<p>河内——橡胶股票正吸引投资者的重新关注，因为该行业受益于天然橡胶价格上涨和橡胶公司拥有的大型土地储备工业园区开发预期的双重推动。</p>
<p>这两个增长驱动因素帮助多个橡胶相关股票在最近几个月表现优于大盘，投资者越来越将该行业视为商品复苏和工业房地产扩张的长期受益者。</p>
<p>油价上涨正成为天然橡胶价格的重要支撑因素，因为合成橡胶的生产成本上升，推动了对天然橡胶的更强替代需求。</p>
<p>自 5 月初以来，天然橡胶价格已攀升至近九年来的最高水平，波动在每吨 2200-2300 美元之间。这一上涨为包括越南在内的多个主要橡胶出口国创造了有利条件。</p>
<p>在 2026 年前四个月，该国的天然橡胶出口持续增长，销售价格显著改善。更高的销售价格和更强的需求迅速转化为该行业许多公司的业务表现改善。</p>
<p>根据越南外贸银行证券（VCBS）的数据，全球橡胶价格在 2026 年第一季度迅速回升，交易价格约为每吨 2000 美元，接近 2025 年初的峰值。</p>
<p>VCBS 表示，这一反弹得益于油价上涨和对低产量收获季节供应短缺的担忧。</p>
<p>天然橡胶公司的商业活动也显示出强劲改善。</p>
<p>在谭边橡胶股份公司（TABIRUCO），2026 年第一季度的收入同比增长 135%，超过 5230 亿越南盾，而税后利润激增 209%，超过 2280 亿越南盾。</p>
<p>与此同时，越南橡胶集团目前拥有约 377,797 公顷的橡胶种植园，第一季度收入增长 56%。利润增长 89%。</p>
<p>这一增长主要得益于国际橡胶需求的增强，特别是来自中国汽车和轮胎制造行业——全球最大的橡胶消费市场。</p>
<p>富乐华橡胶股份公司也报告了强劲的第一季度增长，收入同比增长 50.3%。</p>
<p>橡胶价格的有利趋势和改善的盈利预期迅速吸引了投资者对越南股市橡胶股票的关注。</p>
<p>最近，包括 TABIRUCO（RTB）、富乐华橡胶（PHR）和 HORUCO（HRC）在内的几家橡胶公司的股票录得强劲涨幅。值得注意的是，HRC 股票在 5 月 7 日至 12 日连续四个交易日触及每日涨停。</p>
<p>投资者表示，橡胶股票正进入一个更有利的阶段，因为它们同时受益于商品价格的上升周期和核心业务表现更强的预期。</p>
<p><strong>土地储备故事</strong></p>
<p>这与前几年形成了显著对比，当时该行业的许多公司主要基于其土地储备潜力进行估值。</p>
<p>富乐华橡胶继续吸引市场的重大关注，作为越南最大的天然橡胶生产商之一，其土地储备集中在胡志明市和前平阳省。</p>
<p>该公司计划将超过 3000 公顷的橡胶土地转变为工业园区项目，同时扩展到住宅开发、可再生能源和高科技农业等支持性行业。</p>
<p>与此同时，安平证券（ABS）的分析师表示，西宁橡胶股份公司由于中国和印度等主要市场汽车和轮胎制造行业的复苏，消费前景积极。</p>
<p>ABS 补充说，随着越南电动车生态系统的扩展，特别是 Vingroup 与 Vinachem 合作开发 VinFast 的材料供应链，可能会通过增加本地轮胎生产间接推动长期国内橡胶需求。</p>
<p>柬埔寨的良好土壤条件和较低的劳动力成本也有助于维持该公司在当地运营的相对强劲利润率。</p>
<p>除了受益于天然橡胶价格上涨外，许多上市橡胶公司还通过分析师所描述的双重增长模式吸引投资者——将核心业务的增长潜力与工业土地转型的超额利润机会相结合。</p>
<p>根据 VCBS 的预测，富乐华橡胶在 2026 年仅通过橡胶土地转型相关的补偿就可能录得约 700 亿越南盾的利润。</p>
<p>在 2026 年至 2028 年期间，随着法律程序和基础设施建设的逐步推进，土地转型的步伐预计将加快。</p>
<p>北新义工业园项目预计将在此期间为富乐华橡胶带来约 20 亿至 30 万亿越南盾的土地补偿收入。</p>
<p>除了补偿收入外，该公司还预计将通过与 VSIP III 和南新义工业园二期扩展等相关项目的工业园区租赁活动受益。</p>
<p>VCBS 预计，随着工业土地需求的恢复，至 2028 年这些项目的租赁需求将显著改善，而平阳的工业园区供应仍相对有限。—— BIZHUB/VNS</p>

<p>橡胶股票因天然橡胶价格上涨而受到投资者关注，价格已达到九年来的最高点，同时对工业园区发展的预期也在推动。像谭边橡胶股份公司和富华橡胶公司等企业报告了显著的收入和利润增长，这主要得益于国际需求的强劲，尤其是来自中国汽车行业的需求。分析师预测，随着橡胶公司受益于商品价格上涨和工业项目土地转化机会，未来将继续增长</p>

<p>HÀ NỘI — Rubber stocks are attracting renewed investor attention as the sector benefits from a combination of rising natural rubber prices and growing expectations surrounding industrial park development on large land banks owned by rubber companies.</p>
<div class="lb-trans"><p>河内——橡胶股票正吸引投资者的重新关注，因为该行业受益于天然橡胶价格上涨和橡胶公司拥有的大型土地储备工业园区开发预期的双重推动。</p>
</div><p>These dual growth drivers have helped several rubber-related shares outperform the broader market in recent months, with investors increasingly viewing the sector as a long-term beneficiary of both commodity recovery and industrial real estate expansion.</p>
<div class="lb-trans"><p>这两个增长驱动因素帮助多个橡胶相关股票在最近几个月表现优于大盘，投资者越来越将该行业视为商品复苏和工业房地产扩张的长期受益者。</p>
</div><p>Rising oil prices are emerging as a major support factor for natural rubber prices, as higher production costs for synthetic rubber are driving stronger substitution demand toward natural rubber.</p>
<div class="lb-trans"><p>油价上涨正成为天然橡胶价格的重要支撑因素，因为合成橡胶的生产成本上升，推动了对天然橡胶的更强替代需求。</p>
</div><p>Since early May, natural rubber prices have climbed to their highest levels in nearly nine years, fluctuating around US$2,200-2,300 per tonne. The rally is creating favourable conditions for major rubber-exporting countries in Asia, including Việt Nam.</p>
<div class="lb-trans"><p>自 5 月初以来，天然橡胶价格已攀升至近九年来的最高水平，波动在每吨 2200-2300 美元之间。这一上涨为包括越南在内的多个主要橡胶出口国创造了有利条件。</p>
</div><p>During the first four months of 2026, the country's natural rubber exports continued to expand while selling prices improved significantly. Higher selling prices and stronger demand have quickly translated into improved business performance for many companies in the sector.</p>
<div class="lb-trans"><p>在 2026 年前四个月，该国的天然橡胶出口持续增长，销售价格显著改善。更高的销售价格和更强的需求迅速转化为该行业许多公司的业务表现改善。</p>
</div><p>According to Vietcombank Securities (VCBS), global rubber prices recovered rapidly in the first quarter of 2026 and traded at around $2,000 per tonne, close to the peak established in early 2025.</p>
<div class="lb-trans"><p>根据越南外贸银行证券（VCBS）的数据，全球橡胶价格在 2026 年第一季度迅速回升，交易价格约为每吨 2000 美元，接近 2025 年初的峰值。</p>
</div><p>VCBS said the rebound has been supported by higher oil prices and concerns over supply shortages during the low-yield harvesting season.</p>
<div class="lb-trans"><p>VCBS 表示，这一反弹得益于油价上涨和对低产量收获季节供应短缺的担忧。</p>
</div><p>Business activities among natural rubber companies have also shown strong improvement.</p>
<div class="lb-trans"><p>天然橡胶公司的商业活动也显示出强劲改善。</p>
</div><p>At Tan Bien Rubber JSC (TABIRUCO), first-quarter 2026 revenue rose 135 per cent year-on-year to more than VNĐ523 billion, while its profit after tax surged 209 per cent to over VNĐ228 billion.</p>
<div class="lb-trans"><p>在谭边橡胶股份公司（TABIRUCO），2026 年第一季度的收入同比增长 135%，超过 5230 亿越南盾，而税后利润激增 209%，超过 2280 亿越南盾。</p>
</div><p>Meanwhile, Vietnam Rubber Group, which currently owns approximately 377,797ha of rubber plantations, posted a 56 per cent gain in first-quarter revenue. Profit climbed 89 per cent.</p>
<div class="lb-trans"><p>与此同时，越南橡胶集团目前拥有约 377,797 公顷的橡胶种植园，第一季度收入增长 56%。利润增长 89%。</p>
</div><p>The growth was driven mainly by stronger international rubber demand, particularly from China's automotive and tyre manufacturing industries — the world's largest rubber-consuming market.</p>
<div class="lb-trans"><p>这一增长主要得益于国际橡胶需求的增强，特别是来自中国汽车和轮胎制造行业——全球最大的橡胶消费市场。</p>
</div><p>Phuoc Hoa Rubber JSC also reported strong first-quarter growth, with revenue increasing 50.3 per cent year-on-year.</p>
<div class="lb-trans"><p>富乐华橡胶股份公司也报告了强劲的第一季度增长，收入同比增长 50.3%。</p>
</div><p>The favourable trend in rubber prices and improving earnings expectations have rapidly attracted investor interest in rubber stocks on the Vietnamese stock market.</p>
<div class="lb-trans"><p>橡胶价格的有利趋势和改善的盈利预期迅速吸引了投资者对越南股市橡胶股票的关注。</p>
</div><p>Recently, shares of several rubber companies, including TABIRUCO (RTB), Phuoc Hoa Rubber (PHR) and HORUCO (HRC), have recorded strong gains. Notably, HRC shares hit the daily ceiling limit for four consecutive sessions from May 7 to 12.</p>
<div class="lb-trans"><p>最近，包括 TABIRUCO（RTB）、富乐华橡胶（PHR）和 HORUCO（HRC）在内的几家橡胶公司的股票录得强劲涨幅。值得注意的是，HRC 股票在 5 月 7 日至 12 日连续四个交易日触及每日涨停。</p>
</div><p>Investors said rubber stocks are entering a more favourable phase, as they are benefiting simultaneously from the commodity price upcycle and expectations of stronger core business performance.</p>
<div class="lb-trans"><p>投资者表示，橡胶股票正进入一个更有利的阶段，因为它们同时受益于商品价格的上升周期和核心业务表现更强的预期。</p>
</div><p><strong>The land bank story</strong></p>
<div class="lb-trans"><p><strong>土地储备故事</strong></p>
</div><p>This represents a notable difference compared with previous years, when many companies in the sector were valued mainly based on their land bank potential.</p>
<div class="lb-trans"><p>这与前几年形成了显著对比，当时该行业的许多公司主要基于其土地储备潜力进行估值。</p>
</div><p>Phuoc Hoa Rubber continues to draw significant market attention as one of Việt Nam's largest natural rubber producers, with extensive land holdings concentrated in HCM City and the former Bình Dương province.</p>
<div class="lb-trans"><p>富乐华橡胶继续吸引市场的重大关注，作为越南最大的天然橡胶生产商之一，其土地储备集中在胡志明市和前平阳省。</p>
</div><p>The company plans to convert more than 3,000ha of rubber land into industrial park projects while expanding into supporting sectors, such as residential development, renewable energy and high-tech agriculture.</p>
<div class="lb-trans"><p>该公司计划将超过 3000 公顷的橡胶土地转变为工业园区项目，同时扩展到住宅开发、可再生能源和高科技农业等支持性行业。</p>
</div><p>Meanwhile, analysts at An Binh Securities (ABS) said Tay Ninh Rubber JSC has positive consumption prospects thanks to the recovery of the automotive and tyre manufacturing industries in major markets, such as China and India.</p>
<div class="lb-trans"><p>与此同时，安平证券（ABS）的分析师表示，西宁橡胶股份公司由于中国和印度等主要市场汽车和轮胎制造行业的复苏，消费前景积极。</p>
</div><p>ABS added that the expansion of the country's electric vehicle ecosystem, particularly the cooperation between Vingroup and Vinachem to develop material supply chains for VinFast, could indirectly boost long-term domestic rubber demand through increased local tyre production.</p>
<div class="lb-trans"><p>ABS 补充说，随着越南电动车生态系统的扩展，特别是 Vingroup 与 Vinachem 合作开发 VinFast 的材料供应链，可能会通过增加本地轮胎生产间接推动长期国内橡胶需求。</p>
</div><p>Favourable soil conditions and lower labour costs in Cambodia have also helped maintain relatively strong profit margins for the company’s operations there.</p>
<div class="lb-trans"><p>柬埔寨的良好土壤条件和较低的劳动力成本也有助于维持该公司在当地运营的相对强劲利润率。</p>
</div><p>Besides benefiting from rising natural rubber prices, many listed rubber companies are also attracting investors through what analysts describe as a dual-growth model — combining growth potential in core operations with opportunities for extraordinary profits from industrial land conversion.</p>
<div class="lb-trans"><p>除了受益于天然橡胶价格上涨外，许多上市橡胶公司还通过分析师所描述的双重增长模式吸引投资者——将核心业务的增长潜力与工业土地转型的超额利润机会相结合。</p>
</div><p>According to VCBS forecasts, Phuoc Hoa Rubber could record around VNĐ700 billion in profit from compensation related to rubber land conversion in 2026 alone.</p>
<div class="lb-trans"><p>根据 VCBS 的预测，富乐华橡胶在 2026 年仅通过橡胶土地转型相关的补偿就可能录得约 700 亿越南盾的利润。</p>
</div><p>During the 2026–2028 period, the pace of land conversion is expected to accelerate as legal procedures and infrastructure development gradually progress.</p>
<div class="lb-trans"><p>在 2026 年至 2028 年期间，随着法律程序和基础设施建设的逐步推进，土地转型的步伐预计将加快。</p>
</div><p>The Bắc Tân Uyên Industrial Park project is expected to generate approximately VNĐ2–3 trillion in land compensation income for Phuoc Hoa Rubber during this period.</p>
<div class="lb-trans"><p>北新义工业园项目预计将在此期间为富乐华橡胶带来约 20 亿至 30 万亿越南盾的土地补偿收入。</p>
</div><p>In addition to compensation revenue, the company is also expected to benefit from industrial park leasing activities through related projects, such as VSIP III and the second-phase expansion of Nam Tân Uyên Industrial Park.</p>
<div class="lb-trans"><p>除了补偿收入外，该公司还预计将通过与 VSIP III 和南新义工业园二期扩展等相关项目的工业园区租赁活动受益。</p>
</div><p>VCBS expects leasing demand at these projects to improve significantly through 2028, as industrial land demand recovers while industrial park supply in Bình Dương remains relatively limited. — BIZHUB/VNS</p>
<div class="lb-trans"><p>VCBS 预计，随着工业土地需求的恢复，至 2028 年这些项目的租赁需求将显著改善，而平阳的工业园区供应仍相对有限。—— BIZHUB/VNS</p>
</div>

随着天然橡胶价格达到九年来的高点，橡胶股出现上涨