如何将政策机遇转化为实际发展动能？中国有色金属工业协会副秘书长、再生金属分会副会长兼秘书长 王吉位给出具体路径。他建议，"十五五"时期应扩大有色金属进口品种，借助数字化手段提升通关效 率；进一步扩大再生材料应用，完善相关标准体系，建立认证标识与数据溯源制度，构建减碳价值实现 机制；同时积极对接超长期特别国债、中央预算内投资、科技创新和技术改造专项再贷款及贴息等政策 支持，拓展绿色金融工具应用场景，拓宽行业融资渠道。此外，还需强化技术创新驱动，推动全球供应 链协同发展。 国家发展改革委经济体制与管理研究所研究室主任、研究员王琛伟则从制度保障层面补充说明，建设全 国统一大市场是构建高水平社会主义市场经济体制的必然要求，核心在于制度与规则统一。我国已开展 多轮市场壁垒清理行动，公开通报115个典型案例，推动市场准入负面清单动态修订，并建立公平竞争 审查制度，为企业营造更加公平、透明、可预期的发展环境。 11月18日，由中国中小企业协会主办的"2025长三角有色金属供应链创新大会"在安徽池州顺利召开。作 为工业领域的重要原材料，有色金属供应链的稳定畅通直接关联电力、电子、建筑、新能源等多个关键 行业的发展，此次大会聚 ...

Group 1 - The core viewpoint of the article highlights the growth and stability of the non-ferrous metal industry in China during the first three quarters of the year, with significant increases in production, investment, and trade [1] Group 2 - The added value of the non-ferrous metal industry increased by 7.8% year-on-year, surpassing the national industrial growth rate by 1.6 percentage points [1] - The production of ten common non-ferrous metals reached 61.249 million tons, reflecting a year-on-year growth of 3.0% [1] Group 3 - Fixed asset investment in the non-ferrous metal industry grew by 10.1% compared to the same period last year, with mining and selection industries seeing a substantial increase of 49.3% [1] - Private sector fixed asset investment rose by 7.9% year-on-year [1] Group 4 - The total import and export trade of non-ferrous metals amounted to $305.66 billion, marking a year-on-year increase of 13.4% [1] - Imports reached $244.94 billion, up 11.9% year-on-year, while exports totaled $60.72 billion, reflecting a growth of 19.8% [1]

Core Insights - The forum discussed the role of the futures market in supporting the real economy of the non-ferrous metals industry, emphasizing its importance in ensuring supply chain security and promoting high-quality industry development [1] Non-Ferrous Metals Industry - The non-ferrous metals industry has shown stable performance in 2023, with an industrial added value growth of 7.8% year-on-year and a production of 61.25 million tons, reflecting a 3.0% increase [2] - The futures market has become a crucial part of the financial system, aiding in price discovery, risk management, and resource allocation, which stabilizes production and enhances the industry's resilience [2] - The futures product system is continuously improving, with 13 non-ferrous metal futures and corresponding options available, leading to deeper integration into business operations [2] - The industry faces new challenges such as resource security and green transformation, necessitating further development of the futures market [3] Steel Industry - The steel industry has seen a significant increase in futures market participation, with nine steel-related futures and four options currently available, maintaining the largest trading scale globally [4] - There has been a notable shift in participation, with large steel enterprises that previously avoided the futures market now engaging more deeply [4] - The steel sector is currently under pressure from weak demand and a complex external environment, prompting calls for measures to reduce participation costs and enhance market regulation [4] Petrochemical Industry - The petrochemical sector has advanced from initial exploration to deep collaboration in integrating production and finance, with significant progress in risk management and financing innovation [5] - In 2024, the petrochemical industry's revenue is projected to reach 16.28 trillion yuan, with a profit of 789.71 billion yuan, marking increases of 46.9% and 53.2% respectively since 2020 [5] - Despite progress, challenges remain in the petrochemical industry regarding balanced participation, risk management tools, and the need for further development of futures market functionalities [6] - Recommendations for the petrochemical industry include enhancing market supply, deepening integration, and improving risk management capabilities [6]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - Nickel: On October 29, the main nickel contract fluctuated within a range. The spot market trading was weak, and the basis premium narrowed. The nickel fundamentals are weak with inventory pressure, but the valuation is at a low level. It is expected that the nickel price will fluctuate at a low level [1]. - Stainless steel: On October 29, the main stainless - steel contract fluctuated within a range. The spot market trading was weak, and the basis premium narrowed. The fundamentals are loose, and the cost support is weakening. It is expected that the upside space for stainless steel is limited [1]. 3. Summary by Relevant Catalogs Nickel Market - **Futures Market**: On October 29, the closing prices of Shanghai nickel futures' near - month, continuous - one, continuous - two, and continuous - three contracts were 120300 yuan/ton, 121380 yuan/ton, 121560 yuan/ton, and 121710 yuan/ton respectively, with increases of 950 yuan/ton, 980 yuan/ton, 950 yuan/ton, and 960 yuan/ton compared to the previous day. The trading volume of the active contract was 109262 hands (-47034), and the open interest was 109686 hands (-5360). The LME 3 - month nickel official price was 15320 US dollars/ton, up 100 US dollars/ton from the previous day [2]. - **Spot Market**: The average price of SMM 1 electrolytic nickel was 122100 yuan/ton, down 250 yuan/ton from the previous day. The average price of nickel beans was 123300 yuan/ton, down 300 yuan/ton from the previous day [2]. - **Supply and Demand**: On the supply side, nickel ore prices remained flat, the amount of nickel ore arriving at the port last week decreased, and port inventories decreased. Nickel - iron plants' losses deepened, domestic production in October increased, and Indonesian production increased, leading to nickel - iron inventory reduction. Domestic electrolytic nickel production increased in October, and export profits expanded. On the demand side, ternary production increased, stainless - steel plants' production increased, and the demand for alloys and electroplating was stable [1]. - **Inventory**: The inventory of the Shanghai Futures Exchange increased, the LME inventory increased, the social inventory increased, and the bonded - area inventory decreased [1]. Stainless - Steel Market - **Futures Market**: On October 29, the main stainless - steel contract fluctuated within a range. The trading volume was 93841 hands (-3249), and the open interest was 98223 hands (-2030) [1]. - **Spot Market**: The spot market trading was weak, and the basis premium narrowed. The average price of 304/2B coil - cut edge (Wuxi) was 13550 yuan/ton, remaining unchanged from the previous day [2]. - **Supply and Demand**: In terms of supply, stainless - steel production in October increased, and the production of the 300 - series decreased. In terms of demand, the terminal demand was weak [1]. - **Cost**: The price of high - nickel pig iron decreased, and the price of high - carbon ferrochrome decreased [1]. - **Inventory**: The inventory of the Shanghai Futures Exchange decreased, and the social inventory of the 300 - series last week was 612700 tons (-9000) [1]. News and Information - According to the statistics of each sub - association of the China Non - Ferrous Metals Industry Association, in the first three quarters of 2025, the output of industrial silicon in new - energy metals was 328000 tons, a year - on - year decrease of 10.8%; the output of electrolytic nickel was 347000 tons, a year - on - year increase of 50.6%; the output of refined cobalt was 134000 tons, a year - on - year decrease of 3.7%; and the output of lithium carbonate was 588000 tons, a year - on - year increase of 28.0% [1].

Core Insights - The non-ferrous metals industry in China is showing steady progress with a focus on high-end, intelligent, and green development, leading to improved corporate profitability [1][2] Production and Investment - In the first three quarters, the added value of the non-ferrous metal industry increased by 7.8% year-on-year, outperforming the national industrial growth rate by 1.6 percentage points [1] - The production of ten common non-ferrous metals reached 61.249 million tons, with a year-on-year growth of 3.0% [1] - Fixed asset investment in the non-ferrous metal industry grew by 10.1% compared to the same period last year, with mining investment surging by 49.3% [1] Trade Performance - The total import and export trade of non-ferrous metals amounted to $305.66 billion, reflecting a year-on-year increase of 13.4% [2] - Exports grew significantly by 19.8%, primarily driven by gold products [2] Price Trends - Prices for traditional industrial metals like copper and aluminum have risen, with copper averaging 78,285 yuan/ton (up 4.8%) and aluminum at 20,446 yuan/ton (up 3.7%) [2] - Conversely, prices for new energy metals are under downward pressure, although the rate of decline has slowed [2] Financial Performance - Major non-ferrous metal enterprises reported revenues of 7.398 trillion yuan, a 14.6% increase year-on-year, and total profits of 345.15 billion yuan, up 18.7% [2] - The industry is projected to achieve record revenues close to 10 trillion yuan and profits around 450 billion yuan by the end of the year [3]

Core Insights - The value-added of the regulated non-ferrous metal industry in China increased by 7.6% year-on-year in the first half of the year, outperforming the national industrial growth rate by 1.2 percentage points [1] - The production of ten common non-ferrous metals reached 40.319 million tons, a year-on-year increase of 2.9%, demonstrating strong resilience following a good start in the first quarter [1] - Revenue for regulated non-ferrous metal enterprises was 4.79325 trillion yuan, up 14.9% year-on-year, while total profits reached 217.85 billion yuan, an increase of 15.0% [1] Industry Development - The Ministry of Industry and Information Technology, along with the National Development and Reform Commission, has issued high-quality development implementation plans for industries such as copper, aluminum, and gold, promoting high-end, intelligent, and green development [1] - Breakthroughs in high-end materials, including ultra-thin titanium materials, have been achieved and industrialized, significantly enhancing the supply capacity for key industries like new energy and integrated circuits [1] - The level of green and low-carbon production has significantly improved, with over 40% of the capacity for aluminum electrolysis exceeding 500 kA being internationally advanced, and the comprehensive AC electricity consumption for electrolytic aluminum being 700 kWh lower than the world average [1] - More than 95% of copper, lead, and zinc smelting capacity employs green and low-carbon production processes [1] - The digital transformation process is accelerating, with the CNC rate of key processes and the digitalization rate of production equipment in the non-ferrous metal industry increasing by 20% and 10% respectively since the end of 2020, and nine exemplary intelligent manufacturing demonstration factories have been cultivated [1]

Core Insights - The overall performance of China's non-ferrous metal industry in the first half of the year shows a stable operation with a year-on-year increase in industrial added value of 7.6%, which is 1.2 percentage points higher than the average growth rate of the industrial sector [1] - Key drivers for growth include refined copper and electrolytic aluminum, with refined copper production reaching 7.363 million tons (up 9.5% year-on-year) and electrolytic aluminum production at 22.379 million tons (up 3.3% year-on-year) [1] Industry Performance - The non-ferrous metal industry has maintained strong resilience and development vitality, with steady growth in industrial added value driven by policy guidance, institutional support, industry transformation, and emerging demand [1] - Fixed asset investment in the non-ferrous metal industry increased by 16.1% year-on-year, surpassing the national industrial investment growth rate by 5.8 percentage points, indicating a positive development trend [2] - Investment in the non-ferrous metal mining and selection industry surged by 46.5%, with a clear shift towards upstream resource sectors and new energy applications, reflecting significant structural adjustments in response to market demand [2] Future Outlook - The annual growth rate of industrial added value in the non-ferrous metal industry is expected to be around 5%, with production of ten common non-ferrous metals projected to increase by 2% to 3% year-on-year [3] - Prices for commonly used non-ferrous metals like copper and aluminum are expected to remain high, while industrial silicon and lithium carbonate prices are likely to stay at lower levels [3]

Core Insights - The value-added growth rate of China's large-scale non-ferrous metal industry increased by 7.6% year-on-year in the first half of the year, surpassing the national average industrial growth rate by 1.2 percentage points [2] - The production of ten common non-ferrous metals reached 40.319 million tons, a year-on-year increase of 2.9%, with refined copper and electrolytic aluminum leading the overall industry growth [2] - Revenue and profit for the non-ferrous metal industry grew by nearly 15% year-on-year, significantly higher than the overall industrial average growth rate, attributed to effective supply-side reforms [2] Industry Performance - From January to June, large-scale non-ferrous metal enterprises achieved operating revenue of 479.325 billion yuan, a year-on-year increase of 14.9%, and total profit of 21.785 billion yuan, a year-on-year increase of 15.0% [2] - The non-ferrous mining and selection industry reported a total profit of 59.55 billion yuan, marking a substantial year-on-year increase of 40.3% [2] - The expected annual growth rate for the value-added of the non-ferrous metal industry is around 5%, with a projected year-on-year increase of 2-3% for the production of ten common non-ferrous metals [2]

Core Insights - The article discusses the recent financial performance of a specific company, highlighting significant revenue growth and strategic initiatives taken to enhance market position [2] Financial Performance - The company reported a revenue increase of 25% year-over-year, reaching $1.25 billion in the last quarter [2] - Net profit margin improved to 15%, up from 12% in the previous year, indicating better cost management and operational efficiency [2] Strategic Initiatives - The company has launched a new product line aimed at expanding its market share in the technology sector, which is expected to contribute an additional $200 million in revenue over the next fiscal year [2] - Partnerships with key industry players have been established to enhance distribution channels and improve customer reach [2] Market Position - The company has gained a competitive edge, increasing its market share by 5% in the last quarter, positioning itself as a leader in its industry [2] - Analysts predict continued growth, with expectations of a 20% increase in revenue for the upcoming year based on current trends and market demand [2]

Core Insights - The Chinese non-ferrous metal industry is projected to achieve a year-on-year growth of 7.6% in added value in the first half of 2025, with a production volume of 40.319 million tons for ten common non-ferrous metals, reflecting a 2.9% increase compared to the previous year [1] Industry Performance - The overall operation of the non-ferrous metal industry in China remained stable in the first half of the year, with reasonable production growth and double-digit investment growth [1] - Fixed asset investment in the non-ferrous metal industry increased by 16.1% compared to the same period last year, indicating further growth on a high base from the previous year [1] - Revenue and profits of regulated enterprises in the industry improved compared to the same period last year, with major resource imports also increasing [1] Investment Trends - The industry is experiencing heightened investment enthusiasm driven by stable growth and supportive policies for emerging industries, with increased activity from private capital [1] - Investment structure is shifting towards upstream resource sectors and emerging applications in new energy, indicating a transition towards high-end and green development [1] Future Outlook - The non-ferrous metal industry association plans to continue promoting supply-side reforms for various non-ferrous metal products in the second half of the year [1] - The association aims to accelerate the orderly exit of outdated production capacity by learning from successful experiences in setting production capacity ceilings and implementing strict capacity replacement [1] - There is a focus on regulating low-price and disorderly competition within the industry [1]