1. Report Industry Investment Rating - The report maintains a "wait - and - see" rating for the asphalt industry [1] 2. Core Viewpoints of the Report - In the previous round, the view was that the production increase rhythm of Venezuela would accelerate, and the external trade pressure on asphalt would ease, leading to a potential decline in asphalt valuation. The strategy of short - allocating the asphalt/crude oil price ratio was recommended to take profit and wait at low levels. In this round, the view is to maintain a wait - and - see stance [16] 3. Summary by Directory 3.1 Week - to - Week Assessment and Strategy Recommendation - **Market Review**: The report presents the recent price trend of the asphalt main contract, and indicates the changes in supply - demand and cost factors during different time periods [13][14] - **Factor Assessment**: For supply, domestic heavy - traffic asphalt operating rate is relatively low, and overseas imports are relatively sluggish. The import window is open, and there is a risk of subsequent import pressure. For demand, the demand for waterproofing membranes is better than expected, and the overall demand is flat. For inventory, the overall inventory is better than before due to trade imports, and the de - stocking expectation is relatively certain. For cost, the upward space of crude oil cost is limited, waiting for the end of geopolitical factors [16] - **Strategy Recommendation**: The previous strategy of short - allocating the asphalt/crude oil price ratio was recommended to take profit and wait at low levels, and this round maintains a wait - and - see stance [16] 3.2 Spot and Futures Market - **Spot Price**: The report shows the price trends of heavy - traffic asphalt in Shandong, Northeast, North China, and East China regions [19][21][23][27] - **Basis Trend**: The basis trends of asphalt in Shandong and East China regions are presented [28][29] - **Term Structure**: The term structure of asphalt and the price differences between different contract months are shown [31][32] 3.3 Supply Side - **Capacity Utilization and Profit**: The capacity utilization rate of heavy - traffic asphalt, the production profit of Shandong asphalt, and the relationship between asphalt operation, profit, and crude oil price are presented [36][37] - **Import**: The import volume of asphalt and diluted asphalt, the import profit of asphalt from different regions, and the cumulative import volume from different countries are shown [39][40][42] - **Valuation Ratio**: The ratios of fuel oil to asphalt and asphalt to Brent are presented [44][45] - **Refinery Profit**: The refining profits of major refineries and Shandong local refineries, as well as the operation rate and production profit of petroleum coke, are shown [47][48][51] 3.4 Inventory - **Domestic Inventory**: The inventory levels of domestic factories, social inventory, total domestic inventory, and diluted asphalt port inventory are presented [55][56] - **Warehouse Receipts**: The quantity of asphalt warehouse receipts and the virtual - to - real ratio of the asphalt main contract are shown [58][59] - **Inventory and Price**: The relationships between inventory and profit, and between profit and price are presented [61][63] 3.5 Demand Side - **Enterprise Shipment Volume**: The shipment volumes of asphalt by sample enterprises in China, Shandong, East China, and North China regions are presented [67][68][70][72] - **Downstream Operating Rate**: The operating rates of rubber shoe materials, road modified asphalt, and waterproofing membranes are presented [77][78][80][83] - **Highway Investment**: The cumulative value of highway construction investment in China, the monthly year - on - year change and monthly value of public fiscal expenditure on transportation, and the relationship between asphalt demand and transportation fiscal expenditure are presented [84][85] - **Road - Related Machinery**: The monthly sales volume of road rollers and excavators, the monthly operating hours of excavators, and the cumulative value of highway construction investment in China are presented [87][88] - **Related Consumption**: The cumulative year - on - year growth rates of fixed - asset investment in railway transportation, road transportation, and water conservancy management industries, and the cumulative value of local government special bond issuance are presented [90][91][92] 3.6 Related Indicators - **Position, Trading Volume, and Price Volatility**: The trading volume, position, and 20 - day historical volatility of asphalt futures are presented [95][96][97] 3.7 Industrial Chain Structure Diagram - **Crude Oil Industrial Chain**: The exploration and extraction links of the crude oil industrial chain are presented [100][101] - **Asphalt Industrial Chain**: From the production process perspective, asphalt can be divided into straight - run asphalt, oxidized asphalt, blended asphalt, modified asphalt, and emulsified asphalt, with straight - run asphalt accounting for over 80% and mostly used in road construction. By use, it is divided into road asphalt, building asphalt, and special - purpose asphalt, mainly used for waterproofing, anti - corrosion, and road construction [102][104]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On March 26, the closing price of the main BU2606 asphalt futures contract in the afternoon session was 4,543 yuan/ton, up 182 yuan/ton or 4.17% from the previous settlement price, with a position of 275,580 lots, a net increase of 34,506 lots, and a trading volume of 1,016,787 lots, a net increase of 113,555 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are: 4,526 - 4,690 yuan/ton in Northeast China, 4,250 - 4,400 yuan/ton in Shandong, 4,450 - 4,600 yuan/ton in South China, and 4,450 - 4,590 yuan/ton in East China [1] - Spot prices in the northwest and east China remained stable, while prices in other regions rose to varying degrees. Tight supply in some areas, strong supply - side support, and the rebound of international oil prices led to a resurgence of market sentiment [1] - Due to the change in market expectations regarding the Iran situation, the emotional premium fluctuates. However, the number of vessels passing through the Strait of Hormuz remains low, and the supply - side contradiction has not been substantially alleviated [1] - Due to raw material shortages, the scheduled production of domestic asphalt refineries is expected to decline significantly in April. If terminal consumption rebounds seasonally or remains stable, the expectation of inventory reduction is strong, and the market structure is still supported [1] - The futures market may be repeatedly disturbed by news in the short term, and both long and short positions lack a safety margin, so caution is needed [1] Strategies - Unilateral: Short - term sharp fluctuations, mainly on the sidelines [2] - Inter - period: Pay attention to the opportunity of positive spreads at low prices [2] - Inter - commodity: None [2] - Spot - futures: None [2] - Options: None [2] Figures and Data - Figures related to asphalt spot prices in different regions (Shandong, East China, South China, North China, Southwest China, Northwest China) [3][12][5][8] - Figures related to asphalt futures prices (index, main contract, near - month contract, near - month spread) [3][25][20] - Figures related to asphalt futures trading volume and open interest (unilateral, main contract) [3][27] - Figures related to asphalt production (domestic weekly, independent refineries, Shandong, East China, South China, North China) [3][32][34] - Figures related to asphalt consumption (road, waterproofing, coking, ship fuel) [3][43][45] - Figures related to asphalt inventory (refinery, social) [3][52]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The market's tightening expectations are gradually being realized, and spot prices continue to rise. The fundamentals of asphalt still have positive drivers, but attention should be paid to significant fluctuations in the single - side price of the futures after the basis weakens [1][2]. - Due to the high - level operation of crude oil and the strong upward trend of asphalt futures, the sentiment in the asphalt spot market has been boosted. However, the current situation in Iran is unclear, and the market is in a state of high volatility, so both long and short positions lack a safety margin, and caution is needed [2]. 3. Summary by Relevant Catalogs Market Analysis - On the afternoon of March 23, the closing price of the main asphalt futures contract BU2606 was 4,661 yuan/ton, up 191 yuan/ton or 4.27% from the previous settlement price, with an open interest of 257,404 lots (a net increase of 10,776 lots), and trading volume of 869,133 lots (a decrease of 112,035 lots) [1]. - The spot settlement prices of heavy - traffic asphalt in different regions are as follows: Northeast China, 4,496 - 4,580 yuan/ton; Shandong, 4,280 - 4,300 yuan/ton; South China, 4,500 - 4,600 yuan/ton; East China, 4,570 - 4,590 yuan/ton [1]. - Yesterday, asphalt spot prices in the northwest region remained generally stable, while prices in other regions increased to varying degrees [2]. Strategy - Single - side: The short - term trend is oscillating upward, and attention should be paid to the development of the Iran situation [3]. - Inter - delivery: Pay attention to the opportunity of positive arbitrage at low prices (BU2605/2606) [3]. - Inter - commodity: No strategy provided [3]. - Futures - spot: No strategy provided [3]. - Options: No strategy provided [3]. Figures The report includes figures related to asphalt spot prices in various regions, asphalt futures prices, trading volume and open interest, domestic asphalt production, consumption, and inventory, with units such as yuan/ton, lots, and 10,000 tons [4].

Group 1 - The core viewpoint of the article indicates that the futures market for asphalt is experiencing slight declines, with the main contract closing at 3357 yuan/ton, a decrease of 0.12% from the previous trading day [27][28] - The high-end price of asphalt in East China remains stable at 3320 yuan/ton, while the low-end price is 3280 yuan/ton, resulting in a price spread of 40 yuan/ton, indicating a relatively stable market [27][28] - The geopolitical situation is influencing market sentiment, particularly with the upcoming US-Iran negotiations, which could impact oil prices and, consequently, asphalt prices [27][28] Group 2 - The recent increase in Venezuelan floating storage suggests a potential shift towards the Indian market, which may lead to increased competition for asphalt supply [28] - The asphalt market is expected to remain influenced by geopolitical changes, with a strong expectation for oil prices, suggesting a bullish outlook for asphalt [28] - Recommendations include a strategy to short near contracts while going long on distant contracts, as well as considering the market conditions for cracking spreads [28] Group 3 - Key indicators show that the closing price of asphalt on February 26 was 3357 yuan/ton, with a 7-day cumulative increase of 0.7% [29] - Brent crude oil price was recorded at $70.82 per barrel, reflecting a 4.4% increase over the past week [29] - The price difference between asphalt and Brent crude (BU-Brent) was noted at -209.0 yuan/ton, indicating a slight improvement from the previous day [29]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The asphalt futures market showed a decline on February 25, with the main BU2603 contract closing at 3335 yuan/ton, down 27 yuan/ton or 8.03% from the previous settlement price, and a decrease in both positions and trading volume. The spot market had mixed price trends, with some regions seeing price changes. The current market's major contradiction lies in the cost side, and the short - term pricing of crude oil focuses on the geopolitical level. The upcoming US - Iran negotiation is crucial. If the negotiation goes badly and the conflict escalates, it will pose a huge upside risk; if the situation eases, the market will return to fundamental pricing, but weak terminal consumption will limit the price increase of asphalt [1]. - The short - term trading strategy for asphalt is to expect a slightly stronger sideways trend, and attention should be paid to the development of the Iranian situation [2]. 3. Summary by Related Content Market Analysis - On February 25, the afternoon closing price of the main BU2603 asphalt futures contract was 3335 yuan/ton, down 27 yuan/ton (8.03%) from the previous settlement price. The position was 12,489 lots, a decrease of 4,630 lots compared to the previous day, and the trading volume was 11,862 lots, a decrease of 8,388 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were: 3,506 - 3,700 yuan/ton in Northeast China; 3,280 - 3,320 yuan/ton in Shandong; 3,220 - 3,350 yuan/ton in South China; 3,250 - 3,300 yuan/ton in East China. The asphalt spot price in North China increased, while those in Shandong and South China decreased, and prices in other regions were basically stable. The domestic trading atmosphere was weak after the festival, and the market was in a wait - and - see mood [1]. - The current market contradiction comes from the cost side, and short - term crude oil pricing is concentrated on the geopolitical level. The upcoming new round of US - Iran negotiation needs to be closely watched. An escalation of the conflict will lead to a significant upside risk, while a缓和 of the situation will make the market return to fundamental pricing, but the weak terminal consumption will limit the price increase of asphalt [1]. Strategy - Unilateral trading: Slightly stronger sideways trend in the short term, pay attention to the development of the Iranian situation [2]. - Inter - period, inter - variety, spot - futures, and options trading: No relevant strategies [2].

1. Report Industry Investment Rating - Not provided in the report 2. Core Views of the Report - Supply side: In February 2026, the domestic refinery asphalt production plan was 1.023 million tons, a month - on - month decrease of 3.30%. The sample capacity utilization rate was 23.3701%, a month - on - month decrease of 2.76 percentage points. The sample enterprise output was 390,000 tons, a month - on - month decrease of 10.55%. The estimated maintenance volume of the sample enterprise equipment was 1.298 million tons, a month - on - month increase of 26.02%. Refineries reduced production to ease supply pressure, and it is expected to continue to reduce supply pressure next week [7]. - Demand side: The heavy - traffic asphalt开工率 was 21.7%, a month - on - month decrease of 0.11 percentage points, lower than the historical average; the construction asphalt开工率 was 3.3%, unchanged from the previous month, lower than the historical average; the modified asphalt开工率 was 3.7058%, a month - on - month decrease of 0.91 percentage points, higher than the historical average; the road - modified asphalt开工率 was 2%, a month - on - month decrease of 7.00 percentage points, lower than the historical average; the waterproofing membrane开工率 was 5%, a month - on - month decrease of 10.00 percentage points, lower than the historical average. Overall, the current demand is lower than the historical average [7]. - Cost side: The daily asphalt processing profit was 34.57 yuan/ton, a month - on - month decrease of 25.00%. The weekly Shandong refinery delayed coking profit was 176.2071 yuan/ton, a month - on - month increase of 15.24%. The asphalt processing profit decreased, and the profit difference between asphalt and delayed coking increased. Crude oil weakened, and it is expected that the support will weaken in the short term [7]. - Basis: On February 13, the Shandong spot price was 3,210 yuan/ton, and the basis of the 04 contract was - 70 yuan/ton, with the spot at a discount to the futures. It is bearish [7]. - Inventory: The social inventory was 988,000 tons, a month - on - month increase of 5.33%; the in - plant inventory was 616,000 tons, a month - on - month increase of 5.66%; the port diluted asphalt inventory was 980,000 tons, a month - on - month increase of 2.08%. Social inventory, in - plant inventory, and port inventory continued to accumulate. It is neutral [7]. - Market trend: The MA20 was upward, and the futures price of the 04 contract closed below the MA20. It is neutral [7]. - Main position: The main position was net short, and the short position increased. It is bearish [7]. - Expectation: Refineries have recently reduced production to ease supply pressure. Affected by the off - season, demand is sluggish and fails to meet expectations. Inventory remains stable. Crude oil weakens, and cost support weakens in the short term. It is expected that the market will fluctuate narrowly in the short term, and asphalt 2604 will fluctuate in the range of 3,245 - 3,315 [7]. - Bullish factors: The relatively high cost of crude oil provides some support [10]. - Bearish factors: There is insufficient demand for high - priced goods, overall demand is declining, and the expectation of an economic recession in Europe and the United States is strengthening [11]. - Main logic: On the supply side, the supply pressure remains high; on the demand side, the recovery is weak [12]. 3. Summary by Directory 3.1 Daily Views - Supply, demand, cost, basis, inventory, market trend, main position, and expectations are comprehensively analyzed, and the overall view is that the asphalt market will fluctuate narrowly in the short term [7]. - Bullish and bearish factors are listed, and the main logic of supply and demand is explained [10][11][12]. 3.2 Asphalt Market Overview - The closing prices, price changes, and basis of different contracts of asphalt futures are presented, as well as some monthly spreads and registered warehouse receipts [14]. - Weekly inventory,开工率, output, shipment volume, and profit data are provided [16]. 3.3 Asphalt Futures Market - The basis trends of Shandong and East China are presented [18][20]. - The spread trends of the main contracts (1 - 6, 6 - 12) are presented [23]. - The price trends of asphalt, Brent crude oil, and WTI crude oil are presented [26]. - The crude oil cracking spread trends are presented [29]. - The price - to - price ratio trends of asphalt, crude oil, and fuel oil are presented [33]. 3.4 Asphalt Spot Market - The market price trends of heavy - traffic asphalt in East China and Shandong are presented [36]. 3.5 Asphalt Fundamental Analysis - **Profit analysis**: The asphalt profit and the profit spread trend between coking and asphalt are presented [39][42]. - **Supply side**: - Shipment volume, diluted asphalt port inventory, output,开工率, maintenance loss volume, etc. are presented [46][49][52]. - The price of Venezuelan crude oil and its monthly production trend are presented [56]. - The production volume of refinery asphalt is presented [59]. - **Inventory**: Exchange warehouse receipts, social inventory, in - plant inventory, and in - plant inventory inventory ratio are presented [68][72][75]. - **Import and export situation**: The export and import trends of asphalt and the import price spread trend of South Korean asphalt are presented [78][81]. - **Demand side**: - The production volume of petroleum coke, apparent consumption, and downstream demand (including highway construction investment, new local special bonds, infrastructure investment completion, etc.) are presented [84][86][89]. - The sales volume trends of asphalt concrete pavers, domestic excavators, and rollers, as well as the monthly working hours of excavators are presented [93]. - The开工率 of heavy - traffic asphalt, asphalt by use, and downstream开工情况 are presented [98][101][102]. - **Supply - demand balance sheet**: The monthly supply - demand balance sheet of asphalt is presented [106].

Group 1 - The core viewpoint of the article indicates that the asphalt market is experiencing a lack of upward momentum due to unchanged fundamentals, heavily influenced by geopolitical changes and market risk appetite [1][3][27] - The main contract for asphalt (BU 2603) opened high but retreated, closing at 3339, a decrease of 0.36% from the previous day, with a trading range between 3382 and 3336 [1][27] - The high-end price of heavy asphalt in East China remained stable at 3350 CNY/ton, while the low-end price was also stable at 3250 CNY/ton, indicating a relatively firm market despite previous significant adjustments [2][27] Group 2 - Short-term outlook suggests that asphalt prices will continue to be influenced by geopolitical developments, particularly the resumption of US-Iran nuclear negotiations scheduled for February 6, which may ease market tensions [3][27] - The author maintains a strategy of focusing on near-month contracts while monitoring geopolitical developments, suggesting that once geopolitical factors dissipate, there may be potential for long positions in the distant contracts based on improved global supply-demand dynamics [4][28] - The report highlights that the overall market sentiment is low, primarily driven by precious metals, leading to insufficient liquidity affecting asphalt prices [3][27] Group 3 - Key data points include the closing price of asphalt at 3339 CNY/ton, a 0.7% drop from the previous day, and Brent oil price at 68.11 USD/barrel, down 1.2% [31][31] - The report notes that the price spread between asphalt and Brent oil has shown significant fluctuations, with the BU-Brent spread at 126.7 CNY [31][31] - The report emphasizes the importance of monitoring the results of the upcoming negotiations and their potential impact on the energy market [3][27]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The cost side of asphalt remains strong, and the market continues to rise. The geopolitical premium in the oil market has increased significantly due to the tense situation in the Middle East, and the macro - sentiment of commodities has also warmed up, leading to a continuous increase in international oil prices and strengthening the cost - side support for asphalt. However, the current market pricing is more based on expectations, the terminal consumption of asphalt is weak, and the basis has weakened significantly after the continuous rise of the futures price. If the geopolitical situation eases, there is room for a correction in the futures market [1][2] 3. Summary by Related Catalogs Market Analysis - On January 29, the closing price of the main BU2603 contract of asphalt futures in the afternoon session was 3,478 yuan/ton, up 114 yuan/ton or 3.39% from the previous day's settlement price. The open interest was 170,058 lots, a decrease of 5,221 lots from the previous day, and the trading volume was 402,578 lots, a decrease of 51,997 lots from the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3,506 - 3,550 yuan/ton in Northeast China, 3,130 - 3,300 yuan/ton in Shandong, 3,250 - 3,350 yuan/ton in South China, and 3,200 - 3,230 yuan/ton in East China [1] Strategy - Unilateral: Short - term shock is on the strong side, and attention should be paid to the development of the situation in Iran. There are no strategies for inter - period, cross - variety, spot - futures, and options [3]

1. Report Industry Investment Rating - Short - term outlook: Hold [1] 2. Core Viewpoints - In the medium - term, it is likely that the asphalt valuation will decline in the second half of the year. The return of major refinery production capacity and the seasonal off - peak valuation period are expected to limit the upward space of asphalt valuation. The weak and volatile cost side of crude oil will also restrict the upward space of asphalt's unilateral price [16]. - In the short - term, due to Venezuela's ongoing production increase and the release of its maritime inventory, which will suppress asphalt prices, it is recommended to take a wait - and - see approach [17]. 3. Summary by Directory 3.1 Week - on - Week Assessment and Strategy Recommendations - **Market Review**: The price trend of the asphalt's main contract in recent months is presented, with supply - demand and cost factors marked at different time points [13][14]. - **Medium - term Impact Factor Assessment**: In terms of supply, imports are expected to remain low, and major refineries are expected to resume some production, which will limit the upward movement of asphalt valuation, while local refineries are expected to remain relatively sluggish in the short - to - medium - term. In terms of demand, the start - up rate of the demand side has improved slightly compared to previous years, but the overall asphalt shipment volume is lower than expected, and the overall demand is expected to be flat after the infrastructure seasonal peak. In terms of cost, the upward space of oil prices in the second half of the year is limited, and the central range of wide - range fluctuations in oil prices is expected to move down slightly [16]. - **Short - term Factor Assessment**: Supply is neutral - bearish as the heavy - traffic asphalt start - up rate is rising and overall imports remain strong; demand is bearish as the start - up rates of all sub - sectors on the demand side are weak and the downstream shipment is dull; inventory is neutral - bearish (partially priced in) as there is a problem of weak de - stocking in the overall inventory and the domestic total inventory exceeds expectations; the cost of crude oil is expected to stop falling and stabilize, entering a weak - fluctuation process [17]. 3.2 Spot and Futures Markets - **Spot Prices**: The spot price trends of heavy - traffic asphalt in Shandong, Northeast, North China, and East China regions are analyzed [20][22][24]. - **Basis Trends**: The basis trends of asphalt in Shandong and East China regions are presented [32]. - **Term Structure**: The term structure of asphalt and the price differences between different contracts are analyzed [34]. 3.3 Supply Side - **Capacity Utilization and Profits**: The capacity utilization rate of heavy - traffic asphalt and the production profit margins of Shandong asphalt are analyzed, along with the relationships between asphalt start - up, profit, and crude oil price [41][44][45]. - **Imports**: The import volume, import profit, and cumulative import volume of asphalt from different countries are presented, as well as the monthly import volume of Venezuelan oil [49][50][53]. - **Valuation Ratios**: The valuation ratios of fuel oil/asphalt and asphalt/Brent are analyzed [56]. - **Refinery Profits**: The refining profit margins of major refineries and Shandong local refineries, as well as the start - up rate and production profit margin of petroleum coke, are analyzed [59][62]. 3.4 Inventory - **Domestic Inventory**: The trends of domestic factory inventory, social inventory, total inventory, and diluted asphalt port inventory are analyzed [66][67]. - **Warehouse Receipts**: The trends of asphalt warehouse receipts and the virtual - to - real ratio of the main asphalt contract are presented [70]. - **Inventory and Price**: The relationships between inventory, profit, and price are analyzed [72][74]. 3.5 Demand Side - **Enterprise Shipment Volume**: The asphalt shipment volumes of Chinese, Shandong, East China, and North China sample enterprises are analyzed [78][80][83]. - **Downstream Start - up Rates**: The start - up rates of rubber shoe materials, road - modified asphalt, and waterproofing membranes are analyzed [86][88][92]. - **Highway Investment**: The cumulative investment in highway construction and the monthly year - on - year and monthly values of public fiscal expenditures on transportation are analyzed, as well as the relationship between asphalt demand and transportation fiscal expenditures [93][96][100]. - **Road - related Machinery**: The monthly sales volumes and working hours of road - related machinery such as rollers and excavators are analyzed [101][105]. - **Related Consumption**: The cumulative year - on - year growth rates of fixed - asset investment in railway, road, and water conservancy industries, as well as the cumulative issuance of local government special bonds, are analyzed [108][109]. 3.6 Related Indicators - **Positions, Trading Volumes, and Price Volatility**: The trading volume, position, and 20 - day historical volatility of asphalt futures are analyzed [114][117][119]. 3.7 Industry Chain Structure Diagram - **Crude Oil Industry Chain**: The exploration and production links of the crude oil industry chain are presented [123][124]. - **Asphalt Industry Chain**: The production processes and uses of asphalt are introduced [125][127].

Report Summary 1. Report Industry Investment Rating - The report suggests a cautious and bullish stance for the asphalt industry. It recommends going long on the BU main contract on dips, and taking long positions on the BU2303/2306 spread on dips (positive spread trading) [2]. 2. Core Viewpoints - The geopolitical premium in the crude oil market is strengthening, providing solid support to the cost side of asphalt. Although the rigid demand for asphalt is weak, supply is also restricted, leading to tight local asphalt spot circulation. The BU futures price has shifted to a sideways trend after pricing in the expected tightening of Venezuelan oil supply. With the escalation of the situation in South America and rising benchmark oil prices due to the Iran situation, the cost - side support for asphalt remains [1]. 3. Summary by Related Content Market Analysis - On January 14, the closing price of the main BU2603 asphalt futures contract in the afternoon session was 3,168 yuan/ton, up 43 yuan/ton or 1.37% from the previous settlement price. The open interest was 203,327 lots, down 4,581 lots from the previous day, and the trading volume was 199,146 lots, down 81,301 lots from the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3,406 - 3,500 yuan/ton in Northeast China, 3,040 - 3,240 yuan/ton in Shandong, 3,130 - 3,250 yuan/ton in South China, and 3,180 - 3,230 yuan/ton in East China. Spot prices in North China and Shandong have increased, while those in other regions have remained stable [1]. Strategy - **Unilateral**: Cautiously bullish. Go long on the BU main contract on dips, and early bottom - fishing long positions can be appropriately closed for profit [2]. - **Inter - period**: Go long on the BU2303/2306 spread on dips (positive spread trading) [2]. - **Inter - commodity**: No strategy provided [2]. - **Futures - spot**: No strategy provided [2]. - **Options**: No strategy provided [2].