投资咨询业务资格：证监许可【2011】1778 号 晨会纪要 宝城期货橡胶早报-2025-08-25 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：震荡偏强 中期观点：震荡 参考观点：偏强运行 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 沪胶 2601 | 震荡 | 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 2510 | 震荡 | 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%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/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） 核心逻辑：近期国内沪胶期货市场处在由供需基本面因素为主导的行情中。目前东南亚产区处在割 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Both Shanghai rubber futures 2601 contract and synthetic rubber futures 2510 contract are expected to run strongly with a short - term and intraday view of oscillating strongly and a medium - term view of oscillating [1][5][7] Group 3: Summary by Related Catalogs Shanghai Rubber (RU) - **Market Situation**: With the weakening of the previous macro - driving force, the rubber market has returned to a market dominated by a weak supply - demand structure. The supply pressure is high as Southeast Asian and domestic rubber - producing areas are in the peak cutting season. However, the August domestic heavy - truck sales data and new - car production and sales data released recently are better than market expectations, showing a significant year - on - year increase. On Wednesday night, the 2601 contract of domestic Shanghai rubber futures maintained an oscillating and stable trend, with the futures price slightly rising 0.06% to 15,875 yuan/ton. It is expected to maintain an oscillating and strong trend on Thursday [5] Synthetic Rubber (BR) - **Market Situation**: With the weakening of the previous macro - driving force, synthetic rubber has returned to a market dominated by a weak supply - demand structure. The domestic synthetic rubber plant load is stable, and the supply pressure remains. But the August domestic heavy - truck sales data and new - car production and sales data are better than expected, showing a significant year - on - year increase. On Wednesday night, the 2510 contract of domestic synthetic rubber futures maintained an oscillating and stable trend, with the futures price slightly falling 0.34% to 11,815 yuan/ton. It is expected to maintain an oscillating and strong trend on Thursday [7]