<p>河內——橡膠股票正吸引投資者的重新關注，因為該行業受益於天然橡膠價格上漲和橡膠公司擁有的大型土地儲備工業園區開發預期的雙重推動。</p>
<p>這兩個增長驅動因素幫助多個橡膠相關股票在最近幾個月表現優於大盤，投資者越來越將該行業視為商品復甦和工業房地產擴張的長期受益者。</p>
<p>油價上漲正成為天然橡膠價格的重要支撐因素，因為合成橡膠的生產成本上升，推動了對天然橡膠的更強替代需求。</p>
<p>自 5 月初以來，天然橡膠價格已攀升至近九年來的最高水平，波動在每噸 2200-2300 美元之間。這一上漲為包括越南在內的多個主要橡膠出口國創造了有利條件。</p>
<p>在 2026 年前四個月，該國的天然橡膠出口持續增長，銷售價格顯著改善。更高的銷售價格和更強的需求迅速轉化為該行業許多公司的業務表現改善。</p>
<p>根據越南外貿銀行證券（VCBS）的數據，全球橡膠價格在 2026 年第一季度迅速回升，交易價格約為每噸 2000 美元，接近 2025 年初的峯值。</p>
<p>VCBS 表示，這一反彈得益於油價上漲和對低產量收穫季節供應短缺的擔憂。</p>
<p>天然橡膠公司的商業活動也顯示出強勁改善。</p>
<p>在譚邊橡膠股份公司（TABIRUCO），2026 年第一季度的收入同比增長 135%，超過 5230 億越南盾，而税後利潤激增 209%，超過 2280 億越南盾。</p>
<p>與此同時，越南橡膠集團目前擁有約 377,797 公頃的橡膠種植園，第一季度收入增長 56%。利潤增長 89%。</p>
<p>這一增長主要得益於國際橡膠需求的增強，特別是來自中國汽車和輪胎製造行業——全球最大的橡膠消費市場。</p>
<p>富樂華橡膠股份公司也報告了強勁的第一季度增長，收入同比增長 50.3%。</p>
<p>橡膠價格的有利趨勢和改善的盈利預期迅速吸引了投資者對越南股市橡膠股票的關注。</p>
<p>最近，包括 TABIRUCO（RTB）、富樂華橡膠（PHR）和 HORUCO（HRC）在內的幾家橡膠公司的股票錄得強勁漲幅。值得注意的是，HRC 股票在 5 月 7 日至 12 日連續四個交易日觸及每日漲停。</p>
<p>投資者表示，橡膠股票正進入一個更有利的階段，因為它們同時受益於商品價格的上升週期和核心業務表現更強的預期。</p>
<p><strong>土地儲備故事</strong></p>
<p>這與前幾年形成了顯著對比，當時該行業的許多公司主要基於其土地儲備潛力進行估值。</p>
<p>富樂華橡膠繼續吸引市場的重大關注，作為越南最大的天然橡膠生產商之一，其土地儲備集中在胡志明市和前平陽省。</p>
<p>該公司計劃將超過 3000 公頃的橡膠土地轉變為工業園區項目，同時擴展到住宅開發、可再生能源和高科技農業等支持性行業。</p>
<p>與此同時，安平證券（ABS）的分析師表示，西寧橡膠股份公司由於中國和印度等主要市場汽車和輪胎製造行業的復甦，消費前景積極。</p>
<p>ABS 補充説，隨着越南電動車生態系統的擴展，特別是 Vingroup 與 Vinachem 合作開發 VinFast 的材料供應鏈，可能會通過增加本地輪胎生產間接推動長期國內橡膠需求。</p>
<p>柬埔寨的良好土壤條件和較低的勞動力成本也有助於維持該公司在當地運營的相對強勁利潤率。</p>
<p>除了受益於天然橡膠價格上漲外，許多上市橡膠公司還通過分析師所描述的雙重增長模式吸引投資者——將核心業務的增長潛力與工業土地轉型的超額利潤機會相結合。</p>
<p>根據 VCBS 的預測，富樂華橡膠在 2026 年僅通過橡膠土地轉型相關的補償就可能錄得約 700 億越南盾的利潤。</p>
<p>在 2026 年至 2028 年期間，隨着法律程序和基礎設施建設的逐步推進，土地轉型的步伐預計將加快。</p>
<p>北新義工業園項目預計將在此期間為富樂華橡膠帶來約 20 億至 30 萬億越南盾的土地補償收入。</p>
<p>除了補償收入外，該公司還預計將通過與 VSIP III 和南新義工業園二期擴展等相關項目的工業園區租賃活動受益。</p>
<p>VCBS 預計，隨着工業土地需求的恢復，至 2028 年這些項目的租賃需求將顯著改善，而平陽的工業園區供應仍相對有限。—— BIZHUB/VNS</p>

<p>橡膠股票因天然橡膠價格上漲而受到投資者關注，價格已達到九年來的最高點，同時對工業園區發展的預期也在推動。像譚邊橡膠股份公司和富華橡膠公司等企業報告了顯著的收入和利潤增長，這主要得益於國際需求的強勁，尤其是來自中國汽車行業的需求。分析師預測，隨着橡膠公司受益於商品價格上漲和工業項目土地轉化機會，未來將繼續增長</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>河內——橡膠股票正吸引投資者的重新關注，因為該行業受益於天然橡膠價格上漲和橡膠公司擁有的大型土地儲備工業園區開發預期的雙重推動。</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>這兩個增長驅動因素幫助多個橡膠相關股票在最近幾個月表現優於大盤，投資者越來越將該行業視為商品復甦和工業房地產擴張的長期受益者。</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>油價上漲正成為天然橡膠價格的重要支撐因素，因為合成橡膠的生產成本上升，推動了對天然橡膠的更強替代需求。</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 月初以來，天然橡膠價格已攀升至近九年來的最高水平，波動在每噸 2200-2300 美元之間。這一上漲為包括越南在內的多個主要橡膠出口國創造了有利條件。</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 年前四個月，該國的天然橡膠出口持續增長，銷售價格顯著改善。更高的銷售價格和更強的需求迅速轉化為該行業許多公司的業務表現改善。</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>根據越南外貿銀行證券（VCBS）的數據，全球橡膠價格在 2026 年第一季度迅速回升，交易價格約為每噸 2000 美元，接近 2025 年初的峯值。</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，這一反彈得益於油價上漲和對低產量收穫季節供應短缺的擔憂。</p>
</div><p>Business activities among natural rubber companies have also shown strong improvement.</p>
<div class="lb-trans"><p>天然橡膠公司的商業活動也顯示出強勁改善。</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>在譚邊橡膠股份公司（TABIRUCO），2026 年第一季度的收入同比增長 135%，超過 5230 億越南盾，而税後利潤激增 209%，超過 2280 億越南盾。</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>與此同時，越南橡膠集團目前擁有約 377,797 公頃的橡膠種植園，第一季度收入增長 56%。利潤增長 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>這一增長主要得益於國際橡膠需求的增強，特別是來自中國汽車和輪胎製造行業——全球最大的橡膠消費市場。</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>富樂華橡膠股份公司也報告了強勁的第一季度增長，收入同比增長 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>橡膠價格的有利趨勢和改善的盈利預期迅速吸引了投資者對越南股市橡膠股票的關注。</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）、富樂華橡膠（PHR）和 HORUCO（HRC）在內的幾家橡膠公司的股票錄得強勁漲幅。值得注意的是，HRC 股票在 5 月 7 日至 12 日連續四個交易日觸及每日漲停。</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>投資者表示，橡膠股票正進入一個更有利的階段，因為它們同時受益於商品價格的上升週期和核心業務表現更強的預期。</p>
</div><p><strong>The land bank story</strong></p>
<div class="lb-trans"><p><strong>土地儲備故事</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>這與前幾年形成了顯著對比，當時該行業的許多公司主要基於其土地儲備潛力進行估值。</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>富樂華橡膠繼續吸引市場的重大關注，作為越南最大的天然橡膠生產商之一，其土地儲備集中在胡志明市和前平陽省。</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>該公司計劃將超過 3000 公頃的橡膠土地轉變為工業園區項目，同時擴展到住宅開發、可再生能源和高科技農業等支持性行業。</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>與此同時，安平證券（ABS）的分析師表示，西寧橡膠股份公司由於中國和印度等主要市場汽車和輪胎製造行業的復甦，消費前景積極。</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 補充説，隨着越南電動車生態系統的擴展，特別是 Vingroup 與 Vinachem 合作開發 VinFast 的材料供應鏈，可能會通過增加本地輪胎生產間接推動長期國內橡膠需求。</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>柬埔寨的良好土壤條件和較低的勞動力成本也有助於維持該公司在當地運營的相對強勁利潤率。</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>除了受益於天然橡膠價格上漲外，許多上市橡膠公司還通過分析師所描述的雙重增長模式吸引投資者——將核心業務的增長潛力與工業土地轉型的超額利潤機會相結合。</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>根據 VCBS 的預測，富樂華橡膠在 2026 年僅通過橡膠土地轉型相關的補償就可能錄得約 700 億越南盾的利潤。</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 年期間，隨着法律程序和基礎設施建設的逐步推進，土地轉型的步伐預計將加快。</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>北新義工業園項目預計將在此期間為富樂華橡膠帶來約 20 億至 30 萬億越南盾的土地補償收入。</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>除了補償收入外，該公司還預計將通過與 VSIP III 和南新義工業園二期擴展等相關項目的工業園區租賃活動受益。</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 預計，隨着工業土地需求的恢復，至 2028 年這些項目的租賃需求將顯著改善，而平陽的工業園區供應仍相對有限。—— BIZHUB/VNS</p>
</div>

隨着天然橡膠價格達到九年來的高點，橡膠股出現上漲