| 亏损而或减产，部分前驱体厂总未完成:月备库但因生产亏损而则需采购，使中国面敲键月生产(进口量或环比增加增加; 刚果金)月22日适暂停益出口4个月并考虑实施铝出口互额。引导电解 投资集略 | | --- | | 陆与荷蘭新闻家招录招聘《五社产成本书》，简称"警冒险向传益》强价管、勤聘守子等"旅"所以所规划工作。使中国国际贸易生产量或称议惯加，每次招聘 2018年07月 | | 口猛矿库存量处于低位促矿商挺价，多数合金厂采购意愿情弱而压价采购，使中国話酸锂均生产量或环比增加; 中国三元前驱体月度加工费环比有所下降，外采原料产三元前驱体月度生产成 | | 体为66000元/电白生产科润为负、中国三元前驱体17岁生产量或环化增加、但部分三元前级体厂长单签订不甚跑想。中国操拍话NCM三元前班K1月出口量或坏比增加。中国三元材料月度加工费 | | 环比有所下降，多晶偿要型5系三元材料月度平均生产成本为102500元吨且生产利润为负，中国三市材料厂库存量较上同增加。1系和3系订单难及预期但6系订单较为乐观使中国三元材料9月生 | | 产量或环化管加、中国娱堵击VCM三元正极材料分用江门留口偏或环比下降/增加，中国德格洽 ...

| | | 甲醇日评20250326: 利多驱动有限 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 变化值 指标 单位 2025/3/25 2025/3/24 | | | | | 要化值 | | | | (绝对值) | | | | | (相对值) | | | | MA01 | 元/吨 | 2511.00 | 2526.00 | -15.00 | -0.59% | | | 甲醇期货价格 | MA05 | 元/吨 | 2549.00 | 2587.00 | -38.00 | -1.47% | | | (收盘价) | MA09 | 元/吨 | 2431.00 | 2452.00 | -21.00 | -0.86% | | | | 太仓 | 元/吨 | 2677.50 | 2715.00 | -37.50 | -1.38% | | | | 山东 | 元/吨 | 2500.00 | 2515.00 | -15.00 | -0.60% | | 期现价格 | | 广东 | 元/吨 | 2660.00 | 2675.00 | -15.0 ...

| | | 尿素早评20250326:短期偏强震荡 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日度 UR01 | | 変化值 单位 2025/3/25 2025/3/24 | 元/吨 | 1870.00 | 1855.00 | (绝对值) 15.00 | 英化值 (相对值) 0.81% | | UR05 | 房素期货价格 | | 元/吨 | 1864.00 | 1853.00 | 11.00 | 0.59% | | UR09 | (收盘价) | | 元/吨 | 1880.00 | 1862.00 | 18.00 | 0.97% | | 山东 | | | 元/吨 | 1890.00 | 1890.00 | 0.00 | 0.00% | | 期现价格 山西 | | | 元/吨 | 1760.00 | 1760.00 | 0.00 | 0.00% | | 河南 | 国内现货价格 | | 元/吨 | 1890.00 | 1890.00 | 0.00 | 0.00% | | 河北 | (小顆粒) | | 元/吨 | 1910.00 | ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints - For nickel, the rainy seasons in Indonesia and the Philippines are not over, and the Indonesian government frequently adjusts nickel industry policies, causing disturbances in the mining end and supporting nickel prices. However, the oversupply of refined nickel remains, suppressing nickel price trends. The nickel price has fallen from a high, and it is expected to fluctuate weakly in the short - term. It is recommended to hold short positions and follow up on the final implementation of the Indonesian PNBP policy [1] - For stainless steel, the supply side is relatively loose, the demand side recovers slowly, and the raw material side provides limited support for stainless steel prices. Stainless steel prices lack continuous upward momentum, and it is expected to maintain range - bound oscillations in the short - term. It is recommended to wait and see [1] Summary by Related Catalogs Nickel Market - **Futures Prices**: On March 25, 2025, the closing prices of Shanghai nickel futures contracts (near - month, continuous - one, continuous - two, continuous - three) decreased compared to the previous day, with declines ranging from 610 to 730 yuan/ton. The closing price of the active contract was 109,887 yuan/ton, a decrease of 678 yuan/ton. The trading volume was 190,892 hands, a decrease of 17,474 hands, and the open interest was 109,887 hands, a decrease of 678 hands [1] - **Spot Prices**: The average price of SMM 1 electrolytic nickel was 130,517 yuan/ton, with a basis of 630 yuan/ton compared to the active contract. The prices of nickel ore, nickel beans, and other nickel products showed different degrees of change [1] - **Inventory**: On March 24, the SHFE nickel futures warehouse receipts decreased by 897 tons in the recent week, a decrease of 3.18%, and decreased by 958 tons in the recent month, a decrease of 3.39%. The LME nickel inventory increased by 12 tons on March 24, an increase of 0.01%, decreased by 192 tons in the recent week, a decrease of 0.10%, and increased by 7,782 tons in the recent month, an increase of 4.03%. The social inventory increased, and the bonded area inventory remained stable [1] - **Supply and Demand**: On the supply side, nickel ore prices were flat, port inventories declined slightly, Indonesian production was adjusted downward, and domestic refinery production recovered slightly after seasonal maintenance. On the demand side, ternary production decreased, stainless steel mill production was stable and improving, and alloy and electroplating demand was stable [1] Stainless Steel Market - **Futures Prices**: On March 25, 2025, the closing price of the Shanghai stainless steel futures active contract was 138,991 yuan/ton, a decrease of 3,381 yuan/ton. The trading volume was 164,588 hands, a decrease of 201 hands, and the open interest was 138,991 hands, a decrease of 3,381 hands [1] - **Spot Prices**: The average prices of various types of stainless steel products (304 series, 316 series) remained stable, and the basis was at a premium [1] - **Inventory**: The SHFE stainless steel inventory decreased slightly, and the 300 - series social inventory last week was 725,900 tons, a decrease of 3,500 tons [1] - **Supply and Demand**: In February, stainless steel production decreased slightly. Terminal demand is gradually recovering. The price of high - nickel pig iron increased, and the price of high - carbon ferrochrome remained flat [1]

| 工业硅&多晶硅日评20250326：工业硅减产消息持续发酵，多晶硅稳中向好 | | | | --- | --- | --- | | 单位 近期趋势 2025/3/26 指标 | 今值 | 变动 | | 元/吨 不通氧553#（华东）平均价格 | 10,350.00 | 0.00% | | 工业硅期现价格 期货主力合约收盘价 元/吨 | 9,950.00 | 0.96% | | 元/吨 基差（华东553#-期货主力） | 400.00 | -95.00 | | N型多晶硅料 元/千克 | 40.00 | 0.00% | | 多晶硅期现价格 期货主力合约收盘价 元/吨 | 43,795.00 | 0.36% | | 基差 元/吨 | -3,795.00 | -155.00 | | 元/吨 不通氧553#（华东）平均价格 | 10,350.00 | 0.00% | | 元/吨 不通氧553#（黄埔港）平均价格 | 10,400.00 | 0.00% | | 元/吨 不通氧553#（天津港）平均价格 | 10,300.00 | 0.00% | | 元/吨 不通氧553#（昆明）平均价格 | 10,250.00 | ...

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | | | | 铅锌日评20250326：逢低采买，铅锭社库小幅去化；沪锌高位宽幅整理 | | | | --- | --- | --- | --- | --- | --- | | | | 指标 | 2025/3/26 今值 变动 近期趋势 单位 | | | | | | | SMM1#铅锭平均价格 元/吨 17,275.00 -0.14% | | | | | 沪铅期现价格 | | 期货主力合约收盘价 元/吨 17,560.00 -0.62% | | | | | | | 升贴水-上海 元/吨 -45.00 -15.00 | | | | | | | 升贴水-LME 0-3 美元/吨 -21.85 - | | | | | 价差 | | 升贴水-LME 3-15 美元/吨 -52.30 -0.24 | | | | | | | 元/吨 -50.00 - 沪铅近月-沪铅连一 | | | | | | | 沪铅连一-沪铅连二 元/吨 -15.00 -10.00 | | | | 铅 | | | 沪铅连二-沪铅连三 元/吨 -15.00 -10 ...

| 沪锡日评20250325：国内精炼锡产能开工率环比下降，国内外精炼锡库存量较上周增加 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 变量名称 | | 2025-03-24 | 2025-03-21 | 2025-03-18 | 较昨日变动 | 近期走势 | | 收盘价 276620 | | | 276150 | 280030 | 470. 00 | | | 成交量(手) 103606 沪锡期货活跃合约 | | | 162510 | 170081 | -58, 904. 00 | | | 持仓量(手) 18888 | | | 21216 | 27637 | -2,388.00 | | | 库存(吨) 8333 | | | 8217 | 8652 | 116.00 | | | 沪锡县差 SMM 1#锡半均价 277000 | | | 002 IBS | 281000 | -4, 200. 00 | | | (现货与期货) 沪锡基差 380 | | | 5050 | 970 | -4, 670. 00 | | | 沪锡近月-沪锡连一 -2 ...

| 贵金属日评20250325: 美国3月SPGI制造业PMI低于50,特朗普将宣汽车木材芯片关税 | 交易日期 | 较昨日变化 | 较上周变化 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-03-24 | 2025-03-21 | 2025-03-18 | 收盘价 | 700. 70 | 707.14 | 706. 96 | 0.18 | 6. 44 | | | | | | | | 成交量 | 283887.00 | 237974.00 | 45, 913. 00 | 184143.00 | 99, 744. 00 | 期货活跃合约 | 持仓量 | 208073.00 | 207301.00 | 59911.00 | 772. 00 | 148, 162. 00 | | | | 库存(十克) | 15675.00 | 15675.00 | 15075. 00 | 0. 00 | 600. 00 | 上海黄金 | ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - For electrolytic nickel, maintain short positions with a price range of 120,000 - 135,000 yuan. The supply - demand contradiction persists, and the surplus pattern remains unchanged, but there is support at the lower price due to tight nickel ore supply [4][90]. - For stainless steel, try short positions with a light position, and the price range is 12,700 - 13,700 yuan. With high production schedules, weak demand, and large inventory pressure, it is expected to fluctuate weakly [6][120]. Summary by Directory 1.1 Nickel Market Review - Last week, SHFE nickel showed a weak trend, with a weekly decline of 3.34%. Trading volume decreased to 1.3535 million lots (-103,600), and open interest decreased to 111,600 lots (-46,300). LME nickel also declined by 2.05% weekly, with trading volume at 32,300 lots (-10,900) [10]. - The basis premium was 1,410 yuan/ton [12]. 1.2 Supply Side Nickel Ore - Last week, the price of 0.9% nickel ore remained flat, while the prices of 1.5% and 1.8% nickel ore increased. The shipping price from the Philippines to China rose [18]. - In January, the export volume of nickel ore from the Philippines decreased. In February, China's nickel ore imports reached 1.1461 million tons, a 25.7% increase month - on - month and a 6.3% decrease year - on - year [22]. - Last week, the arrival volume of nickel ore increased by 441,900 tons, and the port inventory decreased by 190,000 wet tons [24]. Nickel Pig Iron - The price of 8 - 12% high - nickel pig iron increased by 11 yuan/nickel point, while the price of 1.5 - 1.7% nickel pig iron remained unchanged. The negative premium of nickel pig iron compared to electrolytic nickel and scrap stainless steel narrowed [30]. - In February, China's nickel iron imports were 908,700 tons, a 2.2% decrease month - on - month and a 23.5% increase year - on - year [32]. - The loss of nickel iron plants narrowed, and the operating rate declined. In March, the operating rate and output of domestic nickel pig iron are expected to rise, while those of Indonesian nickel pig iron will change slightly. Nickel pig iron inventory decreased [36][40][42]. Electrolytic Nickel - In February, the operating rate and output of refined nickel fluctuated slightly. In March, the operating rate of refined nickel is expected to decline [48]. - The import loss of electrolytic nickel widened. In February, the import volume of electrolytic nickel decreased, and the export volume increased [50][54]. 1.3 Demand Side Stainless Steel - In March, the production schedule of stainless steel increased, and the production schedule of 300 - series stainless steel also increased [59][109]. - In February, the export volume of stainless steel decreased by 42.7% month - on - month and increased by 6.6% year - on - year; the import volume decreased by 1.2% month - on - month and 28.1% year - on - year [63][110]. New Energy - The increase in the price of pure nickel was less than that of nickel sulfate, and the negative premium of nickel sulfate compared to pure nickel narrowed. The proportion of pure nickel used to produce nickel sulfate is extremely small [68]. - In March, the production schedules of ternary precursors and ternary materials increased, with a 13% and 12% month - on - month increase respectively, and a 15.41% and 13.4% year - on - year decrease respectively [72]. - In March, the output of nickel sulfate increased by 9.5% month - on - month and decreased by 23.2% year - on - year [74]. - In February, the production of new energy vehicles was 888,000 units, a 12.5% decrease month - on - month and a 91.6% increase year - on - year; the sales volume was 892,000 units, a 5.48% decrease month - on - month and an 87.14% increase year - on - year [79]. 1.4 Inventory Side - Last week, the inventory of SHFE decreased, while the LME inventory increased. The pure nickel inventory in the Shanghai Free Trade Zone remained unchanged, and the six - region social inventory decreased by 2,130 tons [80][85]. 1.5 Electrowinning Nickel Cost - The cost of producing electrowinning nickel from externally purchased MHP and nickel matte decreased, while the cost of producing electrowinning nickel from externally purchased nickel sulfate increased. The cost advantage of MHP integrated production of electrowinning nickel over high - nickel matte integrated production declined [89]. 2.2 Cost and Profit - The price of high - nickel pig iron increased, and the price of high - carbon ferrochrome remained unchanged. The cost support increased, but the increase was limited [97]. - The losses of 200 - series and 300 - series stainless steel widened, while the losses of 400 - series stainless steel narrowed [101]. 2.3 Fundamental Aspects - The production schedule of stainless steel is slowly recovering, and the production schedule of 300 - series stainless steel in March increased. In February, the export volume of stainless steel decreased, and the import volume also decreased [109][110]. 2.4 Inventory Side - The social inventory of domestic stainless steel decreased, and the inventories of 200 - series, 300 - series, and 400 - series stainless steel all decreased [118]. 2.5 Market Outlook - For stainless steel, try short positions with a light position, with a price range of 12,700 - 13,700 yuan. With high production schedules, weak demand, large inventory pressure, and limited cost support, it is expected to fluctuate weakly [120].

0四川发展兴尔制能源科技有限公司（简称：川发兴能）年产6万立方米短版程邻电解液制备项目投产仪式在四川省内江市威远县举行。该项目位于内江市威远经开区连界园区，项目采用自主研 发的新一代短流程钥电解液制备,是全球产能最大的短流程韧电解液制备项目。 【重要资讯】 | 碳 锌 8 评20250324:国内碳酸锂3月供给预期偏松,三元材料厂库存量较上周增加 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 交易日期(日) | 2025-03-18 | 2025-03-17 | 2025-03-11 | 较昨日变化 | 近两周走势 | | | 近月合约 | 收盘价 | 75160.00 | 76020.00 | 74000.00 | -860.00 | | | | 连一合约 | 收盘价 | 75400.00 | 76240.00 | 75700.00 | -840.00 | | | | 连二合约 | 收盘价 | 75700.00 | 76460.00 | 75960.00 | -760.00 | | | | 连三合约 | 收盘价 ...