今年10月份，创业板即将迎来开市16周年。截至目前，1385家上市公司、超过16万亿元总市值的规模， 以及宁德时代、迈瑞医疗、东方财富等行业龙头的汇聚，印证了创业板10余年发展的核心价值。这早已 不是简单的企业上市融资平台，而是承载着培育新经济动能、推动产业向高端化转型的重要使命，观察 我国创新型经济发展的"晴雨表"。 ...

Industry Overview - Nitrile rubber is a copolymer made from acrylonitrile and butadiene, known for excellent oil resistance, high wear resistance, heat resistance, and strong adhesion [1][6] - The apparent demand for nitrile rubber in China has been increasing, reaching 300,000 tons, driven by downstream markets such as conveyor belts, foamed materials, and sealing products [1][10] - The industry's external dependence has decreased from 35.41% in 2017 to around 25%, indicating a healthy and high-quality development trend [1][10] Production Capacity - China's nitrile rubber production began in the 1960s, with the first production facility established in 1962, achieving a capacity of 1,500 tons [6] - By 2021, the domestic nitrile rubber production capacity reached 293,000 tons, and with recent capacity additions, it has now exceeded 300,000 tons [6][21] - Future projections indicate an increase of 180,000 tons in production capacity over the next five years, potentially reaching 455,000 tons annually, marking a 65.45% increase [6][21] Import and Export Dynamics - China remains a net importer of nitrile rubber, with imports consistently exceeding exports due to domestic production not meeting downstream demand [8] - In 2024, China's nitrile rubber imports are expected to reach 79,000 tons, a decrease of 5.82% year-on-year, while exports are projected to grow by 4.45% to 25,500 tons [8][24] - The increase in exports is attributed to domestic manufacturers expanding their overseas markets and the availability of domestic supply [8][24] Market Pricing - Despite reliance on imports, the overall demand for nitrile rubber has weakened due to a global economic slowdown, leading to a decline in market prices [12] - As of June 2024, the market price for nitrile rubber is reported at 15,900 yuan per ton, down from 20,900 yuan per ton in June 2021 [12] Competitive Landscape - The nitrile rubber industry in China is characterized by a high concentration of production capacity, with only six major manufacturers [14] - Lanzhou Petrochemical leads the market with a production capacity of 100,000 tons, accounting for 30.49% of the total capacity [14][16] - Other significant players include Ningbo Shunze and Zhenjiang Nandi, with capacities of 65,000 tons and 60,000 tons, respectively [14][16] Development Trends - The industry is experiencing continuous capacity expansion, with self-sufficiency rates improving from 35.41% in 2017 to 75.27% in 2023 [21] - There is a growing demand for high-performance products, leading to a shift towards high-end nitrile rubber products, such as hydrogenated nitrile rubber (HNBR) [23] - Export markets are expanding, particularly in Southeast Asia, driven by lower labor costs and manufacturing demand [24]