Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The short - advantage in the asphalt market has weakened, and it is expected that the asphalt futures will maintain a volatile and stable trend in the future [1][5] Group 3: Summary Based on Related Details Market Performance - Yesterday, the asphalt futures 2602 contract showed a volatile consolidation trend, with the lowest intraday price reaching 2967 yuan/ton and the closing price at 3008 yuan/ton, a gain of 0.23%. The position decreased slightly by 15,886 lots to 141,333 lots [2] Changes in Long and Short Positions - The long and short positions of the top 20 seats in the long - short position list of the asphalt futures 2602 contract both decreased. The long positions decreased by 8,929 lots to 94,739 lots, and the short positions decreased by 13,876 lots to 97,197 lots. The reduction in short positions exceeded that of long positions, causing the net short position to shrink to 2,458 lots [2] Changes in Long Positions of Top 20 Seats - Among the top 20 long seats, 15 reduced their long positions. 4 seats reduced more than 1,000 lots, including Guotai Junan Futures, CITIC Futures, Galaxy Futures, and Guotou Futures, with decreases of 2,051 lots, 2,369 lots, 1,633 lots, and 2,062 lots respectively. 7 seats reduced between 100 and 1,000 lots, and the remaining 4 seats reduced less than 100 lots [3] Changes in Short Positions of Top 20 Seats - Among the top 20 short seats, 14 reduced their short positions. 6 seats reduced more than 1,000 lots, including Galaxy Futures, Dongzheng Futures, CITIC Futures, Huatai Futures, Qiankun Futures, and Guotou Futures, with decreases of 1,306 lots, 1,204 lots, 3,632 lots, 1,502 lots, 4,189 lots, and 2,156 lots respectively. 8 seats reduced between 100 and 1,000 lots [4] Multi - to - Short and Short - to - Long Operations - 3 seats carried out multi - to - short operations, including Guotai Junan Futures, Dadi Futures, and GF Futures, which reflects that traders on these seats believe the power for the asphalt to stabilize and rebound in the future is insufficient. Only 1 seat, Dongzheng Futures, carried out short - to - long operations, indicating that traders on this seat think the asphalt is expected to rebound again [4][5]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoint of the Report - The asphalt supply is low, with the weekly asphalt operating rate at 27.6%, a 0.2 - percentage - point drop from the previous week and 0.9 percentage points lower than the same period last year. December's domestic asphalt production is expected to be 215.8 million tons, a 3.1% decrease from the previous month and a 13.8% decrease year - on - year. Demand is weakening, with most downstream industries' operating rates falling. The national asphalt shipment volume decreased by 3.52% to 244,500 tons. The asphalt refinery inventory - to - stock ratio is near the lowest level in recent years. Crude oil prices are weakly volatile. Market concerns about Venezuelan heavy crude exports have eased. With some Shandong refineries planning to switch to producing residue and road construction in the north ending, demand will further slow down. The asphalt futures price is expected to fluctuate [1][5] 3. Summary by Relevant Catalogs 3.1. Market Analysis - Supply: The weekly asphalt operating rate dropped 0.2 percentage points to 27.6%, hitting the lowest level in recent years. December's domestic asphalt production is expected to be 215.8 million tons, down 70,000 tons from the previous month and 344,000 tons year - on - year. Some refineries in East China had intermittent shutdowns, and some in Shandong plan to switch to residue production next week [1][5] - Demand: Most downstream industries' operating rates declined, with the road asphalt operating rate dropping 3 percentage points to 24% due to funding and weather. Road construction in the north is ending, and demand in the south is average. Southern refineries cut prices, and low - price products sold well [1][5] - Inventory: The asphalt refinery inventory - to - stock ratio dropped 0.2 percentage points to 13.2% this week, remaining near the lowest level in recent years [5] - Crude oil: Iraqi oilfields resumed production, and the US is promoting peace talks between Russia and Ukraine. However, the US imposed new sanctions on Venezuela, causing concerns about Venezuelan heavy crude exports. These concerns eased after Trump did not declare war on Venezuela in a speech [1] - Price: The asphalt futures 2602 contract fell 1.95% to 2909 yuan/ton, with the lowest price at 2895 yuan/ton and the highest at 2945 yuan/ton. The trading volume decreased by 6744 to 217,948 lots. The mainstream market price in Shandong remained at 2910 yuan/ton, and the basis of the asphalt 02 contract rose to 1 yuan/ton, at a neutral level [2][3] 3.2. Futures and Spot Market Conditions - Futures: The asphalt futures 2602 contract fell 1.95% to 2909 yuan/ton, below the 5 - day moving average. The trading volume decreased by 6744 to 217,948 lots [2] - Basis: The mainstream market price in Shandong remained at 2910 yuan/ton, and the basis of the asphalt 02 contract rose to 1 yuan/ton, at a neutral level [3] 3.3. Fundamental Tracking - Supply: The asphalt operating rate dropped 0.2 percentage points to 27.6%, the lowest in recent years. From January to October, national highway construction investment decreased by 6% year - on - year. From January to November, road transport fixed - asset investment decreased by 4.7% year - on - year, and infrastructure investment (excluding electricity) decreased by 1.1% year - on - year [5] - Demand: As of December 19, most downstream industries' operating rates declined, with the road asphalt operating rate dropping 3 percentage points to 24% due to funding and weather [5] - Inventory: As of December 19, the asphalt refinery inventory - to - stock ratio dropped 0.2 percentage points to 13.2%, near the lowest level in recent years [5]