Core Viewpoint - The recycling non-ferrous metal industry in China is experiencing a historic breakthrough, with expectations to exceed 20 million tons in production by the end of 2025, becoming a key force in addressing resource and environmental challenges [1] Industry Growth - The production of recycled non-ferrous metals in China has increased from 14.5 million tons at the end of the 13th Five-Year Plan to an expected 19.15 million tons by the end of 2024, with an average annual growth rate of 7.2% [1] - Cumulatively, the production over the past four years reached 69.3 million tons, accounting for one-quarter of China's total production of ten commonly used non-ferrous metals and one-third of global production, saving 3.6 billion tons of mineral resources and reducing carbon dioxide emissions by 560 million tons [1] Market Performance - The capital market has shown strong interest in the non-ferrous metal sector, with significant stock price increases observed in companies such as Shenzhen New Star and Guocheng Mining, with some stocks rising over 20% in November alone [3] - A total of 21 stocks in the sector have doubled in value this year, with Zhongzhou Special Materials leading with a 235.66% increase [3] Institutional Interest - Companies like Srey New Materials, Zhongke Sanhuan, Youyan Powder Materials, and Baowu Magnesium Industry have attracted significant attention from institutional investors [3] - Srey New Materials highlighted the substantial demand potential for high-strength, high-conductivity copper alloy materials driven by the rapid development of downstream sectors such as new energy vehicles and commercial aerospace [3] Future Outlook - Nine stocks that have received increased investment from financing clients and are favored by more than five institutions are expected to achieve sustained high growth of over 20% in earnings from 2025 to 2026 [3] - This indicates that leading companies with technological advantages and growth potential are becoming focal points for market investment as the recycling metal industry approaches a new milestone [3]

此外，我国再生有色金属产业格局不断优化，技术创新成果丰富。其中，再生原料利用占比不断提升， 成为越来越多加工企业的核心原料来源，部分加工企业再生原料利用占比达到60%以上。 中国有色金属工业协会：预计2025年底我国再生有色金属产量将首次突破2000万吨 中国有色金属工业协会会长葛红林在日前举办的第二十五届再生金属国际论坛及展览交易会上表示，我 国再生有色金属产业持续快速发展，产量从"十三五"末的1450万吨，增长到2024年底的1915万吨，年均 增速7.2%，预计2025年底将首次突破2000万吨，成为破解行业资源瓶颈、环境瓶颈的重要途径。 数据显示，2021年到2024年，我国再生有色金属产量累计达6930万吨，占我国十种常用有色金属总量的 四分之一、全球再生有色金属产量的三分之一。过去4年，累计节约矿产资源36亿吨，减少二氧化碳排 放5.6亿吨。 "原生企业采购高品质再生铜原料或再生铜阳极板补充矿产的不足，进一步凸显了再生原料在产业结构 中的战略支撑作用。"葛红林说。 "'十五五'时期将是中国再生金属产业从并行到领跑、从粗放式发展到高质量发展的关键时期。"葛红林 说，将系统推进高质量发展，升级原料供应 ...

Core Insights - The recycling non-ferrous metal industry in China is expected to continue its rapid growth, with production projected to exceed 20 million tons by the end of 2025 [1][3] Group 1: Industry Development - China's recycling non-ferrous metal production increased from 14.5 million tons at the end of the 13th Five-Year Plan to an estimated 19.15 million tons by the end of 2024, with an average annual growth rate of 7.2% [3] - From 2021 to 2024, the cumulative production of recycled non-ferrous metals reached 69.3 million tons, accounting for one-quarter of the total production of ten commonly used non-ferrous metals in China and one-third of the global recycled non-ferrous metal output [3] - The industry has saved 3.6 billion tons of mineral resources and reduced carbon dioxide emissions by 560 million tons over the past four years [3] - The market outlook for non-ferrous metals is optimistic, with a bullish trend expected to continue into 2026, driven by strong demand and supply constraints [3] Group 2: Company Performance - A company named Upwind New Materials experienced a significant stock price increase of 1573.52% from July 9, 2025, to November 11, 2025, with a recent trading halt due to abnormal price fluctuations [2] - Upwind New Materials announced that its intelligent robotics business has not yet generated revenue or profit, and it is not expected to positively impact the company's performance in 2025 [2] - The company is independently developing its intelligent robotics business to avoid significant adverse impacts from competition with related parties [2] Group 3: Market Trends - In November, the average stock price of non-ferrous metal companies in A-shares increased by 0.48%, with several companies, including Shenzhen New Star and Guocheng Mining, seeing price increases exceeding 20% [4] - Nine stocks received significant financing support, with major investments in companies like China Aluminum and Tianqi Lithium, indicating high market interest in the non-ferrous metal sector [5][6] - Institutions predict that nine stocks with increased financing will see net profit growth rates exceeding 20% in 2025-2026 [6]

Group 1: Industry Development - The recycling non-ferrous metal industry in China is experiencing rapid growth, with production expected to exceed 20 million tons by the end of 2025, marking a significant increase from 14.5 million tons at the end of the 13th Five-Year Plan [6] - From 2021 to 2024, China's recycled non-ferrous metal production is projected to reach 69.3 million tons, accounting for one-quarter of the total production of ten commonly used non-ferrous metals in the country and one-third of the global recycled non-ferrous metal output [6] - The industry has saved 3.6 billion tons of mineral resources and reduced carbon dioxide emissions by 560 million tons over the past four years [6] Group 2: Company Performance - On November 11, 2025, the stock price of Shangwei New Materials surged to the daily limit, with a cumulative increase of 1573.52% from July 9, 2025, to November 11, 2025, significantly outperforming relevant indices [4] - Shangwei New Materials has indicated that its embodied intelligent robot business has not yet generated revenue or profit, and it is not expected to positively impact the company's performance for the fiscal year 2025 [4] - The company has experienced multiple instances of stock trading anomalies, indicating that its stock price has deviated significantly from its current fundamentals, posing a risk of rapid decline [4] Group 3: Market Trends - CITIC Construction Investment has forecasted a bull market for resource products due to supply constraints, with a strong outlook for the non-ferrous metal sector in 2024 and 2025 [7] - The current bull market is characterized by strong demand driven by new productive forces, with AI and robotics materials expected to enter a strong growth cycle [7] - In November, the average stock price increase for non-ferrous metal companies in A-shares was 0.48%, with several stocks, including Shenzhen New Star and Guocheng Mining, seeing increases of over 20% [8]

Core Insights - The production of recycled non-ferrous metals in China is expected to exceed 20 million tons for the first time [1] Industry Overview - The anticipated growth in recycled non-ferrous metal production highlights a significant milestone for the industry, reflecting advancements in recycling technologies and increasing demand for sustainable materials [1] - This increase in production is likely to impact the overall non-ferrous metal market, potentially leading to shifts in pricing and supply dynamics [1]

Core Viewpoint - The article discusses the recent financial performance and strategic developments of a specific company, highlighting its growth trajectory and market positioning [2] Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching $1.5 billion in the last quarter [2] - Net profit rose to $300 million, reflecting a 20% increase compared to the same period last year [2] Strategic Developments - The company has announced plans to expand its operations into new markets, aiming for a 25% increase in market share over the next two years [2] - A new product line is set to launch in Q3, which is expected to contribute an additional $200 million in revenue [2] Market Positioning - The company currently holds a 10% market share in its sector, positioning itself as a key player among competitors [2] - Recent partnerships with major industry players are anticipated to enhance the company's competitive edge and drive further growth [2]

Core Insights - The China Nonferrous Metals Industry Association predicts that the output of recycled nonferrous metals in China will exceed 20 million tons by the end of 2025, marking a significant milestone in addressing resource and environmental bottlenecks in the industry [1] Group 1: Industry Growth and Projections - The output of recycled nonferrous metals in China is expected to grow from 14.5 million tons at the end of the 13th Five-Year Plan to 19.15 million tons by the end of 2024, with an average annual growth rate of 7.2% [1] - Cumulatively, from 2021 to 2024, China's recycled nonferrous metal output will reach 69.3 million tons, accounting for one-quarter of the total output of ten commonly used nonferrous metals in the country and one-third of the global recycled nonferrous metal output [1] Group 2: Environmental Impact - The recycled nonferrous metal industry has saved 3.6 billion tons of mineral resources and reduced carbon dioxide emissions by 560 million tons over the past four years [1] Group 3: Industry Structure and Innovation - The structure of China's recycled nonferrous metal industry is continuously optimizing, with significant technological innovations. The utilization rate of recycled raw materials is increasing, with some processing enterprises achieving over 60% utilization of recycled materials [1] - The strategic role of recycled raw materials is highlighted, as primary enterprises are increasingly sourcing high-quality recycled copper materials or recycled copper anodes to supplement mineral shortages [1] Group 4: Future Development Goals - The 14th Five-Year Plan period is identified as a critical time for the recycled metal industry in China, transitioning from parallel development to leading the sector and from extensive growth to high-quality development [2] - The industry aims to systematically promote high-quality development, upgrade the raw material supply system, expand the application of recycled materials, and enhance the digital intelligence level across the sector [2]

中国有色金属工业协会会长葛红林在日前举办的第二十五届再生金属国际论坛及展览交易会上表示，我 国再生有色金属产业持续快速发展，产量从"十三五"末的1450万吨，增长到2024年底的1915万吨，年均 增速7.2%，预计2025年底将首次突破2000万吨，成为破解行业资源瓶颈、环境瓶颈的重要途径。 作者: 王悦阳 "'十五五'时期将是中国再生金属产业从并行到领跑、从粗放式发展到高质量发展的关键时期。"葛红林 说，将系统推进高质量发展，升级原料供应体系，拓展再生材料应用，推动耦合协同，全面提升行业数 智化水平。 来源：新华社 数据显示，2021年到2024年，我国再生有色金属产量累计达6930万吨，占我国十种常用有色金属总量的 四分之一、全球再生有色金属产量的三分之一。过去4年，累计节约矿产资源36亿吨，减少二氧化碳排 放5.6亿吨。 此外，我国再生有色金属产业格局不断优化，技术创新成果丰富。其中，再生原料利用占比不断提升， 成为越来越多加工企业的核心原料来源，部分加工企业再生原料利用占比达到60%以上。 "原生企业采购高品质再生铜原料或再生铜阳极板补充矿产的不足，进一步凸显了再生原料在产业结构 中的战略支撑作用。 ...

Core Insights - The production of major recycled non-ferrous metals in China is projected to grow from 15.72 million tons in 2021 to 19.15 million tons in 2024, with a compound annual growth rate of 6.8% [1] - The industry is experiencing structural optimization and increased scale due to supportive policies, with an annual investment growth rate of 30% [2] - The total revenue of the top 30 companies in the recycled non-ferrous metal sector has exceeded 390 billion yuan, indicating strong support for quality improvement in the industry [2] Production and Growth - In the first seven months of this year, the production of major recycled non-ferrous metals reached approximately 11.5 million tons, a year-on-year increase of 4.55% [1] - The recycling volume of major waste non-ferrous metals was about 9.35 million tons, up 4.8% year-on-year [1] - The import volumes of recycled copper and aluminum raw materials were 1.336 million tons and 1.173 million tons, showing a slight decrease of 0.8% and an increase of 8.4% respectively [1] Industry Challenges - The industry faces challenges such as fragmented recycling networks, slow technological updates in small and medium enterprises, and a lack of innovation capabilities [2] - The overall R&D investment in the industry remains low, with a long technology conversion cycle and insufficient strategic platforms for innovation [2] Technological Innovations - Encouragement for the development and application of AI waste identification systems, efficient sorting processes, and advanced recycling technologies for various materials [3] - Promotion of a green supply chain cooperation plan and the establishment of a product lifecycle management system [3] - Implementation of smart systems in recycling and production processes, utilizing technologies like RFID and blockchain for tracking and certification [3] Policy and Support Mechanisms - The Ministry of Industry and Information Technology emphasizes the need for a collaborative approach in policy-making, information sharing, and risk-sharing to support the real economy [4] - Initiatives include building a national platform for industry-finance cooperation and guiding social capital towards the recycled non-ferrous metal industry [4]

Group 1 - The company held an investor communication event on September 19, 2025, via the "Investor Relations Interactive Platform," attracting numerous investor inquiries [1] - The event was part of the 2025 Guangdong jurisdiction investor reception day and mid-year performance briefing, conducted online [1] - The company addressed various investor questions, including shareholder numbers and stock price concerns, stating that operational management remains normal despite stock price fluctuations [1] Group 2 - The company aims to optimize production lines and enhance profitability, focusing on hazardous waste disposal and metal resource utilization [2] - The company expressed confidence in re-entering the top 30 revenue-generating companies in the recycled non-ferrous metal sector for 2024, emphasizing resource utilization and product processing [2] - The company has established a comprehensive industrial closed loop and is exploring overseas market opportunities while maintaining a strong domestic presence [2] Group 3 - The company has received recognition as a national "Green Factory" and is actively working on environmental assessments for various projects [2] - The company is focused on deep resource utilization of multi-metal and is progressing well with several projects, including the Ganzhou industrial waste salt resource utilization project [2] - The company currently does not own metal mining resources and primarily collects industrial solid waste for processing [2]