Core Viewpoint - Nickel prices are experiencing a significant upward trend, influenced by improved macro sentiment and short-term supply-demand changes [1] Group 1: Price Trends - As of December 23, 2025, the spot market price for 1 nickel ranges from 122,700 to 128,900 yuan/ton, with an average of 125,800 yuan/ton, reflecting an increase of 3,850 yuan/ton from the previous day [1] - The futures market shows even stronger performance, with the main contract for nickel on the Shanghai Futures Exchange rising by over 3% during trading [1] - LME nickel prices also saw a significant increase in overnight trading, leading gains in the base metals sector [1] Group 2: Supply and Demand Dynamics - The global nickel market is undergoing profound changes in supply and demand structures due to the green transition and industrial chain restructuring [2] - Indonesia's policy adjustments are a core variable affecting supply, with changes in quota approval and new capacity thresholds continuing to disrupt medium to long-term supply expectations [2] - Demand from the stainless steel industry remains cautious due to terminal consumption and industry profit constraints, while the anticipated growth in the new energy battery sector is showing seasonal slowdowns [2] Group 3: Industry Chain Analysis - Nickel ore price fluctuations directly impact the cost curves of various smelting paths, with integrated resource-smelting companies enjoying significant cost advantages [3] - Nickel iron prices show some resilience at low points, indicating a tight balance in the spot market, while nickel sulfate prices are under pressure due to a slowdown in downstream demand [3] - The overall industry chain is currently in a state of "weak supply and demand, dynamic balance" [3] Group 4: Strategic Adjustments by Leading Companies - Leading companies are actively adjusting strategies in response to the current industry environment, with some implementing planned production cuts or line maintenance due to short-term profit pressures [4] - Companies are accelerating the development of high-value projects such as high-grade nickel and nickel sulfate, pushing the industry structure towards deeper processing [4] - Market focus is heavily concentrated on Indonesian policy developments, particularly regarding the recent reduction in domestic benchmark prices for nickel ore [4][5] Group 5: Short-term Price Outlook - Nickel prices are expected to maintain a strong oscillating pattern in the short term, with a core range of 122,000 to 130,000 yuan/ton [6] - The main logic behind this outlook includes macro sentiment support, limited supply elasticity due to policy uncertainties in major producing countries, and resilient demand from stainless steel [6] - Key factors for future price movements include the execution of Indonesian policies, recovery in stainless steel consumption, and the evolution of inventory replenishment in the new energy supply chain [6]

浙江彩蝶实业股份有限公司 （注册地址：浙江省湖州市南浔区练市镇工业园区） 首次公开发行股票 招股说明书摘要 保荐人（主承销商） （住所：深圳市罗湖区红岭中路 1012 号国信证券大厦十六层至二十六层） 浙江彩蝶实业股份有限公司 首次公开发行股票招股说明书摘要 声明及承诺 本招股说明书摘要的目的仅为向公众提供有关本次发行的简要情况，并不包 括招股说明书全文的各部分内容。招股说明书全文同时刊载于上海证券交易所网 站。投资者在做出认购决定之前，应仔细阅读招股说明书全文，并以其作为投资 决定的依据。 投资者若对本招股说明书及其摘要存在任何疑问，应咨询自己的股票经纪 人、律师、会计师或其他专业顾问。 发行人及全体董事、监事、高级管理人员承诺招股说明书及其摘要不存在虚 假记载、误导性陈述或重大遗漏，并对招股说明书及其摘要的真实性、准确性、 完整性承担个别和连带的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书及其 摘要中财务会计资料真实、完整。 保荐人承诺因其为发行人首次公开发行股票制作、出具的文件有虚假记载、 误导性陈述或者重大遗漏，给投资者造成损失的，其将先行赔偿投资者损失。 中国证监会、其 ...

浙江彩蝶实业股份有限公司 （注册地址：浙江省湖州市南浔区练市镇工业园区） 首次公开发行股票 招股意向书 保荐人（主承销商） （住所：深圳市罗湖区红岭中路 1012 号国信证券大厦十六层至二十六层） 浙江彩蝶实业股份有限公司 招股意向书 发行概况 公司本次公开发行新股 2,900 万股，占发行后总股本的 25%，公司股东不 在本次发行过程中公开发售股份。 | 发行股票类型：人民币普通股 | 每股面值：1.00 元 | | --- | --- | | 发行股数： 2,900 万股 | 每股发行价格：【】元 | | 发行后总股本：不超过 万股 11,600 | 年 月 日 预计发行日期：2023 2 14 | | 拟上市证券交易所：上海证券交易所 | | 本次 发行 前股 东所 持股 公司控股股东、实际控制人、董事长施建明，实际控制人、董事、总经理施屹承 诺：（1）自公司股票上市之日起 36 个月内，不转让或者委托他人管理本人已持有的 公司股份，也不由公司回购该部分股份；（2）若公司上市后 6 个月内发生公司股票连 续 20 个交易日的收盘价均低于发行价，或者上市后 6 个月期末收盘价低于发行价的 情形，本人所持股 ...