瑞达期货研究院 「2026.02.06」 合成橡胶市场周报 研究员：林静宜 期货从业资格号F03139610 期货投资咨询证书号Z0021558 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 合成橡胶期货价格走势 合成橡胶期货主力合约价格走势 来源：博易大师 瑞达期货研究院 • 本周合成橡胶期货主力价格震荡收跌，周度-4.5%。 「周度要点小结」 3 行情回顾：本周山东市场顺丁橡胶价格表现震荡回落走势，现货价格区间在12300-13050元/吨。 原料丁二烯下游需求下降预期及近期国内供应增量预期影响，顺丁橡胶高生产成本压力略有缓解。 截止2026年2月5日，中石化化销BR9000出厂价格在13000元/吨，中石油各销售公司BR9000出 厂价格在13000-13100元/吨。 行情展望：近期国内顺丁装置停车较少，供应延续高位，春节前采购基本进入尾声，部分贸易商 为回笼资金存在部分让利促销行为，下游采购基本结束，新成交减少以提货为主，本周生产企业 库存多数下降，贸易企业库存总体小幅下降，当前下游节前采购基本完成，多数生产企业及贸 ...

Group 1 - The core point of the article is that ST Hongda (sz002211) reached its daily limit with a price of 3.62 yuan, reflecting a 4.93% increase, and a total market capitalization of 1.566 billion yuan, driven by improved financial performance and favorable industry conditions [1] Group 2 - The company primarily engages in the processing and sales of silicone rubber and its products, with significant improvements in operational indicators, showing a year-on-year reduction in net loss by 38.53% to 59.02%, and a reduction in non-recurring net loss by 69.12% to 84.56% [1] - The industry environment has seen an increase in product prices, providing external support and creating favorable conditions for further performance improvement [1] - The waiver of debts by the controlling shareholder is expected to enhance capital reserves and improve the balance sheet, while related transactions in 2026 are priced at market rates, reducing uncertainties from ongoing litigation [1] - The chemical rubber sector has shown positive performance, with various stocks experiencing increases, contributing to a sector-wide effect [1] - Technical indicators suggest that if the MACD forms a golden cross and the stock price breaks through short-term moving average resistance, it may attract technical investors, further boosting the stock price [1] - There was a net inflow of main funds into the stock on the day, which contributed to the stock reaching its limit [1]

现货方面，云南产全乳胶上海市场价格16000元/吨，较前一日变动-200元/吨。青岛保税区泰混15180元/吨，较前一 日变动-120元/吨。青岛保税区泰国20号标胶1950美元/吨，较前一日变动-20美元/吨。青岛保税区印尼20号标胶1890 美元/吨，较前一日变动-25美元/吨。中石油齐鲁石化BR9000出厂价格13000元/吨，较前一日变动+0元/吨。浙江传 化BR9000市场价12550元/吨，较前一日变动-250元/吨。 市场资讯 2025年12月中国天然橡胶（含技术分类、胶乳、烟胶片、初级形状、混合胶、复合胶）进口量80.34万吨，环比增 加24.84%，同比增加25.4%，2025年1-12月累计进口数量667.51万吨，累计同比增加17.94%。 化工日报 | 2026-02-06 轮胎开工率呈现季节性下降 市场要闻与数据 期货方面，昨日收盘RU主力合约16175元/吨，较前一日变动-210元/吨；NR主力合约13135元/吨，较前一日变动-165 元/吨；BR主力合约12855元/吨，较前一日变动-460元/吨。 ANRPC最新发布的2025年12月报告预测，12月全球天胶产量料降10.8% ...

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货橡胶早报-2026-02-06 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2605 | 震荡 | 震荡 | 偏弱 | 偏弱运行 | 偏空氛围增强，沪胶震荡偏弱 | | 合成胶 | 2603 | 震荡 | 震荡 | 偏弱 | 偏弱运行 | 偏空氛围增强，合成胶震荡偏弱 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 沪胶（RU） 日内观点：偏弱 中期观点：震荡 参考观点：偏弱运行 核心逻辑：目前国内云南和海南天胶产区已进入停割季，国产全乳胶供应压力显著下降，而东南亚 产区也将迎来低产季。同时胶市下游国内汽车产销数据偏乐观，12 月重卡销量数据好于预期。随着 能 ...

1. Report's Industry Investment Rating - No relevant information provided 2. Core View of the Report - On Thursday, the natural rubber futures trended downward. With domestic production areas in a state of suspension, and Thailand's northeastern region set to gradually halt production in January while its southern region is in peak season, the total inventory of natural rubber in Qingdao continues to accumulate. In the short - term, the elasticity of the supply side weakens, and raw rubber prices remain relatively firm. The demand side supports stable production of all - steel tires. Synthetic rubber has seen a significant decline recently. It is expected that the natural rubber price will undergo oscillatory adjustments [2] 3. Summary According to Related Catalogs Futures Market - **Price Changes**: The previous day's closing prices of RU, NR, and BR were 16175, 13135, and 12925 respectively, with price drops of - 210, - 165, and - 435 and percentage drops of - 1.28%, - 1.24%, and - 3.26% compared to two days ago. The spreads of RU - BR, NR - BR, and RU - NR were 3040, 3250, and 210 respectively with changes of - 45, 225, and 270 compared to the previous values [2] - **Trading Volume and Open Interest**: The trading volumes of RU, NR, and BR were 283333, 62662, and 112386 respectively. The open interests were 12925, 50827, and - 684 respectively, with changes of - 435, - 544, and 10 [2] - **Basis**: The current basis of RU, mixed - RU, and smoke - sheet - RU were - 175, - 915, and 2125 respectively, compared to previous values of - 185, - 1260, and 2115 [2] Spot Market - **Domestic Spot Prices**: The current prices of whole - latex in Shandong, Shanghai, and Kunming were 15900, 16000, and 15800 respectively, with percentage drops of - 1.08%, - 0.93%, and - 1.23%. The prices of smoke - sheet in Shandong and Shanghai were 18300, with a percentage drop of - 1.08%. The prices of mixed rubber in Qingdao and Yunnan were 15260 and 15750 respectively, with a change of 0.89% and - 1.25% [2] - **Downstream Spot Prices**: The current prices of Thai smoke - sheet, Thai cup - lump, and Thai latex were 61, 53.52, and 59 (Thai baht/kg) respectively, with percentage changes of - 0.31%, 1.50%, and 0.34% [2]

天胶早报- 2026年2月6日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 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。 交易咨询业务资格：证监许可【2012】1091号 CONTENTS 目 录 1 每日提示 2 3 基本面数据 多空因素及主要风险点 4 基差 天胶： 1、基本面：供应开始增加，现货偏强，国内库存开始减少，轮胎开工率高位 中性 2、基差：现货15900，基差-275 偏空 3、库存：上期所库存周环比增加，同比减少；青岛地区库存周环比增加，同比增加 中性 4、盘面：20日线向上，价格20日线上运行 偏多 5、主力持仓：主力净多，多减 偏多 6、预期：市场情绪降温，节前或区间波动 多空因素及主要风险点 • 利多 • 1、下游消费偏高 • 2、现货价格抗跌 • 3、国内反内卷 • 利空 • 1、国内经济指标偏空 • 2、贸易摩擦 • 风险点 • 世界经济衰退、国内经济增长不 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The current oil price has risen and priced in a high geopolitical premium. In the short term, the supply gap caused by Iran's supply disruption still exists. Considering the expected over - performance of Venezuela's production increase and OPEC's subsequent production recovery, the current oil price should be taken profit at high levels, and the main operation idea should be mid - term layout [2]. - For methanol, it is believed that it does not contain a high geopolitical premium, and the price has support below. Those who shorted earlier can take profit at low levels [5]. - Regarding urea, the current situation of internal and external price differences has opened the import window. Coupled with the expected recovery of production at the end of January, the fundamental outlook is bearish, so it is recommended to short at high levels [7]. - For rubber, the short - term price is determined by capital and has a low correlation with fundamentals. The price is expected to fluctuate significantly following the commodity market. It is recommended to trade short - term on the market, set stop - losses, enter and exit quickly, and strictly control risks. The strategy of buying the main contract of NR and shorting RU2609 can resume building positions [9][12]. - For PVC, the comprehensive profit of enterprises is at a neutral - to - low level. The supply reduction is small, and the production is at a historical high. Domestic demand is entering the off - season, and the demand is under pressure. The cancellation of export tax rebates has spurred short - term export rush, which is the only short - term fundamental support. The overall situation is that supply exceeds demand in China, and the fundamentals are poor. Short - term factors such as electricity price expectations, capacity clearance expectations, and export rush sentiment support PVC. Attention should be paid to subsequent changes in capacity and production [15]. - For pure benzene and styrene, the spot and futures prices of pure benzene have declined, and the basis has widened. The spot price of styrene has risen, and the futures price has declined, and the basis has strengthened. The non - integrated profit of styrene is currently at a relatively high level, and the upward valuation repair space is shrinking. The supply of pure benzene is still abundant, and the port inventory of styrene has continued to accumulate significantly. It is recommended to gradually take profit [18][19]. - For polyethylene, the futures price has declined. OPEC+ plans to suspend production growth in the first quarter of 2026, and the oil price may have bottomed out. The spot price of polyethylene has not changed, and there is still room for PE valuation to decline. The coal - based inventory has been significantly reduced, which supports the price. It is the off - season, and the demand side is weak [21][22]. - For polypropylene, the futures price has declined. The EIA monthly report predicts a slight reduction in global oil inventories, and the supply surplus may ease. There is no capacity expansion plan in the first half of 2026, and the supply pressure has been relieved. The downstream production rate fluctuates seasonally. The overall inventory pressure is high, and there is no prominent short - term contradiction. It is recommended to go long on the PP5 - 9 spread at low levels [23][24]. - For PX, the current load is at a high level, and the downstream PTA has many maintenance plans, with a low overall load center. It is expected to maintain an inventory accumulation pattern before the maintenance season. The valuation center has risen, and the short - term profit is also high. The supply - demand structure of both PX and downstream PTA is strong after the Spring Festival, and the medium - term outlook is good. It is recommended to follow the oil price and go long at low levels [25][26]. - For PTA, the supply side maintains a high maintenance rate in the short term, and the demand side of polyester and chemical fiber is affected by the off - season, with the load gradually decreasing. PTA enters the inventory accumulation stage during the Spring Festival. The processing fee has increased significantly, with a large proportion of expected factors. There is a risk of processing fee callback in the short term, but there is still room for valuation increase after the Spring Festival. It is recommended to go long at low levels and pay attention to the rhythm [28][29]. - For ethylene glycol, the overall load is still relatively high, and the import volume in February is expected to remain high. The port inventory accumulation cycle will continue. There is an expectation of further profit compression and production reduction under the pressure of inventory accumulation and high production. The current valuation is neutral - to - low, and there is a risk of rebound due to the tense situation in Iran and the rebound of coal prices [31][32]. Summary by Related Catalogs Crude Oil - **Market Information**: The main INE crude oil futures closed up 5.20 yuan/barrel, a 1.13% increase, at 463.50 yuan/barrel. The main futures of related refined oil products, high - sulfur fuel oil, closed up 48.00 yuan/ton, a 1.73% increase, at 2824.00 yuan/ton; low - sulfur fuel oil closed up 39.00 yuan/ton, a 1.20% increase, at 3285.00 yuan/ton. According to the US EIA weekly data, the US commercial crude oil inventory decreased by 3.46 million barrels to 420.30 million barrels, a 0.82% decrease; the SPR increased by 0.21 million barrels to 415.21 million barrels, a 0.05% increase; gasoline inventory increased by 0.69 million barrels to 257.90 million barrels, a 0.27% increase; diesel inventory decreased by 5.55 million barrels to 127.37 million barrels, a 4.18% decrease; fuel oil inventory increased by 0.17 million barrels to 23.69 million barrels, a 0.72% increase; aviation kerosene inventory decreased by 0.66 million barrels to 42.38 million barrels, a 1.54% decrease [1]. - **Strategy Viewpoint**: The current oil price has risen and priced in a high geopolitical premium. In the short term, the supply gap caused by Iran's supply disruption still exists. Considering the expected over - performance of Venezuela's production increase and OPEC's subsequent production recovery, the current oil price should be taken profit at high levels, and the main operation idea should be mid - term layout [2]. Methanol - **Market Information**: The regional spot prices in Jiangsu changed by 25 yuan/ton, in Lunan by - 10 yuan/ton, in Henan by 5 yuan/ton, in Hebei by - 30 yuan/ton, and in Inner Mongolia by 12.5 yuan/ton. The main futures contract changed by 33.00 yuan/ton, at 2225 yuan/ton, and the MTO profit changed by 12 yuan [4]. - **Strategy Viewpoint**: It is believed that methanol does not contain a high geopolitical premium, and the price has support below. Those who shorted earlier can take profit at low levels [5]. Urea - **Market Information**: The regional spot prices in Shandong changed by 0 yuan/ton, in Henan by - 10 yuan/ton, in Hebei by 0 yuan/ton, in Hubei by 0 yuan/ton, in Jiangsu by 0 yuan/ton, in Shanxi by 0 yuan/ton, and in Northeast China by 0 yuan/ton. The overall basis was reported at - 18 yuan/ton. The main futures contract changed by - 9 yuan/ton, at 1778 yuan/ton [6]. - **Strategy Viewpoint**: The current situation of internal and external price differences has opened the import window. Coupled with the expected recovery of production at the end of January, the fundamental outlook is bearish, so it is recommended to short at high levels [7]. Rubber - **Market Information**: The short - term rubber market is priced by capital and has a low correlation with fundamentals. The bulls believe that the rubber production in Southeast Asia may be limited, the rubber price usually rises in the second half of the year, and China's demand is expected to improve. The bears believe that the macro - economic outlook is uncertain, the supply is increasing, and the demand is in the off - season. As of January 29, 2026, the operating load of all - steel tires of Shandong tire enterprises was 62.41%, 0.29 percentage points lower than last week and 54.41 percentage points higher than the same period last year. The operating load of semi - steel tires of domestic tire enterprises was 75.35%, 0.08 percentage points higher than last week and 53.03 percentage points higher than the same period last year. As of January 25, 2026, China's natural rubber social inventory was 127.2 tons, a 0.17% decrease; the total social inventory of dark - colored rubber was 84.7 tons, a 0.4% decrease; the total social inventory of light - colored rubber was 42.5 tons, a 0.3% increase. As of January 30, the total natural rubber inventory in Qingdao increased by 1.09 tons to 59.12 tons, an 1.88% increase. In the spot market, the price of Thai standard mixed rubber was 15250 (+100) yuan, STR20 was reported at 1950 (+20) US dollars, STR20 mixed was 1955 (30) US dollars, Jiangsu and Zhejiang butadiene was 10400 (+0) yuan, and North China butadiene rubber was 12400 (0) yuan [9][10][11]. - **Strategy Viewpoint**: The rubber price is expected to fluctuate significantly following the commodity market. It is recommended to trade short - term on the market, set stop - losses, enter and exit quickly, and strictly control risks. The strategy of buying the main contract of NR and shorting RU2609 can resume building positions [12]. PVC - **Market Information**: The PVC05 contract fell 103 yuan, at 5052 yuan. The spot price of Changzhou SG - 5 was 4850 (-50) yuan/ton, the basis was - 202 (+53) yuan/ton, and the 5 - 9 spread was - 109 (-10) yuan/ton. The cost of calcium carbide in Wuhai was reported at 2550 (0) yuan/ton, the price of medium - grade semi - coke was 785 (0) yuan/ton, ethylene was 698 (-2) US dollars/ton, and the spot price of caustic soda was 589 (-1) yuan/ton. The overall PVC operating rate was 78.9%, a 0.2% increase; among them, the calcium carbide method was 80.6%, a 0.6% increase; the ethylene method was 75%, a 0.7% decrease. The overall downstream operating rate was 44.8%, a 0.1% decrease. The factory inventory was 29 tons (-1.8), and the social inventory was 120.6 tons (+2.9) [14]. - **Strategy Viewpoint**: The comprehensive profit of enterprises is at a neutral - to - low level. The supply reduction is small, and the production is at a historical high. Domestic demand is entering the off - season, and the demand is under pressure. The cancellation of export tax rebates has spurred short - term export rush, which is the only short - term fundamental support. The overall situation is that supply exceeds demand in China, and the fundamentals are poor. Short - term factors such as electricity price expectations, capacity clearance expectations, and export rush sentiment support PVC. Attention should be paid to subsequent changes in capacity and production [15]. Pure Benzene and Styrene - **Market Information**: In terms of fundamentals, the cost of East China pure benzene was 6105 yuan/ton, a decrease of 80 yuan/ton; the closing price of the active pure benzene contract was 6127 yuan/ton, a decrease of 80 yuan/ton; the pure benzene basis was - 22 yuan/ton, an increase of 3 yuan/ton. In the spot - futures market, the spot price of styrene was 7900 yuan/ton, an increase of 100 yuan/ton; the closing price of the active styrene contract was 7689 yuan/ton, a decrease of 88 yuan/ton; the basis was 211 yuan/ton, a strengthening of 188 yuan/ton; the BZN spread was 182.75 yuan/ton, a decrease of 2.5 yuan/ton; the profit of non - integrated EB units was - 79.45 yuan/ton, a decrease of 41.8 yuan/ton; the spread between EB contract 1 and contract 2 was 69 yuan/ton, a narrowing of 19 yuan/ton. The upstream operating rate was 69.28%, a decrease of 0.35%; the inventory at Jiangsu ports was 10.86 tons, an increase of 0.80 tons. The weighted operating rate of the three S products was 40.56%, a decrease of 1.84%; the PS operating rate was 55.60%, a decrease of 1.70%; the EPS operating rate was 53.26%, a decrease of 5.45%; the ABS operating rate was 66.10%, a decrease of 0.70% [18]. - **Strategy Viewpoint**: The spot and futures prices of pure benzene have declined, and the basis has widened. The spot price of styrene has risen, and the futures price has declined, and the basis has strengthened. The non - integrated profit of styrene is currently at a relatively high level, and the upward valuation repair space is shrinking. The supply of pure benzene is still abundant, and the port inventory of styrene has continued to accumulate significantly. It is recommended to gradually take profit [19]. Polyethylene - **Market Information**: From a fundamental perspective, the closing price of the main contract was 6777 yuan/ton, a decrease of 141 yuan/ton. The spot price was 6740 yuan/ton, with no change. The basis was - 37 yuan/ton, a strengthening of 141 yuan/ton. The upstream operating rate was 87.03%, a decrease of 0.27%. In terms of weekly inventory, the production enterprise inventory was 37.97 tons, an increase of 5.67 tons; the trader inventory was 2.32 tons, a decrease of 0.23 tons. The downstream average operating rate was 33.73%, a decrease of 4.03%. The LL5 - 9 spread was - 51 yuan/ton, an increase of 6 yuan/ton [21]. - **Strategy Viewpoint**: The futures price has declined. OPEC+ plans to suspend production growth in the first quarter of 2026, and the oil price may have bottomed out. The spot price of polyethylene has not changed, and there is still room for PE valuation to decline. The coal - based inventory has been significantly reduced, which supports the price. It is the off - season, and the demand side is weak [22]. Polypropylene - **Market Information**: From a fundamental perspective, the closing price of the main contract was 6676 yuan/ton, a decrease of 125 yuan/ton. The spot price was 6730 yuan/ton, with no change. The basis was 54 yuan/ton, a strengthening of 125 yuan/ton. The upstream operating rate was 74.9%, a decrease of 0.01%. In terms of weekly inventory, the production enterprise inventory was 41.58 tons, an increase of 1.49 tons; the trader inventory was 18.32 tons, a decrease of 0.02 tons; the port inventory was 6.37 tons, a decrease of 0.03 tons. The downstream average operating rate was 49.84%, a decrease of 2.24%. The LL - PP spread was 101 yuan/ton, a narrowing of 16 yuan/ton. The PP5 - 9 spread was - 34 yuan/ton, a narrowing of 3 yuan/ton [23]. - **Strategy Viewpoint**: The futures price has declined. The EIA monthly report predicts a slight reduction in global oil inventories, and the supply surplus may ease. There is no capacity expansion plan in the first half of 2026, and the supply pressure has been relieved. The downstream production rate fluctuates seasonally. The overall inventory pressure is high, and there is no prominent short - term contradiction. It is recommended to go long on the PP5 - 9 spread at low levels [24]. PX - **Market Information**: The PX03 contract fell 82 yuan, at 7098 yuan. The PX CFR fell 10 US dollars, at 892 US dollars. Converted according to the RMB central parity rate, the basis was - 47 yuan (+20), and the 3 - 5 spread was - 102 yuan (+14). In terms of PX load, the Chinese load was 89.5%, a 0.3% increase; the Asian load was 82.4%, a 0.8% increase. In terms of equipment, Sinochem Quanzhou was restarting, Zhejiang Petrochemical increased its load, and Fujian United Petrochemical's load fluctuated. The PTA load was 77.6%, a 1% increase. In terms of equipment, Sichuan Energy

| | | 表 1：基本面数据 2026 年 02 月 06 日 橡胶：宽幅震荡 20260206 | | 项目 | 项目名称 | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 橡胶主力 | 日盘收盘价(元/吨) | 16. 175 | 16. 385 | -210 | | | | 夜盘收盘价(元/吨) | 16, 200 | 16, 325 | -125 | | | | 成交量(手) | 283. 333 | 245. 413 | +37, 920 | | | (05合约) | 持仓量 (手) | 150, 013 | 159, 917 | -9. 904 | | | | 仓单数量(吨) | 111.570 | 111.570 | 0 | | | | 前20名会员净空持仓(手) | 28, 660 | 31, 124 | -2, 464 | | 价差数据 | 基差 | 现货-期货主力 | -175 | -185 | +10 | | | | 混合-期货主力 | -995 | -1.085 | +90 | | | 月 差 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 橡胶：预期降温 周四，国产全乳胶 16000 元/吨，环比上日下跌 200 元/吨；泰国 20 号混合胶 15180 元/吨，环比上日下跌 120 元/吨。 原料端：昨日泰国胶水报收 59.0 泰铢/公斤，环比上日上涨 0.2 泰铢/公斤，泰国杯胶价格报收 54.0 泰铢/公斤，环比上日上涨 0.2 泰铢/公斤；云南停割；海 南停割。 截至 2026 年 2 月 1 日，中国天然橡胶社会库存 128.1 万吨，环比增加 0.9 万吨，增幅0.7%。中国深色胶社会总库存为 85.3 万吨，增 0.7%。其中青岛现货库 存增 1.2%；云南降0.8%；越南 10#增 2%；NR 库存小计降 0.5%。中国浅色胶社会总库存为 42.8 万吨，环比增0.8%。其中老全乳胶环比降 0.5%，3L 环比增 5%，RU 库存小计增 1.4%。 观点：随着北半球冬季来临，全球即将进入低产季，也代表着单边价格的定价框架将从供需平衡的动态定价转换至存量库存的静态定价，在近期商品市场预 期全面走强的背景下，预计短期内 RU&NR&Sicom 仍将高位震荡。向后看，尽 ...

证券日报网讯2月5日，海南橡胶（601118）在互动平台回答投资者提问时表示，2024年度公司境外收入 189.09亿元，在主营业务收入中占比约为39%。公司海外销售业务主要由位于新加坡的子公司合盛农业 及R1负责，其业务布局充分依托子公司的加工产能与新加坡的地理贸易优势展开(新加坡紧邻泰国、印 尼、马来西亚等天然橡胶主产区)，便于快速整合资源；同时，国际轮胎生产企业多通过新加坡市场进 行即时交易采购，中间商的贸易分销占比相对偏低，形成了以终端直供为主的业务形态。 ...