国泰君安期货商品研究晨报：绿色金融与新能源-20251120

Report Overview - Date: November 20, 2025 - Report Type: Guotai Junan Futures Commodity Research Morning Report - Green Finance and New Energy 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core Viewpoints - Nickel: Nickel prices have broken through support and are under pressure to fluctuate [2][4] - Stainless Steel: Weak market conditions are suppressing steel prices, but the downside is limited [2][5] - Lithium Carbonate: There are limited fundamental changes; attention should be paid to market sentiment [2][10] - Industrial Silicon: The strategy is to short at high prices [2][14] - Polysilicon: Monitor when long-short spread trading funds exit [2][14] 3. Summary by Relevant Catalogs Nickel and Stainless Steel - Fundamental Data: The closing price of the Shanghai Nickel main contract was 115,650 yuan, down 3,060 yuan from T - 5. The closing price of the stainless steel main contract was 12,335 yuan, down 90 yuan from T - 5 [5] - Macro and Industry News: Indonesian forestry authorities took over a nickel mine, and China suspended an unofficial subsidy for Russian nickel imports [5][6] - Trend Intensity: Both nickel and stainless steel have a trend intensity of 0, indicating a neutral outlook [9] Lithium Carbonate - Fundamental Data: The closing price of the 2601 contract was 99,300 yuan, up 12,720 yuan from T - 5. The trading volume was 1,767,428 lots [10] - Macro and Industry News: The SMM battery - grade lithium carbonate index price rose, and a lithium concentrate auction was held [11] - Trend Intensity: Lithium carbonate has a trend intensity of 0, indicating a neutral outlook [12] Industrial Silicon and Polysilicon - Fundamental Data: The Si2601 closing price was 9,390 yuan/ton, up 195 yuan from T - 5. The PS2601 closing price was 54,625 yuan/ton, up 1,165 yuan from T - 5 [14] - Macro and Industry News: A Turkish - German joint venture plans to build a solar cell and silicon wafer factory [14][16] - Trend Intensity: Both industrial silicon and polysilicon have a trend intensity of - 1, indicating a slightly bearish outlook [16]