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-2026-03-03 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 偏强 | 震荡 | 强势 | 强势运行 | 利多氛围支撑，沪胶强势运行 | | 合成胶 | 2604 | 震荡 偏强 | 震荡 | 强势 | 强势运行 | 利多氛围支撑，合成胶强势运行 | 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。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 日内观点：强势 中期观点：震荡 参考观点：强势运行 核心逻辑：上周末，中东地区爆发美伊军事冲突，地缘风险快速升温，伊朗宣布 ...

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-2026-03-02 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2605 | 震荡 偏强 | 震荡 | 强势 | 强势运行 | 利多因素提振，沪胶强势运行 | | 合成胶 | 2604 | 震荡 偏强 | 震荡 | 强势 | 强势运行 | 利多因素提振，合成胶强势运行 | 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。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 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 日内观点：强势 中期观点：震荡 参考观点：强势运行 核心逻辑：上周末，中东地区爆发美伊军事冲突，地缘风险快速升温，伊朗宣布 ...

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-2026-02-26 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 偏强 | 震荡 | 震荡 偏强 | 偏强运行 | 偏多氛围支撑，沪胶震荡偏强 | | 合成胶 | 2604 | 震荡 | 震荡 | 震荡 偏弱 | 偏弱运行 | 原油高位回调，合成胶震荡偏弱 | 备注： 日内观点：偏强 中期观点：震荡 参考观点：偏强运行 核心逻辑：春节长假期间，海外天然橡胶市场偏强运行，日胶与泰国原料价格上行，形成明确外盘 牵引；东南亚主产区进入季节性低产阶段，泰国胶水产出偏少、原料价格坚挺，国内产区处于停割 期，全球供应阶段性收紧，成本端支撑牢固。ANRPC 预警 2026 年全球天胶供需缺口扩大，结构性紧 平衡预期升温，为胶价提供基本面底气。本周三夜盘，国内沪胶期货 2605 合约略微收涨，预计本周 四国内沪胶期货有望 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Both Shanghai rubber and synthetic rubber are expected to run strongly in the short - term and maintain an oscillating trend in the medium - term, with a strong bias in intraday trading [1][5][7] 3. Summary by Related Categories 3.1 Shanghai Rubber (RU) - **Short - term, Medium - term, and Intraday Views**: Short - term and medium - term views are oscillating, and the intraday view is strong. The reference view is to run strongly [1][5] - **Core Logic**: Domestic Yunnan and Hainan natural rubber producing areas are in the off - season, and Southeast Asian producing areas are in the low - yield season, reducing the supply pressure of domestic full - latex. However, due to the approaching Spring Festival, the downstream tire industry's operating load has decreased, and demand is expected to weaken. Benefiting from the rebound of crude oil futures prices, the bullish atmosphere in the energy and chemical sector has increased. On Wednesday night, Shanghai rubber futures maintained a stable oscillating trend with slightly lower prices. It is expected to maintain an oscillating and strongly - biased trend on Thursday [5] 3.2 Synthetic Rubber (BR) - **Short - term, Medium - term, and Intraday Views**: Short - term and medium - term views are oscillating, and the intraday view is strong. The reference view is to run strongly [1][7] - **Core Logic**: The supply of butadiene, the core raw material of synthetic rubber, is becoming more abundant. With the approaching Spring Festival, the downstream tire industry's operating load has decreased, and demand is expected to weaken. Benefiting from the rebound of crude oil futures prices, the bullish atmosphere in the energy and chemical sector has increased. On Wednesday night, synthetic rubber futures showed a stable oscillating trend with slightly higher prices. It is expected to maintain an oscillating and strongly - biased trend on Thursday [7]

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-2026-02-02 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 | 偏多氛围减弱，沪胶震荡偏弱 | | 合成胶 | 2603 | 震荡 | 震荡 | 偏弱 | 偏弱运行 | 偏多氛围减弱，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。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 日内观点：偏弱 中期观点：震荡 期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 合成胶（BR） 日内观点：偏弱 ...

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-2026-01-30 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 | 偏强 | 偏强运行 | 偏多氛围支撑，沪胶震荡偏强 | | 合成胶 | 2603 | 震荡 | 震荡 | 偏强 | 偏强运行 | 偏多氛围支撑，合成胶震荡偏强 | 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。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 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。近期 国内能化板块维持 ...

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-2026-01-27 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。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 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 | 偏强 | 偏强运行 | 偏多氛围支撑，沪胶震荡偏强 | | 合成胶 | 2603 | 震荡 | 震荡 | 偏强 | 偏强运行 | 偏多氛围支撑，合成胶震荡偏强 | 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。 日内观点：偏强 中期观点：震荡 参考观点：偏强运行 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 ...

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 | 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 | 偏强 | 偏强运行 | 偏多氛围支撑，沪胶震荡偏强 | | 合成胶 | 2603 | 震荡 | 震荡 | 偏强 | 偏强运行 | 偏多氛围支撑，合成胶震荡偏强 | 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。 宝城期货橡胶早报-2026-01-23 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 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 日内观点：偏强 中期观点：震荡 参考观点：偏强运行 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 ...

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-2026-01-20 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 | 多空分歧出现，沪胶震荡偏弱 | | 合成胶 | 2603 | 震荡 | 震荡 | 偏弱 | 偏弱运行 | 多空分歧出现，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。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 日内观点：偏弱 中期观点：震荡 日内观点：偏弱 中期观点：震荡 参考观点：偏弱运行 核心逻辑：随着泰国和柬埔寨两国宣布停战，地缘风险因 ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The report predicts that both domestic Shanghai rubber futures and synthetic rubber futures may maintain a volatile and weak trend on Monday. The Shanghai rubber futures (RU2605) are expected to be weak in the short - term, medium - term, and intraday, while the synthetic rubber futures (BR2603) also have a similar outlook [1][5][7]. 3. Summary by Related Catalogs 3.1 Shanghai Rubber (RU) - **Price Trend**: Short - term: volatile; Medium - term: volatile; Intraday: weak; Overall reference: weak operation [1][5] - **Core Logic**: With Thailand and Cambodia's armistice, the expected decline in Southeast Asian rubber supply due to geopolitical risks has disappeared, weakening the bullish drive. China's Yunnan and Hainan natural rubber producing areas are in the off - season, reducing the supply pressure of domestic full - latex, but Southeast Asia is in the peak tapping season. The downstream domestic automobile production and sales data are optimistic, and the heavy - truck sales data in December are better than expected. As the upward trend of the energy and chemical sector weakens, the Shanghai rubber futures maintained a volatile and weak trend on the night of last Friday [5]. 3.2 Synthetic Rubber (BR) - **Price Trend**: Short - term: volatile; Medium - term: volatile; Intraday: weak; Overall reference: weak operation [1][7] - **Core Logic**: Affected by the tight circulation of northern goods and downstream replenishment demand, the spot price of butadiene has risen significantly. The rapid increase in raw material costs has squeezed the profits of synthetic rubber manufacturers, resulting in some production facilities reducing production or shutting down, and the supply is expected to decline. The downstream domestic automobile production and sales data are optimistic, and the heavy - truck sales data in December are better than expected. Coupled with the volatile and strong pattern of crude oil futures, the cost support has increased. As the upward trend of the energy and chemical sector weakens, the synthetic rubber futures showed a high - level correction on the night of last Friday [7].