1. Report Industry Investment Rating - Unilateral: Neutral [2] 2. Core View of the Report - The spot market of asphalt is generally stable, and the pattern of weak supply and demand continues. Near the Spring Festival, the spot market of asphalt has weak supply and demand, and the overall trading atmosphere is rather dull. The energy and chemical sectors, including asphalt, may be repeatedly disturbed by news due to the unresolved geopolitical risks in the Middle East. Domestic refineries are preparing for raw material switching after March, and there is no absolute bottleneck in raw material substitution, but cost increase is inevitable. If the Middle East situation deteriorates, the supply of substitute raw materials will face greater threats, and there are still upward risks in the market [1] 3. Summary by Relevant Catalog Market Analysis - On February 10, the closing price of the main BU2603 contract of asphalt futures in the afternoon session was 3,343 yuan/ton, with a decline of 0 yuan/ton or 0% compared to the previous day's settlement price. The position was 57,736 lots, a decrease of 9,679 lots compared to the previous period, and the trading volume was 82,908 lots, a decrease of 39,924 lots compared to the previous period [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3,506 - 3,600 yuan/ton; Shandong: 3,180 - 3,240 yuan/ton; South China: 3,290 - 3,350 yuan/ton; East China: 3,250 - 3,280 yuan/ton. The spot price of asphalt in Shandong decreased, and that in Sichuan and Chongqing increased, while the spot prices in other regions were generally stable [1][2] Strategy - Unilateral: Neutral. Pay attention to the development of the Iranian situation and maintain a light position before the Spring Festival. No strategies are provided for inter - period, cross - variety, spot - futures, and options [2]

Core Viewpoint - The announcement by U.S. President Trump regarding Venezuela's potential transfer of up to 50 million barrels of oil to the U.S. at market prices has led to a significant drop in Canadian crude oil prices along the U.S. Gulf Coast [1] Price Impact - Canadian "Cold Lake" crude oil was trading at an $8.50 per barrel discount to the WTI monthly average price, an increase from a $6.80 per barrel discount the previous day [1] - This represents the largest discount since the end of 2023 if the closing price remains near this level [1] - In Alberta, the discount for heavy crude oil widened from $13.90 per barrel to $14.10 per barrel [1]