有色金属行业信息点评：Eramet下调24年镍矿销量指引，加速行业再平衡

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - Eramet has lowered its 2024 nickel ore sales guidance, indicating a shift towards industry rebalancing. The Indonesian Ministry of Mining has limited PT WBN's annual sales volume to 32 million wet tons for 2024-2026, which is below the company's production capacity [3] - PT WBN is recognized as one of the largest nickel mines globally, with an estimated recoverable nickel reserve of 2.8 million wet metal tons. In 2023, PT WBN produced 36.3 million wet tons, accounting for 17% of global production [3] - Nickel prices are expected to rebound from their lows, supported by cost factors. As of October 17, the price of electrolytic nickel was 134,000 yuan per ton, up 12,200 yuan from the September low [3] Summary by Sections Market Performance - The non-ferrous metals sector has shown a performance of 23.75%, while the Haitong Composite Index has recorded 15.92% [2] Industry Insights - The report highlights the ongoing supply-demand rebalancing in the nickel industry, with expectations that nickel prices have reached a bottom level. The report expresses confidence in the growth of downstream demand due to anticipated economic stimulus measures from the Chinese government and the onset of a Federal Reserve rate cut cycle [4] Company Focus - Companies with nickel operations in Indonesia and cost advantages are recommended for investment. Specific companies to watch include Huayou Cobalt, Greeenme, and Weiming Environmental Protection [4] - Huayou Cobalt is noted for its strategic positioning in nickel and cobalt resources in Indonesia, with multiple projects and partnerships aimed at securing nickel supply [4]