1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The intraday Shanghai nickel had a certain correction. Currently, there is still support from the ore price. Attention should be paid to whether the nickel ore benchmark price and premium will decline due to the market. In the short - term, only the nickel ore supports the bottom space. The ferronickel price is still falling but is close to the low - valuation range, with limited further decline space. The bottom support of stainless steel has stabilized. There is news that Tsingshan will cut stainless steel production by 250,000 tons, and spot - end transactions have improved. The new energy chain has a certain price - holding sentiment due to the disturbance of the Congo cobalt mine, and the downstream acceptance has also increased. It still maintains a production - based - on - sales situation. Future focus is on the production - cut intensity and whether the inventory improves [3] - On the positive side, there is still support from the nickel ore price at the cost end, the cobalt mine ban in Congo continues, and Tsingshan plans to cut stainless steel production by 250,000 tons. On the negative side, stainless steel enters the traditional off - season of demand with slow inventory reduction, the contradiction in the ferronickel industry chain deepens with the oversupply situation remaining unchanged, and the pure nickel inventory is high [4] 3. Summary According to Relevant Catalogs 3.1 Shanghai Nickel Forecast and Management Strategy - The price range forecast for Shanghai nickel is 115,000 - 124,000 yuan/ton, with a current volatility (20 - day rolling) of 15.17% and a current volatility historical percentile of 3.2% [2] - For inventory management, when the product sales price falls and there is a risk of inventory value reduction, it is recommended to short Shanghai nickel futures according to the inventory level to lock in profits and hedge against the risk of spot price decline, with a selling ratio of 60% using the Shanghai nickel main contract; also, sell call options with a selling ratio of 50% using over - the - counter/on - exchange options [2] - For procurement management, when the company has future production procurement needs and is worried about rising raw material prices, it is recommended to buy Shanghai nickel forward contracts according to the production plan to lock in production costs in advance on the disk, with a buying ratio based on the procurement plan using far - month Shanghai nickel contracts; sell put options with a selling ratio based on the procurement plan using on - exchange/over - the - counter options; buy out - of - the - money call options with a buying ratio based on the procurement plan using on - exchange/over - the - counter options [2] 3.2 Nickel and Stainless Steel Disk Daily Data - Nickel disk: The latest values of Shanghai nickel main continuous, continuous 1, continuous 2, and continuous 3 are 118,600 yuan/ton, 118,670 yuan/ton, 118,830 yuan/ton, and 118,960 yuan/ton respectively, with corresponding increases of 1%, 0.88%, 0.81%, and 0.81%. The LME nickel 3M is at 14,905 US dollars/ton, up 0.75%. The trading volume is 76,394 lots, down 20.49%; the open interest is 36,302 lots, down 30.20%; the warrant number is 21,359 tons, down 1.03%; the basis of the main contract is - 790 yuan/ton, up 7.5% [6] - Stainless steel disk: The latest values of stainless steel main continuous, continuous 1, continuous 2, and continuous 3 are 12,540 yuan/ton, 12,540 yuan/ton, 12,470 yuan/ton, and 12,415 yuan/ton respectively, with corresponding increases of 1%, 0.80%, 0.81%, and 0.85%. The trading volume is 175,419 lots, down 16.10%; the open interest is 159,994 lots, down 13.94%; the warrant number is 112,867 tons, down 0.32%; the basis of the main contract is 530 yuan/ton, down 8.62% [7] 3.3 Nickel Industry Inventory - The domestic social inventory of nickel is 38,223 tons, down 1,160 tons; the LME nickel inventory is 204,360 tons, up 432 tons; the stainless steel social inventory is 1,000.6 tons, up 1.8 tons; the nickel pig iron inventory is 34,610 tons, up 3,148 tons [8]