有色金属行业行业深度报告：国企改革系列研究-国企改革助力有色央国企估值重塑

Investment Rating - The report maintains a "Recommended" rating for the non-ferrous metal industry, particularly focusing on state-owned enterprises (SOEs) in this sector [5][7]. Core Insights - State-owned enterprises (SOEs) play a dominant role in China's non-ferrous metal industry, which is crucial for the high-quality development of the national economy and resource security [7][19]. - The report emphasizes the importance of SOEs in ensuring resource security and enhancing domestic exploration and production of critical minerals [7][44]. - The ongoing state-owned enterprise reform is expected to improve the performance and valuation of these companies, with a focus on increasing dividends and enhancing investor returns [5][7]. Summary by Sections 1. Role of SOEs in the Non-Ferrous Metal Industry - SOEs are essential for maintaining national resource security and are tasked with leading the exploration and development of critical minerals [19][44]. - In the non-ferrous metal mining and smelting sectors, SOEs accounted for an average of 37% and 26% of total production, respectively, over the past three years [19][22]. 2. Achievements of State-Owned Enterprise Reform - The reform has led to significant improvements in operational metrics such as profit totals, asset-liability ratios, and cash flow indicators, outperforming private enterprises [7][40]. - SOEs are increasingly focusing on mergers and acquisitions to enhance their control over domestic non-ferrous metal resources [7][44]. 3. Investment Recommendations - The report suggests focusing on leading SOEs in the non-ferrous metal sector, including Zijin Mining, China Aluminum, Shandong Gold, and others, due to their expected growth and valuation expansion [5][11]. - The anticipated increase in dividends and improved market management practices are expected to drive the valuation of these SOEs upward [5][7]. 4. New Material Development and Industry Upgrades - SOEs are positioned as pioneers in the development of new materials, which is critical for the high-quality development of the non-ferrous metal industry [7][40]. - The report highlights the need for innovation in materials that meet national strategic demands and can overcome external blockades [7][40]. 5. Strategic Actions for Resource Security - The report outlines a new round of exploration initiatives led by SOEs to enhance the domestic supply of critical minerals and reduce reliance on imports [58][62]. - SOEs are also encouraged to pursue overseas acquisitions to secure high-quality mineral resources, thereby strengthening the domestic supply chain [64][68].