有色金属行业：中企出海专题系列研究：资源安全使命召唤，逆风破浪扬帆出海

Investment Rating - The report maintains a "Buy" rating for the companies in the non-ferrous metals sector, specifically recommending Zijin Mining (601899.SH), Luoyang Molybdenum (603993.SH), China Minerals (002738.SZ), Shandong Gold (600547.SH), and Chifeng Jilong Gold (600988.SH) [4][9]. Core Insights - China's mineral resource security is insufficient, leading to a high dependence on imports: Approximately half of the reserves of 30 major minerals in China are below the world average, with per capita proven reserves at 58% of the global average. China is the world's largest producer of non-ferrous metals, with a significant reliance on imports for 30 out of 35 major minerals [3][12][15]. - The new international landscape necessitates that domestic non-ferrous enterprises "go global": The imbalance in mineral resource reserves, production, and consumption in China has resulted in a high dependence on foreign sources, with projections indicating that by 2035, two-thirds of 40 mineral resources will still rely on imports [3][30][31]. - Opportunities and challenges coexist, with the "Belt and Road" initiative being a crucial platform for domestic non-ferrous mining companies to expand overseas: As of the end of 2021, Chinese enterprises had over 400 mining projects abroad, but face increasing complexities and risks in international acquisitions due to rising protectionism and tightening resource policies in host countries [3][4][25]. Summary by Sections Section 1: Resource Security and Dependence - China's non-ferrous metal resource supply is inadequate, with significant reliance on imports for key minerals. The country has a trade deficit in mineral products that has been expanding, reaching a historical high of $704.18 billion in 2022 [3][18][19]. Section 2: Going Global Strategy - The report emphasizes that for national supply chain security, policies are encouraging non-ferrous enterprises to expand internationally. The high dependence on foreign resources for strategic minerals is a pressing issue, with 15 out of 28 critical minerals having over 50% reliance on imports [25][30]. Section 3: Opportunities in the Belt and Road Initiative - The "Belt and Road" initiative presents significant opportunities for Chinese non-ferrous enterprises to acquire resources in regions rich in minerals, such as Central Asia and Africa, where there is a strong willingness to develop mineral resources for economic growth [3][4][44]. Section 4: Investment Recommendations - The report recommends companies with established overseas mining operations and production capabilities, highlighting their potential for future growth through expansion and acquisitions [4][9].