1, definition and classification of nonferrous metals
According to the relevant definition in Da Ci Hai, non-ferrous metals refer to all metals except ferrous metals, that is, all metals except iron, chromium and manganese. Combined with their own properties and industrial applications, various metals can be divided into colored light metals, colored heavy metals, precious metals, rare light metals, rare refractory metals, rare dispersed metals, rare rare rare earth metals, metalloids and rare radioactive metals.
2. Panoramic combing of the industrial chain of non-ferrous metals industry: industrial profits are gradually moving closer to the upstream.
There are many sub-products involved in non-ferrous metal industry, and there are subtle differences between the industrial chains of sub-products. On the whole, the industrial chain of nonferrous metals can be summarized as upstream mining, midstream smelting and processing and downstream product application. Among them, the upstream mining and dressing links include exploration, mining, mine operation and pit closure after operation, the midstream smelting links include smelting, mineral purification and product casting, and the downstream applications are extensive, mainly involving automobile, military industry, medical care, electronics, aerospace and other fields.
China's non-ferrous metal resources are relatively scarce, and the supply capacity of concentrate is slightly insufficient compared with the smelting capacity, thus causing the risk of idle production capacity of smelting enterprises. However, due to the non-renewable mineral resources, with the continuous mining and operation, the profits of the industrial chain will gradually shift to the upstream in the long run, while the main profit link of the industrial chain of China's non-ferrous metal industry lies in midstream smelting, which depends on processed products to obtain fixed processing fees, so the overall profitability of the industry needs to be improved.
At present, China's non-ferrous metal industry has a high degree of integration between the mine end and the smelting end, and many upstream companies in the industry also have smelting business; Midstream Company actively laid out its mineral business. At present, the representative listed companies in the upstream of China's nonferrous metals industry mainly include Zijin Mining, Northern Rare Earth, Luoyang Molybdenum Industry and Tongling Nonferrous Metals. The representative listed companies in the middle reaches mainly include China MCC, Minfa Aluminum, Mingtai Aluminum and Xinjiang Zhonghe. The representative listed companies in the downstream mainly include China Ordnance, China Aerospace, China Shipbuilding, BYD, etc.
Regional heat map of non-ferrous metal industry chain: Yunnan has the most non-ferrous metal-related enterprises.
There are a large number of related enterprises in China nonferrous metals industry. By February 2023, 10, the number of non-ferrous metal enterprises selected according to the entry and business scope of "mining" and the column of "mining-non-ferrous metals" has reached 1 152 1. In terms of regional distribution, China's non-ferrous metal-related enterprises are mainly distributed in Yunnan, with the number of 1980. Secondly, there are more non-ferrous metal-related enterprises in the northwest and northern border areas and the southwest inland areas, including 555 in Xinjiang, 6 15 in Inner Mongolia, 779 in Sichuan, 0/006 in Guangxi and 862 in Hunan, while the number of related companies in the southeast coast and Central China is relatively small, which basically combines the distribution of various mineral resources in China.
Note: The data in this table are only the statistical data under the item "Mining Industry" and business scope and the column "Mining Industry-Nonferrous Metals".
From the distribution of representative enterprises, the representative enterprises of China's non-ferrous metal industry are mainly distributed in Yunnan, Xinjiang, Inner Mongolia, Guangxi and other places, but a few leading non-ferrous metal enterprises are distributed in areas with low industrial enterprise density, such as Tongling Nonferrous Metals in Anhui, Zijin Mining in Fujian and nanshan aluminum in Shandong. Therefore, the integration ability of non-ferrous metal enterprises in this field may be further strengthened, close to the level of industry monopoly in this field.
Capacity/Output of Representative Enterprises in Nonferrous Metals Industry
At present, the integrated industrial chain layout of China's non-ferrous metal industry companies is relatively perfect. Many companies have both mineral development and smelting and processing business, and the mineral business is overlapping, and all kinds of minerals have layouts. The following figure lists the main businesses of some companies:
Latest investment trends of representative enterprises in nonferrous metals industry
At present, China's non-ferrous metal industry is relatively mature in smelting and processing, and the business layout of industry-related enterprises mainly focuses on the continuous consumption of mine resources. China nonferrous metal industrial enterprises continue to distribute mineral resources around the world. The following figure lists some investment events of some companies:
For more research and analysis on this industry, please refer to the Analysis Report on Market Foresight and Investment Strategic Planning of China Nonferrous Metals Industry by Foresight Industry Research Institute.