Core Viewpoint - The "Nonferrous Metal Industry Stabilization and Growth Work Plan (2025-2026)" outlines key objectives for the industry to achieve stable growth and high-quality development in the face of external challenges [1][2]. Group 1: Industry Growth Targets - The nonferrous metal industry aims for an average annual value-added growth of around 5% from 2025 to 2026, with a 1.5% annual increase in the production of ten major nonferrous metals [2]. - The industry has seen significant improvements in operating performance, with profits exceeding 300 billion yuan annually since the 14th Five-Year Plan began, reflecting a 16.6% average annual growth [2]. Group 2: Resource Development and Innovation - The plan emphasizes efficient resource utilization and technological innovation to enhance high-end supply capabilities and create new demand [1][2]. - The Ministry of Natural Resources has announced a geological exploration investment of 115.994 billion yuan for 2024, marking four consecutive years of positive growth [2]. Group 3: Market Outlook and Production Capacity - The copper market is expected to remain in a growth cycle, driven by global supply shortages and rising copper prices, with companies like Shengtu Mining targeting a 50% increase in copper production capacity by the end of 2025 [3]. - The plan includes a focus on the strategic importance of resource recovery, aiming for a recycling metal output of over 20 million tons by 2025-2026 [5]. Group 4: Strategic Resource Recovery - Resource recovery has become a strategic priority, with a focus on the recycling of metals like copper, which has a historical recovery rate of 30% of total demand [6]. - Companies are expanding their operations to include recycling processes, with Tianqi Lithium establishing a tantalum-niobium recycling demonstration line [6]. Group 5: High-End Product Development - The industry is shifting from quantity expansion to quality enhancement, with a focus on high-end products such as high-purity gallium and solid-state battery materials [4][7]. - Companies are encouraged to collaborate on technology development and application verification to drive innovation in high-end materials [8].

Core Viewpoint - The newly released "Work Plan for Stable Growth in the Nonferrous Metal Industry (2025-2026)" aims for an average annual growth of around 5% in industry value added and a recycling metal output exceeding 20 million tons, indicating a focus on enhancing the scale and efficiency of the recycling sector in China [2][3]. Industry Growth Targets - The nonferrous metal industry is set to achieve an average annual growth of approximately 5% in value added from 2025 to 2026, with a target of 20 million tons in recycled metal output [3][4]. - In the first half of this year, the value added of the nonferrous metal industry grew by 7.6% year-on-year, outperforming the national average industrial growth rate by 1.2 percentage points [3]. Challenges and Competition - The industry faces challenges such as resource security, high-end supply levels, and insufficient effective demand, with ongoing "involution" competition leading to over-investment in traditional and emerging sectors [3][6]. - The industry is also impacted by complex trade conditions due to mechanisms like the EU's Carbon Border Adjustment Mechanism (CBAM) and tariff disputes [3]. Strategic Measures - The work plan outlines ten key tasks across five areas, focusing on efficient resource utilization, including the establishment of recycling bases and the comprehensive use of waste nonferrous metals [5]. - The plan emphasizes the importance of transforming waste into resources and enhancing recycling efficiency, with a projected increase in recycled nonferrous metal output to approximately 20 million tons this year [5]. Industry Development and Investment - The industry is witnessing a trend towards the scale and concentration of the recycling sector, with over 100 listed companies now involved in recycled nonferrous metal businesses [5]. - The work plan encourages rational investment in projects related to alumina, copper smelting, and lithium carbonate to avoid redundant low-level construction [5].