1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Near the Spring Festival holiday, the prices of nickel and stainless steel are expected to show a volatile trend. It is recommended to operate within a range. However, due to the continuous fermentation of nickel ore supply interference, there is some support for the cost side. If the price drops significantly, one can consider buying on dips [2][5] 3. Summary by Related Catalogs Nickel Variety Market Analysis - On February 9, 2026, the Shanghai nickel main contract 2603 opened at 133,020 yuan/ton and closed at 134,520 yuan/ton, a change of 1.45% from the previous trading day's closing price. The trading volume was 417,105 (-137,339) lots, and the open interest was 83,976 (-1,500) lots [1] - In the futures market, the Shanghai nickel main contract rebounded after hitting the bottom. The weakening of the US dollar index and the 1.03% increase in LME nickel overnight drove the domestic market sentiment to warm up. The inflow of domestic funds into the non - ferrous metal sector provided liquidity support for Shanghai nickel. After the previous over - decline, short - covering pushed the price to rebound. In addition, the nickel ore price remained stable, there was cost support for nickel iron, and the expectation of production cuts by some high - cost smelters emerged, and the expected marginal contraction of supply supported the price [1] - In the nickel ore market, the overall performance was calm, and the price remained stable. As the Spring Festival holiday approached, market participants gradually decreased, the trading atmosphere became light, and both buyers and sellers were mainly in a wait - and - see state. Domestic factories had high raw material costs and low willingness to purchase nickel ore at the current price. Most factories mainly consumed existing inventories and executed long - term contracts and suspended new spot purchase plans. The Indonesian market also entered a pre - holiday stable period, with no new major transactions or policy news [1] - In the spot market, Jinchuan Group's sales price in the Shanghai market was 143,500 yuan/ton, an increase of 3,300 yuan/ton from the previous trading day. Pre - holiday spot trading was light, and the spot premiums and discounts of various brands of refined nickel mostly remained stable. The previous trading day's Shanghai nickel warehouse receipt volume was 51,721 (447) tons, and the LME nickel inventory was 285,072 (-210) tons [2] Strategy - Near the Spring Festival holiday, it is expected that the price will mainly show a volatile trend. It is recommended to operate within a range. If the price drops significantly, one can consider buying on dips. For single - side trading, it is mainly to operate within a range, and there are no strategies for inter - period, cross - variety, spot - futures, and options trading [2] Stainless Steel Variety Market Analysis - On February 9, 2026, the stainless steel main contract 2603 opened at 13,690 yuan/ton and closed at 13,735 yuan/ton. The trading volume was 88,272 (-50,600) lots, and the open interest was 41,399 (-4,171) lots [2] - In the futures market, the stainless steel main contract showed a narrow - range shock and a slight decline at the end of the session. The rebound of the Shanghai nickel contract drove the sentiment of the stainless steel raw material end to recover, providing some support for the stainless steel price. The stable nickel ore price and cost support for nickel iron, along with the expectation of production cuts by some high - cost smelters, supported the price [3] - In the spot market, the futures market weakened, and downstream purchasing enthusiasm was not high, mainly purchasing on demand, and inventory depletion slowed down. The stainless steel price in the Wuxi market was 14,100 (+0) yuan/ton, and in the Foshan market was 14,050 (+0) yuan/ton. The premium and discount of 304/2B was 400 to 600 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron remained unchanged at 1,040.0 yuan/nickel point [3][4] Strategy - Near the Spring Festival holiday, it is expected that the price will mainly show a volatile trend. It is recommended to operate within a range. If the price drops significantly, one can consider buying on dips. For single - side trading, it is mainly to operate within a range, and there are no strategies for inter - period, cross - variety, spot - futures, and options trading [5]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View Policy expectations and exports are expected to provide short - term support to the urea market, but high supply and weak demand will limit the upside potential. The urea futures are likely to remain in a volatile pattern. Market participants should monitor production costs and the progress of autumn stockpiling [4][5]. 3. Summary by Category Fundamental Analysis - The Ministry of Industry and Information Technology is promoting the elimination of outdated production capacity in key industries. The proportion of fixed - bed processes in the urea industry has dropped to 10%, increasing the expectation of a marginal contraction in supply [4]. - Export orders are being continuously fulfilled. Enterprise inventories have decreased by 7.46% week - on - week to 895,500 tons, while port inventories have increased to 541,000 tons, alleviating domestic supply pressure [4]. - The top - dressing of northern corn is mostly completed, leading to weak agricultural demand. The incremental demand for autumn stockpiling of compound fertilizers is limited, and industrial demand is mainly for essential purchases [4]. - Although the daily production has slightly decreased to 196,100 tons, it is still higher year - on - year. With the addition of new production capacity, the pattern of loose supply remains unchanged [4]. Data Presentation The report presents a series of data related to the urea industry, including historical data on enterprise and port inventories, futures trading volume and open interest, spot prices, production costs, production profits, capacity utilization rates, and export prices, as well as data on related industries such as compound fertilizers and the power coal market [7][10][17][28][38][43]

Group 1: Oil Market Dynamics - International oil prices experienced significant volatility, with a peak increase of over 4%, reaching a maximum of 549.4 yuan per barrel [6][8] - The rise in oil prices is attributed to expectations of marginal supply contraction and geopolitical risks affecting supply uncertainty, alongside a decrease in U.S. crude oil inventories [8] - OPEC+ is expected to continue increasing production, which may offset reductions in U.S. shale oil output, maintaining a balanced supply-demand scenario [8] Group 2: Polysilicon Market Trends - Polysilicon prices showed high volatility, with a trading range fluctuation of 6.67%, peaking at 46,000 yuan per ton before stabilizing above 43,000 yuan [2][4] - The average market price for polysilicon (N-type dense material) increased by 5.7 yuan per kilogram week-on-week, with production costs rising due to higher silicon powder prices [4] - Market sentiment for polysilicon remains positive, with expectations of continued strong performance despite potential overcapacity issues [5] Group 3: Lithium Carbonate Supply and Pricing - Lithium carbonate futures prices surged, with a peak increase of 4.32%, reflecting a recovery of over 15% from year-to-date lows [9][11] - The price of battery-grade lithium carbonate rose to 65,000 yuan per ton, an increase of 8.52% from late June [11] - Supply disruptions due to regulatory actions against companies like Zangge Mining have contributed to price fluctuations, indicating a cautious market outlook [11]