sized projects are still in a severe situation [6] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: BU2601 opened at 3172 yuan/ton, closed at 3249 yuan/ton, with a maximum of 3249 yuan/ton, a minimum of 3157 yuan/ton, a daily increase of 2.95%, and a trading volume of 26.95 million lots. BU2512 opened at 3198 yuan/ton, closed at 3268 yuan/ton, with a maximum of 3268 yuan/ton, a minimum of 3192 yuan/ton, a daily increase of 2.51%, and a trading volume of 5.05 million lots [6] - Spot Market: The spot prices of asphalt in the Northeast, North China, and Shandong regions decreased, while those in other regions remained relatively stable. The rigid demand for asphalt was poor, and the trading atmosphere was light [6] - Supply: Liaohe Petrochemical plans to increase production, but the reduction of Jinling Petrochemical in East China and the non - resumption of asphalt production plans of some local refineries in Shandong and Henan are expected to lead to a decline in the asphalt operating rate this week [6] - Demand: The rainfall in the northern region has decreased, providing some support for rigid demand. However, the funds for small and medium - sized projects are still in a severe situation, and speculative demand is also relatively low [6] - Operation Suggestion: The previous strategy of going long on asphalt and short on crude oil was gradually stopped for profit. It is recommended to wait and see on a single - side position [6] 2. Industry News - South China Market: The mainstream transaction price of 70 A - grade asphalt was 3340 - 3550 yuan/ton, remaining stable. Although the supply of asphalt resources from Guangzhou Petrochemical and Maoming Petrochemical decreased, the social inventory of asphalt was still abundant, and some traders sold at low prices, making it difficult to push up the price [7] - East China Market: The mainstream intended price of 70 A - grade asphalt was 3410 - 3500 yuan/ton, remaining stable. The prices of futures and spot sources increased, and the price difference between social inventory and refinery truck transportation narrowed. However, the overall demand was average, and the procurement enthusiasm of industry players was weak, still putting pressure on the spot price [7] 3. Data Overview - The report provides multiple data charts, including South China asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [14][16][18]

Group 1: Report Investment Rating - Unspecified Group 2: Core Viewpoints - Demand improvement is limited, and the average spot price continues to decline [1] - Although some northern regions' weather cleared up and road projects resumed construction, the overall demand for asphalt increased minimally, and the market has a weak outlook on future demand. The low - level oscillation of asphalt futures also negatively affects the spot market sentiment. Considering the increased macro - risks, the volatility of the crude oil end may significantly increase, disturbing the asphalt market. Short - term caution is advised [2] Group 3: Market Analysis - On October 13, the closing price of the main BU2511 asphalt futures contract in the afternoon session was 3302 yuan/ton, down 44 yuan/ton or 1.32% from the previous day's settlement price. The open interest was 103,287 lots, a decrease of 4,913 lots from the previous day, and the trading volume was 109,080 lots, a decrease of 44,528 lots [2] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are: 3706 - 4086 yuan/ton in the Northeast, 3400 - 3720 yuan/ton in Shandong, 3430 - 3490 yuan/ton in South China, and 3510 - 3600 yuan/ton in East China. Spot prices in the Northeast, North China, and Shandong decreased, while those in other regions remained relatively stable [2] Group 4: Strategy - Unilateral: Cautiously bearish, mainly on the sidelines in the short term - Inter - delivery spread: None - Cross - variety: None - Futures - cash: None - Options: None [3]

Group 1: Report Basic Information - The report is an asphalt daily report dated September 5, 2025 [1][2] - The research team includes Li Jie (crude oil and asphalt), Ren Junchi (PTA, MEG), Peng Haozhou (carbon market and industrial silicon), Peng Jinglin (polyolefins), Liu Youran (pulp), and Feng Zeren (glass and soda ash) [4] Group 2: Market Review and Operation Suggestions - In the futures market, BU2510 opened at 3530 yuan/ton, closed at 3468 yuan/ton, with a high of 3533 yuan/ton, a low of 3463 yuan/ton, a decline of 2.14%, and a trading volume of 12.81 million lots. BU2511 opened at 3516 yuan/ton, closed at 3442 yuan/ton, with a high of 3522 yuan/ton, a low of 3439 yuan/ton, a decline of 2.71%, and a trading volume of 18.95 million lots [6] - In the spot market, prices in North and South China slightly increased, prices in Shandong decreased, and prices in other regions were generally stable. Crude oil and asphalt futures prices limited the upside of asphalt spot prices [6] - On the supply side, some refineries in Shandong switched to producing residual oil without a clear plan to resume asphalt production. However, due to the expected increase in asphalt output from Hebei Xinhai at the end of the month and the planned resumption of asphalt production by Ningbo Keyuan around the 28th, the average operating load rate of asphalt plants is expected to rebound [6] - On the demand side, the weather cleared up in South China, and with the boost of market sentiment, the trading atmosphere and the shipment volume of key storage areas improved to some extent [6] - Pay attention to the implementation of demand. Oil prices are rising due to geopolitical factors, and arbitrage should be put on hold for now [6] Group 3: Industry News - In the South China market, the mainstream transaction price of 70A grade asphalt was 3490 - 3550 yuan/ton, a slight increase of 5 yuan/ton from the previous trading day. Sinopec's Maoming and Guangzhou raised their trucking settlement prices by 50 yuan/ton yesterday, driving up the high - end prices in the South China market. However, today's decline in the asphalt futures price led some spot - futures traders to sell near - month contracts, and the spot prices of social inventories slightly decreased. The market atmosphere was mainly wait - and - see [7] - In the Shandong market, the mainstream transaction price of 70A grade asphalt was 3490 - 3820 yuan/ton, a decrease of 10 yuan/ton from the previous trading day. The decline in international oil prices led to a drop in asphalt futures prices, weakening the spot market atmosphere. Some refineries and traders lowered their quotes, driving down the prices in the Shandong market. In the short term, Dongming Petrochemical and Jincheng Petrochemical have plans to switch to asphalt production, increasing local resource supply and leaving asphalt prices without support [7] Group 4: Data Overview - The data sources for various figures (including Shandong asphalt spot prices, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts) are wind and the Research and Development Department of CCB Futures [10][11][13]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The price of oil is slightly stronger, while the crack spread of asphalt is declining [1] - The trend strength of asphalt is 0, indicating a neutral outlook [9] Group 3: Summary According to Relevant Catalogs 1. Fundamental Tracking - **Futures Market**: The closing prices of BU2509 and BU2510 increased by 0.69% and 0.52% respectively during the day and 0.43% during the night session. The trading volume of BU2509 decreased by 1,274 lots, while that of BU2510 increased by 16,086 lots. The open interest of BU2509 decreased by 2,654 lots, and that of BU2510 decreased by 3,045 lots. The total market warehouse receipts of asphalt remained unchanged at 72,650 lots [1] - **Spot Market**: The wholesale price of asphalt in Shandong decreased by 10 yuan/ton to 3,500 yuan/ton, and the wholesale price in the Yangtze River Delta remained unchanged at 3,720 yuan/ton. The refinery operating rate increased by 1.31% to 36.92%, and the refinery inventory rate increased by 2.02% to 27.81% [1] - **Spread**: The basis (Shandong - 09) decreased by 34 yuan/ton to -20 yuan/ton, the 09 - 10 inter - period spread increased by 6 yuan/ton to 37 yuan/ton, the Shandong - South China spread remained unchanged at 20 yuan/ton, and the East China - South China spread increased by 10 yuan/ton to 240 yuan/ton [1] 2. Market Information - In September 2025, the domestic asphalt production plan of local refineries is 1.557 million tons, a month - on - month increase of 275,000 tons (21.5%) and a year - on - year increase of 467,000 tons (42.9%) [15] - From August 13 - 19, 2025, the total shipment volume of 54 domestic asphalt enterprises was 391,000 tons, a month - on - month decrease of 2.7%. The shipment volume in the East China region decreased significantly, while that in the Northwest region increased [15] - From August 14 - 20, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 30.7%, a month - on - month decrease of 2.2% [15] - From August 13 - 19, 2025, the capacity utilization rate of 69 domestic modified asphalt enterprises was 17.0%, a month - on - month decrease of 0.1% and a year - on - year increase of 2.6% [15]

Core Viewpoint - The domestic futures market for energy and chemicals shows mixed performance, with asphalt futures experiencing a slight decline, reflecting broader market sentiments influenced by geopolitical developments and weather conditions [1]. Market Performance - As of the report, the main asphalt futures contract decreased by 0.75%, settling at 3448.00 yuan/ton [1]. - The asphalt spot prices in various regions, including Northeast, North China, Shandong, South China, and Sichuan-Chongqing, have shown a downward trend, while other areas remain stable [1]. Geopolitical Influences - Recent meetings between the U.S. and Russia were productive but did not result in new agreements, with President Trump refraining from imposing further sanctions on Russia [1]. - The U.S.-Ukraine discussions are ongoing, with potential territorial exchanges being considered [1]. - Hamas has confirmed a ceasefire agreement in the Gaza Strip, which may also impact market sentiments [1]. Supply and Demand Dynamics - The typhoon "Yangliu" has caused intermittent rainfall, affecting demand in certain provinces, leading to a weak market outlook [1]. - Despite a temporary decline in overall domestic asphalt supply and a slight increase in demand in northern regions, downstream purchasing remains low, lacking significant positive support [1]. - Competition among brands persists, particularly in southern regions where weather conditions have hindered demand [1]. Future Market Outlook - Analysts suggest that the positive developments in U.S.-Russia talks and the significant downward pressure on crude oil prices will likely weaken asphalt costs, indicating a continued weak and volatile market for asphalt [1].

Group 1: Report Industry Investment Rating - The investment rating for the asphalt industry is not explicitly mentioned in the report. Group 2: Core Viewpoints - The terminal demand for asphalt remains weak, and the market driving force is limited. The supply - demand pattern of asphalt is generally in a weak state, with inventory at a low level and no significant signal of inventory accumulation. The short - term surplus pressure in the market is limited, but the improvement of terminal demand is weak due to weather factors, and speculative demand also needs to recover. The price of the asphalt market is closely related to oil prices, and if oil prices continue to fall, the asphalt market price will also weaken further [1]. - The strategy for asphalt investment is that the unilateral trend is expected to be weakly volatile, while there are no strategies for inter - period, cross - variety, spot - futures, and options [2]. Group 3: Summary by Related Catalogs Market Analysis - On August 13, the closing price of the main BU2510 contract of asphalt futures in the afternoon session was 3,503 yuan/ton, a decrease of 1 yuan/ton or 0.02% compared to the previous day's settlement price. The open interest was 224,999 lots, a net increase of 1,869 lots compared to the previous day, and the trading volume was 123,189 lots, a net increase of 2,907 lots compared to the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3,880 - 4,086 yuan/ton; Shandong: 3,520 - 3,870 yuan/ton; South China: 3,520 - 3,550 yuan/ton; East China: 3,600 - 3,800 yuan/ton. The spot price of asphalt in the North China market increased yesterday, while the spot prices in the East China and South China regions decreased, and the prices in other regions remained stable for the time being [1]. Strategy - Unilateral: Weakly volatile - Inter - period: None - Cross - variety: None - Spot - futures: None - Options: None [2] Figures - The report includes figures related to asphalt spot prices in different regions (Shandong, East China, South China, North China, Southwest, Northwest), asphalt futures prices (index, main contract, near - month contract, near - month spread), trading volume and open interest of asphalt futures, domestic asphalt production (weekly, independent refineries, different regions), domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and asphalt inventories (refinery, social) [3].