2025 年以来，为落实《有色金属行业稳增长工作方案》，多家企业加快推进战略性矿产资源开发，叠 加新兴产业需求持续释放，2025 年9 月末有色金属企业资产规模进一步扩大。2025 年以来，为落实 《有色金属行业稳增长工作方案》，多家企业加快推进战略性矿产资源开发，叠加新兴产业需求持续释 放，2025 年9 月末有色金属企业资产规模进一步扩大。 联合资信分析指出，展望2026 年，有色金属行业信用风险预计将保持整体稳定，但结构性压力突出。 上游资源型企业有望在价格支撑下维持稳健信用资质；而中下游冶炼加工企业则将继续面临加工费低 迷、盈利空间受挤压及债务滚动压力，信用风险相对较高，需关注部分财务脆弱主体的信用风险暴露。 2026年1月9日 ，有色金属指数强势上涨，截至10:33，有色金属ETF基金(516650)上涨3.15%，其持仓股 云南锗业、厦门钨业双双涨停，西部超导涨9.86%，驰宏锌锗、海亮股份等股纷纷走强。 统计显示，有色金属ETF基金近11天获得连续资金净流入，合计"吸金"64.46亿元，截至2026年1月8日， 最新份额达47.16亿份，最新规模达94.18亿元，均创成立以来新高，规模居赛道第一 ...

Core Viewpoint - The report from China Galaxy Securities indicates that China's non-ferrous metals industry is expected to continue its steadfast development during the "14th Five-Year Plan" period, focusing on resource security, technological innovation, green transformation, and industrial upgrading [1][2] Group 1: Resource Security and Development - The non-ferrous metals industry is crucial for the national economy, providing essential raw materials for manufacturing and ensuring economic stability [1] - The "14th Five-Year Plan" emphasizes enhancing resource supply capabilities and the strategic importance of domestic mineral resources, with specific policies to support the development of key minerals such as copper, aluminum, lithium, nickel, cobalt, and tin [1] - The upcoming "15th Five-Year Plan" aims to solidify national resource security, ensuring the safety of food, energy, and critical supply chains, while enhancing the exploration and development of strategic mineral resources [1] Group 2: Technological Innovation and Industry Upgrading - Technological innovation is identified as the core driver for upgrading the non-ferrous metals industry and achieving high-quality development [2] - The "15th Five-Year Plan" proposes to foster emerging industries and accelerate the development of strategic new material clusters, focusing on breakthroughs in advanced materials and key technologies [2] - Key areas for development include AI chips, solid-state battery materials, lightweight alloys for robotics, and high-end titanium alloys for aerospace applications, which are expected to see significant advancements during the "15th Five-Year Plan" period [2]