Summary of the Conference Call for Unified Co., Ltd. Company Overview - The conference call was hosted by Unified Co., Ltd. to discuss the 2024 annual and 2025 Q1 performance reports [1] - The management team included General Manager Li Jia and Financial Officer Yue Peng [1] Key Financial Performance - **2024 Financial Results**: - Revenue reached 2.314 billion CNY, a year-on-year increase of 3.35% [4] - Main business revenue was 2.305 billion CNY, also up by 3.4% [4] - Total profit was 415.87 million CNY, with net profit at 313.88 million CNY [4] - **2025 Q1 Financial Results**: - Revenue was 747 million CNY, a slight decrease of 1.28% year-on-year [11] - Net profit for Q1 was 41.36 million CNY, up by 4.81% from the previous year [11] - Gross margin improved to 21.74%, an increase of 1.77 percentage points [19] Market and Product Highlights - **Sales Growth**: - Total sales volume exceeded 200 million liters, a growth of 4.7% year-on-year [4] - The company focused on expanding its market presence through innovative marketing and product optimization [4] - **Low-Carbon and New Energy Products**: - Unified Co. is committed to low-carbon solutions, launching various products for the new energy sector, including special oils for electric vehicles and energy storage [5] - The company achieved a leading position in global low-carbon lubricant sales [5] International Expansion - Unified Co. has successfully entered international markets, including countries like the UAE, Mexico, and Nigeria, aligning with national strategies for overseas expansion [6] Research and Development - R&D investment increased by 149.9% year-on-year, focusing on low-carbon and new energy technologies [6] - The T-Lab laboratory developed 27 new products related to low-carbon lubricants and energy storage, with 17 patents filed [7] Sustainability and ESG Initiatives - The company aims to reduce carbon emissions, achieving a 31.82% reduction in 2024 [10] - Unified Co. has received recognition for its ESG practices, improving its rating from BB to BBB and aiming for AA in 2024 [10] Future Strategy - Plans to deepen low-carbon initiatives and expand globally, with a focus on technological innovation and collaboration with industry standards organizations [12][13] - Continued commitment to using renewable energy, with expectations that solar power will cover 60% of the Beijing plant's electricity needs by 2025 [13] Operational Efficiency - Supply chain efficiency improved, with a response rate of 96.8% [9] - Inventory turnover rate optimized to 13.53 times per year, with a reduction in procurement costs by 2.7% [9] Conclusion - Unified Co. is positioned for growth through strategic market expansion, innovative product development, and a strong commitment to sustainability and ESG principles, aiming for high-quality development in the future [21]

Core Viewpoint - The Hubei Provincial Development and Reform Commission announced a reduction in fuel prices, with 92 gasoline, 95 gasoline, and 0 diesel decreasing by 0.1 yuan, 0.11 yuan, and 0.1 yuan per liter respectively, effective from July 15, 2025 [1] Price Adjustments - The new prices for gasoline and diesel in Hubei will be 7.27 yuan per liter for 92 gasoline, 7.78 yuan for 95 gasoline, and 6.9 yuan for 0 diesel after the adjustment [1] - This marks the 14th price adjustment in 2025, with a total of six increases and six decreases so far [4] Market Analysis - Domestic institutions predict that the next round of fuel price adjustments is likely to remain unchanged due to ongoing U.S. sanctions on oil-producing countries and the traditional peak season for fuel consumption in the U.S. [5] - OPEC+ is expected to increase production from July to September, which may influence market dynamics [5] Regulatory Measures - The National Development and Reform Commission emphasized the need for major oil companies to ensure stable supply and compliance with national pricing policies [5][6] - Local authorities are urged to enhance market supervision and strictly enforce price policies to maintain normal market order [5]

Core Viewpoint - The recent adjustment in fuel prices reflects the ongoing fluctuations in international oil markets, with a notable decrease in retail prices for gasoline and diesel, which is expected to impact consumer costs and logistics expenses positively [1][2]. Group 1: Price Adjustments - As of July 15, 2025, retail prices for gasoline and diesel will decrease by 130 yuan and 125 yuan respectively, translating to reductions of 0.10 yuan for 92 gasoline, 0.11 yuan for 95 gasoline, and 0.11 yuan for 0 diesel per liter [1]. - For a typical family car with a 50L fuel tank, filling up with 92 gasoline will save approximately 5 yuan [1]. - For a heavy-duty truck running 10,000 kilometers monthly with a fuel consumption of 38L per 100 kilometers, the fuel cost will decrease by around 195 yuan before the next price adjustment [1]. Group 2: Market Dynamics - The current pricing cycle has seen a weak fluctuation in international oil prices due to a combination of seasonal demand in the U.S. and easing geopolitical tensions in the Middle East, alongside an unexpected production increase from OPEC+ [1]. - Analysts predict that the upcoming price adjustments will lead to a negative change rate, indicating potential downward pressure on future market conditions [1][2]. - Domestic supply of refined oil is expected to increase as major refineries resume operations, while demand for diesel may decline due to seasonal factors and adverse weather conditions affecting construction activities [2]. Group 3: Future Outlook - The next price adjustment window is scheduled for July 29, 2025, which will provide further insights into market trends and pricing strategies [3].

国家统计局：原油加工由降转增。6月份，规上工业加工原油6224万吨，同比增长8.5%，5月份为下降 1.8%；日均加工207.5万吨。 ...

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Oil prices showed resilience, with Brent and WTI prices reaching $70.36 and $68.45 per barrel respectively as of July 11, 2025, supported by various factors including OPEC+ production increases and a decrease in refined oil inventories [2][8] - The report highlights a significant increase in oil prices, with Brent crude futures rising by $2.06 per barrel (+3.02%) and WTI crude futures increasing by $1.45 per barrel (+2.16%) in the week ending July 11, 2025 [28] - The report notes a decrease in U.S. crude oil production to 13.385 million barrels per day, a reduction of 48,000 barrels per day from the previous week [48] - The report identifies key companies in the sector, including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) [2] Summary by Sections Oil Price Review - As of July 11, 2025, Brent crude futures settled at $70.36 per barrel, up $2.06 (+3.02%) from the previous week, while WTI crude futures settled at $68.45 per barrel, up $1.45 (+2.16%) [28][21] - The report indicates that the increase in oil prices is attributed to OPEC+ production adjustments and geopolitical factors affecting supply and demand [2][8] Offshore Drilling Services - The number of global offshore self-elevating drilling platforms increased to 385, with a net addition of 5 platforms, while the number of floating drilling platforms remained stable at 134 [33] U.S. Crude Oil Supply - U.S. crude oil production decreased to 13.385 million barrels per day, with active drilling rigs dropping to 424 [48][39] - The report notes an increase in the number of pressure pumping fleets to 180, indicating some activity in the sector despite the overall production decline [48] U.S. Crude Oil Demand - U.S. refinery crude processing decreased to 17.006 million barrels per day, with a refinery utilization rate of 94.70%, down 0.2 percentage points from the previous week [59] U.S. Crude Oil Inventory - As of July 4, 2025, total U.S. crude oil inventories rose to 829 million barrels, an increase of 7.308 million barrels (+0.89%) from the previous week [68] Refined Oil Prices - In North America, the average prices for diesel, gasoline, and jet fuel were $101.69, $91.13, and $94.08 per barrel respectively, with respective increases of $2.12, $2.86, and $1.96 [89][93]

Investment Rating - The industry investment rating is "Neutral" as the industry index is expected to be in line with the benchmark [127]. Core Insights - The price spread of refining products remains weak, with domestic key refining project price spread at 2534.93 CNY/ton, down by 101.49 CNY/ton (-3.85%) week-on-week, and international key refining project price spread at 1070.98 CNY/ton, down by 55.46 CNY/ton (-4.92%) [2][12]. - Brent crude oil weekly average price was 69.73 USD/barrel, with a week-on-week increase of 1.70% [2][12]. - The report highlights the impact of OPEC+ production increases and rising EIA crude oil inventories, which negatively affect market expectations, while U.S. tariff delays and Saudi Arabia's price adjustments provide some support to oil prices [13][12]. Refining Sector Summary - The refining sector is facing increased supply expectations due to OPEC+ production increases and rising crude oil inventories, which may negatively impact market conditions [13]. - Domestic refined oil prices have generally declined, while international prices have increased [13]. - The price spread for refined products in the domestic market has decreased, with diesel, gasoline, and aviation kerosene averaging 7174.29 CNY/ton, 8171.86 CNY/ton, and 6165.43 CNY/ton respectively [13]. Chemical Sector Summary - The chemical sector is experiencing overall price declines due to weak demand, with polyethylene prices showing limited increases despite cost support [48]. - EVA prices have decreased due to weak downstream demand, leading to price concessions from suppliers [48]. - The price of pure benzene has also decreased, with a narrowing price spread despite some market support from futures listings [48]. Polyester Sector Summary - The polyester sector is seeing a slight decline in price levels, with PX supply decreasing due to reduced operating rates in some factories [78]. - PTA prices have dropped, and the average profit per ton is negative, indicating challenging market conditions [90]. - The demand for polyester products is weak, with inventory levels rising and production cuts expected [89]. Performance of Major Refining Companies - As of July 11, 2025, the stock price changes for six major private refining companies were as follows: Rongsheng Petrochemical (+0.94%), Hengli Petrochemical (-1.62%), Dongfang Shenghong (+1.76%), Hengyi Petrochemical (+0.51%), Tongkun Co. (+3.51%), and Xin Fengming (+4.50%) [112][113]. - Over the past month, stock price changes were: Rongsheng Petrochemical (+1.18%), Hengli Petrochemical (-3.34%), Dongfang Shenghong (+4.71%), Hengyi Petrochemical (-1.00%), Tongkun Co. (+3.99%), and Xin Fengming (+6.91%) [112][113].

Company Overview - Founded in 2005, the company specializes in green chemicals with a production base located in the Ningbo Petrochemical Economic and Technological Development Zone, a key area for the petrochemical industry in China [2][3] - The company has established a wholly-owned subsidiary in Wuxi, focusing on the liquid cooling industry [2][3] Core Technologies and Production Capacity - The company has localized the application of Shell technology and developed several core technologies, establishing a research and innovation moat [3] - With two major production bases, the annual production capacity can reach 1 million tons, and the company has self-sufficient hydrogen production capabilities [3] Product Range and Applications - Main products include specialty oils, base oils, white oils, fuel oils, and asphalt, widely used in energy storage materials, ship refueling, lubricating oil processing, and rubber processing [3] - Continuous development of new products will expand application scenarios [3] Market Strategy and Innovation - The company has set up branches in Beijing, Singapore, and Zhoushan Free Trade Zone to quickly grasp global fuel information trends and link global procurement channels [3] - It is the only private refinery in China operating bonded high-sulfur fuel oil, breaking the reliance on imports for this product [3] Safety and Environmental Initiatives - Significant investments in safety and environmental protection from the outset, resulting in a factory with no odor and energy-saving effects that exceed industry standards [3] - Recognized as a national green factory and a national industrial product green design demonstration enterprise [3] Talent Acquisition - The company has gathered a management team with outstanding professional capabilities and rich practical experience across manufacturing, research and development, and safety and environmental protection [3] Subsidiary Establishment - Two wholly-owned subsidiaries, Ningbo Qihang New Materials Technology Co., Ltd. and Ningbo Qicheng New Materials Technology Co., Ltd., were established with a capital of RMB 1 million each, focusing on chemical-related businesses [4] Stock Issuance and Fund Utilization - The company plans to issue A-shares to specific investors, pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, with funds primarily for working capital and repaying bank loans [4] Industry Collaboration - Recent discussions with industry leaders focused on the company's transformation and development path in the context of industrial change, particularly in the liquid cooling sector [4] Liquid Cooling Sector Development - The company aims to leverage the explosive growth in national computing power demand by establishing a liquid cooling company and building a professional team to capture development opportunities [4] Financial Reporting - The company will release its semi-annual report on August 26, 2025, detailing the second-quarter profits [4]

Report Title - Asphalt: Demand Recovery, Sufficient Supply — 20250711 [1] Report Analysts - Zhang Yongge, Qualification No.: F0282934, Investment Consulting License No.: Z0011351 [2] - Zhang Yanwen, Qualification No.: F03088843 [2] Report Industry Investment Rating - Not provided Core Viewpoints - International oil prices are expected to remain low due to factors such as US sanctions on oil - producing countries and OPEC+ production increases. In the short term, there is uncertainty in the change of asphalt production capacity utilization rate, but overall supply is expected to show an increasing trend. The demand is in the critical period of the "14th Five - Year Plan", with infrastructure projects progressing steadily. The demand in the north may increase after reduced rainfall, while the demand recovery in the south is not obvious. In the short term, asphalt spot prices will mainly remain stable due to the game between cost and demand [5] Summary by Directory Spot Market - **Price**: As of July 10, the reference prices of asphalt in different regions vary. In Shandong, the refinery reference price is 3580 - 3700 yuan/ton, and the main - business reference price is 4050 - 4070 yuan/ton; in East China, the trucking transaction range is 3670 - 3850 yuan/ton; in North China, the heavy - traffic asphalt reference price is 3750 - 3760 yuan/ton; in Northeast China, the mainstream reference price is 3850 - 4080 yuan/ton; in South China, the heavy - traffic asphalt reference price is 3600 - 3680 yuan/ton; in Northwest China, the heavy - traffic asphalt reference price is 3650 - 4350 yuan/ton [3] - **Cost End**: The US plan to impose high tariffs on multiple countries has increased market concerns about demand prospects. The market expects OPEC+ to maintain a large production increase in September, raising concerns about supply surplus [3] - **Supply**: This week, some refineries in the Northwest and Southwest slightly increased production, and major refineries in South China and Shandong resumed asphalt production. The capacity utilization rate of 77 heavy - traffic asphalt enterprises was 32.7%, a 1.0% increase from the previous week. The weekly total asphalt output was 56.7 tons, a decrease of 0.8 tons or 1.4% from the previous week. Next week, Jiangsu Xinhai is expected to resume production, but some refineries in Shandong will continue to switch to producing residual oil, and main - business refineries in East China will operate at low loads [3] Demand - The total shipment volume of domestic asphalt enterprises was 39.8 tons, a 2.6% increase from the previous week. The shipment volume growth in East and Southwest China was prominent. In East China, the main refineries mainly shipped by ship, which increased the shipment volume; in Southwest China, some refineries increased production capacity and sold some goods externally, promoting the increase in shipment volume. The capacity utilization rate of modified asphalt was 14.4%, a 0.4% increase from the previous week. Next week, due to rainfall in some southern regions, the actual rigid demand is limited, while in the north, with less rainfall, market demand is expected to be slightly supported [4] Market Outlook - International oil prices are expected to remain low. The supply may increase, and the demand in the north may be slightly supported after reduced rainfall, while the demand recovery in the south is not obvious. In the short term, asphalt spot prices will mainly remain stable due to the game between cost and demand [5] Data Sources - Steel Union, Longzhong Information, Hongye Financial Research Institute [8][10][12]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. 3. Summary by Relevant Catalogs Futures Contracts - The price of BU main contract on 7/10 was 3629, with a daily change of 6 and an interval change of 58 [4]. - The price of BU06 on 7/10 was 3370, with a daily change of 16 and an interval change of 100 [4]. - The price of BU09 on 7/10 was 3629, with a daily change of 6 and an interval change of 58 [4]. - The price of BU12 on 7/10 was 3447, with a daily change of 7 and an interval change of 70 [4]. - The price of BU03 on 7/10 was 3384, with a daily change of 1 and an interval change of 69 [4]. Trading Volume and Open Interest - The trading volume on 7/10 was 176,852, a decrease of 46,382 from the previous day and a decrease of 30,278 from the interval [4]. - The open interest on 7/10 was 471,972, an increase of 2,951 from the previous day and a decrease of 12,902 from the interval [4]. Spot Prices - The low - end price in the Shandong market on 7/10 was 3580, a decrease of 20 from the previous day and an increase of 20 from the interval [4]. - The low - end price in the East China market on 7/10 was 3670, with no daily change and an increase of 20 from the interval [4]. - The low - end price in the South China market on 7/10 was 3600, with no daily and interval change [4]. - The low - end price in the North China market on 7/10 was 3750, with no daily and interval change [4]. - The low - end price in the Northeast market on 7/10 was 3850, with no daily change and a decrease of 50 from the interval [4]. Basis and Spread - The Shandong basis on 7/10 was - 49, a decrease of 26 from the previous day and a decrease of 38 from the interval [4]. - The East China basis on 7/10 was 41, a decrease of 6 from the previous day and a decrease of 38 from the interval [4]. - The South China basis on 7/10 was - 29, a decrease of 6 from the previous day and a decrease of 28 from the interval [4]. - The 03 - 06 spread on 7/10 was 14, a decrease of 15 from the previous day and a decrease of 31 from the interval [4]. - The 06 - 09 spread on 7/10 was - 259, an increase of 10 from the previous day and an increase of 42 from the interval [4]. - The 09 - 12 spread on 7/10 was 182, a decrease of 1 from the previous day and a decrease of 12 from the interval [4]. - The 12 - 03 spread on 7/10 was 63, an increase of 6 from the previous day [4]. Crack Spread and Profit - The asphalt Brent crack spread on 7/10 was - 97, a decrease of 21 from the previous day and a decrease of 59 from the interval [4]. - The asphalt Ma Rui profit on 7/10 was - 157, a decrease of 18 from the previous day and a decrease of 53 from the interval [4]. - The ordinary refinery comprehensive profit on 7/10 was 419, a decrease of 10 from the previous day and a decrease of 46 from the interval [4]. - The import profit (South Korea - East China) on 7/10 was - 153, with no daily change and an increase of 12 from the interval [4]. - The import profit (Singapore - South China) on 7/10 was - 961, an increase of 2 from the previous day and a decrease of 7 from the interval [4]. Related Prices - The Brent crude oil price on 7/10 was 70.2, with no daily change and an increase of 1.4 from the interval [4]. - The gasoline market price in Shandong on 7/10 was 7831, with no daily change and an increase of 81 from the interval [4]. - The diesel market price in Shandong on 7/10 was 6788, a decrease of 23 from the previous day and a decrease of 19 from the interval [4]. - The residue oil market price in Shandong on 7/10 was 3625, an increase of 10 from the previous day and a decrease of 15 from the interval [4].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - Fundamental analysis shows a short - term bearish outlook for asphalt due to high supply pressure and weak demand recovery. However, high - level crude oil prices provide some support. The market is expected to fluctuate narrowly in the short term, with the asphalt 2509 contract fluctuating in the range of 3592 - 3654 [8][10][15] - Bullish factors include relatively high crude oil costs, which provide some support. Bearish factors are insufficient demand for high - priced goods, overall downward demand, and increasing expectations of an economic recession in Europe and the United States [13][14] 3. Summary According to the Directory 3.1 Daily Views - **Supply Side**: In June 2025, the domestic total planned asphalt production was 2.398 million tons, with a month - on - month increase of 3.5% and a year - on - year increase of 12.7%. This week, the sample capacity utilization rate of domestic petroleum asphalt was 33.1376%, a month - on - month increase of 0.359 percentage points. Refineries have increased production recently, increasing supply pressure, but supply pressure may decrease next week [8] - **Demand Side**: The current demand is lower than the historical average. The heavy - traffic asphalt开工率 was 31.7%, a month - on - month increase of 0.01 percentage points; the construction asphalt开工率 was 18.2%, unchanged from the previous month; the modified asphalt开工率 was 14.0382%, a month - on - month decrease of 0.72 percentage points; the road - modified asphalt开工率 was 26%, a month - on - month increase of 2.00 percentage points; and the waterproofing membrane开工率 was 33%, a month - on - month decrease of 6.00 percentage points [8] - **Cost Side**: The daily asphalt processing profit was - 452.13 yuan/ton, a month - on - month decrease of 14.00%. The weekly delayed coking profit of Shandong local refineries was 1113.1829 yuan/ton, a month - on - month increase of 7.54%. The loss of asphalt processing decreased, and the profit difference between asphalt and delayed coking increased. With the strengthening of crude oil, it is expected to provide short - term support [9] - **Expectation**: It is expected that the asphalt market will fluctuate narrowly in the short term, with the asphalt 2509 contract fluctuating in the range of 3592 - 3654 [10] 3.2 Asphalt Market Overview - The report provides yesterday's market overview, including data on various contracts such as 01 - 12 contracts, covering indicators such as futures closing prices, price changes, basis, weekly production, and weekly operating rates [18] 3.3 Asphalt Futures Market - Basis Trend - The report shows the historical trends of Shandong and East China asphalt basis from 2020 to 2025, reflecting the relationship between spot and futures prices [21] 3.4 Asphalt Futures Market - Spread Analysis - **主力合约价差**: It presents the historical trends of 1 - 6 and 6 - 12 contract spreads from 2020 to 2025, which is helpful for analyzing the price differences between different contracts [25] - **沥青原油价格走势**: It shows the historical price trends of asphalt, Brent crude oil, and WTI crude oil from 2020 to 2025, reflecting the relationship between asphalt and crude oil prices [27] - **原油裂解价差**: It presents the historical trends of asphalt - SC, asphalt - WTI, and asphalt - Brent crude oil cracking spreads from 2020 to 2025, which is useful for analyzing the profitability of asphalt refining [30][31] - **沥青、原油、燃料油比价走势**: It shows the historical trends of the price ratios of asphalt, crude oil, and fuel oil from 2020 to 2025, helping to understand the relative price relationships among these products [35] 3.5 Asphalt Spot Market - Market Price Trends in Various Regions - It shows the historical price trend of Shandong heavy - traffic asphalt from 2020 to 2025, reflecting the price changes in the local asphalt market [37] 3.6 Asphalt Fundamental Analysis - **Profit Analysis**: - **沥青利润**: It presents the historical trend of asphalt profit from 2019 to 2025, showing the profitability of asphalt production [40] - **焦化沥青利润价差走势**: It shows the historical trend of the profit spread between coking and asphalt from 2020 to 2025, which is important for analyzing the profit differences between different refining processes [44] - **Supply Side**: - **出货量**: It shows the historical trend of weekly asphalt shipments from 2020 to 2025, reflecting the sales situation of asphalt [46] - **稀释沥青港口库存**: It presents the historical trend of domestic diluted asphalt port inventories from 2021 to 2025, which is related to the supply of raw materials [48] - **产量**: It shows the historical trends of weekly and monthly asphalt production from 2019 to 2025, reflecting the overall supply capacity of asphalt [51] - **马瑞原油价格及委内瑞拉原油月产量走势**: It presents the historical trends of the price of Marruán crude oil and the monthly production of Venezuelan crude oil, which is related to the supply of raw materials for asphalt production [56] - **地炼沥青产量**: It shows the historical trend of asphalt production from local refineries from 2019 to 2025, reflecting the production capacity of local refineries [58] - **开工率**: It presents the historical trend of weekly asphalt operating rates from 2021 to 2025, reflecting the production activity of asphalt [61] - **检修损失量预估**: It shows the historical trend of estimated maintenance losses from 2018 to 2025, which is related to the supply reduction caused by refinery maintenance [63] - **Inventory**: - **交易所仓单**: It presents the historical trend of exchange warehouse receipts from 2019 to 2025, reflecting the inventory situation in the futures market [66] - **社会库存和厂内库存**: It shows the historical trends of social and factory - level asphalt inventories from 2022 to 2025, reflecting the overall inventory situation [70] - **厂内库存存货比**: It presents the historical trend of the inventory - to - stock ratio in factories from 2018 to 2025, which is related to the inventory management of factories [73] - **进出口情况**: - It shows the historical trends of asphalt exports and imports from 2019 to 2025, as well as the historical trend of the import price difference of South Korean asphalt from 2020 to 2025, reflecting the international trade situation of asphalt [76][79] - **Demand Side**: - **石油焦产量**: It shows the historical trend of petroleum coke production from 2019 to 2025, which is related to the demand for asphalt in the related industries [82] - **表观消费量**: It presents the historical trend of asphalt apparent consumption from 2019 to 2025, reflecting the overall market demand [85] - **下游需求**: - It shows the historical trends of highway construction traffic fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year growth rate, as well as the sales volume of asphalt concrete pavers, the monthly operating hours of excavators, the sales volume of domestic excavators, and the sales volume of road rollers, reflecting the demand for asphalt in the downstream construction industry [88][92][94] - **沥青开工率**: - **重交沥青开工率**: It presents the historical trend of heavy - traffic asphalt operating rates from 2019 to 2025, reflecting the production activity of heavy - traffic asphalt [97] - **按用途分沥青开工率**: It shows the historical trends of construction asphalt, modified asphalt, and other types of asphalt operating rates from 2019 to 2025, reflecting the production activities of different types of asphalt [99] - **下游开工情况**: It presents the historical trends of the operating rates of shoe - material SBS - modified asphalt, road - modified asphalt, waterproofing membrane - modified asphalt, and other downstream products from 2019 to 2025, reflecting the demand for asphalt in the downstream industries [101][103] - **供需平衡表**: It provides the monthly asphalt supply - demand balance table from January 2024 to July 2025, including data on production, imports, exports, social inventories, and factory inventories, which is helpful for analyzing the overall supply - demand situation of the asphalt market [106]