行业 沥青日报 日期 2025 年 11 月 19 日 请阅读正文后的声明 每日报告 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | --- | --- | --- | --- | --- | --- | --- | | BU2601 | 3054 | 3032 | 3072 | 3029 | -0.36 | 15.71 | | BU2602 | 3068 | 3052 | 3071 | 3049 | -0.36 | 3.01 | 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures. ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Short - term asphalt follows the upward trend of oil prices, but the sustainability is questionable. Traders with long positions should set flexible stop - profit points. The price may fall again later. The demand side of asphalt is seasonally weakening, and the actual demand continues to be weaker than expected [7] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: For BU2601, the opening price was 3295 yuan/ton, the closing price was 3279 yuan/ton, the highest was 3295 yuan/ton, the lowest was 3263 yuan/ton, the decline was 0.79%, and the trading volume was 16.66 million lots. For BU2512, the opening price was 3306 yuan/ton, the closing price was 3298 yuan/ton, the highest was 3306 yuan/ton, the lowest was 3272 yuan/ton, the decline was 0.75%, and the trading volume was 2.60 million lots [6] - **Spot Market**: In the spot market, the asphalt price in South China slightly increased, while those in North China and Shandong decreased. The rest of the regions remained relatively stable. The halt of the upward trend of crude oil and asphalt futures intensified the wait - and - see sentiment in the asphalt spot market [6] - **Supply and Demand**: Some refineries have production reduction or shutdown expectations, while others plan to increase production, and the overall start - up load rate is expected to remain basically the same. The demand side is seasonally weakening. The road projects in the Northeast and Northwest are coming to an end, and the rigid demand for asphalt is shrinking rapidly. In North China and Shandong, only some key projects are rushing to work, and the demand increment is scarce. The construction in the South is stable, but the slow resource consumption reflects weak demand. The lack of funds restricts project progress, and the actual demand for asphalt continues to be weaker than expected [7] 3.2 Industry News - **Shandong Market**: The mainstream transaction price of 70A grade asphalt was 3210 - 3620 yuan/ton, a decrease of 35 yuan/ton from the previous working day. The halt of the upward trend of international oil prices and asphalt futures, combined with the release of long - term contracts by Hongrun, led to an abundant supply of spot market resources and lower prices, causing other refineries to follow the price cut [8] - **South China Market**: The mainstream transaction price of 70A grade asphalt was 3360 - 3580 yuan/ton, an increase of 5 yuan/ton from the previous working day. The planned asphalt production of Maoming Petrochemical and Guangzhou Petrochemical in November is relatively small, and the price increase by major refineries boosted the market sentiment. However, the abundant social inventory and the approaching contract expiration at the end of the month limited the price increase [8] 3.3 Data Overview - The report presents multiple data charts, including the spot price of asphalt in South China, the basis of Shandong asphalt, the daily start - up rate of asphalt, the comprehensive profit of Shandong asphalt, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from wind and the Research and Development Department of CCB Futures [12][15][19]

Report Information - Report Title: Asphalt Daily Report [1] - Report Date: October 24, 2025 [2] Investment Rating - No investment rating information provided Core View - Oil prices rebounded, and asphalt followed suit. The previous strategy of going long on asphalt and short on crude oil was gradually stopped for profit. For the time being, take a wait - and - see approach on single - side trading [6] Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: For BU2601, the opening price was 3236 yuan/ton, the closing price was 3277 yuan/ton, the highest was 3300 yuan/ton, the lowest was 3236 yuan/ton, the increase was 2.31%, and the trading volume was 283,000 lots. For BU2512, the opening price was 3255 yuan/ton, the closing price was 3294 yuan/ton, the highest was 3311 yuan/ton, the lowest was 3255 yuan/ton, the increase was 2.01%, and the trading volume was 62,300 lots [6] - Spot Market: Prices in North China, Shandong, and South China rose, those in Northeast China fell significantly, and prices in other regions were relatively stable. The decline in Northeast was due to weakening road - oriented demand and falling low - sulfur asphalt prices [6] - Supply: Liaohe Petrochemical plans to increase production, but the reduction at East China's Jinling Petrochemical and the non - resumption plans of some refineries in Shandong and Henan may lead to a decline in this week's asphalt operating rate [6] - Demand: Rainfall decreased in the north, providing some support for rigid demand, but the capital problem of small and medium - sized projects remained severe, and speculative demand was also low [6] 2. Industry News - South China Market: The mainstream transaction price of 70A grade asphalt was 3340 - 3550 yuan/ton, remaining stable. Despite reduced supply from refineries, sufficient social inventory and low - price sales by some traders made it difficult to raise prices [7] - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3270 - 3620 yuan/ton, up 10 yuan/ton. The rebound of international oil prices and asphalt futures boosted market sentiment. Although refinery quotes were stable, some traders raised prices, and good sales of low - price resources drove up the low - end price [7] 3. Data Overview - The report presented multiple data charts, including South China asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [9][13][15]

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Report Date: October 23, 2025 [2] Group 2: Investment Rating - No investment rating information provided Group 3: Core Views - The price of asphalt futures increased with the rebound of oil prices, and the previous strategy of going long on asphalt and short on crude oil was gradually stopped for profit. It is recommended to wait and see on a single - side position [6] - The overall rigid demand for asphalt is poor, the trading atmosphere in the spot market is light, the expected supply may decline, and the funds for small and medium - sized projects are still in a severe situation [6] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: BU2601 opened at 3172 yuan/ton, closed at 3249 yuan/ton, with a maximum of 3249 yuan/ton, a minimum of 3157 yuan/ton, a daily increase of 2.95%, and a trading volume of 26.95 million lots. BU2512 opened at 3198 yuan/ton, closed at 3268 yuan/ton, with a maximum of 3268 yuan/ton, a minimum of 3192 yuan/ton, a daily increase of 2.51%, and a trading volume of 5.05 million lots [6] - Spot Market: The spot prices of asphalt in the Northeast, North China, and Shandong regions decreased, while those in other regions remained relatively stable. The rigid demand for asphalt was poor, and the trading atmosphere was light [6] - Supply: Liaohe Petrochemical plans to increase production, but the reduction of Jinling Petrochemical in East China and the non - resumption of asphalt production plans of some local refineries in Shandong and Henan are expected to lead to a decline in the asphalt operating rate this week [6] - Demand: The rainfall in the northern region has decreased, providing some support for rigid demand. However, the funds for small and medium - sized projects are still in a severe situation, and speculative demand is also relatively low [6] - Operation Suggestion: The previous strategy of going long on asphalt and short on crude oil was gradually stopped for profit. It is recommended to wait and see on a single - side position [6] 2. Industry News - South China Market: The mainstream transaction price of 70 A - grade asphalt was 3340 - 3550 yuan/ton, remaining stable. Although the supply of asphalt resources from Guangzhou Petrochemical and Maoming Petrochemical decreased, the social inventory of asphalt was still abundant, and some traders sold at low prices, making it difficult to push up the price [7] - East China Market: The mainstream intended price of 70 A - grade asphalt was 3410 - 3500 yuan/ton, remaining stable. The prices of futures and spot sources increased, and the price difference between social inventory and refinery truck transportation narrowed. However, the overall demand was average, and the procurement enthusiasm of industry players was weak, still putting pressure on the spot price [7] 3. Data Overview - The report provides multiple data charts, including South China asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [14][16][18]

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: September 18, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Futures Market: BU2511 opened at 3428 yuan/ton, closed at 3445 yuan/ton, with a high of 3448 yuan/ton, a low of 3426 yuan/ton, a rise of 0.58%, and a trading volume of 14.13 million lots. BU2512 opened at 3391 yuan/ton, closed at 3404 yuan/ton, with a high of 3409 yuan/ton, a low of 3391 yuan/ton, a rise of 0.59%, and a trading volume of 3.90 million lots [6] - Spot Market: In the North China market, asphalt prices rose slightly. In the East China region, asphalt spot prices dropped significantly, while prices in other regions remained stable. The oversupply situation in East China led to the price decline [6] - Supply: Jinling Petrochemical may reduce asphalt production. Qilu Petrochemical in Shandong switched to producing residual oil. However, starting from mid - September, Zhongyou Qinhuangdao may resume asphalt production, and Jincheng Petrochemical and Henan Fengli will gradually switch to asphalt production. The asphalt plant operating rate is expected to continue rising [6] - Demand: In the northern regions, road projects are in the peak construction period, and asphalt demand is improving steadily. In the southern regions, due to the long construction cycle, the peak construction period has not yet arrived, and asphalt demand is mainly released steadily with limited overall growth [6] - Operation Suggestion: Due to the weak supply - demand situation of asphalt, it is oscillating. Temporarily stay on the sidelines [6] Group 3: Industry News - East China Market: The mainstream transaction price of 70 A - grade asphalt was 3550 - 3650 yuan/ton, down 30 yuan/ton from the previous working day. Demand was stable with no obvious increase, social inventory did not decline significantly, and market supply was abundant. The spot price in Zhejiang dropped today, and the quotations of traders like Ke Yuan and Zhenhai Refinery for truck - loading ex - factory were both lowered, driving down the market price [7] - Shandong Market: The mainstream transaction price of 70 A - grade asphalt was 3480 - 3770 yuan/ton, remaining stable from the previous working day. Hongrun Refinery was fulfilling contracts, and the concentrated pick - up by traders and downstream led to a slight vehicle congestion situation at the refinery. Due to smooth loading, the spot price of Hualong's asphalt continued the trend of small oscillations and increases, while the prices of other refineries remained stable overall [7] Group 4: Data Overview - Data includes South China asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, all sourced from wind and the Research and Development Department of CCB Futures [14][16][18][24]

Report Information - Report Type: Asphalt Daily Report [1] - Date: August 28, 2025 [2] Industry Investment Rating - Not provided in the given content Core Viewpoints - The asphalt market continues to experience weak supply and demand with few highlights. The unilateral price mainly follows the movement of oil prices, but the fluctuation range is expected to be smaller than that of oil prices [6] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: For BU2510, the opening price was 3,506 yuan/ton, the closing price was 3,471 yuan/ton, the highest was 3,512 yuan/ton, the lowest was 3,458 yuan/ton, the decline was 1.53%, and the trading volume was 168,000 lots. For BU2511, the opening price was 3,485 yuan/ton, the closing price was 3,443 yuan/ton, the highest was 3,486 yuan/ton, the lowest was 3,433 yuan/ton, the decline was 1.54%, and the trading volume was 76,900 lots [6] - **Spot Market**: Prices in the Northeast and Shandong markets declined, while prices in other regions remained generally stable. The significant decline in crude oil prices had a negative impact on the sentiment of the asphalt spot market [6] - **Supply**: Hebei Xinghai plans to increase asphalt production at the end of the month. However, due to the possible temporary shutdown of Zhenhai Refining & Chemical and the possible switch of some local refineries in Shandong to produce residual oil, the asphalt plant operating rate is expected to decline [6] - **Demand**: There was no obvious boost in demand. Rigid demand was restricted by funds and weather, market sentiment was relatively pessimistic, and speculative demand was released cautiously [6] 2. Industry News - **South China Market**: The mainstream transaction price of 70A grade asphalt was 3,490 - 3,510 yuan/ton, remaining stable compared to the previous working day. As the asphalt futures price declined, some futures - spot traders sold forward contracts, but traders still temporarily kept the spot price stable, waiting for further market news [7] - **Shandong Market**: The mainstream transaction price of 70A grade asphalt was 3,470 - 3,800 yuan/ton, a decrease of 10 yuan/ton compared to the previous working day. The international oil price closed lower, the asphalt futures followed suit, and the sentiment in the spot market weakened again. Today, individual refineries and some traders lowered their quotes, driving down the transaction price in the Shandong market [7] 3. Data Overview - The report presents multiple data charts including asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, asphalt warehouse receipts, Shandong asphalt spot price, and Shandong asphalt basis, with data sources from Wind and the Research and Development Department of CCB Futures [8][13][16]

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: August 19, 2025 [2] Group 2: Industry Investment Rating - No information provided Group 3: Core View - The asphalt market continues to have weak supply and demand with few highlights. The unilateral price mainly follows the weak trend of oil prices, but the trend may be stronger than that of oil prices. It is recommended to go long on asphalt and short on crude oil when the opportunity arises [6] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: For BU2510, the opening price was 3461 yuan/ton, the closing price was 3473 yuan/ton, the highest was 3497 yuan/ton, the lowest was 3452 yuan/ton, the increase was 0.06%, and the trading volume was 175,500 lots. For BU2511, the opening price was 3405 yuan/ton, the closing price was 3429 yuan/ton, the highest was 3450 yuan/ton, the lowest was 3405 yuan/ton, the increase was 0.00%, and the trading volume was 46,700 lots [6] - Spot Market: Asphalt spot prices in Northeast, North China, Shandong, South China, and Sichuan-Chongqing markets have declined, while other regions remain stable. The weak trend of crude oil prices and asphalt futures has a negative impact on the sentiment of the asphalt spot market [6] - Supply: Jinling Petrochemical in East China may maintain low-load production in the near future. Jiangsu Xinhai has no clear restart plan after shutdown, and Shengxing Petrochemical plans to switch to producing residual oil. It is expected that the average operating load rate of asphalt plants will decline [6] - Demand: There is no obvious boost in demand. Rigid demand is restricted by funds and weather, market sentiment is pessimistic, and speculative demand is released cautiously [6] - Operation Suggestion: Go long on asphalt and short on crude oil when the opportunity arises [6] 2. Industry News - Shandong Market: The mainstream transaction price of 70 A-grade asphalt was 3500 - 3870 yuan/ton, a decrease of 10 yuan/ton from the previous working day. International oil prices and asphalt futures fluctuated and declined. The spot market sentiment remained bearish, and the overall rigid demand for asphalt was weak, leading to a decline in the prices of some asphalt brands and a lower market price [7] - South China Market: The mainstream transaction price of 70 A-grade asphalt was 3490 - 3530 yuan/ton, a decrease of 5 yuan/ton from the previous working day. The asphalt futures price continued to decline, the contract prices of some futures-spot traders' warehouses decreased, and the spot market sentiment was weak. With limited rigid demand, traders' spot quotes followed the decline [7] 3. Data Overview - The report presents multiple data charts, including asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, Shandong asphalt spot price, Shandong asphalt basis, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [8][13][16]

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: August 13, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Futures Market: BU2510 opened at 3507 yuan/ton, closed at 3506 yuan/ton, with a high of 3516 yuan/ton, a low of 3491 yuan/ton, a rise of 0.57%, and a trading volume of 12.03 million lots; BU2511 opened at 3452 yuan/ton, closed at 3466 yuan/ton, with a high of 3474 yuan/ton, a low of 3446 yuan/ton, a rise of 0.46%, and a trading volume of 2.14 million lots [6] - Spot Market: Spot prices in North China, Shandong, South China, and Sichuan-Chongqing markets declined, while other regions remained stable. Rigid demand for asphalt was weak, which was negative for spot prices [6] - Supply and Demand: Some refineries planned to resume asphalt production, and the average operating load rate of asphalt plants would increase significantly. Demand improvement was limited due to events restricting project construction. Overall, asphalt supply and demand deteriorated, and a short-selling strategy was recommended [6] Group 3: Industry News - Shandong Market: The mainstream trading price of 70 A-grade asphalt was 3520 - 3870 yuan/ton, down 55 yuan/ton from the previous day. Terminal demand remained weak, and some traders lowered their quotes [7] - South China Market: The mainstream trading price of 70 A-grade asphalt was 3540 - 3550 yuan/ton, down 40 yuan/ton from the previous day. Maoming Petrochemical adjusted its prices, and a new contract price from Gaofu also decreased, which was negative for market sentiment [7] Group 4: Data Overview - Figures Included: Asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, Shandong asphalt spot price, Shandong asphalt basis, asphalt manufacturer inventory, and asphalt warehouse receipts [8][13][16][19] - Data Source: Wind, Research and Development Department of CCB Futures [10][11][12]

Group 1: Report Overview - Report Name: Asphalt Daily Report [1] - Date: August 1, 2025 [2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Viewpoint - The asphalt market continues to show a pattern of weak supply and demand. With oil prices rebounding due to macro and geopolitical support, a short - long strategy for asphalt is recommended, with timely profit - taking [7] Group 4: Market Review and Operation Suggestions Futures Market - For futures contracts BU2509, the opening price was 3654 yuan/ton, closing at 3659 yuan/ton, with a high of 3682 yuan/ton, a low of 3650 yuan/ton, a daily increase of 0.30%, and a trading volume of 14.56 million lots. For BU2510, the opening price was 3654 yuan/ton, closing at 3649 yuan/ton, with a high of 3667 yuan/ton, a low of 3637 yuan/ton, a daily increase of 0.47%, and a trading volume of 8.40 million lots [6] Spot Market - In the spot market, the asphalt price in Shandong showed a slight increase, while prices in other regions remained stable. The strong trends of crude oil and asphalt futures positively influenced the spot market sentiment [6] Supply and Demand - Supply: Some refineries in the Northeast that reduced production have no short - term plans to increase output. However, due to Jinling Petrochemical's high - load production after resuming on the 23rd and the possible resumption of Shandong Shengxing Petrochemical, the average asphalt plant operating rate is expected to rise. Demand: Rainy weather still affects most parts of China, with relatively less impact in Shandong and Central China, which supports demand to some extent. But the stability of most road projects outside key projects cannot be guaranteed, and the improvement in asphalt demand is limited [6] Group 5: Industry News Shandong Market - The mainstream transaction price of 70 A - grade asphalt was 3640 - 4070 yuan/ton, up 5 yuan/ton from the previous day. The rising trends of international oil prices and asphalt futures boosted the asphalt price from the cost and market sentiment perspectives, leading some traders to raise their quotes [8] South China Market - The mainstream transaction price of 70 A - grade asphalt was 3560 - 3590 yuan/ton, remaining stable from the previous day. Sinopec's settlement and Gaofu's plan to set new contract prices kept the social inventory quotes stable. Although terminal demand improved slightly, the current asphalt demand is still small, and market sentiment is cautious [8] Group 6: Data Overview - The report presents multiple data charts, including Shandong asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of Jianxin Futures [14][16][17][24]

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: July 29, 2025 [2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core View - Asphalt continues the pattern of weak supply and demand, and due to the recent continuous decline of oil prices, the previous long positions in asphalt should be temporarily stopped for profit and wait and see [7] Group 4: Market Review and Operation Suggestions - Futures Market: For BU2509, the opening price was 3617 yuan/ton, the closing price was 3569 yuan/ton, the highest was 3637 yuan/ton, the lowest was 3552 yuan/ton, the decline was 1.05%, and the trading volume was 224,900 lots; for BU2510, the opening price was 3592 yuan/ton, the closing price was 3542 yuan/ton, the highest was 3608 yuan/ton, the lowest was 3526 yuan/ton, the decline was 1.14%, and the trading volume was 68,300 lots [6] - Spot Market: The asphalt spot prices in North China and Sichuan-Chongqing markets increased slightly, while the asphalt spot price in Shandong decreased, and the prices in other regions remained stable. The market was cautious and waiting and seeing [6] - Supply: Although some refineries in the Northeast that reduced asphalt production have no short - term production increase plans, due to Jinling Petrochemical's high - load production after July 23 and the possible resumption of production by Shandong Shengxing Petrochemical, the average operating load rate of asphalt plants is expected to rise [6] - Demand: Rainy weather still affects most parts of China, and only Shandong and Central China have relatively less impact, which supports demand to some extent. The improvement of asphalt demand is limited [6] - Operation Suggestion: Temporarily stop for profit and wait and see for the previous long positions in asphalt [7] Group 5: Industry News - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3620 - 4070 yuan/ton, a decrease of 5 yuan/ton from the previous working day. The decline of international oil prices and asphalt futures, as well as the rainy weather, led to the decline of the spot price [8] - South China Market: The mainstream transaction price of 70A grade asphalt was 3560 - 3600 yuan/ton, remaining stable. After the typhoon, the rigid demand did not improve, and the social inventory remained stable waiting for demand release [8] Group 6: Data Overview - The report presents multiple data charts including asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, Shandong asphalt spot price, Shandong asphalt basis, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from wind and the research and development department of Jianxin Futures [9][14][17][20]