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]

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: July 17, 2025 [2] Group 2: Market Review and Operation Suggestions - Futures Market: BU2509 opened at 3626 yuan/ton, closed at 3623 yuan/ton, with a high of 3629 yuan/ton, a low of 3598 yuan/ton, a decline of 0.22%, and a trading volume of 10.82 million lots. BU2510 opened at 3570 yuan/ton, closed at 3570 yuan/ton, with a high of 3576 yuan/ton, a low of 3545 yuan/ton, a decline of 0.11%, and a trading volume of 2.04 million lots [6] - Spot Market: Domestic asphalt spot prices remained stable. Crude oil and asphalt futures fluctuated narrowly, and the spot market sentiment was cautious [6] - Supply: In the East China region, Jinling Petrochemical stopped producing asphalt, and Xinghai Petrochemical is expected to resume asphalt production in the second half of the month after switching to producing residual oil this week. In addition, Shengxing Petrochemical in Shandong will intermittently switch to producing residual oil next week. The average operating load rate of asphalt plants is expected to decline next week [6] - Demand: Rainfall in the northern region will be relatively scarce in the future, which will support demand to some extent. The focus will be on seasonal demand support [6] - Outlook: The cost-side oil price is expected to have room for further increase. Asphalt supply and demand are both weak. The focus will be on seasonal demand support, and the single-side price is expected to fluctuate upwards following the oil price [6] Group 3: Industry News - Shandong Market: The mainstream transaction price of 70 A-grade asphalt was 3660 - 4070 yuan/ton, remaining stable from the previous trading day. The international oil price and asphalt futures continued to fluctuate. The spot market sentiment was cautious. Although some refineries still had restrictions on sales and queuing for loading, the weak terminal demand led to sluggish spot transactions, and the prices of some brand traders decreased slightly [7] - South China Market: The mainstream transaction price of 70 A-grade asphalt was 3600 - 3650 yuan/ton, remaining stable from the previous trading day. Affected by rainy weather and poor project funds, the number of terminal project starts was limited, and the rigid demand for asphalt remained weak. The trucking price of Guangzhou Petrochemical's asphalt may be lowered today, but the social inventory price in Guangdong remained stable due to the high storage cost [7] Group 4: Data Overview - Figures: The report includes figures on 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 [9][10][13] - Data Source: The data is sourced from Wind and the Research and Development Department of CCB Futures [6][10][12]

Group 1: General Information - Report Name: Asphalt Daily Report [1] - Date: June 6, 2024 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operational Suggestions - Futures Market: BU2507 opened at 3515 yuan/ton, closed at 3497 yuan/ton, with a high of 3519 yuan/ton, a low of 3479 yuan/ton, a decline of 0.4%, and a trading volume of 133,200 lots. BU2508 opened at 3481 yuan/ton, closed at 3484 yuan/ton, with a high of 3503 yuan/ton, a low of 3466 yuan/ton, a decline of 0.37%, and a trading volume of 12,000 lots [6] - Spot Market: The asphalt spot price in East China increased, while prices in other regions remained stable. The settlement price of some refineries increased, driving up the average domestic asphalt spot price. It is expected that the unilateral price of asphalt will fluctuate. Consider closing the long BU short SC position and re - enter when oil prices decline [6] Group 3: Industry News - Shandong Market: The mainstream transaction price of 70A asphalt was 3470 - 3870 yuan/ton, remaining stable. International oil prices and asphalt futures declined, market sentiment was cautious, and demand had no improvement, resulting in light trading [7] - East China Market: The mainstream intended price of 70A asphalt was 3580 - 3650 yuan/ton, up 40 yuan/ton. Sinopec's refineries in East China raised the settlement price, driving up the market price. Future rainfall will pressure the demand side [7] Group 4: Data Overview - Data includes 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 [9][10][13][20]