| 脂点资讯 | 脂点资讯 | | | --- | --- | --- | | SOURCE POINT | SOURCE POINT | | | 同 | | | | YONGAN FUTURES | | | | | | 1/2017 | | 燃料油早报 | | --- | | 研究中心能化团队 2026/01/07 | | --- | | 燃 料 油 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/12/29 | 328.49 | 376.75 | -9.66 | 602.29 | -225.54 | 21.18 | 48.26 | | 2025/12/30 | 326.83 | 371 ...

| | | | | 燃料油早报 | | 研究中心能化团队 2025/12/23 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/12/16 | 316.99 | 364.37 | -8.87 | 588.11 | -223.74 | 22.32 | 47.38 | | 2025/12/17 | 325.12 | 368.94 | -8.40 | 594.14 | -225.20 | 22.33 | 43.82 | | 2025/12/18 | 327.47 | 369.76 | -8.26 | 593.29 | -223.53 | 22.13 | 42.29 | | ...

| 国 内 F U | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | FU 01 | FU 05 | FU 09 | FU 01-05 | FU 05-09 | FU 09-01 | | 2025/12/15 | 2417 | 2474 | 2445 | -57 | 29 | 28 | | 2025/12/16 | 2368 | 2431 | 2400 | -63 | 31 | 32 | | 2025/12/17 | 2384 | 2444 | 2412 | -60 | 32 | 28 | | 2025/12/18 | 2403 | 2464 | 2431 | -61 | 33 | 28 | | 2025/12/19 | 2356 | 2415 | 2382 | -59 | 33 | 26 | | 变化 | -47 | -49 | -49 | 2 | 0 | -2 | 国 内 L U | 日期 | LU 01 | LU 05 | LU 09 | LU 01-05 | LU 05-09 | LU 09-01 | | --- | -- ...

新 加 坡 燃 料 油 现 货 | 日期 | FOB 380cst | FOB VLSFO | 380基差 | 高硫内外价差 | 低硫内外价差 | | --- | --- | --- | --- | --- | --- | | 2025/12/08 | 343.53 | 425.03 | -6.40 | 2.1 | 4.5 | | 2025/12/09 | 333.81 | 415.01 | -5.22 | 1.7 | 4.2 | | 2025/12/10 | 330.84 | 416.96 | -5.85 | -0.2 | 3.8 | | 2025/12/11 | 328.65 | 410.80 | -5.35 | 0.8 | 3.7 | | 2025/12/12 | 331.79 | 416.24 | -4.45 | 3.3 | 6.1 | | 变化 | 3.14 | 5.44 | 0.90 | 2.5 | 2.4 | | 国 内 F U | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | FU 01 | FU 05 | FU ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - This week, the cracking spread of high - sulfur fuel oil in Singapore fluctuated, the monthly spread was at a historical low, strengthened slightly on Friday, the basis weakened and then strengthened slightly on Friday; the cracking spread of European HSFO fluctuated weakly, and the EW spread fluctuated. The cracking spread of 0.5% fuel oil in Singapore weakened, with the monthly spread and basis fluctuating at low levels. [3] - In terms of inventory, Singapore's residue oil had a slight inventory build - up, high - sulfur floating storage had a slight inventory draw - down, ARA's residue oil had a slight inventory build - up, Fujairah's residue oil had a significant inventory build - up, high - sulfur floating storage had an inventory draw - down, and EIA's residue oil had a slight inventory build - up. [3] - With the increasing expectation of Russia - Ukraine peace talks, the cracking spreads of gasoline and diesel in the external market continued to decline this week, and the price difference between low - sulfur fuel oil and diesel continued to rebound. After the fire at Al Zour refinery on October 21, the external low - sulfur fuel oil was supported, but the short - term upside space was limited. [4] - The global heavy - oil market entered the off - season with inventory build - up. The external cracking spread was affected by crude oil fluctuations, and there was no improvement in the spot market. FU01 should be treated bearishly. The valuation of low - sulfur fuel oil was low but there was no driving force. [4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From December 3 to December 9, 2025, the price of Rotterdam 3.5% HSF O swap M1 dropped from 348.42 to 335.47, a decrease of 4.32; the price of Rotterdam 0.5% VLS FO swap M1 dropped from 390.01 to 381.64, a decrease of 3.04. [1] - The Rotterdam HSFO - Brent M1 spread changed by 0.06, the Rotterdam 10ppm Gasoil swap M1 decreased by 11.68, the Rotterdam VLSFO - Gasoil M1 increased by 8.64, the LGO - Brent M1 decreased by 0.96, and the Rotterdam VLSFO - HSFO M1 increased by 1.28. [1] Singapore Fuel Oil Swap Data - From December 3 to December 9, 2025, the price of Singapore 380cst M1 dropped from 345.72 to 341.31, a decrease of 11.08; the price of Singapore 180cst M1 dropped from 350.42 to 349.84, a decrease of 9.74; the price of Singapore VLSFO M1 dropped from 419.63 to 416.32, a decrease of 10.14. [1] - The price of Singapore GO M1 dropped from 83.93 to 83.59, a decrease of 1.87; the Singapore 380cst - Brent M1 spread decreased by 0.31, and the Singapore VLSFO - Gasoil M1 increased by 3.69. [1] Singapore Fuel Oil Spot Data - From December 3 to December 9, 2025, the FOB price of 380cst dropped from 334.01 to 333.81, a decrease of 9.72; the FOB price of VLSFO dropped from 418.67 to 415.01, a decrease of 10.02. [2] - The 380 - cst basis increased by 1.18, the high - sulfur internal - external price difference decreased by 0.4, and the low - sulfur internal - external price difference decreased by 0.3. [2] Domestic FU Data - From December 3 to December 9, 2025, the price of FU 01 dropped from 2437 to 2418, a decrease of 90; the price of FU 05 dropped from 2499 to 2488, a decrease of 85; the price of FU 09 dropped from 2468 to 2464, a decrease of 70. [2] - The FU 01 - 05 spread decreased by 5, the FU 05 - 09 spread decreased by 15, and the FU 09 - 01 spread increased by 20. [2] Domestic LU Data - From December 3 to December 9, 2025, the price of LU 01 dropped from 3010 to 2989, a decrease of 82; the price of LU 05 dropped from 3021 to 3003, a decrease of 88; the price of LU 09 dropped from 3060 to 3033, a decrease of 72. [3] - The LU 01 - 05 spread increased by 6, the LU 05 - 09 spread decreased by 16, and the LU 09 - 01 spread increased by 10. [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur crack in Singapore weakened rapidly, the monthly spread ran at a historical low, the basis weakened and then oscillated at a historical low, the 380 basis weakened and then rebounded on Friday, and the European HSFO crack dropped rapidly. The EW strengthened this week. The 0.5% crack in Singapore weakened oscillatively this week, the monthly spread weakened oscillatively, and the basis strengthened slightly [6]. - In terms of inventory, global residue inventory increased. Singapore residue inventory decreased, high - sulfur floating storage increased significantly, ARA residue inventory increased, Fujairah residue inventory decreased slightly, high - sulfur floating storage decreased slightly, and EIA residue inventory increased. With the strengthening expectation of Russia - Ukraine peace talks, the prices of gasoline and diesel in the external market dropped significantly, and the price difference between low - sulfur fuel oil and diesel rebounded this week. After the Al Zour refinery caught fire and shut down on October 21st, the Singapore basis has started to rebound recently [7]. - As global residue enters the inventory accumulation cycle, the external crack is expected to be supported by the decline in crude oil prices, showing a short - term oscillatory pattern. For FU01, maintain a high - short idea, and consider arranging 1 - 2 reverse spreads. The short - term downward space for low - sulfur fuel oil is limited [7]. 3. Summary by Directory Rotterdam Fuel Oil Swap Data | Type | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | 2025/11/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 359.79 | 351.60 | 354.27 | 342.52 | 348.30 | 5.78 | | Rotterdam 0.5% VLS FO Swap M1 | 411.23 | 401.83 | 401.58 | 392.05 | 395.61 | 3.56 | | Rotterdam HSFO - Brent M1 | - 6.97 | - 7.51 | - 7.11 | - 7.70 | - 7.85 | - 0.15 | | Rotterdam 10ppm Gasoil Swap M1 | 732.42 | 724.68 | 705.27 | 674.04 | 673.82 | - 0.22 | | Rotterdam VLSFO - Gasoil M1 | - 321.19 | - 322.85 | - 303.69 | - 281.99 | - 278.21 | 3.78 | | LGO - Brent M1 | 33.67 | 34.17 | 31.62 | 28.61 | 26.56 | - 2.05 | | Rotterdam VLSFO - HSFO M1 | 51.44 | 50.23 | 47.31 | 49.53 | 47.31 | - 2.22 | [4] Singapore Fuel Oil Swap Data | Type | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | 2025/11/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 355.32 | 354.49 | 352.24 | 348.23 | 351.28 | 3.05 | | Singapore 180cst M1 | 360.57 | 362.97 | 354.70 | 352.69 | 357.09 | 4.40 | | Singapore VLSFO M1 | 448.99 | 446.34 | 437.80 | 427.47 | 427.09 | - 0.38 | | Singapore Gasoil M1 | 93.29 | 95.91 | 94.36 | 88.67 | 87.53 | - 1.14 | | Singapore 380cst - Brent M1 | - 7.45 | - 8.02 | - 7.92 | - 7.06 | - 7.38 | - 0.32 | | Singapore VLSFO - Gasoil M1 | - 241.36 | - 263.39 | - 260.46 | - 228.69 | - 220.63 | 8.06 | [4][10] Singapore Fuel Oil Spot Data | Type | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | 2025/11/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 348.12 | 348.03 | 345.42 | 343.36 | 344.02 | 0.66 | | FOB VLSFO | 448.99 | 446.12 | 438.34 | 427.46 | 423.62 | - 3.84 | | 380 Basis | - 6.55 | - 5.80 | - 5.25 | - 4.55 | - 4.00 | 0.55 | | High - sulfur Internal - External Spread | 5.9 | 3.2 | 4.5 | 4.7 | 3.1 | - 1.6 | | Low - sulfur Internal - External Spread | 8.4 | 7.2 | 5.8 | 6.6 | 4.0 | - 2.6 | [5] Domestic FU Data | Type | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | 2025/11/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2558 | 2560 | 2517 | 2502 | 2512 | 10 | | FU 05 | 2606 | 2609 | 2565 | 2539 | 2554 | 15 | | FU 09 | 2579 | 2578 | 2541 | 2513 | 2520 | 7 | | FU 01 - 05 | - 48 | - 49 | - 48 | - 37 | - 42 | - 5 | | FU 05 - 09 | 27 | 31 | 24 | 26 | 34 | 8 | | FU 09 - 01 | 21 | 18 | 24 | 11 | 8 | - 3 | [5] Domestic LU Data | Type | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | 2025/11/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3247 | 3266 | 3139 | 3078 | 3041 | - 37 | | LU 05 | 3223 | 3240 | 3145 | 3085 | 3068 | - 17 | | LU 09 | 3232 | 3246 | 3160 | 3119 | 3108 | - 11 | | LU 01 - 05 | 24 | 26 | - 6 | - 7 | - 27 | - 20 | | LU 05 - 09 | - 9 | - 6 | - 15 | - 34 | - 40 | - 6 | | LU 09 - 01 | - 15 | - 20 | 21 | 41 | 67 | 26 | [6]

Group 1: General Information - Report Name: Asphalt Daily Report [1] - Report Date: November 20, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions Market Review - Futures Market: For BU2601, the opening price was 3042 yuan/ton, closing at 3045 yuan/ton, with a high of 3066 yuan/ton, a low of 3025 yuan/ton, a decline of 0.13%, and a trading volume of 18.21 million lots. For BU2602, the opening price was 3061 yuan/ton, closing at 3068 yuan/ton, with a high of 3085 yuan/ton, a low of 3048 yuan/ton, an increase of 0.03%, and a trading volume of 3.74 million lots [6] - Spot Market: Today, the asphalt spot price in Shandong slightly increased, while prices in Northeast, North China, South China, and Sichuan and Chongqing areas decreased. Other regions' prices were relatively stable. Shengxing Petrochemical plans to switch to producing residue oil, and Yunnan Petrochemical plans to start maintenance in the middle of the month, with the operating rate expected to slightly decline. On the demand side, demand in the northern regions has significantly shrunk. Snow and rain in the Northwest, Northeast, and northern North China have reduced road asphalt demand to zero. In North China, Shandong, and surrounding areas, the temperature will drop below freezing, leading to the suspension of road projects and a seasonal decline in rigid demand. Rain in the Northwest and eastern Southwest has also affected project construction, with demand continuing to decline [6] Operation Suggestions - With no support for oil prices and weakening asphalt demand, the price center is expected to have further downward space. Consider short - selling [7] Group 3: Industry News - Shandong Market: The mainstream transaction price of 70 A - grade asphalt was 3030 - 3520 yuan/ton, up 5 yuan/ton from the previous trading day. Due to Hongrun stopping asphalt loading, Dongming switching to producing residue oil with limited shipments, and Hualong refinery limiting shipments, the available spot resources in Shandong tightened, driving up the low - end prices [8] - South China Market: The mainstream transaction price of 70 A - grade asphalt was 3090 - 3210 yuan/ton, down 5 yuan/ton from the previous trading day. Market demand remained stable, with some warehouses having relatively stable shipments. Despite entering the traditional construction season in the southern market, demand did not improve significantly. Traders were still bearish, and social inventory quotes were slightly lowered [8] Group 4: Data Overview - The report provides multiple data charts including asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from wind and the Research and Development Department of CCB Futures [15][18][21][23]

Report Industry Investment Rating - No relevant content provided Core View - The asphalt market is facing a situation where supply is decreasing, demand is weakening, and prices are showing a weak and volatile trend. The supply side is affected by refinery conversions to produce other products, and the demand side is restricted by factors such as funds, weather, and overall infrastructure investment. Additionally, the excess supply of crude oil and the release of low - price resources from refineries are also contributing to the weakening of asphalt prices [1][4]. Summary by Directory Market Analysis - Supply: Last week, the asphalt operating rate dropped by 0.7 percentage points to 29.0% week - on - week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years. In November, the estimated domestic asphalt production is 222.8 million tons, a decrease of 45.4 million tons (16.9%) month - on - month and 27.4 million tons (11.0%) year - on - year. Refineries such as Qilu Petrochemical and Shanghai Petrochemical have switched to producing residual oil [1][4]. - Demand: As of the week of November 14, most of the operating rates of downstream asphalt industries were stable. The operating rate of road asphalt decreased by 1 percentage point to 33% week - on - week, slightly higher than the same period last year, restricted by funds and weather. From January to September, the national highway construction investment decreased by 6.0% year - on - year. From January to October, the cumulative year - on - year growth rate of fixed - asset investment in road transportation was - 4.3%, and the cumulative year - on - year growth rate of infrastructure investment (excluding electricity) was - 0.1% [1][4]. - Price: OPEC adjusted the global oil market from a shortage of 400,000 barrels per day in the third quarter of 2025 to a surplus of 500,000 barrels per day, leading to a decline in crude oil prices. The release of low - price resources from refineries in the long - term has weakened the basis of asphalt in Shandong, and the spot price is weak. The futures price of asphalt is weakly volatile [1]. Futures and Spot Market Conditions - Futures: Today, the asphalt futures 2601 contract fell 0.36% to 3032 yuan/ton, below the 5 - day moving average. The lowest price was 3029 yuan/ton, the highest was 3072 yuan/ton, and the open interest decreased by 2515 to 191,962 lots [2]. - Basis: The mainstream market price in Shandong remained at 3010 yuan/ton, and the basis of the asphalt 01 contract rose to - 22 yuan/ton, at a neutral level [3]. Fundamental Tracking - Supply: Refineries such as Qilu Petrochemical and Shanghai Petrochemical have switched to producing residual oil, causing the asphalt operating rate to drop by 0.7 percentage points to 29.0% week - on - week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years [4]. - Demand: From January to September, the national highway construction investment decreased by 6.0% year - on - year. From January to October, the cumulative year - on - year growth rate of fixed - asset investment in road transportation was - 4.3%, and the cumulative year - on - year growth rate of infrastructure investment (excluding electricity) was - 0.1%. As of the week of November 14, the operating rate of road asphalt decreased by 1 percentage point to 33% week - on - week, slightly higher than the same period last year, restricted by funds and weather [4]. - Inventory: As of the week of November 14, the inventory - to - sales ratio of asphalt refineries increased by 0.4 percentage points to 14.5% week - on - week, still at the lowest level in recent years [5].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The asphalt market is in a state of weak shock. Factors such as reduced supply, weakened demand, and falling crude oil prices have jointly influenced the market, with the spot price being weak and the futures price showing a weak shock trend [3] 3. Summary by Related Catalogs Supply - The asphalt production rate decreased by 0.7 percentage points to 29.0% week - on - week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years. Some refineries like Qilu Petrochemical and Shanghai Petrochemical switched to producing residue oil. It is planned that refineries such as Shandong Shengxing will also switch to residue oil production, and the asphalt production rate will remain low [3][19] - In November, the domestic asphalt production is expected to be 2.228 million tons, a decrease of 454,000 tons (16.9%) month - on - month and a decrease of 274,000 tons (11.0%) year - on - year [3] Demand - The start - up rates of most downstream asphalt industries were stable last week. The start - up rate of road asphalt decreased by 1 percentage point to 33%, slightly higher than the same period last year, restricted by funds and weather [3] - From January to September, the national highway construction investment decreased by 6.0% year - on - year. From January to October, the cumulative actual completed fixed - asset investment in the road transport industry decreased by 4.3% year - on - year. The infrastructure construction investment (excluding electricity) from January to October decreased by 0.1% year - on - year [27] - With the continuous decline in northern temperatures, road construction is gradually ending, and subsequent demand will further weaken. The increase in southern projects is limited [3] Market Conditions - As of the week of November 14, due to the reduced supply in North China, the national asphalt shipment volume decreased by 31.02% week - on - week to 213,000 tons, at a moderately low level [3][23] - The inventory - to - sales ratio of asphalt refineries increased slightly week - on - week but remained at the lowest level in the same period in recent years [3][29] - OPEC adjusted the global oil market from a shortage of 400,000 barrels per day in the third quarter of 2025 to a surplus of 500,000 barrels per day, and the pattern of crude oil supply surplus has become more widely recognized, leading to a decline in crude oil prices [3] - The forward low - price resources of refineries were released intensively. Recently, the basis of asphalt in Shandong has weakened and is currently at a neutral level. The spot price is weak, the market is cautious, and the asphalt futures price is in a weak shock [3] - The mainstream market price in Shandong dropped to 3,010 yuan/ton, and the basis of the asphalt 01 contract dropped to - 27 yuan/ton, at a neutral level [14]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The asphalt market is expected to oscillate weakly. Supply is decreasing, demand is weakening, and the crude oil supply surplus situation is becoming more obvious, leading to a decline in crude oil prices and a weakening of the asphalt basis. The spot price is weak, and the market is cautious [1]. 3. Summary by Relevant Catalogs 3.1. Market Analysis - Supply: This week, the asphalt operating rate decreased by 0.7 percentage points to 29.0% week - on - week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years. In November, domestic asphalt is expected to have a production of 2.228 million tons, a month - on - month decrease of 454,000 tons (16.9%) and a year - on - year decrease of 274,000 tons (11.0%). Some refineries plan to switch to producing residual oil, and the asphalt operating rate will remain low [1]. - Demand: This week, the operating rates of most downstream asphalt industries were stable. The road asphalt operating rate decreased by 1 percentage point to 33% week - on - week, slightly higher than the same period last year, restricted by funds and weather. With the continuous decline in northern temperatures, road construction is gradually ending, and subsequent demand will further weaken, while the increase in southern projects is limited [1]. - Inventory: The inventory - to - sales ratio of asphalt refineries increased slightly week - on - week but remained at the lowest level in the same period in recent years. The national asphalt shipment volume decreased by 31.02% week - on - week to 21,300 tons, at a moderately low level [1]. - Price: The OPEC adjusted the global oil situation from a shortage of 400,000 barrels per day in Q3 2025 to a surplus of 500,000 barrels per day, and the crude oil supply surplus pattern has become more of a consensus, leading to a decline in crude oil prices. The forward low - price resources of refineries are being released intensively, the asphalt basis in Shandong has weakened recently, and the spot price is weak, causing the asphalt futures price to oscillate weakly [1]. 3.2. Futures and Spot Market Conditions - Futures: Today, the asphalt futures 2601 contract rose 0.10% to 3,037 yuan/ton, below the 5 - day moving average. The lowest price was 3,001 yuan/ton, the highest was 3,056 yuan/ton, and the open interest decreased by 1,021 to 192,751 lots [2]. - Basis: The mainstream market price in Shandong remained at 3,000 yuan/ton, and the basis of the asphalt 01 contract fell to - 37 yuan/ton, at a neutral level [3]. 3.3. Fundamental Tracking - Supply: Refineries such as Qilu Petrochemical and Shanghai Petrochemical switched to producing residual oil, and the asphalt operating rate decreased by 0.7 percentage points to 29.0% week - on - week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years [4]. - Investment: From January to September, the national highway construction investment decreased by 6.0% year - on - year, and the cumulative year - on - year growth rate rebounded slightly compared with January - August 2025 but was still negative. From January to September 2025, the cumulative year - on - year growth rate of the actual completed fixed - asset investment in the road transport industry was - 2.7%, a slight rebound from - 3.3% in January - August 2025 but still in negative growth. From January to September 2025, the cumulative year - on - year growth rate of the fixed - asset investment in infrastructure construction (excluding electricity) was 1.1%, continuing to decline from 2.0% in January - August 2025 [4]. - Social Financing: From January to September 2025, the year - on - year growth rate of social financing stock was 8.7%, a 0.1 - percentage - point decline compared with January - August. In September, the new social financing reached 3.53 trillion yuan, but year - on - year it was 233.5 billion yuan less due to the high base. Attention should be paid to the progress of forming physical work volume [4]. - Inventory: As of the week of November 14, the inventory - to - sales ratio of asphalt refineries increased by 0.4 percentage points to 14.5% compared with the week of November 7, but it remained at the lowest level in the same period in recent years [4].