Core Insights - The added value of the non-ferrous metal industry increased by 7.6% year-on-year in the first half of this year, which is 1.2 percentage points higher than the average growth rate of the industrial sector [1] Industry Performance - The non-ferrous metal industry has shown a significant improvement in its green and low-carbon levels [1]

Core Viewpoint - In 2024, China's non-ferrous metal industry is expected to see a production increase of 4.3%, reaching 79.19 million tons, driven by policies such as "New Three Samples" and "Two News" [1] Industry Summary - The fixed asset investment in the non-ferrous metal sector is projected to grow by 24.7% [1] - The total import and export trade volume of non-ferrous metals is anticipated to rise by 11.4%, reaching $368.79 billion [1] - The profit of large-scale non-ferrous metal enterprises is expected to increase by 15.6%, exceeding 420 billion yuan [1]

"今年一季度，规上有色金属工业企业实现营业收入22293.3亿元，同比增长19.6%；实现利润总额917.7 亿元，同比增长40.7%。"在近日举行的2025年一季度有色金属工业经济运行情况新闻发布会上，中国 有色金属工业协会党委常委、副会长陈学森表示。 面对复杂的国内外经济环境，在主要金属品种价格高位波动及市场需求增加的共同作用下，今年一季 度，我国有色行业效益延续上年年底稳步增长的态势，行业实现利润总额大幅增长，展现出有色金属工 业的韧性与活力。 有色金属价格高位运行。一季度，多数有色金属价格延续上涨趋势。国内现货市场中，铜均价为77222 元/吨，同比上涨11.4%；铝均价为20449元/吨，同比上涨7.3%；铅均价为17067元/吨，同比上涨5.9%； 锌均价为24020元/吨，同比上涨14.8%。 一季度，10种有色金属生产保持平稳增长。根据国家统计局数据，一季度规上有色工业增加值同比增长 6.6%，略高于全国规上工业增加值增速。10种有色金属产量为1985.1万吨，同比增长2.0%。从细分产品 来看，精炼铜产量353.6万吨，同比增长5.0%；电解铝产量1106.6万吨，同比增长3.2%。 新能源 ...

Core Viewpoint - The non-ferrous metal industry in China demonstrated strong resilience in the first quarter of the year, with production and profits showing positive growth despite a complex environment [1][2] Group 1: Production and Trade - The production of ten non-ferrous metals reached 19.85 million tons in the first quarter, representing a year-on-year increase of 2% [1] - Refined copper production was 3.536 million tons, and electrolytic aluminum production was 11.066 million tons, with year-on-year growth of 5% and 3.2% respectively [1] - The total import volume of copper ore and its concentrates was 7.108 million tons, reflecting a year-on-year increase of 1.8% [1] Group 2: Financial Performance - The revenue of large-scale non-ferrous metal enterprises reached 2.22933 trillion yuan, marking a year-on-year increase of 19.6% [2] - The total profit amounted to 91.77 billion yuan, which is a year-on-year growth of 40.7% [2] Group 3: Market Trends - The prices of most non-ferrous metals continued to rise, with average prices for copper, aluminum, lead, and zinc increasing by 11.4%, 7.3%, 5.9%, and 14.8% respectively year-on-year [1]

Core Viewpoint - The recent "reciprocal tariffs" imposed by the U.S. government have a limited direct impact on China's non-ferrous metal industry, despite the significant increase in tariffs on aluminum and copper products [1] Summary by Relevant Sections Impact of Tariffs - The U.S. has imposed an additional 20% tariff on all imported products from China this year, increasing the tariffs on aluminum from 10% to 25% under the "301" and "232" investigations [1] - Following the trade tensions between China and the U.S. in 2018-2019, China's exports of non-ferrous metal products to the U.S. have significantly decreased [1] Export Statistics - In 2024, China's exports of unwrought aluminum and aluminum products to the U.S. were 254,000 tons, a 62% decrease from 2017, with the export share dropping from 14.1% to 3.8% [1] - Copper exports to the U.S. now account for only 4.6% of China's total exports, indicating a substantial decline in trade volume [1] Indirect Effects - The high tariffs may indirectly affect the consumption of non-ferrous metals in downstream industries such as home appliances, consumer electronics, machinery, and light industry due to restricted exports to the U.S. [1]

Core Viewpoint - The Chinese non-ferrous metal industry has experienced a significant decline in exports to the United States since the trade tensions began in 2018-2019, with indirect impacts on domestic consumption due to high tariffs [1] Summary by Relevant Sections Export Trends - In 2024, China's exports of unwrought aluminum and aluminum products to the U.S. were 25,400 tons, a decrease of 62% compared to 2017, with the export share dropping from 14.1% to 3.8% [1] - The U.S. has fallen from being China's largest aluminum export destination to the sixth position [1] Copper Exports - Exports of copper products to the U.S. accounted for only 4.6% of China's total copper exports, with some exemptions applied [1] Impact of Tariffs - The direct impact of the high "reciprocal tariffs" on China's non-ferrous metal industry is limited; however, the indirect effects on downstream sectors such as home appliances, consumer electronics, machinery, and light industry due to restricted exports to the U.S. should not be overlooked [1]

Core Insights - The Chinese non-ferrous metals industry had a strong start in the first quarter of this year, with production of ten non-ferrous metals increasing by 2% year-on-year [1] - Despite a decline in total import and export trade, key mineral product imports continued to grow, indicating resilience in the sector [1] - The market for common and new energy metals showed significant price increases, with copper, aluminum, lead, and zinc prices rising by 11.4%, 7.3%, 5.9%, and 14.8% respectively [1] Production and Trade - In the first quarter, the production of ten non-ferrous metals reached 19.85 million tons, with refined copper and electrolytic aluminum production at 3.54 million tons and 11.07 million tons, reflecting year-on-year growth of 5% and 3.2% respectively [1][2] - The total import and export trade value for non-ferrous metals was $88.38 billion, a year-on-year decrease of 8.7%, while the import volume of copper ore and its concentrates increased by 1.8% to 7.11 million tons [1] Financial Performance - Major non-ferrous metal enterprises achieved operating revenue of 2.23 trillion yuan, a year-on-year increase of 19.6%, and a total profit of 91.77 billion yuan, reflecting a year-on-year growth of 40.7% [2]

4月6—14日，中国有色金属工业协会党委常委、副会长兼秘书长段德炳率团赴中东、北非调研，与埃 及、阿联酋、阿曼3个国家的有关政府部门、商会、园区以及企业进行高层会谈，并实地调研相关自贸 区及生产、建设企业。 ...