Report Overview - Report Title: Nickel Daily Report - Date: August 5, 2025 - Research Team: Non-ferrous Metals Research Team of CCB Futures 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The nickel market remains in an oversupply situation. After the cooling of macro sentiment, nickel prices will return to the oversupply trading logic and continue to test cost support. Although nickel prices may have a phased rebound under emotional support, the upside is still under pressure [7]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - On the 4th, Shanghai nickel fluctuated strongly. The main contract opened lower and then continued to rise, closing at 120,630, up 0.54%. The total open interest of the index increased by 2,996 to 196,963 lots [7]. - The supply of nickel ore in the Philippines and Indonesia is expected to be loose, and the price has further downward pressure, weakening the support at the ore end. In the NPI sector, the short - term price of nickel ore is still high, and most Indonesian iron plants are still in a state of cost inversion. Although the nickel - iron price has recovered recently, the sustainability is not strong. The stainless - steel market is still sluggish, and the acceptance of high - priced raw materials is limited. It is expected that the NPI price will mainly operate at the bottom [7]. - The nickel - salt price has recovered due to the rigid replenishment of precursors and the low inventory of nickel - salt plants, but the recovery space may be limited. The macro has not yet substantially boosted demand, and the nickel industry does not directly benefit from the anti - involution logic. It is necessary to pay attention to whether there are production - cut policies in the stainless - steel industry. The nickel market is difficult to have substantial improvement in the short term [7]. 3.2 Industry News - Indonesia's national investment management agency Danantara is exploring investment opportunities in the nickel downstream industry. It is considering acquiring the PT Gunbuster Nickel Industry (GNI) smelter in Central Sulawesi. The acquisition plan is still in the evaluation stage, and the state - owned mining holding company Mind ID is likely to be the main partner. Danantara expects to prepare an investment plan of more than $20 billion and provide about $60 million in medium - term financing through a syndicated loan [8][10]. - Bulgaria has officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh [10]. - A research team in Turkey has developed a TOPCon solar cell using nickel contact with almost no silver, which can significantly reduce production costs and improve sustainability and scalability [10]. - Renewable energy storage company Apatura has obtained planning permission for a 100 - MW battery energy storage system project in Scotland, which will help Scotland achieve its net - zero emissions and renewable - energy consumption goals [10].

Report Summary 1. Industry Investment Rating No relevant information provided. 2. Core View - On July 23, the nickel price shifted to narrow - range fluctuations as the continuously surging varieties adjusted, indicating emerging market divergence. The nickel surplus pattern remains unchanged, and price pressure persists. With the approval of additional RKAB quotas in Indonesia, nickel ore supply will be abundant, and there is room for a decline in premiums and ore prices. Although the ferronickel price has slightly rebounded, most smelters in Indonesia are still at a loss, and the production reduction after the conversion to high - grade nickel matte is limited, providing limited price support. Stainless steel is in the traditional off - season with high inventories, and it is difficult to support the raw material end. The sulfuric acid nickel price remained flat. Overall, the nickel fundamentals have not changed significantly, and the subsequent support from the ore end may weaken. Currently, the macro - sentiment dominates the market, and the nickel price is temporarily strong, but the rebound space should be viewed with caution [7]. 3. Summary by Section 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - On July 23, the SHFE nickel 2509 closed at 123,370, down 0.06% from the previous day, and the total index positions decreased by 2,860 to 173,672 lots. The nickel market's excess situation remains, and price pressure exists. The supply of nickel ore will be loose, and there is room for a decline in premiums and ore prices. The ferronickel price has a slight rebound, but most Indonesian smelters are still at a loss, and the support for prices is limited. Stainless steel is in the off - season with high inventories, and it is difficult to support the raw material end. The sulfuric acid nickel price remained at 27,250, and it is expected to stop falling temporarily. The overall performance of each industrial link is weakening, and the support from the ore end may loosen. The macro - sentiment currently dominates the market, and the nickel price is temporarily strong, but the rebound space should be treated with caution [7]. 3.2行业要闻 (Industry News) - The Indonesian Nickel Miners Association (APNI) revealed that Indonesia's actual nickel ore production in 2025 was only 120 million tons, far lower than the approved RKAB quota of 364.1 million tons in the first half of the year. The low utilization rate of the quota was due to the rainy season in major mining areas. In the first half of the year, Indonesia imported 4.6 million tons of nickel ore from the Philippines. Since January 2025, the cost pressure on Indonesia's nickel industry has been increasing due to policies and taxes. APNI is formulating ESG regulations to enhance its international reputation [8][10]. - Bulgaria launched a 124 - megawatt/496.2 - megawatt - hour battery energy storage system, marking a step towards its goal of deploying 10,000 megawatt - hours of battery energy storage capacity within a year [10]. - A Turkish research team developed a TOPCon solar cell using nickel contact with almost no silver, which significantly reduces silver consumption while maintaining high efficiency, potentially reducing production costs [10]. - Renewable energy storage company Apatura obtained planning permission for a 100 - megawatt battery energy storage system project in Scotland, which will help the region achieve its energy and emission - reduction goals [10].

Core Insights - Standard Chartered Bank's report highlights a strong interest among investors in transition investments, with 87% of respondents wanting to invest in companies focused on reducing carbon emissions, particularly among women and younger investors [1][2] - Transition investments are defined as investments aimed at supporting the shift to a low-carbon economy, including companies from high-emission sectors that have credible decarbonization plans [1] - The report indicates that investors are particularly interested in themes such as green hydrogen, low-carbon fuels, and carbon capture and storage [1] Investment Trends - In mainland China, 84% of investors express interest in transition investments, with current sustainable investment allocation at 26%, expected to rise to 38%, marking the highest anticipated increase among surveyed markets [2] - Nearly 90% of respondents in mainland China are willing to invest in companies with credible transition plans, indicating a strong market focus on sustainability [2] Challenges and Concerns - Investors face multiple challenges in transition investments, with high risk being the primary concern, alongside a lack of benchmarks for comparison and perceived low returns [1][2] - Only 15% of investors can clearly explain the concept of transition investments, indicating a gap in understanding [1]

Core Viewpoint - ING emphasizes sustainable development as a core strategy, aiming to drive the transition to a low-carbon economy through financial means [4][6][15] Group 1: Sustainable Finance Opportunities - ING plans to raise €150 billion annually for sustainable finance to support clients in their green transitions [4] - The bank aims to triple its annual financing commitment for renewable energy to €7.5 billion, aligning with COP28 consensus [9][10] - Sustainable development-related transactions have shown a continuous growth trend, with 792 transactions completed in 2023, compared to 835 in the previous year [10] Group 2: Risk Management in Sustainable Finance - ING focuses on physical and transition risks associated with climate and environmental issues, updating internal processes to better manage these risks [4][11] - The bank assesses high-emission industries to identify those needing financial support for their transition [7][11] - ING incorporates climate factors into its decision-making processes, ensuring that loan recipients' emissions align with the bank's decarbonization goals [8][11] Group 3: Global and Regional Perspectives - Anne-Sophie Castelnau praises China's ambitious climate governance and significant progress in electric vehicles, battery production, and renewable energy investments [5][20] - The bank believes that Europe will maintain its commitment to climate goals despite varying political pressures, emphasizing the importance of sustainable finance [15][20] - ING advocates for enhanced dialogue between China and Europe in sustainable development to accelerate the global green transition [5][22] Group 4: Technological Integration - AI and blockchain are seen as potential tools to enhance data transparency and information disclosure in sustainable finance [14] - The bank is exploring various applications of AI to improve monitoring and tracking of sustainability progress [14] Group 5: Client Engagement and Attitudes - ING has observed a shift in client attitudes towards sustainability, with clients increasingly aware of the need for change and actively implementing strategies [18][19] - The bank emphasizes the importance of understanding clients' risks, particularly in industries sensitive to climate change [19]

Core Viewpoint - The financial sector plays a crucial role in facilitating the transition to a low-carbon economy through sustainable finance, identifying both risks and opportunities in this domain [4][8][41]. Group 1: ING's Commitment to Sustainability - ING has integrated sustainability as a core strategy, aiming to drive the transition to a low-carbon economy through financial means [4][5]. - The bank plans to raise €150 billion annually for sustainable finance, focusing on renewable energy and supporting clients in their green transitions [4][29]. - ING's data indicates a continuous increase in sustainability-related transactions, with 792 deals completed in 2023, reflecting a positive trend in sustainable finance [9][30]. Group 2: Risk Management and Opportunities - ING emphasizes the importance of incorporating environmental and social factors into decision-making to enhance risk management, particularly regarding physical and transition risks associated with climate change [10][33]. - The bank identifies significant investment opportunities in the transition to a low-carbon economy, estimating a need for an additional $5 trillion annually to meet global warming reduction targets [8][28]. - ING's focus on sustainability allows for strategic client engagement, fostering stronger relationships and identifying business opportunities in areas like mergers and acquisitions [31][41]. Group 3: Global and Regional Perspectives - ING acknowledges China's ambitious climate goals, including achieving peak carbon emissions by 2030 and carbon neutrality by 2060, and praises its progress in electric vehicles and renewable energy investments [5][50]. - The bank advocates for enhanced dialogue between Europe and China in sustainable finance, emphasizing the importance of sharing best practices and experiences to accelerate economic transformation [20][52]. - ING recognizes the need for a balanced approach to sustainability, addressing both the opportunities and challenges presented by the evolving regulatory landscape and market dynamics [43][44].

Group 1 - A leading European asset management firm has divested all its shares in ExxonMobil, marking a significant shift towards a low-carbon economy in the financial sector [1][2] - The decision to divest was based on climate scenario analysis indicating a conflict between ExxonMobil's oil and gas assets and the global temperature target of 1.5°C [2] - The firm previously held approximately 0.8% of ExxonMobil's circulating shares, valued at around $1.2 billion [2] Group 2 - ExxonMobil is advancing a $20 billion low-carbon investment plan, including carbon capture and hydrogen projects, but faces criticism for lagging behind industry peers in emission reduction targets [4] - The global sustainable fund market is projected to exceed $3.5 trillion by 2024, while traditional energy sector funds have seen outflows of $78 billion [4] - The trend of asset managers divesting from fossil fuels is gaining momentum, with European asset managers reducing fossil fuel holdings from 7.2% in 2020 to 3.1% by the end of 2024 [5] Group 3 - The implementation of the EU's Sustainable Finance Disclosure Regulation (SFDR) is driving asset managers to disclose climate-related risks, accelerating the exit from high-carbon assets [5] - The shift in capital allocation is fundamentally changing the financial market's approach to climate risk, pushing the energy sector towards innovation and transformation [5] - The commitment of over $10 trillion in assets to meet temperature targets is expected by 2025, indicating a capital-driven energy revolution [5]

Core Insights - The article emphasizes the increasing regulatory adjustments and uncertainties in sustainable development disclosures, highlighting the transition from voluntary standards to mandatory reporting requirements [1][2] - It discusses the importance of international standards for sustainable development disclosures, which are essential for companies to provide comparable investment-grade data [2][3] Group 1: Regulatory Landscape - The transition phase from voluntary to mandatory disclosure requirements is currently underway, with nearly 30 countries reviewing and incorporating the first set of sustainable development standards released by IFRS in 2023 into their legal frameworks [1] - The European Commission is proposing revisions to the EU Corporate Sustainability Reporting Directive (CSRD), which may include delaying its implementation and narrowing its scope to focus on larger companies with significant sustainability impacts [1][2] Group 2: Value Drivers of Sustainable Development Disclosures - The first category of value drivers focuses on strategy execution, emphasizing that "what can be measured can be managed," where sustainable development issues intertwine with financial matters [2] - Identifying, quantifying, and disclosing sustainability risks and opportunities can provide management with valuable insights, such as enhancing energy efficiency to reduce greenhouse gas emissions and operational costs [2] - The second category relates to business strategy formulation, where disclosures about sustainability-related risks and opportunities can influence cash flow and growth prospects, prompting management to adjust business strategies accordingly [2] - The final category highlights that sustainable development disclosures can serve as a source of capital support, enabling companies to access funding and lower capital costs by providing high-quality, comparable sustainability information to investors [2] Group 3: LSEG's Commitment - LSEG supports the IFRS sustainable development standards and advocates for their widespread adoption across jurisdictions to help investors and companies manage long-term sustainability risks and opportunities effectively [3] - The company aims to be a strategic driver of sustainable growth, focusing on providing sustainable financial products, engaging with market participants, transforming its operations, and enhancing community capabilities [6]