研究中心能化团队 2025/10/10 | | 指标 | 9/10 | 9/24 | 9/26 | 9/29 | 9/30 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3450 | 3392 | 3450 | 3466 | 3424 | -42 | 32 | | | BU10 | 3463 | 3408 | 3469 | 3485 | 3440 | -45 | 32 | | | BU11 | 3450 | 3392 | 3450 | 3466 | 3424 | -42 | 32 | | | BU12 | 3399 | 3337 | 3412 | 3418 | 3373 | -45 | 36 | | 需同 | BU01 | 3376 | 3302 | 3396 | 3402 | 3356 | -46 | 54 | | | BU03 | 3377 | 3325 | 3405 | 3412 | 3368 | -44 | 43 | | | 成交量 | 222817 | 242519 | 348 ...

īs 疯安期货 沥青早报 研究中心能化团队 2025/9/24 | | 指标 | 8/25 | 9/15 | 9/19 | 9/22 | 9/23 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3512 | 3393 | 3421 | 3401 | 3373 | -28 | -20 | | | BU10 | 3512 | 3411 | 3420 | 3406 | 3400 | -6 | -11 | | | BU11 | 3483 | 3393 | 3421 | 3401 | 3373 | -28 | -20 | | | BU12 | 3432 | 3322 | 3374 | 3352 | 3320 | -32 | -35 | | 语语 | BU01 | 3398 | 3340 | 3353 | 3322 | 3284 | -38 | -56 | | | BU03 | 3394 | 3346 | 3366 | 3325 | 3297 | -28 | -49 | | | 成交量 | 2575 ...

Group 1: Market Data Overview - The report provides data on asphalt futures contracts (BU10, BU11, BU12, BU01, BU03) from August 22 to September 22, 2025, including prices, trading volume, open interest, and inventory [4]. - It also presents spot market prices in different regions (Shandong, East China, South China, North China, Northeast China) and at various warehouses (Zhenjiang, Foshan), as well as price differentials and basis [4]. - Data on crack spreads, profits (including asphalt - Brent crack spread, asphalt - Ma Rui profit, refinery comprehensive profits, and import profits), and related oil prices (Brent crude, gasoline, and diesel in Shandong) are included [4]. Group 2: Futures Contract Price Movements - For BU10, the price decreased by 20 on September 22 compared to the previous day and increased by 33 on a weekly basis [4]. - BU11, BU12, BU01, and BU03 also showed daily and weekly price changes, with varying degrees of increase or decrease [4]. Group 3: Trading Volume and Open Interest - The trading volume of asphalt futures decreased by 3,245 on September 22 compared to the previous day and decreased by 114,402 on a weekly basis [4]. - Open interest increased by 9,303 on September 22 compared to the previous day and decreased by 16,211 on a weekly basis [4]. Group 4: Spot Market Prices - Shandong's asphalt market price decreased by 10 on September 22 compared to the previous day and decreased by 20 on a weekly basis [4]. - East China's price remained stable on September 22 but decreased by 50 on a weekly basis, while South China's price was unchanged on both a daily and weekly basis [4]. - North China's price was stable on September 22 and increased by 10 on a weekly basis, and Northeast China's price decreased by 20 on both a daily and weekly basis [4]. Group 5: Basis and Spread - The basis and spread between different regions and contracts showed various changes. For example, the Shandong - East China basis decreased by 10 on September 22 compared to the previous day and increased by 30 on a weekly basis [4]. - The basis between different contract months (e.g., 10 - 11, 10 - 12) also had daily and weekly fluctuations [4]. Group 6: Crack Spreads and Profits - The asphalt - Brent crack spread increased by 29 on September 22 compared to the previous day and increased by 23 on a weekly basis [4]. - Asphalt - Ma Rui profit increased by 27 on September 22 compared to the previous day and increased by 22 on a weekly basis [4]. - Refinery comprehensive profits (ordinary and Ma Rui - type) and import profits showed different trends, with some increasing and some remaining stable [4].

Report Overview - The report is an asphalt morning report from the Energy and Chemicals Team of the Research Center, dated September 22, 2025 [2][3] 1. Report Industry Investment Rating - No investment rating is provided in the report 2. Report's Core View - No core view is explicitly stated in the provided content 3. Summary by Relevant Catalogs Futures Market - **Prices**: On September 19, the BU main contract was at 3421, down 6 from the previous day and 42 for the week. Other contracts like BU06, BU09, etc., also showed various price changes [4] - **Volume and Open Interest**: The trading volume was 246,616, up 36,008 from the previous day but down 21,872 for the week. The open interest was 409,431, up 675 from the previous day and down 34,400 for the week [4] - **Futures Inventory**: The inventory was 23,240, unchanged from the previous day and down 3,250 for the week [4] Spot Market - **Market Prices**: The Shandong market price was 3,520, unchanged from the previous day and down 20 for the week; the East China market price was 3,590, unchanged from the previous day and down 50 for the week; and prices in other regions also had different changes [4] - **Refinery Prices**: For example, Jingbo (Haiyun) was at 3,620, down 10 from the previous day and 30 for the week; Xinhai (Xin Bohai) was at 3,660, unchanged from the previous day and up 10 for the week [4] Basis and Calendar Spreads - **Basis**: The Shandong basis was 6, up 6 from the previous day and 22 for the week; the East China basis was 169, up 6 from the previous day and down 8 for the week; and other regional bases also changed [4] - **Calendar Spreads**: For example, 03 - 06 was 17, down 2 from the previous day and up 15 for the week; 06 - 09 was 8, down 1 from the previous day and up 75 for the week [4] Crack Spreads and Profits - **Crack Spreads**: The asphalt - Brent crack spread was 18, up 26 from the previous day and down 40 for the week [4] - **Profits**: The asphalt - Ma Rui profit was -51, up 24 from the previous day and down 36 for the week; ordinary refinery comprehensive profit was 387, up 7 from the previous day and down 52 for the week; and other profit indicators also had different changes [4] Related Prices - **Crude Oil**: Brent crude oil was at 67.4, down 0.5 from the previous day and up 0.5 for the week [4] - **Gasoline and Diesel**: The Shandong market price of gasoline was 7,483, down 28 from the previous day and 74 for the week; the Shandong market price of diesel was 6,438, down 30 from the previous day and 40 for the week [4] - **Residual Oil**: The Shandong market price of residual oil was 3,660, down 40 from the previous day and up 85 for the week [4]

1. Report Information - Report Title: Asphalt Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: September 16, 2025 [3] 2. Core Data Futures Data - Futures Contracts: The closing price of the BU main contract on September 15 was 3393, up 25 from the previous day and down 44 week - on - week. Other contracts (BU06, BU09, BU12, BU03) also showed different price changes [4]. - Trading Volume: The trading volume on September 15 was 287,556, down 70,217 from the previous day and down 112,818 week - on - week [4]. - Open Interest: The open interest on September 15 was 415,168, down 19,777 from the previous day and down 33,884 week - on - week [4]. - Futures Inventory: The futures inventory on September 15 was 25,590, down 700 from the previous day and down 1300 week - on - week [4]. Spot Data - Market Prices: The spot prices of asphalt in different regions (Shandong, East China, South China, North China, Northeast China) showed different trends. For example, the Shandong market price was 3520 on September 15, down 10 from the previous day and down 10 week - on - week [4]. - Price Spreads: The price spreads between different regions (Shandong - East China, Shandong - Northeast, East China - South China) also changed. For example, the Shandong - East China spread was - 120 on September 15, down 10 from the previous day and up 50 week - on - week [4]. Basis and Calendar Spread - Basis: The basis of different regions (Shandong, East China, South China) showed different changes. For example, the Shandong basis was 127 on September 15, down 35 from the previous day and up 34 week - on - week [4]. - Calendar Spread: The calendar spreads between different contract months (03 - 06, 06 - 09, 09 - 12, 12 - 03) also changed. For example, the 06 - 09 spread was - 42 on September 15, up 68 from the previous day and up 87 week - on - week [4]. Crack Spread and Profit - Crack Spread: The asphalt Brent crack spread was 38 on September 15, down 41 from the previous day and down 78 week - on - week [4]. - Profits: The profits of different types of refineries (asphalt Marrow profit, ordinary refinery comprehensive profit, Marrow - type refinery comprehensive profit) and import profits (South Korea - East China, Singapore - South China) all showed different degrees of change [4]. Related Prices - Brent Crude Oil: The price of Brent crude oil on September 15 was 67.0, up 0.6 from the previous day and up 1.0 week - on - week [4]. - Other Related Products: The prices of gasoline, diesel, and residue oil in the Shandong market also had different trends [4].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No core viewpoints explicitly stated in the provided content 3. Summary by Relevant Catalogs Futures Data - The closing prices of BU main contract, BU06, BU09, BU12, and BU03 on September 11 were 3463, 3383, 3450, 3413, and 3382 respectively, with daily changes of 13, 13, 30, 14, and 8, and weekly changes of -87, -71, -85, -73, and -73 [4]. - The trading volume on September 11 was 268,488, a daily increase of 45,671 and a weekly increase of 24,191. The open interest was 443,831, a daily increase of 7,774 and a weekly decrease of 49,369. The futures inventory was 26,490, a daily decrease of 400 and a weekly decrease of 3,300 [4]. Spot Market - On September 11, the market prices in Shandong, East China, South China, North China, and Northeast China were 3540, 3640, 3500, 3650, and 3850 respectively. The daily changes were 0, 0, -20, 0, and -20, and the weekly changes were -10, -60, -30, 0, and -20 [4]. - The price differences between Shandong - East China, Shandong - Northeast, and East China - South China on September 11 were -100, -310, and 140 respectively, with daily changes of 0, 20, and 20, and weekly changes of 50, 10, and -30 [4]. Basis and Calendar Spread - The basis in Shandong, East China, and South China on September 11 were 77, 177, and 37 respectively, with daily changes of -13, -13, and -33, and weekly changes of 77, 27, and 57 [4]. - The calendar spreads of 03 - 06, 06 - 09, 09 - 12, and 12 - 03 on September 11 were 2, -67, 37, and 28 respectively, with daily changes of -5, -17, 16, and 6, and weekly changes of -2, 14, -12, and 0 [4]. Crack Spread and Profit - The asphalt - Brent crack spread on September 11 was 32, a daily decrease of 57 and a weekly decrease of 31. The asphalt - Ma Rui profit was -39, a daily decrease of 52 and a weekly decrease of 28 [4]. - The comprehensive profit of ordinary refineries and Ma Rui - type refineries on September 11 were 416 and 702 respectively, with daily changes of -43 and -46, and weekly changes of -19 and -23. The import profits from South Korea - East China and Singapore - South China were -101 and -940 respectively, with daily changes of 0 and -18, and weekly changes of -49 and -21 [4]. Related Prices - The price of Brent crude oil on September 11 was 67.5, a daily increase of 1.1 and a weekly increase of 0.5. The market prices of gasoline, diesel, and residue oil in Shandong on September 11 were 7557, 6478, and 3575 respectively, with daily changes of 10, 8, and 0, and weekly changes of 4, 8, and 40 [4].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - No clear core view is presented in the given content. It mainly provides data on asphalt futures and spot markets. 3. Summary by Related Catalogs Futures Contract Prices - The prices of various BU contracts (BU主力合约, BU06, BU09, etc.) showed different degrees of change from August 12th to September 10th. For example, the BU主力合约 price was 3506 on August 12th and 3450 on September 10th, with a daily change of 30 and a weekly change of -101 [4]. Trading Volume and Open Interest - The trading volume on September 10th was 222,817, with a daily increase of 41,170 and a weekly decrease of 127,075. The open interest was 436,057, with a daily decrease of 940 and a weekly decrease of 55,837 [4]. Delivery Quantity - The delivery quantity remained at 26,890 from September 8th to 10th, with no daily change and a weekly decrease of 2,900 [4]. Spot Market Prices - The spot market prices in different regions (Shandong, East China, South China, North China, Northeast) also had changes. For instance, the Shandong market price increased by 10 to 3,540 on September 10th compared to September 9th, with no weekly change [4]. Basis and Calendar Spread - The basis and calendar spread of different contracts (03 - 06, 06 - 09, etc.) showed fluctuations. For example, the 06 - 09 basis had a daily increase of 63 and a weekly increase of 36 on September 10th [4]. Crack Spread and Profit - The asphalt Brent crack spread was 89 on September 10th, with a daily decrease of 9 and a weekly increase of 67. Different types of refinery profits (ordinary refinery, Ma Rui - type refinery) also had corresponding changes [4]. Import Profit - The import profit from South Korea to East China was -101 on September 10th, with no daily change and a weekly decrease of 49. The import profit from Singapore to South China was -923, with a daily decrease of 9 and a weekly decrease of 4 [4]. Related Prices - The prices of related products such as Brent crude oil, gasoline, diesel, and residual oil in the Shandong market also had certain changes. For example, Brent crude oil was priced at 66.4 on September 10th, with a daily increase of 0.4 and a weekly decrease of 1.2 [4].

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - No explicit core viewpoints are presented in the provided content. 3. Summary by Relevant Catalogs Futures Contract Prices and Trading Volume - The prices of BU main contract, BU06, BU09, BU12, and BU03 have shown different degrees of change from August 6th to September 4th. For example, the BU main contract price decreased from 3529 on August 6th to 3468 on September 4th, a daily change of -82 and an interval change of -3 [4]. - Trading volume increased from 219,521 on August 6th to 396,842 on September 4th, with a daily change of 152,545 and an interval change of 96,736. The open interest decreased from 455,367 on August 6th to 464,569 on September 4th, with a daily change of -28,631 and an interval change of 84,140 [4]. Spot Market Prices - The spot market prices of asphalt in different regions also changed. For example, the Shandong market price decreased from 3750 on August 6th to 3540 on September 4th, with a daily change of -10 and an interval change of 20. The East China market price remained stable at 3700 from August 27th to September 4th [4]. Basis and Spread - The basis and spread of asphalt contracts also showed different trends. For example, the Shandong basis increased from 221 on August 6th to 72 on September 4th, with a daily change of 72 and an interval change of 23. The BU06 - BU09 spread decreased from -142 on August 27th to -125 on September 4th, with a daily change of -44 and an interval change of 17 [4]. Crack Spread and Profit - The asphalt Brent crack spread increased from -67 on August 27th to 21 on September 4th, with a daily change of 70 and an interval change of 88. The asphalt Ma Rui profit increased from -128 on August 27th to -49 on September 4th, with a daily change of 64 and an interval change of 79 [4]. Related Prices - The price of Brent crude oil decreased from 68.6 on August 27th to 67.6 on September 4th, with a daily change of -1.5 and an interval change of -1.0. The Shandong market price of gasoline decreased from 7599 on August 27th to 7531 on September 4th, with a daily change of -22 and an interval change of -68 [4].

Group 1: Report Information - Report Title: Asphalt Report [2] - Research Team: Research Center's Energy and Chemicals Team [3] - Report Date: September 3, 2025 [3] Group 2: Futures Contract Data - **Prices**: On September 2, BU主力合约 was at 3551, up 11 from the previous day and 39 from the previous week; BU06 was at 3457, up 27 daily and 85 weekly; BU09 was at 3543, down 4 daily and 2 weekly; BU12 was at 3492, up 26 daily and 60 weekly; BU03 was at 3468, up 38 daily and 74 weekly [4] - **Volume and Open Interest**: On September 2, the trading volume was 349,892, up 12,718 from the previous day and 92,337 from the previous week; the open interest was 491,894, up 35,556 daily and 80,407 weekly [4] - **Combined Positions**: On September 2, the combined positions were 29,790, unchanged from the previous day and down 1,150 from the previous week [4] Group 3: Spot Market Data - **Market Prices**: On September 2, the Shandong market price was 3,540, up 30 from the previous day and 20 from the previous week; the East China market price was 3,700, up 10 daily and 50 weekly; the South China market price was 3,530, up 10 daily and 50 weekly; the North China market price was 3,650, up 10 daily and unchanged weekly; the Northeast market price was 3,870, unchanged daily and down 10 weekly [4] - **Enterprise Prices**: On September 2, Jingbo (Haiyun) was at 3,670, up 10 from the previous day and down 10 from the previous week; Xinhai (Xin Bohai) was at 3,650, up 10 daily and unchanged weekly [4] - **Regional Price Differences**: On September 2, Shandong - East China was -160, up 30 from the previous day and 40 from the previous week; Shandong - Northeast was -330, up 30 daily and 30 weekly; East China - South China was 170, down 10 daily and 70 weekly [4] Group 4: Basis and Calendar Spread Data - **Basis**: On September 2, the Shandong basis was -11, up 19 from the previous day and down 19 from the previous week; the East China basis was 149, down 11 daily and 20 weekly; the South China basis was -21, down 1 daily and up 11 weekly [4] - **Calendar Spreads**: On September 2, 03 - 06 was 11, up 11 from the previous day and down 11 from the previous week; 06 - 09 was -86, up 31 daily and 87 weekly; 09 - 12 was 51, down 30 daily and 62 weekly; 12 - 03 was 24, down 12 daily and 14 weekly; the first - second contract spread was 8, down 10 daily and 21 weekly [4] Group 5: Crack Spread and Profit Data - **Crack Spreads**: On September 2, the asphalt - Brent crack spread was -8, up 28 from the previous day and down 11 from the previous week [4] - **Profits**: On September 2, the asphalt - Ma Rui profit was -75, up 25 from the previous day and down 11 from the previous week; the ordinary refinery's comprehensive profit was 361, up 21 daily and down 55 weekly; the Ma Rui - type refinery's comprehensive profit was 656, up 25 daily and down 34 weekly; the import profit (South Korea - East China) was -52, up 75 daily and 74 weekly; the import profit (Singapore - South China) was -919, up 86 daily and 141 weekly [4] Group 6: Related Price Data - **Crude Oil**: On September 2, Brent crude oil was at 68.2, unchanged from the previous day and up 0.9 from the previous week [4] - **Refined Products**: On September 2, the Shandong market price of gasoline was 7,525, up 8 from the previous day and down 93 from the previous week; the Shandong market price of diesel was 6,441, up 52 daily and down 35 weekly; the Shandong market price of residual oil was 3,252, down 25 daily and 110 weekly [4]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View No relevant content provided. 3. Summary by Relevant Catalog Futures Contract Prices and Changes - On August 29, the BU main - contract price was 3507, with a daily change of - 10 and a weekly change of 42 [4]. - The price of BU06 was 3399, with a daily change of 26 and a weekly change of 57 [4]. - The price of BU09 was 3219, with a daily change of - 10 and a weekly change of 23 [4]. - The price of BU12 was 3433, with a daily change of 6 and a weekly change of 60 [4]. - The price of BU03 was 3408, with a daily change of 14 and a weekly change of 68 [4]. Trading Volume and Open Interest - On August 29, the trading volume was 300820, with a daily increase of 11812 and a weekly increase of 105903 [4]. - The open interest was 428349, with a daily increase of 21525 and a weekly increase of 4336 [4]. Spot Market Prices - The Shandong market price on August 29 was 3510, with no daily change and no weekly change [4]. - The East - China market price was 3700, with no daily change and a weekly decrease of 20 [4]. - The South - China market price was 3500, with no daily change and a weekly increase of 10 [4]. - The North - China market price was 3650, with a daily decrease of 20 and a weekly decrease of 10 [4]. - The Northeast market price was 3870, with no daily change and a weekly decrease of 10 [4]. Basis and Calendar Spread - The Shandong basis on August 29 was 3, with a daily increase of 10 and a weekly decrease of 42 [4]. - The East - China basis was 193, with a daily increase of 10 and a weekly decrease of 62 [4]. - The South - China basis was - 7, with a daily increase of 10 and a weekly decrease of 32 [4]. - The 03 - 06 spread was 9, with a daily decrease of 12 and a weekly increase of 11 [4]. - The 06 - 09 spread was - 120, with a daily increase of 36 and a weekly increase of 34 [4]. - The 09 - 12 spread was 86, with a daily decrease of 16 and a weekly decrease of 37 [4]. - The 12 - 03 spread was 25, with a daily decrease of 8 and a weekly decrease of 8 [4]. - The continuous first - continuous second spread was 18, with a daily decrease of 16 and a weekly decrease of 24 [4]. Crack Spread and Profit - The asphalt Brent crack spread on August 27 was 7 [4]. - The asphalt MRE profit on August 27 was - 62 [4]. - The ordinary refinery comprehensive profit on August 28 was 380 [4]. - The MRE - type refinery comprehensive profit on August 27 was 690 [4]. - The import profit (South Korea - East China) on August 29 was - 127, with no daily change and a weekly increase of 4 [4]. - The import profit (Singapore - South China) on August 29 was - 1023, with no daily change and a weekly increase of 35 [4]. Related Prices - The Brent crude oil price on August 28 was 68.1 [4]. - The Shandong market price of gasoline on August 29 was 7592, with a daily decrease of 1 and a weekly decrease of 63 [4]. - The Shandong market price of diesel on August 29 was 6466, with no daily change and a weekly decrease of 50 [4]. - The Shandong market price of residue on August 29 was 3620, with no daily change and a weekly decrease of 40 [4].