1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The asphalt futures market followed the decline of crude oil, and the cost - side trend was unclear. The conflict in the Middle East has not ended, and the supply - side contradiction has not been substantially alleviated. The futures market may be repeatedly disturbed by news in the short term, and both long and short positions lack a safety margin, so caution is needed [1]. - For trading strategies, it is recommended to wait and see due to the short - term sharp fluctuations in the single - side market, and there are no strategies for inter - period, cross - variety, spot - futures, and options trading [2]. 3. Summary by Related Catalogs Market Analysis - On March 24, the closing price of the main BU2606 contract of asphalt futures in the afternoon was 4401 yuan/ton, a decrease of 167 yuan/ton or 3.66% compared with the previous day's settlement price. The open interest was 240,464 lots, a decrease of 16,940 lots compared with the previous day, and the trading volume was 1,047,662 lots, an increase of 178,529 lots compared with the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were: 4556 - 4580 yuan/ton in Northeast China, 4300 - 4400 yuan/ton in Shandong, 4500 - 4600 yuan/ton in South China, and 4570 - 4590 yuan/ton in East China. The spot prices of asphalt in Northeast, North China, Shandong, and Sichuan - Chongqing regions increased to varying degrees, while those in other regions were generally stable. The supply of asphalt spot resources in some areas was tight, which supported the market sentiment [1]. Strategy - Single - side: Short - term sharp fluctuations, it is recommended to wait and see. - Inter - period: No strategy. - Cross - variety: No strategy. - Spot - futures: No strategy. - Options: No strategy [2] Figures - There are multiple figures including those showing the spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest, Northwest), the closing prices of the asphalt futures index, main contract, and near - month contract, the monthly spread of the near - month contract, the trading volume and open interest of the asphalt futures, the weekly production of domestic asphalt, the production of independent refineries and asphalt in different regions, and the consumption and inventory of asphalt [3]

Report Industry Investment Rating - Unilateral: Neutral, mainly on the sidelines; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None [3] Core View - The geopolitical situation is still unclear, and attention should be paid to the raw material situation of refineries. Asphalt prices are affected by geopolitical conflicts, oil prices, and raw material supply. Before the Strait of Hormuz resumes navigation, Middle East crude oil supply remains tight, and domestic asphalt refineries may face raw material shortages if the situation persists [1][2] Market Analysis - On March 11, the closing price of the main BU2604 contract of asphalt futures in the afternoon session was 3,874 yuan/ton, up 41 yuan/ton or 1.07% from the previous day's settlement price. The position was 52,914 lots, down 1,763 lots from the previous day, and the trading volume was 216,863 lots, down 160,256 lots from the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 4,056 - 4,430 yuan/ton; Shandong: 3,700 - 3,900 yuan/ton; South China: 3,700 - 4,200 yuan/ton; East China: 3,890 - 3,890 yuan/ton [1] - The spot prices of asphalt in East China and Sichuan - Chongqing regions fell slightly, while those in Northeast, North China, and Shandong regions rose. The spot prices in other regions remained generally stable. The tight spot circulation in some areas supported the asphalt spot market atmosphere. After Trump's statement on the cease - fire, the market's expectation of the easing of the Middle East geopolitical conflict increased. Coupled with the profit - taking behavior of long - position holders after the previous huge increase, oil prices have dropped significantly from the high point, and the cost - side support for asphalt has weakened marginally, causing the futures price to fall. However, there has been no substantial cease - fire between Iran and the US - Israel, the conflict continues, and the navigation in the Strait of Hormuz has not significantly recovered. As of March 11, the number of passing oil tankers remained low. Saudi Arabia and other countries transported some crude oil to Red Sea ports for export through pipelines, which partially compensated for the gap in the strait but could not reverse the overall situation [2] Strategy - Unilateral: Neutral, mainly on the sidelines; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None [3] Figures - The report includes figures on various aspects of asphalt, such as spot prices in different regions (Shandong, East China, South China, North China, Southwest, Northwest), futures index and contract closing prices, trading volume and position of futures, domestic asphalt production (weekly, independent refineries, regional production), domestic asphalt consumption (road, waterproof, coking, ship - fuel), and asphalt inventories (refinery and social inventories) [4]