| | 指标 | 7/28 | 8/18 | 8/22 | 8/25 | 8/26 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3569 | 3473 | 3483 | 3512 | 3523 | 11 | 50 | | | BU06 | 3378 | 3352 | 3360 | 3372 | 3392 | 23 | 70 | | | BU09 | 3566 | 3499 | 3520 | 3545 | 3548 | 3 | 49 | | | BU12 | 3441 | 3377 | 3400 | 3432 | 3449 | 17 | 72 | | 乐直 | BU03 | 3382 | 3342 | 3362 | 3394 | 3404 | 10 | 62 | | | 成交量 | 343979 | 260626 | 210728 | 257555 | 268305 | 10750 | 7679 | | | 持合量 | 445041 | 431893 | 421116 | 411487 ...

| | 指标 | 7/25 | 8/15 | 8/21 | 8/22 | 8/25 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3615 | 3461 | 3465 | 3483 | 3512 | 29 | 51 | | | BU06 | 3421 | 3318 | 3342 | 3360 | 3372 | 12 | 54 | | | BU09 | 3615 | 3497 | 3496 | 3520 | 3545 | ટર | 48 | | 在面 | BU12 | 3484 | 3370 | 3373 | 3400 | 3432 | 32 | 62 | | | BU03 | 3430 | 3322 | 3340 | 3362 | 3394 | 32 | 72 | | | 成交量 | 322134 | 214163 | 194917 | 210728 | 257555 | 46827 | 43392 | | | 持仓量 | 450652 | 436319 | 424013 | 42111 ...

示频专期货 华南标市去 २00 1 OC -1 00 -300 -500 【 -- 10 -- 10 -- 10 -- 200 -- 20 LUT LULU LULI LULL LUIT LULU LULI LULL LUIT LULU LULI LULL · 2023 -- 2024 - 2025 · 2023 - 2024 - 2023 - 2024 - 2025 - 2025 山东非标基差(+80) 华东非标基差 华南非标基差 500 T 700 - 700 300 500 500 100 300 300 100 -100% 100 -300 -100N -100 -500 -300 -300 2019 2021 - 2022 · 2020 2019 - 2022 · 2020 - 2021 - 2019 -2021 -- 2022 - 2020 - 2023 - 2024 2025 · 2023 - 2024 -- 2025 -2023 - 2024 - 2025 BU06-09 BU09-12 BU03-06 500 - 500 - 500 - 300 - 300 300 100 100 100 - ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the content. 2. Core Viewpoints No core viewpoints are presented in the given content. 3. Summary by Relevant Catalogs Futures Contracts - BU主力合约价格从7月23日的3594降至8月21日的3465，日度变化为11，周度变化为 -38 [4] - BU06价格从3391变为3342，日度变化27，周度变化4 [4] - BU09价格从3594变为3496，日度变化3，周度变化 -38 [4] - BU12价格从3460变为3373，日度变化19，周度变化 -33 [4] - BU03价格从3406变为3340，日度变化20，周度变化0 [4] Trading Volume and Open Interest - 成交量从7月23日的300486变为8月21日的194917，日度变化 -27620，周度变化18196 [4] - 持仓量从459411变为424013，日度变化 -5954，周度变化 -20467 [4] - 合计从42950变为30940，日度变化 -200，周度变化 -1100 [4] Market Prices - 山东市场价从3845变为3510，日度变化 -20，周度变化 -130 [4] - 华东市场价从3780变为3720，日度变化0，周度变化 -10 [4] - 华南市场价从3590变为3490，日度变化 -20，周度变化 -40 [4] - 华北市场价从3730变为3660，日度变化 -10，周度变化 -30 [4] - 东北市场价维持3880，日度和周度变化均为0 [4] Spot Prices - 京博 (海韵) 价格维持3670，日度和周度变化均为0 [4] - 露海(鑫渤海) 价格从3730变为3660，日度变化 -10，周度变化 -30 [4] Basis and Calendar Spreads - 山东 - 华东价差从 -90变为 -210，日度变化 -20，周度变化 -120 [4] - 山东 - 东北价差从 -85变为 -370，日度变化 -20，周度变化 -130 [4] - 华东 - 华南价差从190变为230，日度变化20，周度变化30 [4] - 山东基差从251变为45，日度变化 -31，周度变化 -92 [4] - 华东基差从186变为256，日度变化 -11，周度变化28 [4] - 华南基差从 -4变为25，日度变化 -31，周度变化 -2 [4] - 03 - 06月差从15变为 -2，日度变化 -7，周度变化 -4 [4] - 06 - 09月差从 -203变为 -154，日度变化24，周度变化42 [4] - 09 - 12月差从134变为123，日度变化 -16，周度变化 -5 [4] - 12 - 03月差从54变为33，日度变化 -1，周度变化 -33 [4] - 连一 - 连二月差从36变为42，日度变化 -8，周度变化11 [4] Crack Spreads and Profits - 沥青Brent裂差从30变为74（部分数据缺失） [4] - 沥青马瑞利润从 -42变为 -1（部分数据缺失） [4] - 普通炼厂综合利润从447变为496（部分数据缺失） [4] - 马瑞型炼厂综合利润从724变为762（部分数据缺失） [4] - 进口利润(韩国 - 华东) 从 -52变为 -131，日度变化0，周度变化 -5 [4] - 进口利润（新加坡 - 华南）从 -962变为 -1058，日度变化 -18，周度变化 -31 [4] Related Prices - Brent原油价格从68.6变为66.8，日度变化1.1，周度变化0.0 [4] - 汽油山东市场价从7799变为7655，日度变化7，周度变化 -77 [4] - 柴油山东市场价从6562变为6516，日度变化12，周度变化 -46 [4] - 渣油山东市场价维持3660，日度变化0，周度变化30 [4]

Report Summary 1. Report Industry Investment Rating There is no information in the provided content regarding the report industry investment rating. 2. Core Viewpoint There is no clear core viewpoint explicitly stated in the given content. 3. Summary by Related Catalogs Futures Contract Prices - The prices of various BU futures contracts (BU主力合约, BU06, BU09, BU12, BU03) generally showed a downward trend from July 22 to August 20. For example, the BU主力合约 decreased from 3609 on July 22 to 3454 on August 20, a decrease of 52 [4]. Trading Volume and Open Interest - The trading volume on August 20 was 222,537, showing an increase of 5,190 compared to the previous day and 53,888 compared to the previous week. - The open interest on August 20 was 429,967, with an increase of 1,608 compared to the previous day and a decrease of 16,607 compared to the previous week [4]. Spot Market Prices - The spot market prices of asphalt in different regions (Shandong, East China, South China, North China, Northeast China) also had different degrees of change. For instance, the Shandong market price decreased from 3,845 on July 22 to 3,530 on August 20, a decrease of 120 [4]. Basis and Calendar Spreads - The basis and calendar spreads of different regions and contracts showed various changes. For example, the Shandong - East China basis decreased from -80 on August 12 to -190 on August 20, a decrease of 110 [4]. Crack Spreads and Profits - The asphalt Brent crack spread, asphalt Marrow profit, and the comprehensive profits of different types of refineries (ordinary refineries, Marrow - type refineries) and import profits all had fluctuations. For example, the asphalt Marrow profit increased from -74 on July 22 to -4 on August 20, an increase of 38 [4]. Related Prices - The prices of related products such as Brent crude oil, gasoline, diesel, and residual oil in the Shandong market also changed. For example, the Brent crude oil price decreased from 69.2 on July 22 to 65.8 on August 20, a decrease of 0.8 [4].

研究中心能化团队 2025/8/20 | | 指标 | 7/21 | 8/11 | 8/15 | 8/18 | 8/19 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3657 | 3481 | 3461 | 3473 | 3453 | -20 | -28 | | | BU06 | 3406 | 3311 | 3318 | 3355 | 3314 | -11 | 3 | | | BU09 | 3657 | 3512 | 3497 | 3499 | 3490 | -9 | -22 | | | BU12 | 3485 | 3382 | 3370 | 3377 | 3357 | -20 | -28 | | 程南 | BU03 | 3428 | 3326 | 3322 | 3342 | 3321 | -21 | -5 | | | 成交量 | 210029 | 239377 | 214163 | 260626 | 217347 | -43279 | -22030 | | | 持仓量 | 47965 ...

Report Overview - Report title: "Asphalt Report" [2] - Research team: Research Center's Energy and Chemicals Team [3] - Report date: August 18, 2025 [3] Core Data Summary Futures Contracts - **Prices**: The prices of various BU contracts (BU主力合约, BU06, BU09, BU12, BU03) decreased from July 17 to August 15. For example, the BU主力合约 dropped from 3628 to 3461, a decrease of 167 points [4]. - **Volume and Open Interest**: Both trading volume and open interest declined. Volume decreased from 255,138 on July 17 to 214,163 on August 15, and open interest dropped from 474,048 to 436,319 [4]. - **Inventory**: Futures inventory decreased from 42,950 on July 17 to 31,640 on August 15 [4]. Spot Market - **Prices**: Spot prices in different regions showed varying trends. For instance, the low - end price in the Shandong market decreased from 3570 to 3520, while the low - end price in the North China market increased from 3660 to 3680 [4]. - **Price Spreads**: The price spreads between regions and contracts also changed. For example, the Shandong - East China spread varied from - 100 to - 80, and the 06 - 09 spread changed from - 244 to - 179 [4]. Margins and Spreads - **Margins**: The asphalt Brent spread and asphalt Marrow profit showed significant fluctuations. The asphalt Marrow profit decreased from - 15 to - 53 from August 7 to August 15 [4]. - **Profits**: The comprehensive profit of ordinary refineries fluctuated between 452 and 532, while the import profit (South Korea - East China) decreased from - 154 to - 239 [4]. Related Prices - **Crude Oil and Refined Products**: Brent crude oil prices fluctuated between 65.6 and 68.5, and the prices of gasoline and diesel in the Shandong market also changed slightly [4].

沥青厚报 研究中心能化团队 2025/8/15 | | 指标 | 7/16 | 8/6 | 8/12 | 8/13 | 8/14 | 日度变化 | 間度5% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3623 | 3529 | 3506 | 3503 | 3472 | -31 | -57 | | | BU06 | 3388 | 3370 | 3340 | 3338 | 3325 | -13 | -45 | | | BU09 | 3623 | રૂટરર | 3530 | 3534 | 3510 | -24 | -45 | | | BU12 | 3450 | 3441 | 3406 | 3406 | 3383 | -23 | -58 | | 房 | BU03 | 3405 | 3381 | 3353 | 3340 | 3344 | 4 | -37 | | | 成交量 | 151019 | 219521 | 168649 | 176721 | 222526 | 45805 | 3002 | | | 持仓量 | 46 ...

500 300 100 -100 -300 -500 s 加安期货 沥青厚报 研究中心能化团队 2025/8/14 | | 指标 | 7/15 | 8/5 | 8/11 | 8/12 | 8/13 | 日度变化 | 間度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3617 | 3544 | 3481 | 3506 | 3503 | -3 | -41 | | | BU06 | 3370 | 3364 | 3311 | 3340 | 3338 | -2 | -26 | | | BU09 | 3617 | 3544 | 3512 | 3530 | 3534 | -5 | -10 | | | BU12 | 3439 | 3431 | 3382 | 3406 | 3406 | 0 | -25 | | 玩 | BU03 | 3393 | 3375 | 3326 | 3353 | 3340 | -13 | -35 | | | 成交量 | 240686 | 286138 | 239377 | 168649 | 176721 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Not provided in the content 3. Summary by Relevant Catalogs Futures Contracts - The price of the BU main contract on August 11 was 3481, with a daily change of 3 and a weekly change of -177 [4][13] - The prices of other contracts such as BU06, BU09, BU12, and BU03 also showed different degrees of change [4][13] Trading Volume and Open Interest - On August 11, the trading volume was 239,377, with a daily change of -2359 and a weekly change of 11,788 - The open interest was 449,927, with a daily change of -4667 and a weekly change of -58,198 [4][13] Spot Market Prices - The low - end prices in the Shandong, East China, South China, North China, and Northeast markets showed different degrees of change, with the Shandong market low - end price at 3530 on August 11, down 20 from the previous day and 70 from the previous week [4][13] Basis and Spread - The Shandong basis was 49 on August 11, with a daily change of -23 and a weekly change of 107 - The East China basis was 169, with a daily change of -3 and a weekly change of 157 - For month - to - month spreads like 03 - 06, 06 - 09, etc., they also showed various changes [4][13] Crack Spread and Profit - The asphalt Brent crack spread was 38 on August 11, with a daily change of -29 and a weekly change of 58 - The asphalt Maru profit was -34, with a daily change of -25 and a weekly change of 53 - The comprehensive profit of ordinary refineries was 492, with a daily change of -13 and a weekly change of 69 [4][13] Related Prices - The Shandong market prices of gasoline, diesel, and residue oil also had corresponding changes [5][14]