CNGR(SZ:300919) Ge Long Hui·2026-01-19 11:29Group 1: Nickel Price Dynamics - Nickel prices have entered an upward trend, with LME nickel prices stabilizing around $18,000 per ton, following a significant increase in early January [3][4] - The core driver of rising nickel prices is a shift in the supply-demand structure due to policy changes in Indonesia, which controls nearly 70% of global nickel production [3][5] - Indonesia plans to approve a reduction in nickel mining quotas, which is expected to tighten supply and support higher nickel prices [4][5] Group 2: Company Overview - Zhongwei New Materials has become a focal point in the capital market, with its stock price significantly increasing, reaching a high of HKD 37.76 [1] - The company has established a vertical integration strategy, securing 500-600 million wet tons of nickel ore resources and building four nickel raw material industrial bases in Indonesia [7][8] - Zhongwei New Materials has a nickel resource smelting capacity of 195,000 metal tons, with a rights share of approximately 120,000 metal tons, positioning it to benefit from rising nickel prices [7][8] Group 3: Market Position and Growth Potential - The company has maintained the largest global market share in nickel-based cathode precursor materials for lithium batteries for five consecutive years, with a projected market share of 20.3% in 2024 [8] - Zhongwei New Materials is also a leader in cobalt-based materials and is expected to achieve significant growth in sodium-based materials, enhancing its competitive edge [9] - The ongoing commercialization of solid-state batteries is expected to create additional demand for high-nickel materials, further benefiting the company [9][11] Group 4: Long-term Outlook - The upward trend in nickel prices is expected to continue, supported by supply constraints and structural demand growth, which will benefit Zhongwei New Materials in both short and long term [11] - The company's strategic positioning in resource and material integration allows it to capitalize on market opportunities and achieve above-expectation performance [11]