1、12月23日沥青期货下午盘收盘行情：主力BU2602合约下午收盘价2977元/吨，较昨日结算价上涨8元/吨，涨幅 0.27%；持仓204742手，环比下跌12429手，成交242206手，环比下降124436手。 2、卓创资讯重交沥青现货结算价：东北，3156—3500元/吨；山东，2850—3190元/吨；华南，2750—2950元/吨； 华东，3000—3150元/吨。 虽然近日原油价格出现反弹，叠加南美地缘局势升温，但沥青现实基本面仍偏弱，制约了市场上涨动力。现货方 面，昨日华北地区沥青现货价格小幅上涨，山东以及华东地区沥青现货价格跌幅明显，其余地区沥青现货价格大 体企稳。沥青终端需求整体表现疲软，市场资源较为充裕(尤其是华南地区），部分主营炼厂本周继续下调沥青结算 价格。往前看，南方地区过剩矛盾仍有待时间消化，原料端收紧风险则是潜在的上行驱动，市场多空因素交织， 现实与预期博弈下，底部反弹需要等待更明确的信号。 策略 单边：中性，等待底部信号明确，可尝试左侧逢低多配置 跨品种：无 石油沥青日报 | 2025-12-24 市场资源充裕，现实基本面仍偏弱 市场分析 跨期：无 期现：无 期权：无 风险 ...

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年12月23日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2025年12月份沥青总计划排产量为215.8万吨，环比降幅3.24%。本周国内石油沥青样 本产能利用率为29.1826%，环比减少0.72个百分点，全国样本企业出货24.449万吨，环比减少3.52%,样本企业 产量为48.7万吨，环比减少2.40%,样本企业装置检修量预估为95.5万吨，环比增加1.17%,本周炼厂有所减产， 降低供应压力。下周或将减少供给压力。 需求端来看，重交沥青开工率为27.6%，环比减少0.01个百分点，低于历史平均水平；建筑沥青开工率为6.6%， 环比持平，低于历史平均水平；改性沥青开工率为7.6609% ...

石油沥青日报 | 2025-12-19 基本面维持疲软，市场上行驱动仍不足 市场分析 1、12月18日沥青期货下午盘收盘行情：主力BU2602合约下午收盘价2952元/吨，较昨日结算价上涨20元/吨，涨幅 0.68%；持仓224692手，环比下跌10773手，成交410415手，环比下跌93619手。 2、卓创资讯重交沥青现货结算价：东北，3156—3500元/吨；山东，2830—3270元/吨；华南，2750—3100元/吨； 华东，3100—3220元/吨。 虽然由于地缘担忧发酵，前日沥青盘面出现大幅反弹，但现实基本面依然疲软，且原料供应当前相对充裕，市场 上行驱动有限。现货方面，昨日山东地区沥青现货价格小幅上涨，华南地区沥青现货价格明显下跌，其余地区沥 青现货价格大体企稳。尽管昨日山东地区个别地方炼厂限量或停发，导致市场现货资源流通量有所减少，区域内 沥青现货价格窄幅上涨。但因为南方地区主营炼厂大幅度降价，利空沥青现货市场情绪，对盘面形成压制。 策略 单边：中性，等待底部信号明确，关注左侧逢低多机会，不宜追涨 跨品种：无 跨期：无 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 ...

资金流向方面，主力资金净流入76.43万元，大单买入173.86万元，占比11.79%，卖出97.43万元，占比 6.61%。 国创高新今年以来股价跌12.69%，近5个交易日跌0.69%，近20日跌8.25%，近60日跌7.37%。 资料显示，湖北国创高新材料股份有限公司位于湖北省武汉市东湖新技术开发区武大园三路8号，成立 日期2002年3月25日，上市日期2010年3月23日，公司主营业务涉及改性沥青产品的开发、生产与销售。 房地产中介服务。主营业务收入构成为：重交沥青75.75%，改性沥青18.81%，道路工程施工及养护 2.63%，改性沥青加工1.72%，其他产品0.77%，乳化沥青0.34%。 12月18日，国创高新盘中上涨2.12%，截至10:23，报2.89元/股，成交1474.46万元，换手率0.59%，总市 值26.48亿元。 国创高新所属申万行业为：石油石化-炼化及贸易-其他石化。所属概念板块包括：微盘股、低价、小 盘、沥青概念、湖北自贸区等。 截至11月28日，国创高新股东户数2.75万，较上期减少6.46%；人均流通股31721股，较上期增加 6.91%。2025年1月-9月，国创高新 ...

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年12月18日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2025年12月份沥青总计划排产量为215.8万吨，环比降幅3.24%。本周国内石油沥青样 本产能利用率为29.9017%，环比减少0.18个百分点，全国样本企业出货25.342万吨，环比减少9.68%,样本企业 产量为49.9万吨，环比减少0.59%,样本企业装置检修量预估为94.4万吨，环比增加14.29%,本周炼厂有所减产， 降低供应压力。下周或将减少供给压力。 需求端来看，重交沥青开工率为27.8%，环比减少0.00个百分点，低于历史平均水平；建筑沥青开工率为6.6%， 环比持平，低于历史平均水平；改性沥青开工率为8.9781 ...

石油沥青日报 | 2025-12-11 局部冬储合同释放，市场观望情绪仍存 市场分析 1、12月10日沥青期货下午盘收盘行情：主力BU2602合约下午收盘价2940元/吨，较昨日结算价下跌7元/吨，跌幅 0.24%；持仓205972手，环比上涨4156手，成交141233手，环比下跌26608手。 2、卓创资讯重交沥青现货结算价：东北，3156—3500元/吨；山东，2860—3370元/吨；华南，2930—3150元/吨； 华东，3100—3250元/吨。 原油价格反弹遇阻再度转跌，沥青成本端支撑偏弱，盘面则维持低位震荡状态。现货方面，昨日华北地区沥青现 货价格继续上涨，其余地区沥青现货价格大体企稳。个别地区沥青现货资源趋紧，贸易商适当上调沥青报价。当 前沥青基本面维持供需两弱格局，未来随着降温终端需求还有进一步下降的空间，对于具备配额的炼厂利润相对 可观，局部供应竞争较为激烈，压制现货价格。但在绝对价格已经跌至低位后，市场下行空间或有限，底部反弹 需要更多的刺激因素，等待冬储需求进一步释放。就冬储情况而言，本周河北主要炼厂率先放出冬储合同(报价3000 元/吨，提货期至明年3月底)，价格超出多数客户心理预 ...

缓慢寻底 沥青月报 2025/12/05 徐绍祖 （能源化工组） 从业资格号：F03115061 交易咨询号：Z0022675 严梓桑 （联系人） 0755-23375123 yanzs@wkqh.cn 从业资格号：F03149203 CONTENTS 目录 01 月度评估及策略推荐 05 需求端 02 期现市场 06 相关指标 03 供应端 07 产业链结构图 04 库存 01 月度评估及策略推荐 行情回顾 图1：沥青主力合约近月走势（￥/吨） 2,600.0 2,800.0 3,000.0 3,200.0 3,400.0 3,600.0 3,800.0 4,000.0 2025/1/1 2025/1/8 2025/1/15 2025/1/22 2025/1/29 2025/2/5 2025/2/12 2025/2/19 2025/2/26 2025/3/5 2025/3/12 2025/3/19 2025/3/26 2025/4/2 2025/4/9 2025/4/16 2025/4/23 2025/4/30 2025/5/7 2025/5/14 2025/5/21 2025/5/28 2025/6/4 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The asphalt market is under pressure with local spot prices falling. The current fundamental situation of asphalt is weak, with sluggish terminal demand and concentrated release of long - term refinery resources, suppressing the spot market. Without significant fluctuations in the cost side, the market is expected to continue weak and volatile [2]. 3) Summary According to Related Catalogs Market Analysis - On November 3, the closing price of the main asphalt futures contract BU2601 in the afternoon session was 3,233 yuan/ton, down 19 yuan/ton or 0.58% from the previous settlement price. The open interest was 207,852 lots, a net increase of 7,905 lots, and the trading volume was 263,304 lots, a net increase of 82,215 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast 3,406 - 3,750 yuan/ton; Shandong 3,150 - 3,620 yuan/ton; South China 3,370 - 3,520 yuan/ton; East China 3,410 - 3,500 yuan/ton [1]. - Spot prices in North China, Shandong, South China, and Sichuan - Chongqing regions fell, while those in other regions remained relatively stable [2]. Strategy - Unilateral: Weak and volatile, with a short - term focus on waiting and seeing. - Inter - period: No strategy. - Cross - variety: No strategy. - Futures - spot: No strategy. - Options: No strategy [3].

Report Industry Investment Rating - The rating for unilateral investment is neutral, suggesting short - term observation [2] Report's Core View - The asphalt fundamentals remain weak, and the market shows a weak oscillating trend. The weakening of rigid demand in northern provinces seasonally suppresses market sentiment, and there is insufficient upward drive in the market [1] Summary Based on Relevant Catalogs Market Analysis - On October 30, the closing price of the main asphalt futures contract BU2601 in the afternoon session was 3254 yuan/ton, down 13 yuan/ton or 0.4% from the previous settlement price. The open interest was 196,796 lots, up 770 lots from the previous day, and the trading volume was 160,811 lots, down 12,955 lots from the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast 3406 - 4750 yuan/ton; Shandong 3200 - 3620 yuan/ton; South China 3370 - 3580 yuan/ton; East China 3410 - 3500 yuan/ton. The spot price of asphalt in North China decreased, while that in South China increased slightly, and prices in other regions remained relatively stable [1] - After the successful conclusion of China - US trade negotiations, macro risks have weakened. However, due to the weakening fundamentals of crude oil prices, the cost - driving effect on asphalt is limited [1] Strategy - Unilateral: Neutral, with short - term observation as the main strategy - Cross - period: None - Cross - variety: None - Futures - spot: None - Options: None [2]

Report Summary 1) Report Industry Investment Rating - Unilateral: Cautiously bearish, mainly on short - term wait - and - see [2] - Inter - period: None [2] - Inter - variety: None [2] - Futures - spot: None [2] - Options: None [2] 2) Core View of the Report - The market has insufficient positive factors, and the market fluctuates at a low level. The asphalt futures and spot markets are affected by multiple factors, with a current pattern of weak supply and demand. The market lacks upward momentum, and it is necessary to wait for the implementation of major macro - events [1]. 3) Summary by Related Catalogs Market Analysis - On October 21, the closing price of the main BU2601 contract of asphalt futures in the afternoon session was 3,157 yuan/ton, up 13 yuan/ton or 0.41% from the previous settlement price. The open interest was 182,020 lots, a net increase of 14,315 lots, and the trading volume was 168,391 lots, a net increase of 8,384 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3,506 - 4,086 yuan/ton in the Northeast, 3,260 - 3,620 yuan/ton in Shandong, 3,340 - 3,550 yuan/ton in South China, and 3,410 - 3,500 yuan/ton in East China. The spot prices of asphalt in North China, Shandong, East China, and Sichuan - Chongqing continued to decline yesterday, slightly increased in South China, and remained relatively stable in other regions [1]. - Crude oil and asphalt futures maintained weak fluctuations, which was negative for the sentiment of the asphalt spot market. The current pattern of weak supply and demand in the asphalt market continues, but the sharp drop in oil prices boosts refinery profits, and the supply side has certain elasticity. At the same time, the overall rigid demand for asphalt is weak, the downstream purchasing sentiment is weak, and most market prices continue to decline. Currently, the market still lacks the impetus to rebound [1]. Figures - There are a series of figures in the report, including spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest, and Northwest), closing prices of asphalt futures indices, main contracts, and near - month contracts, trading volume and open interest of asphalt futures, weekly domestic asphalt production, asphalt production of independent refineries and in different regions (Shandong, East China, South China, North China), domestic asphalt consumption in different fields (road, waterproofing, coking, ship - fuel), and asphalt inventories in refineries and society [3].