机械设备行业：铜产业高质发展政策发布，带动全产业链装备产业发展

Investment Rating - The industry rating is "Overweight" (maintained) [5] Core Insights - The "Copper Industry High-Quality Development Implementation Plan (2025-2027)" was jointly released by the Ministry of Industry and Information Technology and 11 other ministries on February 11, 2025, which is expected to significantly boost the development of the entire copper industry chain [5][6] - The report emphasizes that copper is a crucial raw material and strategic resource for national economic development, with China being the largest producer and consumer of copper products globally [6][7] - The plan aims to enhance copper resource security, promote high-end, green, and intelligent transformation, and increase copper mineral resources by 5%-10% by 2027 [6][7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 20.01% compared to the CSI 300 index, with an absolute return of 36.5% [3] Investment Highlights - The copper industry plan covers upstream and downstream aspects of the copper supply chain, focusing on enhancing high-end equipment manufacturing capabilities, which will benefit the market for related mechanical equipment [6][7] - Key tasks include increasing domestic copper resource exploration, promoting the construction of new copper mines, and enhancing the market for exploration equipment [6][7] - The plan also emphasizes the need for comprehensive utilization of by-product resources and the promotion of large-scale mining equipment, which is expected to drive demand in the market [6][7] - The report highlights the importance of improving waste copper recycling capabilities and establishing large-scale recycling bases, which will positively impact the market for recycling equipment [6][7] - The focus on green and efficient copper smelting and processing equipment is expected to expand the market size as policies are implemented [6][7] - The report anticipates the emergence of new markets for advanced copper production equipment as innovation in the industry accelerates [6][7]