有色金属：高质量发展推动，新质有色迎机遇

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry, driven by high-quality development and new opportunities in the sector [2]. Core Insights - High-quality development is emphasized as a primary task for building a modern socialist country, with policies continuously supporting this direction since early 2024 [16][17]. - A new round of large-scale equipment updates and consumer product replacements is expected to stimulate demand, particularly in the automotive, home appliance, and home decoration sectors [3][16]. - The market size for equipment updates and consumer product replacements is projected to exceed 5 trillion yuan annually [17]. Summary by Sections 1. Large-Scale Equipment Updates & Consumer Product Replacements - Policies from central to local levels are promoting a new round of equipment updates and consumer product replacements, aiming to reduce logistics costs and enhance resource recycling [16][19]. - The investment scale in key sectors like industry, agriculture, and transportation is expected to grow by over 25% compared to 2023 [16][17]. - The report highlights significant increases in the recycling of old vehicles and appliances, with projections indicating a doubling of scrapped vehicles by 2027 [16][19]. 2. Demand Boost from Equipment Updates - The report outlines specific areas where equipment updates will drive demand, including power equipment, mining equipment, and high-end manufacturing [20][22]. - Key materials such as high-temperature alloys for nuclear power and soft magnetic materials for photovoltaic devices are identified as critical for meeting the growing demand in these sectors [23][26]. - The wind power sector is also highlighted, with significant growth in installed capacity and demand for high-purity iron components [28][30]. 3. New Quality Productivity and Emerging Industries - The concept of "new quality productivity" is linked to the development of emerging industries, including low-altitude economy, AI, humanoid robots, and hydrogen energy [4][16]. - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025, with significant opportunities for upstream raw material and product development [4]. - The AI sector is expected to see rapid growth in computing power, benefiting companies involved in AI chip materials [4]. 4. Investment Recommendations - The report recommends specific companies in various sectors that are expected to benefit from the outlined trends, including those involved in equipment updates and consumer product replacements [4][16]. - Companies such as Zhongzhou Special Materials, Xiamen Tungsten, and Nanshan Aluminum are highlighted as key players in the equipment update and recycling sectors [4][16].