1. Report Industry Investment Rating No information provided in the text. 2. Core Views of the Report - The supply pressure of asphalt remains high, but refineries have recently reduced production to alleviate supply pressure. The overall demand recovery in the peak season falls short of expectations and remains sluggish. Inventory remains stable, and the weakening of crude oil prices will lead to a short - term weakening of cost support. It is expected that the asphalt futures market will fluctuate narrowly in the short term, with the asphalt 2511 contract oscillating in the range of 3306 - 3350 [8]. - There are both positive and negative factors in the market. The relatively high - level of crude oil cost provides some support, but there is insufficient demand for high - priced goods, and the overall demand is declining with an increasing expectation of an economic recession in Europe and the United States [10][11]. 3. Summary According to the Directory 3.1 Daily Views - **Supply Side**: In August 2025, the total planned asphalt production in China was 2413,000 tons, a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. This week, the capacity utilization rate of domestic petroleum asphalt samples was 37.0326%, a month - on - month decrease of 1.14 percentage points. The national sample enterprise shipments were 221,300 tons, a month - on - month decrease of 29.38%. The sample enterprise output was 618,000 tons, a month - on - month decrease of 2.98%. The estimated maintenance volume of sample enterprise equipment was 625,000 tons, a month - on - month increase of 1.96%. Refineries have reduced production, which will reduce supply pressure next week [8]. - **Demand Side**: The开工 rate of heavy - traffic asphalt was 34.5%, a month - on - month decrease of 0.06 percentage points; the开工 rate of construction asphalt was 18.2%, unchanged from the previous month; the开工 rate of modified asphalt was 18.9356%, a month - on - month decrease of 1.29 percentage points; the开工 rate of road - modified asphalt was 29%, unchanged from the previous month; the开工 rate of waterproofing membranes was 30%, unchanged from the previous month. All are below the historical average levels, indicating that the current demand is lower than the historical average [8]. - **Cost Side**: The daily asphalt processing profit was - 345.85 yuan/ton, a month - on - month decrease of 24.00%. The weekly delayed coking profit of Shandong local refineries was 882.4386 yuan/ton, a month - on - month increase of 12.29%. The asphalt processing loss decreased, and the profit difference between asphalt and delayed coking increased. With the weakening of crude oil, the short - term support is expected to weaken [8]. - **Comprehensive Judgment**: The fundamentals are bearish; the basis is bullish as the spot price is at a premium to the futures price; inventory is neutral with social inventory decreasing, factory inventory increasing, and port inventory decreasing; the disk is bearish as the MA20 is downward and the 11 - contract futures price is below the MA20; the main position is bullish as the main position is net long but the long position is decreasing. It is expected that the disk will fluctuate narrowly in the short term, with the asphalt 2511 contract oscillating in the range of 3306 - 3350 [8]. 3.2 Asphalt Market Overview - The prices of various asphalt contracts, such as the 01 - 12 contracts, showed different degrees of decline compared to the previous values. For example, the 01 - contract price decreased by 57 yuan to 3248 yuan/ton, a decline of 1.72%. In terms of inventory, social inventory decreased by 1.31% to 1058,000 tons, factory inventory increased by 6.48% to 690,000 tons, and port diluted asphalt inventory decreased by 7.69% to 120,000 tons [15]. 3.3 Asphalt Futures Market - Basis Trend - The report presents the historical trends of asphalt basis in Shandong and East China from 2020 - 2025, which helps investors understand the price relationship between the spot and futures markets [17][18]. 3.4 Asphalt Futures Market - Spread Analysis - **Main - Contract Spread**: The report shows the historical trends of the spreads between the 1 - 6 and 6 - 12 contracts from 2020 - 2025, which is important for spread trading strategies [20][21]. - **Asphalt - Crude Oil Price Trend**: It presents the historical price trends of asphalt, Brent crude oil, and West Texas Intermediate (WTI) crude oil from 2020 - 2025, helping to analyze the relationship between asphalt and crude oil prices [23][24]. - **Crude Oil Crack Spread**: The report shows the historical trends of the crack spreads of asphalt and different types of crude oil (SC, WTI, Brent) from 2020 - 2025, which is useful for analyzing the refining profit margins [26][27][28]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: It presents the historical trends of the price ratios of asphalt, crude oil, and fuel oil from 2020 - 2025, providing insights into the relative value of these commodities [30][32]. 3.5 Asphalt Spot Market - Market Price Trends in Different Regions - The report shows the historical price trend of Shandong heavy - traffic asphalt from 2020 - 2025, which helps to understand the price dynamics in the spot market [33][34]. 3.6 Asphalt Fundamental Analysis - **Profit Analysis**: - **Asphalt Profit**: It shows the historical profit trend of asphalt from 2019 - 2025, which is important for analyzing the profitability of asphalt production [35][36]. - **Coking - Asphalt Profit Spread Trend**: It presents the historical trend of the profit spread between coking and asphalt from 2020 - 2025, which is useful for refineries to make production decisions [38][39][40]. - **Supply - Side Analysis**: - **Shipment Volume**: The report shows the historical shipment volume of small - sample asphalt enterprises from 2020 - 2025, which reflects the supply situation in the market [41][42]. - **Diluted Asphalt Port Inventory**: It presents the historical inventory of domestic diluted asphalt ports from 2021 - 2025, which is an important indicator of the supply of raw materials [43][44]. - **Production Volume**: It shows the historical weekly and monthly production volumes of asphalt from 2019 - 2025, which helps to understand the overall supply capacity [46][47]. - **Marey Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: It presents the historical trends of Marey crude oil price and Venezuelan crude oil monthly production from 2018 - 2025, which is related to the raw material supply of asphalt [50][52]. - **Local Refinery Asphalt Production**: It shows the historical production volume of local refinery asphalt from 2019 - 2025, which reflects the production contribution of local refineries [53][54]. - **开工 Rate**: The report shows the historical weekly 开工 rate of asphalt from 2021 - 2025, which is an important indicator of the production activity level [56][57]. - **Maintenance Loss Estimation**: It presents the historical trend of estimated maintenance losses from 2018 - 2025, which helps to understand the impact of refinery maintenance on supply [59][60]. - **Inventory Analysis**: - **Exchange Warehouse Receipts**: It shows the historical trends of exchange warehouse receipts (total, social inventory, and factory inventory) from 2019 - 2025, which is related to the delivery and storage of futures contracts [62][63][64]. - **Social Inventory and Factory Inventory**: The report shows the historical trends of social inventory (70 - sample) and factory inventory (54 - sample) from 2022 - 2025, which reflects the overall inventory situation in the market [66][67]. - **Factory Inventory - Inventory Ratio**: It presents the historical trend of the factory inventory - inventory ratio from 2018 - 2025, which helps to analyze the inventory management efficiency of factories [69][70]. - **Import and Export Situation**: - It shows the historical trends of asphalt export and import from 2019 - 2025, as well as the historical trend of the import price difference of South Korean asphalt from 2020 - 2025, which is important for analyzing the international trade situation of asphalt [72][73][76]. - **Demand - Side Analysis**: - **Petroleum Coke Production**: It shows the historical production volume of petroleum coke from 2019 - 2025, which is related to the demand for asphalt in some industries [78][79]. - **Apparent Consumption**: The report shows the historical apparent consumption of asphalt from 2019 - 2025, which reflects the overall market demand [81][82]. - **Downstream Demand**: It presents the historical trends of highway construction traffic fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year from 2019 - 2025, as well as 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 - 2025, which helps to analyze the downstream demand for asphalt [84][85][86][88][89][90][91][92]. - **Asphalt 开工 Rate**: The report shows the historical trends of heavy - traffic asphalt 开工 rate, asphalt 开工 rate by use, and downstream 开工 situation (shoe - material SBS - modified asphalt 开工 rate, road - modified asphalt 开工 rate, waterproofing membrane - modified asphalt 开工 rate) from 2019 - 2025, which reflects the production activity level of the asphalt industry [93][94][96][97][98][100]. - **Supply - Demand Balance Sheet**: It presents the monthly asphalt supply - demand balance sheet from January 2024 - September 2025, including downstream demand, diluted asphalt port inventory, factory inventory, social inventory, export volume, import volume, and production volume, which helps to comprehensively analyze the supply - demand relationship in the asphalt market [102][103].

1. Report Industry Investment Rating - No relevant content provided 2. Report's Core View - No clear core view is presented in the report. It mainly provides data on asphalt futures and spot markets, including prices, trading volumes, open interest, basis, and spreads. 3. Summary by Relevant Catalogs Futures Contracts - BU main contract price decreased from 3463 on 9/11 to 3328 on 10/10, with a daily change of -47 and an interval change of -112 [4][12][20]. - BU10 price increased by 9 from 10/9 to 10/10, but decreased by -20 compared to 9/11 [4][12][20]. - Other contracts (BU11, BU12, BU01, BU03) also showed price changes, with varying degrees of decline [4][12][20]. Trading Volume and Open Interest - Trading volume increased from 216059 on 10/9 to 323321 on 10/10, with a daily increase of 107262 and an interval increase of 47323 [4][12][20]. - Open interest increased by 2486 from 10/9 to 10/10, but decreased by -71983 compared to 9/11 [4][12][20]. Spot Market Prices - Shandong market price decreased by -10 from 9/11 to 10/10, remaining at 3490 on 10/10 [4][12][20]. - East China market price remained unchanged at 3560 from 9/25 to 10/10 [4][12][20]. - South China market price decreased by -20 from 9/11 to 10/10, remaining at 3480 on 10/10 [4][12][20]. - North China market price decreased by -30 from 10/9 to 10/10 and -100 compared to 9/11 [4][12][20]. - Northeast market price decreased by -10 from 10/9 to 10/10 and -30 compared to 9/11 [4][12][20]. Basis and Spread - Shandong basis increased by 17 from 10/9 to 10/10 and 42 compared to 9/11 [4][12][20]. - East China basis decreased by -33 from 10/9 to 10/10 but increased by 92 compared to 9/11 [4][12][20]. - South China basis increased by 7 from 10/9 to 10/10 and 52 compared to 9/11 [4][12][20]. - 10 - 11 spread increased by 92 from 9/11 to 10/10 [4][12][20]. - 10 - 12 spread increased by 89 from 9/11 to 10/10 [4][12][20]. Crack Spread and Profit - Asphalt Brent crack spread increased by 51 from 10/9 to 10/10 but decreased by -42 compared to 9/11 [4][12][20]. - Asphalt Marru profit increased by 46 from 10/9 to 10/10 but decreased by -38 compared to 9/11 [4][12][20]. - Ordinary refinery comprehensive profit increased by 36 from 10/9 to 10/10 but decreased by -88 compared to 9/11 [4][12][20]. - Marru - type refinery comprehensive profit increased by 39 from 10/9 to 10/10 but decreased by -25 compared to 9/11 [4][12][20]. - Import profit (South Korea - East China) decreased by -2 from 10/9 to 10/10 and -49 compared to 9/11 [4][12][20]. - Import profit (Singapore - South China) decreased by -3 from 10/9 to 10/10 and -13 compared to 9/11 [4][12][20]. Related Prices - Brent crude oil price decreased by -1.0 from 10/9 to 10/10 but increased by 0.7 compared to 9/11 [4][12][20]. - Shandong gasoline market price decreased by -25 from 10/9 to 10/10 and -84 compared to 9/11 [4][12][20]. - Shandong diesel market price decreased by -35 from 10/9 to 10/10 and -141 compared to 9/11 [4][12][20]. - Shandong residue market price decreased by -100 from 10/9 to 10/10 and -90 compared to 9/11 [4][12][20].

Group 1 - The core viewpoint of the article highlights the decline in China's gasoline production, with a reported production of 12.16 million tons in April 2025, representing a year-on-year decrease of 8.6% [1] - Cumulative gasoline production from January to April 2025 reached 51.18 million tons, showing a cumulative decline of 6.1% compared to the previous year [1] Group 2 - The article references companies involved in the industry, including Baoli International (300135), Hengji Daxin (002492), and Sinopec (600028) [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, which specializes in industry research and market analysis [2]

Core Insights - Yunnan Province has achieved significant growth in its power generation capacity, with total installed capacity exceeding 167 million kilowatts, a 61.8% increase compared to the end of the 13th Five-Year Plan [1] - The province leads the nation in green power generation, with over 150 million kilowatts of installed green power capacity, and has established a national clean energy base [1] - Yunnan's energy transition has shown remarkable progress, with renewable energy installations surpassing 68 million kilowatts, making it the second-largest power source after hydropower [1][2] Group 1: Green Energy Development - Yunnan has a strong complementary relationship among hydropower, wind, and solar energy, with over 200 million kilowatts of clean energy resources available for development [1] - The province has six of the top ten hydropower stations in the country, contributing to the world's largest clean energy corridor alongside the Three Gorges and Gezhouba hydropower stations [1] - By 2025, Yunnan's total power generation is expected to reach 490 billion kilowatt-hours, with green power accounting for over 85% of the total [1] Group 2: Traditional Energy Supply - From 2021 to 2024, Yunnan's raw coal production is projected to increase from 57.96 million tons to 66.12 million tons, and crude oil processing capacity is expected to rise from 9.76 million tons to 11.56 million tons [2] - The construction of a second cross-province natural gas pipeline is underway, which will diversify the natural gas supply in Yunnan [2] - The establishment of emergency gas supply centers in Yuxi and Qujing marks a significant step in achieving large-scale reserves of natural gas and oil [2] Group 3: Energy Infrastructure and Future Plans - Yunnan has transmitted a cumulative 650 billion kilowatt-hours of electricity to eastern regions, supporting their economic development and energy conservation efforts [2] - The province aims to accelerate the construction of a national clean energy base and a regional green energy hub during the 15th Five-Year Plan period [2] - By 2030, Yunnan plans to establish a new type of power system and achieve significant progress in green energy development [2]

Group 1 - The company, Unified Holdings, announced that its ninth board meeting will be held on October 11, 2025, combining in-person and remote voting methods [1] - The meeting will review proposals including the agenda for the fourth extraordinary shareholders' meeting of 2025 [1] Group 2 - The article discusses a significant investment trend involving major companies like Nvidia and OpenAI, highlighting a "century gamble" worth trillions of dollars [1] - Experts suggest that the scale of the AI bubble has reached four times that of the 2008 global real estate bubble [1]

Core Viewpoint - The domestic futures market for energy and chemicals showed a significant decline, particularly in asphalt futures, which experienced a downward trend with the main contract closing at 3307.00 CNY/ton, reflecting a decrease of 1.17% [1] Supply Side - Asphalt production capacity increased by 5.7 percentage points to 40.1% compared to the previous week before the National Day holiday, which is 12.4 percentage points higher than the same period last year [1] - In October, domestic asphalt production is expected to be 2.682 million tons, a slight decrease of 0.4 thousand tons (0.1% reduction) month-on-month, but an increase of 350 thousand tons (15.0% increase) year-on-year [1] Demand Side - Intermittent rainfall in southern regions has hindered construction activities, coupled with ongoing financial pressures on downstream sectors, leading to low procurement levels and weak transactions for high-priced resources [1] Market Outlook - The industry data from the fourth week of September indicates strong supply and demand from refineries, with the operating rate rising above 40% for the first time in two years, and strong shipment volumes due to pre-holiday stockpiling [1] - Despite a rebound in factory inventory due to robust operations, social inventory continues to decline, and the current curve remains significantly behind the same period in previous years, which may limit the upward potential for asphalt prices as the peak season progresses [1] - Overnight external oil prices showed a slight decline, suggesting a weak short-term outlook for asphalt prices [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The downward trend of asphalt valuation in the second half of the year is likely. The current independent refinery operation rate is at a low level, with limited room for further decline. The return of major refinery production capacity and the seasonal off - peak valuation period will restrict the upward space of asphalt valuation (asphalt/crude oil), and the weak oscillation of the cost - side crude oil will also limit the upward space of the unilateral price of asphalt [16]. - In the short term, the supply - demand contradiction of asphalt is small, and it is recommended to wait and see [17]. Summary by Directory 1. Monthly Assessment and Strategy Recommendation - **Market Review**: The report presents the recent trend of the asphalt main contract, showing the price changes from January to October 2025, and analyzes the impact of supply - demand and cost factors on the price [13][14]. - **Mid - term Impact Factor Assessment** - **Supply**: Import is expected to remain low. Major refineries are expected to resume some operations, restricting the upward movement of asphalt valuation. However, the significant recovery of local refineries is needed for the valuation to decline, and local refineries are expected to remain relatively sluggish in the short and medium term [16]. - **Demand**: The demand - side operation rate has improved slightly compared to previous years, but the overall asphalt shipment volume is lower than expected. The infrastructure peak season has passed, and the overall demand is expected to be flat [16]. - **Cost**: The upward space of oil prices in the second half of the year is limited. With the gradual increase in production by OPEC, the wide - range oscillation center of oil prices is expected to move down slightly. Shale oil will play a bottom - supporting role, and there is no continuous trend market [16]. - **Short - term Factor Assessment** - **Supply**: The production rate of heavy - traffic asphalt has started to decline, and imports are expected to remain low due to geopolitical factors [17]. - **Demand**: The operation rates of all demand - side segments are weak, especially the waterproofing membrane sector [17]. - **Inventory**: The overall inventory shows difficulty in destocking, and the social inventory fails to meet the destocking expectation, with the total domestic inventory accumulating more than expected [17]. - **Cost**: The crude oil cost is expected to stop falling and stabilize, as the current oil price has entered the break - even price range of some U.S. shale oil production areas [17]. 2. Spot and Futures Market - **Spot Price**: The report shows the price trends of heavy - traffic asphalt in Shandong, Northeast, East China, and North China regions [20][23][24][26]. - **Basis Trend**: It presents the basis trends of asphalt in Shandong and East China regions from 2021 to 2025 [31]. - **Term Structure**: It shows the term structure of asphalt and the price differences between different contract months [34][35]. 3. Supply Side - **Capacity Utilization and Profit**: It shows the capacity utilization rate of heavy - traffic asphalt, the production profit of Shandong asphalt, and the relationship between asphalt profit and crude oil price [41][44][47]. - **Import**: It includes the import volume, import profit, and cumulative import volume from different countries of asphalt, as well as the import volume of diluted asphalt [49][50][56]. - **Valuation Ratio**: It presents the valuation ratios of fuel oil/asphalt and asphalt/Brent [59]. - **Refinery Profit**: It shows the refining profits of major refineries and Shandong local refineries, as well as the operation rate and production profit of petroleum coke [62][65]. 4. Inventory - **Domestic Inventory**: It shows the trends of domestic factory inventory, social inventory, total inventory, and diluted asphalt port inventory [70]. - **Warehouse Receipt**: It presents the asphalt warehouse receipt volume and the virtual - to - real ratio of the main contract [73]. - **Relationship between Inventory, Profit, and Price**: It analyzes the relationships between inventory, profit, and price [77]. 5. Demand Side - **Enterprise Shipment Volume**: It shows the asphalt shipment volumes of Chinese, Shandong, East China, and North China sample enterprises [81][83][87]. - **Downstream Operation Rate**: It presents the operation rates of rubber shoe materials, road - modified asphalt, waterproofing membranes, etc. [92][93][95]. - **Highway Investment**: It shows the cumulative value of highway construction investment, the monthly year - on - year and monthly values of transportation public fiscal expenditure, and the relationship between asphalt demand and transportation fiscal expenditure [97][100][107]. - **Road - related Machinery**: It shows the monthly sales volumes of road rollers and excavators [108]. - **Related Consumption**: It shows the fixed - asset investment completion rate and the cumulative issuance of local government special bonds [114]. 6. Related Indicators - **Position, Trading Volume, and Price Volatility**: It shows the trading volume, position, and 20 - day historical volatility of asphalt futures [122][123][125]. 7. Industrial Chain Structure Diagram - **Crude Oil Industrial Chain**: It briefly describes the exploration and extraction links of the crude oil industrial chain [130]. - **Asphalt Industrial Chain**: It classifies asphalt from production process and usage perspectives, indicating that straight - run asphalt has the largest production share and is mainly used for road construction, and asphalt is mainly used for waterproofing, anti - corrosion, and road construction [133].

燃料油产业数据月报 研究所·梁可方 投资咨询从业资格号：Z0019111 日期：2025年10月10日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 2 01 观点综述 | 月度观点综述 | | | --- | --- | | 供需 | 炼厂开工与产量方面，全球主要产区燃料油产量总体上升，但俄罗斯地区炼厂开工下降明显，其燃料油 | | 产量以及出口数量环比明显下降。需求方面，中东发电需求开始逐步接近尾声，沙特9月燃料油进口数量 | | | 继续下降，而炼化端中国、印度等地的燃料油进口仍然没有明显的增长。 | | | 价格与价差 硫的裂解也相对低硫更强。 | 绝对价格方面，全球各地燃料油价格月内涨跌互现，各地高硫价格走势明显强于低硫，同时部分地区高 | | 高硫方面，中东出口维持高位，9月内整个亚太区域现货成交相对清淡，成交升贴水呈现低位震荡形态。 | | | 需要注意的是，俄罗斯炼油产能由于乌克兰无人机袭击，目前有20%左右的产能处于下线状态；同时，由 ...

1. Report Industry Investment Rating - No information provided in the content. 2. Core Views of the Report - **Overall Outlook**: The supply pressure of asphalt is currently high, while the demand recovery is weak. The market is expected to experience narrow - range fluctuations in the short term, with the asphalt 2511 contract oscillating between 3354 - 3396 [8]. - **Supply - side**: In August 2025, the total planned asphalt production in China was 2.413 million tons, a month - on - month decrease of 5.1% but a year - on - year increase of 17.1%. The sample capacity utilization rate was 42.0062%, up 5.632 percentage points month - on - month. Sample enterprise production increased by 15.49% month - on - month, but the estimated device maintenance volume decreased by 14.02% month - on - month. Refineries increased production recently, raising supply pressure, but it may decrease next week [8]. - **Demand - side**: The current demand for asphalt is lower than the historical average. The开工率 of heavy - traffic asphalt, building asphalt, modified asphalt, road - modified asphalt, and waterproofing membranes is either flat or down compared to the previous period and lower than the historical average [8]. - **Cost - side**: The daily asphalt processing profit was - 596.95 yuan/ton, a month - on - month decrease of 14.00%. The weekly delayed coking profit of Shandong local refineries was 779.8729 yuan/ton, a month - on - month increase of 10.36%. The loss of asphalt processing decreased, and the profit difference between asphalt and delayed coking increased. With the weakening of crude oil, the short - term cost support is expected to weaken [8]. - **Market Factors**: Bullish factors include relatively high crude oil costs providing some support. Bearish factors are insufficient demand for high - priced sources, overall downward demand, and stronger expectations of an economic recession in Europe and the United States [10][11]. 3. Summaries Based on Related Catalogs 3.1 Daily View - **Supply**: Supply pressure remains high, with refineries increasing production recently but a possible decrease in supply pressure next week [8]. - **Demand**: Demand recovery is weak, with current demand lower than the historical average [8]. - **Cost**: Short - term cost support is expected to weaken due to the weakening of crude oil [8]. - **Other Aspects**: The basis shows a bullish sign with the spot price at a premium to the futures price. Inventories are showing a neutral trend with continuous destocking in social, factory, and port inventories. The futures price of the 11 - contract is below the MA20, showing a bearish sign. The net long position of the main contract has changed from short to long, showing a bullish sign [8]. 3.2 Fundamental/Position Data - **Yesterday's Market Overview**: Various indicators such as futures contracts, inventories, and production showed different trends of increase or decrease. For example, the 01 contract price decreased by 1.52% compared to the previous value [15]. - **Asphalt Futures Market - Basis Trend**: Provided the historical trend charts of the Shandong and East China basis of asphalt [17]. - **Asphalt Futures Market - Spread Analysis**: Included the spread trends of main contracts (such as 1 - 6, 6 - 12), the price trends of asphalt, Brent oil, and West Texas oil, the crude oil cracking spread, and the price - ratio trends of asphalt, crude oil, and fuel oil [20][23][26][30]. - **Asphalt Spot Market - Market Price Trends in Different Regions**: Showed the historical price trends of Shandong heavy - traffic asphalt [33]. - **Asphalt Fundamental Analysis - Profit Analysis**: Included the profit trends of asphalt and the profit - spread trends between coking and asphalt [35][38]. - **Asphalt Fundamental Analysis - Supply - side**: Covered aspects such as shipment volume, diluted asphalt port inventory, production (weekly and monthly), Ma Rui crude oil price and Venezuelan crude oil monthly production, local refinery asphalt production, capacity utilization rate, and estimated maintenance loss volume [42][44][47]. - **Asphalt Fundamental Analysis - Inventory**: Included exchange warehouse receipts, social inventory, factory inventory, and the inventory - to - stock ratio in factories [62][66][69]. - **Asphalt Fundamental Analysis - Import and Export Situation**: Showed the export and import trends of asphalt and the import - price spread trend of South Korean asphalt [72][75]. - **Asphalt Fundamental Analysis - Demand - side**: Included petroleum coke production, apparent consumption, downstream demand (such as highway construction, new local special bonds, infrastructure investment), downstream machinery demand, asphalt 开工率 (by different types), and downstream 开工率 (such as shoe - material SBS - modified asphalt, road - modified asphalt, waterproofing membrane) [78][81][84]. - **Asphalt Fundamental Analysis - Supply - Demand Balance Sheet**: Presented the monthly supply - demand balance sheet of asphalt from January 2024 to September 2025, including production, import, export, inventory, and downstream demand [104].

Core Insights - Singapore's middle distillates stockpiles have reached a three-month high, indicating a significant increase in inventory levels [1] - Net exports of diesel and jet fuel have both decreased compared to the previous week, suggesting a potential slowdown in demand or supply chain adjustments [1] Industry Summary - The rise in middle distillates stockpiles may impact pricing and market dynamics for diesel and jet fuel in the region [1] - The decline in net exports could reflect broader trends in the energy market, potentially affecting regional supply and demand balances [1]