1. Report Industry Investment Rating - No investment rating information is provided in the report [1] 2. Core View of the Report - The report anticipates that the futures price of asphalt will experience a weak and volatile trend. This is due to factors such as the expected increase in asphalt production, the weakening of subsequent demand, and the current neutral level of the asphalt basis in the Shandong region, which has led to a cautious market sentiment [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - Supply: Last week, the asphalt production rate decreased by 4.2 percentage points to 24.8% week-on-week, 7.0 percentage points lower than the same period last year, reaching the lowest level in recent years. In November, the domestic asphalt production is expected to be 222.8 million tons, a decrease of 45.4 million tons month-on-month (a decline of 16.9%) and 27.4 million tons year-on-year (a decline of 11.0%). Refineries such as Zhonghua Quanzhou and Yunnan Petrochemical have stopped asphalt production. This week, refineries like Shandong Shengxing will stably produce asphalt, and the asphalt production rate is expected to rise [1][4] - Demand: Last week, the operating rates of various downstream asphalt industries showed mixed trends, with the road asphalt operating rate remaining flat at 34% week-on-week, constrained by funds and weather. After the temperature drops in the north, road construction will gradually end, and subsequent demand will further weaken. The increase in southern projects is limited, and overall demand is tepid [1] - Inventory: The inventory-to-sales ratio of asphalt refineries remained flat week-on-week and is near the lowest level in recent years. The national asphalt shipment volume increased by 15.28% week-on-week to 246,000 tons, at a slightly below-average level [1] - Price: The price of crude oil has declined. The discount of diluted asphalt has widened under the US military threat to Venezuela. The basis of asphalt in the Shandong region is at a neutral level, and the market is cautious [1] 3.2 Futures and Spot Market Conditions - Futures: Today, the asphalt futures contract 2601 fell 0.56% to 3,043 yuan/ton, near the 5-day moving average. The lowest price was 3,024 yuan/ton, and the highest was 3,068 yuan/ton. The open interest decreased by 1,513 to 152,279 lots [2] - Basis: The mainstream market price in the Shandong region dropped to 3,010 yuan/ton, and the basis of the asphalt 01 contract rose to -33 yuan/ton, at a neutral level [3] 3.3 Fundamental Tracking - Investment: 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 transportation industry decreased by 4.3% year-on-year, and the cumulative completed fixed asset investment in infrastructure construction (excluding electricity) decreased by 0.1% year-on-year [4] - Social Financing: From January to October, the year-on-year growth rate of social financing stock was 8.5%, 0.2 percentage points lower than that from January to September. The new social financing in October was lower than market expectations [4]

Report Investment Rating - The investment view of the asphalt industry is "oscillation" [4] Core View - This week, asphalt fluctuated following crude oil. Supply, demand, inventory, and cost factors all influenced the asphalt market, with overall supply contracting, demand declining, inventory showing mixed trends, and cost affected by international oil price fluctuations. The asphalt market is expected to continue to fluctuate following crude oil [4] Summary by Directory Part One: Main Views and Strategy Overview - **Supply**: Affected by season and equipment maintenance, the total domestic asphalt production plan in November was 2.25 million tons, a month - on - month decrease of 18% and a year - on - year decrease of 3%. The capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 29%, a 0.7% month - on - month decrease [4] - **Demand**: Affected by capital and cold air, demand declined overall. This week, the domestic shipment volume was 362,000 tons, a month - on - month decrease of 18.7%. Terminal demand rebounded slightly, and subsequent shipments are expected to increase to about 380,000 tons [4] - **Inventory**: Factory inventories showed mixed trends but overall increased. Social inventories in most regions decreased, especially in Shandong [4] - **Cost**: International oil prices fluctuated downward this week, with Brent crude closing at $63.92 per barrel, affected by OPEC supply signals, regional events, and supply - demand expectations [4] - **Investment and Trading Strategy**: The investment view is "oscillation". The unilateral trading strategy is also "oscillation", and there is no arbitrage strategy. Key risks to watch include OPEC+ production increases, geopolitical disturbances, and Trump's policies [4] Part Two: Price - The report presents price trends of heavy - traffic asphalt in different regions such as East China, South China, North China, and Shandong from 2021 to 2025 [9] Part Two: Spread & Basis & Delivery Profit - It shows the trends of asphalt cracking spread, asphalt - coker feedstock spread, and asphalt basis in main regions from 2021 to 2025 [13][14][15] Part Two: Supply - **Production Forecast**: The report shows monthly asphalt production and production forecasts in China from 2025 - 01 to 2025 - 10 [18] - **Capacity Utilization**: It presents the capacity utilization rates of heavy - traffic asphalt in China, Shandong, East China, North China, and South China from 2021 to 2025. This week, the capacity utilization rate was 29% [30][34][36] - **Maintenance Loss**: It shows weekly and monthly asphalt maintenance loss volumes in China from 2018 to 2025 [41] Part Two: Cost & Profit - It shows the production gross profit of asphalt in Shandong from 2021 to 2025, as well as the price, premium, and port inventory of diluted asphalt from 2022 to 2025 [44][45][48] Part Three: Inventory - **Factory Inventory**: It shows the factory inventory volumes and inventory rates in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [53][56] - **Social Inventory**: It shows the social inventory volumes in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [59] Part Three: Demand - **Shipment Volume**: It shows the asphalt shipment volumes in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [62] - **Downstream Operating Rate**: It shows the operating rates of road modified asphalt, modified asphalt, building asphalt, and waterproofing membranes from 2018 to 2025, as well as the operating rates of modified asphalt in different regions from 2022 to 2025 [64][65][68][71]

Core Points - Sunshine Oilsands reported a net loss of CAD 629,000 for the third quarter, with a net loss attributable to equity holders of CAD 708,000, marking a shift from profit to loss year-on-year [1] - Shareholders' equity stands at CAD 29.52 million [1] - The decline in revenue from oil sands heavy oil for the third quarter of 2025 is primarily attributed to production stoppages due to equipment maintenance at the West Ells facility [1] - No diluted bitumen sales were recorded for the third quarter of 2025, resulting in the absence of disclosed realized prices per barrel of oil sands heavy oil for that quarter [1]

Report Industry Investment Rating - The investment view on asphalt is weak and volatile [3]. Core Viewpoint - Crude oil prices have dropped from short - term highs, and asphalt has continued to decline due to poor fundamentals. The supply and demand of asphalt in China have both declined this week. The overall inventory is in a destocking pattern, and the cost is influenced by the fluctuation of crude oil prices. The overall trend of asphalt continues to follow the fluctuation of crude oil [3]. Summary by Directory 1. Main Views and Strategy Overview - **Supply**: In November, the production plan of domestic asphalt refineries decreased. The planned output of domestic asphalt refineries in November 2025 was 1.312 million tons, a month - on - month decrease of 292,000 tons (18.2%) and a year - on - year decrease of 91,000 tons. This week, both supply and demand of domestic asphalt declined. The decline in supply was mainly due to the active reduction of production capacity by some refineries and the suspension of production in some others [3]. - **Demand**: Affected by the capital situation and cold air in the north, the markets in Shandong and North China were sluggish. The demand in the north gradually stopped, and the downstream demand in the south increased and decreased intermittently. The overall demand declined. This week's total shipment volume was 445,000 tons, a week - on - week decrease of 5.1%. It is expected that the industry's shipment volume will further decline next week [3]. - **Inventory**: This week, the factory and warehouse inventories in various regions of China showed a mixed trend of increase and decrease, and the overall inventory continued to be destocked. The destocking performance in East China was particularly prominent [3]. - **Cost**: At the beginning of this week, international oil prices rose slightly for three consecutive days due to multiple positive factors. In the later part of the week, oil prices fell for two consecutive days due to concerns about interest rate cuts, rising risk - aversion sentiment, and other factors. Overall, the oil price at the end of this week dropped compared with last week, and the average price this week also decreased compared with last week [3]. - **Investment View and Trading Strategy**: The investment view is weak and volatile. The trading strategy for unilateral trading is weak and volatile, and there is no arbitrage strategy [3]. 2. Price - The document provides the mainstream market prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China) from 2025/01 to 2025/11 [5]. 3. Spread, Basis, and Delivery Profit - **Spread**: The document shows the asphalt crack spread (BU - (SC*6.35)) and the spread between asphalt and coker feedstock from 2021 to 2025 [15]. - **Basis**: It presents the basis of asphalt in main regions (South China, East China, Shandong) from 2024/01 to 2025/10 [16]. 4. Supply - **Production Plan Expectation**: It shows the monthly production plan and actual production of asphalt in China from 2025 - 01 to 2025 - 10, as well as the production in North China, South China, Shandong, and East China in different years [19][23][26]. - **Capacity Utilization**: It provides the capacity utilization rates of heavy - traffic asphalt in China, Shandong, East China, North China, and South China from 2021 to 2025 [31][33][35][37]. - **Maintenance Loss**: It shows the weekly and monthly maintenance loss of asphalt production in China from 2018 to 2025 [42]. 5. Cost and Profit - **Production Gross Margin**: It shows the production gross margin of asphalt in Shandong from 2021 to 2025 [45][46]. - **Diluted Asphalt**: It provides the price, premium/discount, port inventory in China and Shandong of diluted asphalt from 2022 to 2025 [49][50]. 6. Inventory - **Factory Inventory**: It shows the factory inventory and inventory rate in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [54][57]. - **Social Inventory**: It presents the social inventory in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [60]. 7. Demand - **Shipment Volume**: It shows the shipment volume of asphalt in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [63]. - **Downstream开工率**: It provides the开工率 of road - modified asphalt, modified asphalt, building asphalt, and waterproofing membranes from 2018 to 2025 [66][67][69]. - **Modified Asphalt开工率**: It shows the开工率 of modified asphalt in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [72].

Report Industry Investment Rating No information provided in the given content. Core Views - Supply side: High asphalt losses, raw material shortages, and limited improvement in terminal demand are expected to keep the asphalt operating rate low in Q4. With the widening discount of diluted asphalt, attention should be paid to the potential increase in Venezuelan heavy oil flowing to China. Import growth in Q4 2025 is expected to be very limited. [4][78] - Demand side: Asphalt demand is mainly concentrated in road infrastructure and real estate, with road infrastructure accounting for 70%. As 2025 is the final year of the "14th Five - Year Plan", many road construction projects are in the delivery phase, which will drive asphalt demand. However, due to financial constraints on local governments and the lack of improvement in the real estate market, asphalt demand is unlikely to improve significantly in Q4 and will still lag behind previous years. Attention should be paid to the improvement of the capital side and the pace of forming asphalt physical volume. Low asphalt inventory strongly supports asphalt futures prices. [4][78] - Overall trend: With weak supply and demand, asphalt is expected to follow crude oil fluctuations in Q4, with its overall center of gravity moving down. The high asphalt basis suggests that northern spot traders can short the basis. Also, the 01 - 06 spread of asphalt is expected to weaken seasonally, so it is recommended to short the 01 - 06 spread. [4][78] Summary by Related Catalogs 1. Asphalt Price走势 - The asphalt/crude oil ratio increased in the first three quarters of 2025. Due to geopolitical disturbances in Russia and Venezuela, the ratio is expected to remain high in Q4. [9] - After the implementation of the diluted asphalt consumption tax deduction policy, refineries suffered heavy losses in processing diluted asphalt, leading to a significant reduction in imports and low port inventories. [11] - In the South China region, the increase in refinery operating rates has given asphalt spot prices a significant advantage. [20] - Since 2025, the asphalt basis first declined and then rebounded to a relatively high level. Recently, it has dropped to a slightly high - neutral position. [29] 2. Asphalt Production and Consumption - In August 2025, the asphalt operating rate decreased by 1.1 percentage points to 30.74%, and the Shandong region's operating rate decreased by 6.61 percentage points to 33.74%, both at relatively low levels. [34] - In August 2025, asphalt production increased by 0.75% month - on - month to 2.5267 million tons, with a year - on - year increase of 22.63%. From January to August 2025, the cumulative production increased by 9.28% year - on - year to 18.8156 million tons. [39] - In July 2025, the apparent consumption of asphalt increased by 2.79% month - on - month to 2.833 million tons, with a year - on - year increase of 21.21%. From January to July 2025, the cumulative apparent consumption increased by 4.98% year - on - year to 18.0629 million tons. As of September 26, the national asphalt shipment volume decreased by 0.32% week - on - week to 312,600 tons. [44] - As of September 26, the asphalt operating rate rebounded by 5.7 percentage points to 40.1%. In the first three quarters of 2025, the operating rate was mostly low, and the profit of Shandong asphalt spot was significantly in the red, with a loss of over 600 yuan/ton. [47] - From January to August 2025, the cumulative net import of asphalt was 1.9591 million tons, a year - on - year decrease of 15.73%. In August, the net import reached the lowest level in recent years. [49] 3. Asphalt Downstream - Asphalt downstream demand is mainly in road construction and maintenance (about 70%), building waterproofing (about 20%), and ship fuel and coking (about 10%). [52] - From January to August 2025, the cumulative year - on - year growth of fixed - asset investment in road transportation was - 3.3%, continuing to decline. The cumulative sales volume of pavers was 1,120 units, a year - on - year increase of 36.58%. [57] - From January to August 2025, the cumulative year - on - year growth of fixed - asset infrastructure investment was 5.42%. The growth rate of infrastructure investment excluding electricity dropped from 3.2% in January - July 2025 to 2.0% in January - August 2025. [59] - From January to July 2025, the national highway construction investment decreased by 8.0% year - on - year. The issuance progress of new local bonds is higher than that in 2024 but lower than that in 2023. It is expected that the special bonds will increase significantly from September to October. [62] - In Q3, the downstream main - road modified asphalt strengthened seasonally but not as much as in previous years. As of September 26, the operating rates of most downstream industries increased, but they were still at relatively low levels compared to previous years. [66] 4. Asphalt Inventory - As of September 26, the asphalt refinery inventory - to - stock ratio increased by 0.2 percentage points to 14.7%, remaining at the lowest level in recent years. [71] - As of September 26, the asphalt social inventory decreased by 3.50% week - on - week to 1.57 million tons, a year - on - year decrease of 18.14%. The factory inventory increased by 1.16% week - on - week to 698,000 tons, a year - on - year decrease of 27.74%. The overall inventory increased slightly but remained at a relatively low level compared to previous years. [76]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - On September 17, the domestic asphalt market average price was 3,787 yuan/ton, up 2 yuan/ton from the previous day, a 0.05% increase. The rise in crude oil and futures boosted market sentiment. In Shandong and North China, some projects rushed to meet deadlines, leading to smooth refinery shipments and some traders raising prices, driving up the average market price. In East China, supply was abundant with low - price shipping resources, and in South China, demand was general but prices were stable due to cost support [5]. - The weekly production remained high and demand increased month - on - month. Under the pattern of strong supply and demand, the industrial chain was stably driven. Refinery inventories were low and stable, while social inventories intended to actively reduce before the end of the year. Asphalt supply was still relatively loose, and with good refinery processing profits, asphalt valuation was relatively high. In the short term, oil prices would fluctuate widely, and the cost of asphalt lacked clear drivers. The single - side was expected to fluctuate, and the cracking spread would be dominated by oil price fluctuations in the short term and bearish in the medium term. The operating range of the BU2511 contract was expected to be between 3,350 and 3,500 [7]. Group 3: Summary According to Relevant Catalogs 1. Relevant Data - **Futures Prices and Positions**: On September 17, the BU2511 (main contract) was 3,445 yuan, up 34 yuan or 1.00% from the previous day; BU2512 was 3,404 yuan, up 30 yuan or 0.89%; BU2601 was 3,386 yuan, up 30 yuan or 0.89%. SC2510 was 499.3 yuan, up 5.7 yuan or 1.15%, and Brent first - line was 67.89 US dollars, up 0.8 US dollars or 1.12%. The main contract position was 234,000 lots, down 0.1 lots or - 0.42%, and the main contract trading volume was 141,000 lots, down 21,000 lots or - 13.06%. The warehouse receipt quantity was 65,360 tons, unchanged [2]. - **Basis and Monthly Spread**: BU12 - 01 was 18.00 yuan, unchanged; BU11 - 12 was 41.00 yuan, up 4.00 yuan or 10.81%. The Shandong - main contract basis was 246.00 yuan, down 30.00 yuan or - 10.87%; the East China - main contract basis was 116.00 yuan, down 30.00 yuan or - 20.55%; the South China - main contract basis was 86.00 yuan, down 30.00 yuan or - 25.86% [2]. - **Industrial Chain Spot Prices**: Shandong market price was 3,520 yuan, unchanged; East China market price was 3,520 yuan, unchanged; South China market price was 3,490 yuan, unchanged. Shandong gasoline was 7,520 yuan, up 10.00 yuan or 0.13%; Shandong diesel was 6,485 yuan, up 24.00 yuan or 0.37%; Shandong petroleum coke was 2,920 yuan, unchanged. The diluted asphalt discount was - 6.5, unchanged, and the exchange rate mid - price was 7.1013, down 0.00 or - 0.02% [2]. - **Spread and Profit**: Asphalt refinery profit was - 59.08 yuan, down 27.60 yuan or - 87.71%; refined oil comprehensive profit was 339.88 yuan, down 21.20 yuan or - 5.87%; BU - SC cracking was - 632.50 yuan, down 15.06 yuan or - 2.44%; gasoline spot - Brent was 928.06 yuan, down 30.39 yuan or - 3.17%; diesel spot - Brent was 702.13 yuan, down 18.00 yuan or - 2.50% [2]. 2. Market Judgement - **Market Overview**: The domestic asphalt market average price increased slightly. In Shandong, the mainstream transaction price rose 5 yuan to 3,640 - 3,750 yuan/ton. In the Yangtze River Delta, the mainstream transaction price remained stable at 3,650 - 3,700 yuan/ton. In South China, the mainstream transaction price remained stable at 3,480 - 3,530 yuan/ton [5][6]. - **Market Outlook**: The supply and demand of asphalt were both strong, but the supply was relatively loose. In the short term, oil prices would fluctuate widely, and asphalt was expected to fluctuate on the single - side. The cracking spread would be bearish in the medium term, and the BU2511 contract was expected to operate between 3,350 and 3,500 [7]. 3. Relevant Attachments - The report provided several figures including the closing price and position of the BU main contract, and the market prices of asphalt, gasoline, and diesel in East China and Shandong [9].

Report Industry Investment Rating - The investment rating for the asphalt industry is "oscillating" [4]. Core Viewpoints of the Report - The supply - demand contradiction of asphalt is not prominent, and both supply and demand are expected to increase during the traditional peak season in September. The overall trend will continue to follow the fluctuations of crude oil [4]. Summary by Relevant Catalogs Main Viewpoints and Strategy Overview - **Supply**: It is a negative factor. In September 2025, the domestic refinery asphalt production plan is expected to reach 1.48 million tons, a year - on - year increase of 430,000 tons (41% year - on - year increase) and a month - on - month increase of 220,000 tons (17% month - on - month increase). From January to September 2025, the total production of refinery asphalt is expected to be about 10.43 million tons, a year - on - year increase of 1.61 million tons (18% year - on - year increase) [4]. - **Demand**: It is a positive factor. The demand release is less than expected. Some demand in the north has slightly increased, and the market is optimistic about September's demand. In the south, the reduction of rainfall has led to a slight recovery in demand. It is expected that the peak season will not be prosperous this year [4]. - **Inventory**: It is neutral. This week, the asphalt factory inventory has shown an accumulation trend, especially in the northeast. The social inventory has shown a destocking trend, especially in Shandong [4]. - **Cost**: It is oscillating. International oil prices first fell and then rebounded due to factors such as changes in US crude oil inventory, OPEC+ production plans, and geopolitical events [4]. - **Investment Viewpoint**: It is oscillating. The short - term supply - demand contradiction is not prominent, with both supply and demand increasing in September, and the general trend follows crude oil fluctuations [4]. - **Trading Strategy**: For single - side trading, it is oscillating; for arbitrage, there is no opportunity [4]. Price - There are charts showing the mainstream market prices of heavy - traffic asphalt in East China, South China, North China, and Shandong from 2021 to 2025 [6][7][8]. Spread, Basis, and Delivery Profit - **Spread**: There are charts showing the asphalt cracking spread and the spread between asphalt and coking materials from 2021 to 2025 [14][15][16]. - **Basis**: There are charts showing the basis of asphalt in the main regions from 2024 to 2025 [17][18]. Supply - **Production Scheduling Expectation**: There are charts showing the monthly production scheduling and output of asphalt in China from 2022 to 2025 [22][24][26]. - **Capacity Utilization**: There are charts showing the capacity utilization rates of heavy - traffic asphalt in China, Shandong, East China, North China, South China, and Northeast China from 2019 to 2025 [31][34][35]. - **Maintenance Loss Volume**: There are charts showing the weekly and monthly maintenance loss volumes of asphalt in China from 2018 to 2025 [38]. Cost and Profit - **Production Gross Margin**: There is a chart showing the production gross margin of asphalt in Shandong from 2021 to 2025 [41][42]. - **Diluted Asphalt**: There are charts showing the price, premium, and port inventory of diluted asphalt from 2022 to 2025 [45][46][47]. Inventory - **Factory Inventory**: There are charts showing the factory inventory and inventory rate of asphalt in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [50][52][53]. - **Social Inventory**: There are charts showing the social inventory of asphalt in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [55][56]. Demand - **Shipment Volume**: There are charts showing the shipment volumes of asphalt in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [59]. - **Downstream Operating Rate**: There are charts showing the operating rates of road - modified asphalt, modified asphalt, building asphalt, and waterproofing membranes from 2018 to 2025 [61][62][63]. - **Modified Asphalt Operating Rate**: There are charts showing the operating rates of modified asphalt in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [67][68].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The weekly production of asphalt remains at a high level, and demand has strengthened on a week - on - week basis. Under the pattern of strong supply and demand, the industrial chain is stably driven. Currently, refinery inventories have stabilized at a low level, while social inventories intend to actively reduce inventory before the end of the year. Asphalt supply is still relatively abundant, and combined with decent refinery processing profits, asphalt valuation is relatively high. - In the short term, oil prices will mainly show a wide - range fluctuating trend. The cost side of asphalt lacks a clear driving force. Unilateral prices are expected to fluctuate, and the cracking spread will be dominated by oil price fluctuations in the short term and bearish in the medium term. The operating range of the BU2511 contract is expected to be between 3350 - 3500 [7]. 3. Summary by Directory Part 1: Related Data - **Futures Prices and Positions**: On September 15, 2025, the prices of BU2511 (the main contract), BU2512, and BU2601 increased by 0.74%, 0.72%, and 0.81% respectively compared to September 12. The prices of SC2510 and Brent first - line contracts rose by 2.69% and 2.28% respectively. The main contract's position decreased by 4.74% to 241,000 lots, and trading volume dropped by 14.44% to 204,000 lots. The number of warehouse receipts decreased by 1.32% to 67,360 tons [2]. - **Basis and Calendar Spreads**: The BU12 - 01 spread decreased by 16.67% to 15, the BU11 - 12 spread increased by 2.70% to 38. The Shandong - main contract basis, East China - main contract basis, and South China - main contract basis decreased by 10.33%, 12.70%, and 20.12% respectively [2]. - **Industrial Chain Spot Prices**: The Shandong market price decreased by 0.28% to 3520 yuan/ton, the South China market price dropped by 0.29% to 3490 yuan/ton, and the East China market price remained unchanged at 3520 yuan/ton. The prices of Shandong gasoline, diesel, and petroleum coke decreased by 0.37%, 0.05%, and remained unchanged respectively. The diluted asphalt discount remained unchanged at - 6.1, and the exchange - rate mid - price increased by 0.05% to 7.1056 [2]. - **Spreads and Profits**: The asphalt refinery profit decreased by 254.83% to - 48.45 yuan/ton, the refined oil comprehensive profit dropped by 18.88% to 360.77 yuan/ton. The BU - SC cracking spread decreased by 13.83% to - 594.10 yuan/ton, the gasoline spot - Brent spread decreased by 9.93% to 961.63 yuan/ton, and the diesel spot - Brent spread decreased by 10.58% to 709.15 yuan/ton [2]. Part 2: Market Analysis - **Market Overview**: On September 15, the domestic asphalt market average price was 3793 yuan/ton, up 1 yuan/ton or 0.02% from the previous day. In North China, the main refineries delivered previous contracts smoothly, and the 70 asphalt was sold in limited quantities, driving up the market average price. In Shandong, some refineries resumed asphalt production, with sufficient supply and good sales. In East China, demand was stable, and there were a small number of low - price shipping resources. In South China, demand was tepid, and low - price social inventory resources were mainly traded [5][6]. - **Market Outlook**: The Shandong market's mainstream transaction price remained stable at 3640 - 3800 yuan/ton. The East China market's mainstream transaction price remained stable at 3650 - 3700 yuan/ton. The South China market's mainstream transaction price remained stable at 3480 - 3530 yuan/ton. In the future, the South China market's demand will be slowly released, and some refineries' low - production of asphalt will support local prices to remain stable [5][6].

Group 1: Report Overview - Report Name: Asphalt Daily Report, September 2, 2025 [1] - Researcher: Wu Xiaorong [3] - Contact Information: 021 - 65789108, wuxiaorong_qh@chinastock.com.cn [3] Group 2: Related Data Futures Prices and Positions - BU2510 (Main Contract): Price 3551, up 11 (0.31%) from the previous day [2] - BU2511: Price 3543, up 21 (0.60%) [2] - BU2512: Price 3492, up 26 (0.75%) [2] - SC2509: Price 490.4, up 6.9 (1.43%) [2] - Brent First Line: Price 68.47, up 1.2 (1.80%) [2] - Main Contract Positions: 10.6 million lots, down 0.4 million lots (-3.42%) [2] - Main Contract Trading Volume: 15.3 million lots, down 1.2 million lots (-7.36%) [2] - Warehouse Receipt Quantity: 70300 tons, down 1000 tons (-1.40%) [2] Basis and Spread - BU11 - 12: 51.00, down 5.00 (-8.93%) [2] - BU10 - 11: 8.00, down 10.00 (-55.56%) [2] - Shandong - Main Contract Basis: 127.00, up 9.00 (7.63%) [2] - East China - Main Contract Basis: 37.00, down 21.00 (-36.21%) [2] - South China - Main Contract Basis: -13.00, down 11.00 (-750.00%) [2] Industrial Chain Spot Prices - Shandong Low - end Price: 3540, up 30.00 (0.85%) [2] - East China Low - end Price: 3580, unchanged (0.00%) [2] - South China Market Price: 3530, up 10.00 (0.28%) [2] - Shandong Gasoline: 7525, up 8.00 (0.11%) [2] - Shandong Diesel: 6441, up 52.00 (0.81%) [2] - Shandong Petroleum Coke: 2900, unchanged (0.00%) [2] - Diluted Asphalt Discount: -6.0, unchanged (0.00%) [2] - Exchange Rate Intermediate Price: 7.1089, up 0.00 (0.02%) [2] Spread and Profit - Asphalt Refinery Profit: -110.58, down 28.97 (-35.50%) [2] - Refined Oil Comprehensive Profit: 286.88, down 32.19 (-10.09%) [2] - BU - SC Crack Spread: -444.52, down 31.79 (-7.70%) [2] - Gasoline Spot - Brent: 897.69, down 58.29 (-6.10%) [2] - Diesel Spot - Brent: 628.40, down 19.35 (-2.99%) [2] Group 3: Market Analysis Market Overview - Shandong Market: Mainstream transaction prices rose 5 to 3670 - 3800 yuan/ton. Higher crude oil and futures prices boosted market sentiment. At the beginning of the month, traders were not eager to sell, reducing low - price resources. Some asphalt prices were raised by 10 - 20 yuan/ton. Terminal demand was stable, and refinery inventory was controllable, supporting prices. However, some refineries planned to resume production and supply was sufficient, limiting price increases [5] - Yangtze River Delta Market: Mainstream transaction prices remained stable at 3750 - 3800 yuan/ton. Jiangsu Xinhai resumed asphalt production, increasing supply slightly. Main refineries' shipping was good, and inventory was at a medium - low level, keeping prices firm. Higher futures prices reduced low - price resources in Zhenjiang, and prices rose to 3570 - 3600 yuan/ton. Social inventory was being consumed, supporting prices in the short term [5] - South China Market: Mainstream transaction prices remained stable at 3480 - 3530 yuan/ton. Higher crude oil and futures prices improved market sentiment. With better weather, some projects supported demand. Some traders slightly raised prices, and Foshan warehouse prices rose to 3530 - 3540 yuan/ton. In the future, demand may gradually release, but overall demand was lower than previous years, and social inventory needed to be consumed, so prices may remain stable in the short term [6] Market Outlook - This Monday, domestic asphalt plant operation rate was 33.53%, down 2.90% from last Thursday, refinery inventory was 26.24%, down 0.50%, and social inventory rate was 32.97%, down 0.46%. Oil prices were short - term bullish, providing cost support. Supply decreased slightly in early September, and demand was stable, leading to inventory reduction. The South China spot market strengthened, driving the near - month contract to rebound. Asphalt prices will be volatile in the short term, with lower volatility than crude oil. The main BU contract is expected to trade between 3450 - 3600 [7] Group 4: Related Charts - Chart 1: BU Main Contract Closing Price (Unit: yuan/ton) [10] - Chart 2: BU Main Contract Positions (Unit: million lots) [10] - Chart 3: East China Asphalt Market Price (Unit: yuan/ton) [12] - Chart 4: Shandong Asphalt Market Price (Unit: yuan/ton) [12] - Chart 5: Shandong Refinery Gasoline Price (Unit: yuan/ton) [15] - Chart 9: Shandong Refinery Diesel Price (Unit: yuan/ton) [15] - Data Sources: Galaxy Futures, Wind, and Steel Union [11][13][16]

Group 1: Report Information - Report Name: Asphalt Daily Report, August 13, 2025 [1] - Researcher: Wu Xiaorong, Futures Practitioner Certificate No.: F03108405, Investment Consulting Practitioner Certificate No.: Z0021537 [3] Group 2: Relevant Data Futures Prices and Positions - BU2510 (Main Contract): Price on August 13, 2025, was 3503, down 3 (-0.09%) from the previous day [2] - BU2511: Price was 3460, down 6 (-0.17%) [2] - BU2512: Price remained unchanged at 3406 [2] - SC2509: Price was 489.5, down 5.7 (-1.15%) [2] - Brent First Line: Price was 65.91, down 1.1 (-1.61%) [2] - Main Contract Positions: 22.5 million lots, up 0.2 million lots (0.84%) [2] - Main Contract Trading Volume: 12.3 million lots, up 0.3 million lots (2.42%) [2] - Warehouse Receipt Quantity: 73,750 tons, unchanged [2] Basis and Spread - BU11 - 12: Spread was 54.00, down 6.00 (-10.00%) [2] - BU10 - 11: Spread was 43.00, up 3.00 (7.50%) [2] - Shandong - Main Contract Basis: 190.00, up 6.00 (3.26%) [2] - East China - Main Contract Basis: 190.00, up 6.00 (3.26%) [2] - South China - Main Contract Basis: Data unavailable [2] Industrial Chain Spot Prices - Shandong Low - end Price: 3520, unchanged [2] - East China Low - end Price: 3650, unchanged [2] - South China Low - end Price: Data unavailable [2] - Shandong Gasoline: Price was 7732, down 6.00 (-0.08%) [2] - Shandong Diesel: Price was 6562, up 1.00 (0.02%) [2] - Shandong Petroleum Coke: Price was 2960, unchanged [2] - Diluted Asphalt Discount: -5.3, unchanged [2] - Exchange Rate Middle Price: 7.1350, down 0.01 (-0.10%) [2] Spread and Profit - Asphalt Refinery Profit: 4.36, up 52.61 (109.04%) [2] - Refined Oil Comprehensive Profit: 525.78, up 54.41 (11.54%) [2] - BU - SC Cracking Spread: -511.40, up 36.30 (6.63%) [2] - Gasoline Spot - Brent: 1204.47, up 55.90 (4.87%) [2] - Diesel Spot - Brent: 859.07, up 62.09 (7.79%) [2] Group 3: Market Analysis Market Overview - On August 13, the average domestic asphalt market price was 3820 yuan/ton, down 4 yuan/ton (-0.10%) from the previous day [5] - In the North China market, demand is slowly recovering, and major refineries are limiting shipments, supporting price increases [5] - In the Shandong market, supply is abundant, and transactions are mostly at low - end prices [5] - In the Northeast market, demand is weak, and some traders are cutting prices to stimulate sales [5] - In the South market, demand is tepid, but major refineries mainly ship by sea, and inventories are at medium - low levels, so prices are stable [5] - In the Shandong market, the mainstream transaction price remained stable at 3670 - 3850 yuan/ton. Falling crude oil prices are negative for market sentiment, but asphalt prices are already relatively low, and traders' previous procurement costs are high [5] - In the Yangtze River Delta market, the mainstream transaction price of heavy - traffic asphalt remained stable at 3750 - 3800 yuan/ton. Low refinery operating rates and inventory levels support prices, but rain has affected terminal demand [5] - In the South China market, the mainstream transaction price remained stable at 3530 - 3530 yuan/ton. Demand is weak, and many downstream users are pessimistic. New typhoons and high social inventories may keep prices weakly stable [6] Market Outlook - The short - term spot market is weak. Short - term precipitation affects demand release, and demand in the North will start slowly before September. The supply - demand pattern will be weak in August, and the de - stocking speed in the industrial chain will slow down [7] - Oil prices will fluctuate in the short term and are bearish in the medium term. Asphalt prices will fluctuate weakly in the short term, being more resilient than crude oil. The operating range of the BU main contract is expected to be between 3450 and 3550 [7] Group 4: Relevant Attachments - The report includes figures such as BU main contract closing prices, positions, East China and Shandong asphalt market prices, Shandong refined oil prices, etc., with data sources from Galaxy Futures, Wind, and Steel Union [9][10][12]