Report Overview - Report Title: Asphalt Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: October 21, 2025 [3] 1. Futures Contract Information - **Price Changes**: The closing price of the BU main contract on September 19 was 3420, dropping to 3156 on October 17, a daily change of -44 and a weekly change of -314. Different contract months (BU10 - BU03) also showed varying degrees of price declines [4]. - **Volume and Open Interest**: The trading volume increased from 246,616 on September 19 to 312,542 on October 17, with a daily increase of 43,198 and a weekly increase of 68,738. The open interest rose from 409,431 to 358,277, with a daily increase of 4,924 and a weekly increase of 11,368 [4]. 2. Spot Market Information - **Market Prices**: Market prices in different regions (Shandong, East China, South China, North China, Northeast) all declined to varying degrees. For example, the Shandong market price decreased from 3520 on September 19 to 3380 on October 17, a daily decrease of 40 and a weekly decrease of 80 [4]. - **Warehouse Prices**: Prices at various warehouses (Zhenjiang, Foshan, Hongrun, Jingbo) also declined. For instance, the Zhenjiang warehouse price dropped from 3470 to 3320, a daily decrease of 30 and a weekly decrease of 30 [4]. 3. Basis and Calendar Spread Information - **Basis**: The basis in different regions (Shandong, East China, South China) generally increased. For example, the Shandong basis (+80) climbed from 149 to 285, with a daily increase of 114 [4]. - **Calendar Spread**: Calendar spreads between different contract months (10 - 11, 10 - 12, etc.) showed different trends, with some spreads narrowing and others widening. For example, the 10 - 11 spread decreased from 180 to -78, a weekly decrease of 258 [4]. 4. Crack Spread and Profit Information - **Crack Spread**: The asphalt - Brent crack spread decreased from 244 to 193, a daily decrease of 52 [4]. - **Profit**: Profits of different types of refineries (asphalt - Ma Rui, ordinary refineries, Ma Rui - type refineries) also showed different trends. For example, the asphalt - Ma Rui profit decreased from 155 to 109, a daily decrease of 46 [4]. 5. Related Product Price Information - **Crude Oil**: The price of Brent crude oil decreased from 63.3 to 61.3, a daily increase of 0.2 and a weekly decrease of 2.0 [4]. - **Gasoline and Diesel**: The Shandong market prices of gasoline and diesel also declined. The gasoline price dropped from 7387 to 7281, a daily decrease of 39 and a weekly decrease of 106 [4].

1. Report Investment Rating There is no information about the investment rating in the provided content. 2. Core Viewpoints There are no clear core viewpoints explicitly stated in the given report. The report mainly presents a large amount of data on asphalt market indicators. 3. Summary by Categories Futures Contracts - **Price Changes**: From September 17 to October 16, the prices of most BU series futures contracts showed a downward trend. For example, the BU10 contract price decreased from 3451 to 3200, and the BU11 contract price dropped from 3445 to 3279 [4]. - **Volume and Open Interest**: The trading volume on October 16 was 269344, with a daily increase of 7215 and a weekly decrease of 53977. The open interest was 353352, with a daily increase of 6845 and a weekly increase of 30758 [4]. Spot Market - **Market Prices**: The market prices of asphalt in different regions generally declined. The Shandong market price decreased from 3520 to 3420, the East China market price dropped from 3640 to 3500, and the North China market price fell from 3660 to 3440 [4]. - **Regional Price Differences**: The price differences between regions also changed. For instance, the East China - South China price difference decreased from 150 to 50 [4]. Basis and Calendar Spreads - **Basis**: The basis values in different regions had fluctuations. The Shandong basis (+80) decreased from 125 to 171, and the East China basis decreased from 72 to 71 [4]. - **Calendar Spreads**: The spreads between different contract months changed significantly. For example, the 10 - 11 spread decreased from 112 to -79 [4]. Crack Spreads and Profits - **Crack Spreads**: The asphalt Brent crack spread increased from -31 to 200 [4]. - **Profits**: The profits of different types of refineries generally increased. The ordinary refinery comprehensive profit increased from 370 to 530, and the Ma Rui - type refinery comprehensive profit rose from 697 to 916 [4].

Group 1: Report Information - Report Name: "Asphalt Morning Report" [2] - Report Date: October 9, 2025 [3] - Research Team: Energy and Chemicals Team of the Research Center [3] Group 2: Futures Market Data Futures Contract Prices - The prices of BU main contract, BU10, BU11, BU12, BU01, and BU03 all showed an upward trend from September 9 to September 29. For example, the BU main contract rose from 3420 to 3466, with a weekly increase of 93 [4]. Trading Volume and Open Interest - The trading volume decreased by 83,458 on a daily basis and 15,365 on a weekly basis to 265,110 on September 29. - The open interest decreased by 24,223 on a daily basis and 83,527 on a weekly basis to 342,335 on September 29 [4]. Warehouse Receipts - The number of warehouse receipts remained unchanged at 13,930 on September 29, with a weekly decrease of 5,010 [4]. Group 3: Spot Market Data Market Prices - The market prices of asphalt in different regions showed different trends. The prices in Shandong, East China, and Northeast China decreased slightly, while the price in South China increased by 10 to 3510. The price in North China remained unchanged at 3660 [4]. Warehouse Prices - The prices of the Zhenjiang warehouse and Foshan warehouse increased, with the Zhenjiang warehouse rising by 70 to 3490 and the Foshan warehouse rising by 30 to 3480 [4]. Refinery Prices - The prices of some refineries decreased. For example, the price of Yinrun decreased by 20 to 3470, and the price of Jingbo decreased by 30 to 3580 [4]. Group 4: Basis and Calendar Spread Basis - The basis of Shandong, East China, and South China showed different trends. The Shandong basis decreased by 113 on a weekly basis to 84, the East China basis decreased by 23 on a weekly basis to 24, and the South China basis decreased by 63 on a weekly basis to 14 [4]. Calendar Spread - The calendar spreads between different contracts also changed. For example, the spread between BU10 - BU11 decreased by 8 on a weekly basis to 19, and the spread between BU10 - BU12 decreased by 13 on a weekly basis to 67 [4]. Group 5: Crack Spread and Profit Crack Spread - The asphalt - Brent crack spread decreased by 26 on a weekly basis to 92 on September 29 [4]. Profit - The asphalt - MRE profit decreased by 23 on a weekly basis to 16. The comprehensive profit of ordinary refineries increased by 8 on a weekly basis to 480, and the comprehensive profit of MRE - type refineries decreased by 4 on a weekly basis to 807 [4]. Group 6: Related Commodity Prices - The price of Brent crude oil remained unchanged at 65.5 on September 29, with a weekly increase of 0.1. The price of gasoline in Shandong decreased by 21 on a daily basis and increased by 27 on a weekly basis to 7492. The price of diesel in Shandong increased by 30 on a daily basis and 100 on a weekly basis to 3743. The price of residue oil in Shandong decreased by 28 on a daily basis and increased by 35 on a weekly basis to 6450 [4][5]