镍：冶炼端矛盾并不凸显，关注矿端消息面风险不锈钢：长短线逻辑博弈，钢价或震荡运行

Report Summary 1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - Nickel: The contradictions in the smelting end are not prominent, and attention should be paid to the news - related risks at the mine end [2][4]. - Stainless Steel: There is a game between short - and long - term logics, and steel prices may fluctuate [2][4]. - Lithium Carbonate: Supply and demand are both increasing, and the market is under pressure [2][11]. - Industrial Silicon: The industry inventory is accumulating, and the strategy is to short at high prices [2][15]. - Polysilicon: Attention should be paid to market information changes [2][15]. 3. Summary by Related Catalogs Nickel and Stainless Steel - Fundamental Data: The closing price of the Shanghai Nickel main contract was 121,980 yuan, and the stainless - steel main contract was 12,950 yuan. There were also data on trading volume, spot prices, and spreads [4]. - Macro and Industry News: Many events occurred in Indonesia, including the trial production of the CNI nickel - iron project, environmental violations in the IMIP, plans to shorten mining quota periods, production suspensions in some nickel - iron smelting industrial parks, and the takeover of a nickel - mine area by the forestry working group [4][5][7][9]. - Trend Intensity: The trend intensity of nickel and stainless steel is 0, indicating a neutral view [10]. Lithium Carbonate - Fundamental Data: Data on futures contracts (such as 2511 and 2601 contracts), spot prices, basis, and raw - material prices are provided [12]. - Macro and Industry News: The SMM battery - grade lithium carbonate index price decreased, and Zijin Mining's lithium - salt project was put into production [13][14]. - Trend Intensity: The trend intensity of lithium carbonate is - 1, indicating a slightly bearish view [14]. Industrial Silicon and Polysilicon - Fundamental Data: Information on futures prices, trading volumes, open interests, basis, prices, profits, inventories, and raw - material costs of industrial silicon and polysilicon is presented [15]. - Macro and Industry News: The three ministries and commissions issued the "National Industrial Resources Comprehensive Utilization Advanced and Applicable Process Technology Equipment Catalog (2025 Edition)" [15]. - Trend Intensity: The trend intensity of industrial silicon is - 1 (slightly bearish), and that of polysilicon is 0 (neutral) [17].