国泰君安期货商品研究晨报：绿色金融与新能源-20250603

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - Nickel: Short - term cost provides support, but weak expectations exert pressure [2][4] - Stainless steel: There is a game between negative feedback and production cuts, and steel prices will fluctuate within a range [2][5] - Lithium carbonate: The fundamentals are weak, and downward pressure still exists [2][11] - Industrial silicon: Inventory is accumulating, and the futures price will continue to decline [2][15] - Polysilicon: Adopt a strategy of short - selling on rallies [2][15] 3. Summaries According to Related Catalogs Nickel and Stainless Steel Fundamental Data - The closing price of the Shanghai nickel main contract was 121,100 yuan, a change of - 1,510 yuan compared to T - 5. The trading volume was 145,554 lots, a change of 57,877 lots compared to T - 5 [5] - The closing price of the stainless - steel main contract was 12,685 yuan, a change of - 190 yuan compared to T - 5. The trading volume was 124,523 lots, a change of 15,423 lots compared to T - 5 [5] Macro and Industry News - Indonesia has increased the resource tax rates for nickel - related products. For example, the tax rate for nickel ore has been raised from 10% to a floating range of 14% - 19% [5] - Ontario, Canada, may stop exporting nickel to the US due to tariff threats [6] - The first - phase project of Indonesia's CNI nickel - iron RKEF has entered the trial - production stage, with an annual production of about 12,500 tons of nickel metal per single line [8] Lithium Carbonate Fundamental Data - The closing price of the 2507 contract was 59,800 yuan, a change of - 1,160 yuan compared to T - 5. The trading volume was 429,284 lots, a change of 134,714 lots compared to T - 5 [11] - The closing price of the 2509 contract was 59,840 yuan, a change of - 2,460 yuan compared to T - 5. The trading volume was 119,089 lots, a change of 69,436 lots compared to T - 5 [11] Macro and Industry News - Samsung SDI and GM plan to add a lithium - iron - phosphate battery production line at their joint - venture plant in Indiana [12][13] - LGES also plans to convert part of its joint - venture plant with GM in Tennessee into a lithium - iron - phosphate battery production line [13] - From May 1 - 25, the retail sales of the national passenger car market reached 1.358 million units, a year - on - year increase of 16% [13] Industrial Silicon and Polysilicon Fundamental Data - The closing price of the Si2507 contract was 7,160 yuan/ton, a change of - 755 yuan compared to T - 5. The trading volume was 456,239 lots, a change of 172,084 lots compared to T - 5 [15] - The closing price of the PS2507 contract was 35,600 yuan/ton, a change of - 490 yuan compared to T - 5. The trading volume was 150,575 lots, a change of - 18,647 lots compared to T - 5 [15] Macro and Industry News - The 1 660MW unit of Qiya Xinjiang Group's Changdong Power Generation has the ability to generate electricity, and the 2 unit is under construction [15][17]