1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalog 3.1. Basis and Calendar Spread - The Shandong basis (+80) (non-Jingbo) decreased from 10 on 1/13 to -93 on 2/11, with a daily change of -30 [3]. - The East China basis (Zhenjiang warehouse) decreased from 30 on 1/13 to -43 on 2/11, with a daily change of -30 [3]. - The South China basis (Foshan warehouse) decreased from -10 on 1/13 to -93 on 2/11, with a daily change of -30 [3]. - The 03 - 06 spread decreased from -15 on 1/13 to -12 on 2/11, with a daily change of -4 [3]. - The 04 - 06 spread increased from -11 on 1/13 to 3 on 2/11, with a daily change of 4 [3]. - The 06 - 09 spread remained at 31 on 2/11, with a daily change of 0 [3]. 3.2. Futures Contract Information - The BU主力合约 price increased from 3140 on 1/13 to 3373 on 2/11, with a daily change of 30 [3]. - The trading volume decreased from 409443 on 1/13 to 234042 on 2/11, with a daily change of 2427 and a decrease of 4 compared to the previous day [3]. - The open interest decreased from 434852 on 1/13 to 365458 on 2/11, with a daily change of -8941 and a decrease of 1 compared to the previous day [3]. - The contract value remained at 13580 from 2/5 to 2/11, with a daily change of 0 [3]. 3.3. Crude Oil and Asphalt Prices - The Brent crude oil price increased from 63.3 on 1/13 to 69.4 on 2/11, with a daily change of 0.7 [3]. - The Jingbo asphalt price decreased from 3260 on 2/5 to 3200 on 2/11, with a daily change of -10 [3]. - The Shandong (non-Jingbo) asphalt price remained at 3200 from 2/9 to 2/11, with a daily change of 0 [3]. - The Zhenjiang warehouse asphalt price remained at 3330 from 2/9 to 2/11, with a daily change of 0 [3]. - The Foshan warehouse asphalt price remained at 3280 from 2/9 to 2/11, with a daily change of 0 [3]. 3.4. Profit - The asphalt - Ma Rui profit decreased from 411 on 1/13 to 269 on 2/11, with a daily change of -31 [3]. 3.5. Weekly Changes - The weekly changes of various indicators are as follows: -104, -54, -54, -9, -7, 9, 34, -42033, -18419, 0, 1.8, -60, -70, -20, -20, -109 [6].

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - No information provided Group 3: Summary by Relevant Catalog Base and Month Spread - The Shandong basis (+80) (non-Jingbo) decreased from -68 on 12/30 to -118 on 1/29, with a daily change of -38 [3]. - The East China basis (Zhenjiang warehouse) decreased from -118 on 12/30 to -178 on 1/29, with a daily change of -18 [3]. - The South China basis (Foshan warehouse) decreased from -138 on 12/30 to -158 on 1/29, with a daily change of -48 [3]. - The 01 - 03 spread decreased from -43 on 12/30 to -124 on 1/29, with a daily change of -2 [3]. - The 02 - 03 spread decreased from -7 on 12/30 to -2 on 1/29, with a daily change of -1 [3]. - The 03 - 06 spread decreased from -24 on 12/30 to 13 on 1/29, with a daily change of -8 [3]. BU Main Contract (02) - The price increased from 3038 on 12/30 to 3478 on 1/29, with a daily change of 68 [3]. - The trading volume decreased from 465494 on 12/30 to 621631 on 1/29, with a daily change of -97356 [3]. - The open interest increased from 440255 on 12/30 to 457004 on 1/29, with a daily change of 13230 [3]. - The warehouse receipts remained at 13580 on 1/29, with a daily change of 0 [3]. Crude Oil and Asphalt Prices - Brent crude oil price increased from 62.0 on 12/30 to 68.1 on 1/29, with a daily change of 1.6 [3]. - Jingbo asphalt price increased from 2980 on 12/30 to 3290 on 1/29, with a daily change of 10 [3]. - Shandong (non-Jingbo) asphalt price increased from 2890 on 12/30 to 3280 on 1/29, with a daily change of 30 [3]. - Zhenjiang warehouse asphalt price increased from 2920 on 12/30 to 3300 on 1/29, with a daily change of 50 [3]. - Foshan warehouse asphalt price increased from 2900 on 12/30 to 3320 on 1/29, with a daily change of 20 [3]. Profit - The asphalt - Ma Rui profit decreased from 339 on 12/30 to 315 on 1/29, with a daily change of -69 [3]. Trader Basis - The trader basis was 500 on 1/27, with the reference being the Shandong basis (+80) [3].

-200 -100 -300 -400 -200 -500 华东基差(镇江库) 山乐县差 (+80) 2022 2021 2023 2024 2020 2025 华南基差(佛山库) 山东县差 交国景 700 700 600 600 500 500 400 400 300 300 200 200 100 100 10/1 11/1 9/1 -100 -200 -300 -300 研究中心能化团队 2026/1/28 s 加安期货 沥青早报 | | | | | | | FARE REAL 1/27 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 12/26 | 1/21 | 1/23 | 1/26 | | 日度变化 | 팀 | | 基差&月差 | 山东基差(+80)(非京博) | -22 | -17 | -56 | -79 | -69 | 10 | | | | 华东基差(镇江库) | -115 | -7 | -56 | -79 | 1 | 80 | | | | 华南基差(佛山库) | -195 | -27 | -56 | ...

s 加安期货 沥青早报 | | 指标 | 12/25 | 1/20 | 1/22 | 1/23 | 1/26 | MISUL O HOLOLAL FACY 日度变化 | 팀 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 山东基差(+80)(非京博) | -55 -115 | 1 11 | -92 -72 | -56 | -79 -79 | -23 -23 | | | | 华东基差(镇江库) | | | | -56 | | | | | 基差&月差 | 华南基差(佛山库) | -195 | -9 | -92 | -56 | -49 | 7 | | | | 01-03 | -32 | -57 | -83 | -88 | -69 | 19 | | | | 02-03 | -7 | -17 | -14 | -14 | -17 | -3 | | | | 03-06 | -30 | -16 | -8 | -7 | -7 | 0 | | | ：11:1 | BU主力合约(02) | 2992 | 3139 | 3242 | 3236 | 3279 ...

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs 3.1. Basis and Calendar Spread - The daily changes of Shandong basis (+80) (non-Jingbo), East China basis (Zhenjiang warehouse), and South China basis (Foshan warehouse) on 1/20 were 3, 3, and 33 respectively [3] - The daily changes of 01 - 03, 02 - 03, and 03 - 06 on 1/20 were 3, 0, and 0 respectively [3] 3.2. BU Main Contract - The price of the BU main contract (02) on 1/20 was 3139, with a daily change of -3 [3] - The trading volume on 1/20 was 166,692, a decrease of 18,207 compared to the previous day [3] - The open interest on 1/20 was 413,904, a decrease of 882 compared to the previous day [3] - The warehouse receipts on 1/20 were 16,110, with no change [3] 3.3. Crude Oil and Asphalt Prices - The price of Brent crude oil on 1/20 was 63.9, with a daily change of -0.2 [3] - The prices of Jingbo, Shandong (non-Jingbo), Zhenjiang warehouse, and Foshan warehouse on 1/20 were 3100, 3100, 3150, and 3130 respectively, among which the price of Foshan warehouse increased by 30 [3] 3.4. Asphalt - Marey Profit - The asphalt - Marey profit data after 1/14 was N/A [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View No clear core view is presented in the given content. It mainly provides data on asphalt including basis, spreads, futures contract prices, trading volume, open interest, spot prices, and profit. 3. Summary by Relevant Catalogs Basis and Spreads - **Basis**: The Shandong basis (+80) (non - Jingbo) 01 - 03 changed from 48 - 28 on 12/4 to 17 - 43 on 1/5 with a daily change of 14; the East China basis (Zhenjiang warehouse) changed from 88 to - 33 with a daily change of 49; the South China basis (Foshan warehouse) changed from - 2 to - 63 [3]. - **Spreads**: The 02 - 03 spread changed from - 17 to - 8; the 03 - 06 spread changed from - 37 to 16 with a daily change of 39 [3]. Futures Contracts - **BU Main Contract (02)**: The price of the BU main contract (02) increased from 2952 on 12/4 to 3133 on 1/5, with a daily increase of 111 [3]. - **Trading Volume**: The trading volume increased from 290157 on 12/4 to 687942 on 1/5, with a daily increase of 376665 [3]. - **Open Interest**: The open interest increased from 429348 on 12/4 to 464952 on 1/5, with a daily increase of 38946 [3]. Spot Prices - **Jingbo**: The spot price of Jingbo increased from 2950 on 12/4 to 3100 on 1/5, with an increase of 120 [3]. - **Shandong (non - Jingbo)**: The spot price increased from 2920 on 12/4 to 3070 on 1/5, with an increase of 180 [3]. - **Zhenjiang Warehouse**: The spot price increased from 3040 on 12/4 to 3100 on 1/5, with an increase of 160 [3]. - **Foshan Warehouse**: The spot price increased from 2950 on 12/4 to 3070 on 1/5, with an increase of 170 [3]. Profit - **Asphalt Marrow Profit**: The asphalt Marrow profit increased from 163 to 513 [3]. Weekly Changes - Various indicators showed weekly changes such as 82, 82, 115, - 8, - 1, 41, 125, 301769, 22249, 4080, - 1.2, 160, 210, 210, 240, 192, 2025 [6].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No core viewpoints are explicitly stated in the provided content. 3. Summary by Relevant Catalogs 3.1. Basis and Spreads - The Shandong basis (+80) (non-Jingbo) decreased from 2 on 11/20 to -2915 on 12/22, with a daily change of -2916 and a weekly change of -2931 [4][12]. - The East China basis (Zhenjiang warehouse) decreased from 42 on 11/20 to -2995 on 12/22, with a daily change of -2986 and a weekly change of -3081 [4][12]. - The South China basis (Foshan warehouse) decreased from 22 on 11/20 to -2995 on 12/22, with a daily change of -2886 and a weekly change of -3031 [4][12]. - The 01 - 03 spread decreased from -42 on 11/20 to -30 on 12/22, with a daily change of -3 and a weekly change of -5 [4][12]. - The 02 - 03 spread increased from -27 on 11/20 to -12 on 12/22, with a daily change of 3 and a weekly change of 10 [4][12]. - The 03 - 06 spread increased from -31 on 11/20 to -23 on 12/22, with a daily change of 7 and a weekly change of 21 [4][12]. 3.2. BU Main Contract (02) - The price of the BU main contract (02) increased from 3058 on 11/20 to 2995 on 12/22, with a daily change of 86 and a weekly change of 101 [4][12]. - The trading volume increased from 439,201 on 11/20 to 572,497 on 12/22, with a daily change of 105,545 and a weekly change of 2,082 [4][12]. - The open interest increased from 330,157 on 11/20 to 486,961 on 12/22, with a daily change of 11,963 and a weekly change of 14,856 [4][12]. - The contract value remained at 4,180 from 12/16 to 12/22, with no daily or weekly change [4][12]. 3.3. Spot Market - The price of Brent crude oil increased from 63.4 on 11/20 to 60.5 on 12/22, with a daily change of 0.6 and a weekly change of -0.1 [4][12]. - The price of Jingbo asphalt decreased from 3020 on 11/20 to 0 on 12/22, with a daily change of -2950 and a weekly change of -2950 [4][12]. - The price of Shandong (non-Jingbo) asphalt decreased from 2980 on 11/20 to 0 on 12/22, with a daily change of -2830 and a weekly change of -2830 [4][12]. - The price of Zhenjiang warehouse asphalt decreased from 3100 on 11/20 to 0 on 12/22, with a daily change of -2900 and a weekly change of -2980 [4][12]. - The price of Foshan warehouse asphalt decreased from 3080 on 11/20 to 0 on 12/22, with a daily change of -2800 and a weekly change of -2930 [4][12]. 3.4. Profit - The asphalt Marrow profit decreased from 223 on 11/20 to 425 on 12/22, with a daily change of -21 and a weekly change of 4 [4][12].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - No information provided Group 3: Summary by Relevant Catalog 1. Basis and Spread - The Shandong basis (+80) (Hongrun) was 6 on 10/30, -8 on 11/25, 53 on 11/27, 44 on 11/28, 40 on 12/1, with a daily change of -4 [3] - The East China basis (Zhenjiang Warehouse) was 106 on 10/30, 22 on 11/25, 83 on 11/27, 54 on 11/28, 60 on 12/1, with a daily change of 6 [3] - The South China basis (Foshan Warehouse) was 126 on 10/30, -18 on 11/25, 33 on 11/27, -16 on 11/28, -10 on 12/1, with a daily change of 6 [3] - The 12 - 01 spread was -4 on 11/25, -22 on 11/27, -18 on 11/28, -19 on 12/1, with a daily change of -1 [3] - The 12 - 03 spread was -6 on 10/30, -19 on 11/25, -51 on 11/27, -48 on 11/28, -50 on 12/1, with a daily change of -2 [3] - The 01 - 02 spread was -5 on 10/30, 8 on 11/25, -5 on 11/27, -7 on 11/28, -7 on 12/1, with a daily change of 0 [3] 2. Futures Contracts - The BU main contract (01) was 3254 on 10/30, 3068 on 11/25, 3007 on 11/27, 2996 on 11/28, 2990 on 12/1, with a daily change of -6 [3] - The trading volume was 212219 on 10/30, 242577 on 11/25, 376428 on 11/27, 587546 on 11/28, 310076 on 12/1, with a daily change of -277470 [3] - The open interest was 338671 on 10/30, 343749 on 11/25, 414242 on 11/27, 407598 on 11/28, 421766 on 12/1, with a daily change of 14168 [3] - The warehouse receipts were 9120 on 10/30, 4690 from 11/25 to 12/1, with a daily change of 0 [3] 3. Spot Market - Brent crude oil was $65.0 on 10/30, $63.4 on 11/25, $63.1 on 11/27, $63.3 on 11/28, $63.2 on 12/1, with a daily change of -$0.1 [3] - Jingbo's spot price was 3260 on 10/30, 3000 from 11/25 to 11/28, 2970 on 12/1, with a daily change of -30 [3] - Hongrun's spot price was 3180 on 10/30, 2980 from 11/25 to 11/27, 2960 on 11/28, 2950 on 12/1, with a daily change of -10 [3] - Zhenjiang Warehouse's spot price was 3360 on 10/30, 3090 from 11/25 to 11/27, 3050 from 11/28 to 12/1, with a daily change of 0 [3] - Foshan Warehouse's spot price was 3380 on 10/30, 3050 on 11/25, 3040 on 11/27, 2980 from 11/28 to 12/1, with a daily change of 0 [3] 4. Profits - The asphalt - Ma Rui profit was 247 on 10/30, 177 on 11/25, 181 on 11/27, and 153 on 12/1, with a daily change of -3 [3] - The comprehensive profit of Ma Rui - type refineries was 690 on 10/30, 764 on 11/25, 772 on 11/27, 749 on 11/28, 738 on 12/1, with a daily change of -12 [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. The report mainly provides data on asphalt futures and spot markets. 3. Summary by Related Catalogs Futures Contract Prices - The prices of various asphalt futures contracts (BU主力合约, BU06, BU09, etc.) showed different degrees of change on August 6th compared to the previous day and week. For example, the BU主力合约 price was 3529, with a daily change of -15 and a weekly change of -90 [2][4]. Trading Volume and Open Interest - The trading volume on August 6th was 219,521, a decrease of 66,617 from the previous day and 107,608 from the previous week. The open interest was 455,367, a decrease of 8,506 from the previous day but an increase of 10,318 from the previous week [4]. Spot Market Prices - The low - end prices in different regional spot markets (Shandong, East China, South China, etc.) also changed. For instance, the low - end price in the Shandong market was 3,530, a daily decrease of 40 and a weekly decrease of 50 [4]. Basis and Spread - Basis values in different regions (Shandong, East China, South China) and spread values between different contract months (03 - 06, 06 - 09, etc.) had various changes. For example, the East China basis was 121, a daily decrease of 5 and a weekly increase of 70 [4]. Crack Spread and Profit - The asphalt Brent crack spread was -17 on August 6th, with a daily increase of 19 and a weekly increase of 240. The ordinary refinery comprehensive profit was 427, a daily increase of 34 and a weekly increase of 177 [4].

Report Information - Report Title: Asphalt Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: June 27, 2025 [3] Key Data Summary Futures Contracts - **Prices**: On June 26, BU主力合约 was at 3563, down 11 from the previous day and 132 from the previous week; BU06 was at 3274, down 6 and 142 respectively; BU09 was at 3563, down 11 and 132; BU12 was at 3396, down 9 from the previous week; BU03 was at 3321, unchanged from the previous day and down 113 from the previous week [4]. - **Volume and Open Interest**: The trading volume on June 26 was 319,183, down 61,984 from the previous day and 40,161 from the previous week; the open interest was 497,438, down 13,001 from the previous day and 47,627 from the previous week [4]. - **Warehouse Receipts**: The warehouse receipts were 59,010, unchanged from the previous day and up 3,850 from the previous week [4]. Spot Market - **Prices**: On June 26, the low - end prices in Shandong, East China, South China, North China, and Northeast China markets were 3580, 3650, 3610, 3760, and 3920 respectively. The daily changes were - 20, 0, 0, - 20, - 30, and the weekly changes were - 20, - 30, - 10, - 20, - 10 [4]. - **Price Spreads**: The Shandong - East China spread was - 70, down 20 from the previous day and up 10 from the previous week; the Shandong - Northeast spread was - 340, up 10 from the previous day and down 10 from the previous week; the East China - South China spread was 40, unchanged from the previous day and down 20 from the previous week [4]. Basis and Monthly Spreads - **Basis**: The Shandong basis was 17, down 9 from the previous day and up 112 from the previous week; the East China basis was 87, up 11 from the previous day and up 102 from the previous week; the South China basis was 47, up 11 from the previous day and up 122 from the previous week [4]. - **Monthly Spreads**: For example, the 03 - 06 spread was 47, up 6 from the previous day and up 29 from the previous week; the 06 - 09 spread was - 289, up 5 from the previous day and down 10 from the previous week [4]. Crack Spreads and Profits - **Crack Spreads**: The asphalt Brent crack spread was 34, down 48 from the previous day and up 572 from the previous week [4]. - **Profits**: The asphalt Marrow profit was - 38, down 43 from the previous day and up 518 from the previous week; the ordinary refinery comprehensive profit was 584, down 55 from the previous day and up 529 from the previous week [4]. Related Prices - **Crude Oil and Refined Products**: On June 26, Brent crude oil was at 67.7, up 0.5 from the previous day and down 11.2 from the previous week; the Shandong market price of gasoline was 7926, down 71 from the previous day and 15 from the previous week; the Shandong market price of diesel was 6918, down 45 from the previous day and up 66 from the previous week; the Shandong market price of residue oil was 3725, down 75 from the previous day and 75 from the previous week [4].