研究中心能化团队 2025/10/10 | | 指标 | 9/10 | 9/24 | 9/26 | 9/29 | 9/30 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3450 | 3392 | 3450 | 3466 | 3424 | -42 | 32 | | | BU10 | 3463 | 3408 | 3469 | 3485 | 3440 | -45 | 32 | | | BU11 | 3450 | 3392 | 3450 | 3466 | 3424 | -42 | 32 | | | BU12 | 3399 | 3337 | 3412 | 3418 | 3373 | -45 | 36 | | 需同 | BU01 | 3376 | 3302 | 3396 | 3402 | 3356 | -46 | 54 | | | BU03 | 3377 | 3325 | 3405 | 3412 | 3368 | -44 | 43 | | | 成交量 | 222817 | 242519 | 348 ...

īs 沥青早报 研究中心能化团队 2025/10/9 40000 300000 2000000 20000 1000000 -100000 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 1/1 2/1 3/1 -2019 - 2020 -2021 2022 -2019 -2022 ·2020 2021 - 2022 =2019 - 2020 -2021 - 2024 -2023 =2023 -2024 =2023 -2024 -2025 - 2025 -2025 机器 重交沥青山东市场价 重交沥青华东市场价 重交沥青华南市场价 4400 4400 4400 4200 4200 4200 4000 4000 4000 3800 3800 3800 3600 3600 3600 3400 3400 3400 3200 3200 3200 3000 3000 3000 2/1 3/1 ...

| | 指标 | 8/27 | 9/17 | 9/23 | 9/24 | 9/25 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3471 | 3445 | 3373 | 3392 | 3440 | 48 | -5 | | | BU10 | 3471 | 3451 | 3400 | 3408 | 3460 | 52 | 9 | | | BU11 | 3443 | 3445 | 3373 | 3392 | 3440 | 48 | -5 | | | BU12 | 3399 | 3404 | 3320 | 3337 | 3382 | 48 | -19 | | 程南 | BU01 | 3364 | 3386 | 3284 | 3302 | 3360 | 58 | -26 | | | BU03 | 3372 | 3378 | 3297 | 3325 | 3372 | 47 | -6 | | | 成交量 | 300106 | 209430 | 280475 | 242519 | 275998 | 3 ...

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īs 疯安期货 沥青早报 研究中心能化团队 2025/9/24 | | 指标 | 8/25 | 9/15 | 9/19 | 9/22 | 9/23 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3512 | 3393 | 3421 | 3401 | 3373 | -28 | -20 | | | BU10 | 3512 | 3411 | 3420 | 3406 | 3400 | -6 | -11 | | | BU11 | 3483 | 3393 | 3421 | 3401 | 3373 | -28 | -20 | | | BU12 | 3432 | 3322 | 3374 | 3352 | 3320 | -32 | -35 | | 语语 | BU01 | 3398 | 3340 | 3353 | 3322 | 3284 | -38 | -56 | | | BU03 | 3394 | 3346 | 3366 | 3325 | 3297 | -28 | -49 | | | 成交量 | 2575 ...

Group 1: Market Data Overview - The report provides data on asphalt futures contracts (BU10, BU11, BU12, BU01, BU03) from August 22 to September 22, 2025, including prices, trading volume, open interest, and inventory [4]. - It also presents spot market prices in different regions (Shandong, East China, South China, North China, Northeast China) and at various warehouses (Zhenjiang, Foshan), as well as price differentials and basis [4]. - Data on crack spreads, profits (including asphalt - Brent crack spread, asphalt - Ma Rui profit, refinery comprehensive profits, and import profits), and related oil prices (Brent crude, gasoline, and diesel in Shandong) are included [4]. Group 2: Futures Contract Price Movements - For BU10, the price decreased by 20 on September 22 compared to the previous day and increased by 33 on a weekly basis [4]. - BU11, BU12, BU01, and BU03 also showed daily and weekly price changes, with varying degrees of increase or decrease [4]. Group 3: Trading Volume and Open Interest - The trading volume of asphalt futures decreased by 3,245 on September 22 compared to the previous day and decreased by 114,402 on a weekly basis [4]. - Open interest increased by 9,303 on September 22 compared to the previous day and decreased by 16,211 on a weekly basis [4]. Group 4: Spot Market Prices - Shandong's asphalt market price decreased by 10 on September 22 compared to the previous day and decreased by 20 on a weekly basis [4]. - East China's price remained stable on September 22 but decreased by 50 on a weekly basis, while South China's price was unchanged on both a daily and weekly basis [4]. - North China's price was stable on September 22 and increased by 10 on a weekly basis, and Northeast China's price decreased by 20 on both a daily and weekly basis [4]. Group 5: Basis and Spread - The basis and spread between different regions and contracts showed various changes. For example, the Shandong - East China basis decreased by 10 on September 22 compared to the previous day and increased by 30 on a weekly basis [4]. - The basis between different contract months (e.g., 10 - 11, 10 - 12) also had daily and weekly fluctuations [4]. Group 6: Crack Spreads and Profits - The asphalt - Brent crack spread increased by 29 on September 22 compared to the previous day and increased by 23 on a weekly basis [4]. - Asphalt - Ma Rui profit increased by 27 on September 22 compared to the previous day and increased by 22 on a weekly basis [4]. - Refinery comprehensive profits (ordinary and Ma Rui - type) and import profits showed different trends, with some increasing and some remaining stable [4].

Report Information - Report Name: Bitumen Morning Report [2][11][20] - Report Date: September 22, 2025 [3][12][21] - Report Team: Research Center Energy and Chemicals Team [3][12][21] Key Points Futures Market - **Contract Prices**: The BU main contract price decreased by 6 to 3421 on September 19, with a weekly decrease of 42. Other contracts like BU06, BU09, BU12, and BU03 also showed varying degrees of decline [4][13][22]. - **Trading Volume and Open Interest**: The trading volume increased by 36008 to 246616 on September 19, but decreased by 21872 compared to the previous week. The open interest increased by 675 to 409431 on September 19, with a weekly decrease of 34400 [4][13][22]. - **Inventory**: The inventory remained unchanged at 23240 on September 19, with a weekly decrease of 3250 [4][13][22]. Spot Market - **Market Prices**: The Shandong market price remained at 3520 on September 19, with a weekly decrease of 20. The East China market price remained at 3590, with a weekly decrease of 50. The South China market price remained at 3490, with a weekly decrease of 10. The North China market price remained at 3660, with a weekly increase of 10. The Northeast market price remained at 3850, unchanged from the previous week [4][13][22]. - **Enterprise Prices**: The Jingbo (Haiyun) price decreased by 10 to 3620 on September 19, with a weekly decrease of 30. The Xinhai (Xin Bohai) price remained at 3660, with a weekly increase of 10 [4][13][22]. Basis and Spread - **Basis**: The Shandong basis increased by 6 to 93 on September 19, with a weekly increase of 22. The East China basis increased by 6 to 169, with a weekly decrease of 8. The South China basis increased by 6 to 63, with a weekly increase of 32 [4][13][22]. - **Spread**: The 03 - 06 spread decreased by 2 to 17 on September 19, with a weekly increase of 15. The 06 - 09 spread decreased by 1 to 8, with a weekly increase of 75. The 09 - 12 spread increased by 6 to -33, with a weekly decrease of 70. The 12 - 03 spread decreased by 3 to 8, with a weekly decrease of 20 [4][13][22]. Crack Spread and Profit - **Crack Spread**: The bitumen Brent crack spread increased by 26 to 18 on September 19, with a weekly decrease of 40 [4][13][22]. - **Profit**: The bitumen MRE profit increased by 24 to -51 on September 19, with a weekly decrease of 36. The general refinery comprehensive profit increased by 7 to 387, with a weekly decrease of 52. The MRE - type refinery comprehensive profit increased by 13 to 725, with a weekly decrease of 45. The import profit (South Korea - East China) remained unchanged at -141, with a weekly decrease of 41. The import profit (Singapore - South China) remained unchanged at -944, with a weekly decrease of 5 [4][13][22]. Related Prices - **Crude Oil**: The Brent crude oil price decreased by 0.5 to 67.4 on September 19, with a weekly increase of 0.5 [4][13][22]. - **Gasoline and Diesel**: The Shandong market price of gasoline decreased by 28 to 7483 on September 19, with a weekly decrease of 74. The Shandong market price of diesel decreased by 40 to 6438, with a weekly decrease of 82 [4][13][22]. - **Residue Oil**: The Shandong market price of residue oil remained at 3660 on September 19, with a weekly decrease of 40 [4][13][22].

1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints - No clear core viewpoints are presented in the given content. It mainly provides a series of data on asphalt, including futures prices, trading volumes, positions, spot prices, basis, spreads, and profit margins. 3. Summary by Relevant Catalogs Futures Prices - On September 18, the BU main contract price was 3427, a daily decrease of 18 and a weekly decrease of 23 [4]. - BU06 was 3358, down 12 daily and 12 weekly [4]. - BU09 was 3349, down 13 daily and 71 weekly [4]. - BU12 was 3388, down 16 daily and 11 weekly [4]. - BU03 was 3377, down 1 daily and unchanged weekly [4]. Trading Volume and Position - The trading volume on September 18 was 210,608, an increase of 1,178 daily and a decrease of 12,209 weekly [4]. - The position was 408,756, an increase of 1,203 daily and a decrease of 27,301 weekly [4]. Spot Prices - The Shandong market price was 3,520, unchanged daily and down 20 weekly [4]. - The East China market price was 3,590, down 50 daily and 50 weekly [4]. - The South China market price was 3,490, unchanged daily and down 30 weekly [4]. - The North China market price was 3,660, unchanged daily and up 10 weekly [4]. - The Northeast market price was 3,850, unchanged daily and down 20 weekly [4]. Basis and Monthly Spreads - The Shandong basis was 93, an increase of 18 daily and 3 weekly [4]. - The East China basis was 163, down 32 daily and 27 weekly [4]. - The South China basis was 63, an increase of 18 daily and a decrease of 7 weekly [4]. - The 03 - 06 spread was 19, an increase of 11 daily and 12 weekly [4]. - The 06 - 09 spread was 9 [4]. - The 09 - 12 spread was -39, an increase of 3 daily and a decrease of 60 weekly [4]. - The 12 - 03 spread was 11, down 12 daily and 11 weekly [4]. Spreads and Profits - The asphalt Brent spread was -4, an increase of 27 daily and a decrease of 93 weekly [4]. - The asphalt Ma Rui profit was -71, an increase of 24 daily and a decrease of 84 weekly [4]. - The general refinery comprehensive profit was 384, an increase of 14 daily and a decrease of 76 weekly [4]. - The Ma Rui - type refinery comprehensive profit was 715, an increase of 18 daily and a decrease of 79 weekly [4]. - The import profit (South Korea - East China) was -137, down 44 daily and 36 weekly [4]. - The import profit (Singapore - South China) was -939, unchanged daily and down 16 weekly [4]. Related Prices - The Brent crude oil price was 68.0, down 0.5 daily and up 1.6 weekly [4]. - The Shandong gasoline market price was 7,511, down 9 daily and 36 weekly [4]. - The Shandong diesel market price was 6,468, down 17 daily and 1 weekly [4]. - The Shandong residual oil market price was 3,700, unchanged daily and up 125 weekly [4].

1. Report Information - Report Title: Asphalt Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: September 16, 2025 [3] 2. Core Data Futures Data - Futures Contracts: The closing price of the BU main contract on September 15 was 3393, up 25 from the previous day and down 44 week - on - week. Other contracts (BU06, BU09, BU12, BU03) also showed different price changes [4]. - Trading Volume: The trading volume on September 15 was 287,556, down 70,217 from the previous day and down 112,818 week - on - week [4]. - Open Interest: The open interest on September 15 was 415,168, down 19,777 from the previous day and down 33,884 week - on - week [4]. - Futures Inventory: The futures inventory on September 15 was 25,590, down 700 from the previous day and down 1300 week - on - week [4]. Spot Data - Market Prices: The spot prices of asphalt in different regions (Shandong, East China, South China, North China, Northeast China) showed different trends. For example, the Shandong market price was 3520 on September 15, down 10 from the previous day and down 10 week - on - week [4]. - Price Spreads: The price spreads between different regions (Shandong - East China, Shandong - Northeast, East China - South China) also changed. For example, the Shandong - East China spread was - 120 on September 15, down 10 from the previous day and up 50 week - on - week [4]. Basis and Calendar Spread - Basis: The basis of different regions (Shandong, East China, South China) showed different changes. For example, the Shandong basis was 127 on September 15, down 35 from the previous day and up 34 week - on - week [4]. - Calendar Spread: The calendar spreads between different contract months (03 - 06, 06 - 09, 09 - 12, 12 - 03) also changed. For example, the 06 - 09 spread was - 42 on September 15, up 68 from the previous day and up 87 week - on - week [4]. Crack Spread and Profit - Crack Spread: The asphalt Brent crack spread was 38 on September 15, down 41 from the previous day and down 78 week - on - week [4]. - Profits: The profits of different types of refineries (asphalt Marrow profit, ordinary refinery comprehensive profit, Marrow - type refinery comprehensive profit) and import profits (South Korea - East China, Singapore - South China) all showed different degrees of change [4]. Related Prices - Brent Crude Oil: The price of Brent crude oil on September 15 was 67.0, up 0.6 from the previous day and up 1.0 week - on - week [4]. - Other Related Products: The prices of gasoline, diesel, and residue oil in the Shandong market also had different trends [4].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No core viewpoints explicitly stated in the provided content 3. Summary by Relevant Catalogs Futures Data - The closing prices of BU main contract, BU06, BU09, BU12, and BU03 on September 11 were 3463, 3383, 3450, 3413, and 3382 respectively, with daily changes of 13, 13, 30, 14, and 8, and weekly changes of -87, -71, -85, -73, and -73 [4]. - The trading volume on September 11 was 268,488, a daily increase of 45,671 and a weekly increase of 24,191. The open interest was 443,831, a daily increase of 7,774 and a weekly decrease of 49,369. The futures inventory was 26,490, a daily decrease of 400 and a weekly decrease of 3,300 [4]. Spot Market - On September 11, the market prices in Shandong, East China, South China, North China, and Northeast China were 3540, 3640, 3500, 3650, and 3850 respectively. The daily changes were 0, 0, -20, 0, and -20, and the weekly changes were -10, -60, -30, 0, and -20 [4]. - The price differences between Shandong - East China, Shandong - Northeast, and East China - South China on September 11 were -100, -310, and 140 respectively, with daily changes of 0, 20, and 20, and weekly changes of 50, 10, and -30 [4]. Basis and Calendar Spread - The basis in Shandong, East China, and South China on September 11 were 77, 177, and 37 respectively, with daily changes of -13, -13, and -33, and weekly changes of 77, 27, and 57 [4]. - The calendar spreads of 03 - 06, 06 - 09, 09 - 12, and 12 - 03 on September 11 were 2, -67, 37, and 28 respectively, with daily changes of -5, -17, 16, and 6, and weekly changes of -2, 14, -12, and 0 [4]. Crack Spread and Profit - The asphalt - Brent crack spread on September 11 was 32, a daily decrease of 57 and a weekly decrease of 31. The asphalt - Ma Rui profit was -39, a daily decrease of 52 and a weekly decrease of 28 [4]. - The comprehensive profit of ordinary refineries and Ma Rui - type refineries on September 11 were 416 and 702 respectively, with daily changes of -43 and -46, and weekly changes of -19 and -23. The import profits from South Korea - East China and Singapore - South China were -101 and -940 respectively, with daily changes of 0 and -18, and weekly changes of -49 and -21 [4]. Related Prices - The price of Brent crude oil on September 11 was 67.5, a daily increase of 1.1 and a weekly increase of 0.5. The market prices of gasoline, diesel, and residue oil in Shandong on September 11 were 7557, 6478, and 3575 respectively, with daily changes of 10, 8, and 0, and weekly changes of 4, 8, and 40 [4].