【新华解读】有色金属行业两年目标：行业增加值年均增长5%左右 再生金属产量突破2000万吨

Core Viewpoint - The newly released "Work Plan for Stable Growth in the Nonferrous Metal Industry (2025-2026)" aims for an average annual growth of around 5% in industry value added and a recycling metal output exceeding 20 million tons, indicating a focus on enhancing the scale and efficiency of the recycling sector in China [2][3]. Industry Growth Targets - The nonferrous metal industry is set to achieve an average annual growth of approximately 5% in value added from 2025 to 2026, with a target of 20 million tons in recycled metal output [3][4]. - In the first half of this year, the value added of the nonferrous metal industry grew by 7.6% year-on-year, outperforming the national average industrial growth rate by 1.2 percentage points [3]. Challenges and Competition - The industry faces challenges such as resource security, high-end supply levels, and insufficient effective demand, with ongoing "involution" competition leading to over-investment in traditional and emerging sectors [3][6]. - The industry is also impacted by complex trade conditions due to mechanisms like the EU's Carbon Border Adjustment Mechanism (CBAM) and tariff disputes [3]. Strategic Measures - The work plan outlines ten key tasks across five areas, focusing on efficient resource utilization, including the establishment of recycling bases and the comprehensive use of waste nonferrous metals [5]. - The plan emphasizes the importance of transforming waste into resources and enhancing recycling efficiency, with a projected increase in recycled nonferrous metal output to approximately 20 million tons this year [5]. Industry Development and Investment - The industry is witnessing a trend towards the scale and concentration of the recycling sector, with over 100 listed companies now involved in recycled nonferrous metal businesses [5]. - The work plan encourages rational investment in projects related to alumina, copper smelting, and lithium carbonate to avoid redundant low-level construction [5].