1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - For the nickel variety, the rebound of Shanghai nickel is restricted by the fundamentals, and it will likely enter a range - bound pattern in the short term. Attention should be paid to the implementation of Indonesian policies, inventory changes, and the recovery of downstream demand [3]. - For the stainless - steel variety, due to low demand and high inventory, stainless steel is expected to show a wide - range oscillation pattern in the game between policy support and weak fundamentals [5]. 3. Summaries by Related Catalogs Nickel Variety Market Analysis - **Futures**: On December 25, 2025, the Shanghai nickel main contract 2601 opened at 127,500 yuan/ton and closed at 125,410 yuan/ton, a - 1.22% change from the previous trading day. The trading volume was 650,804 (- 444,527) lots, and the open interest was 144,402 (- 7,820) lots. The price movement was the result of the game between policy expectations and fundamental realities. In the short term, the nickel price will be driven by market sentiment to maintain a slightly stronger oscillation pattern but is still suppressed by high inventory and weak demand [1]. - **Nickel Ore**: The nickel ore market trading has become sluggish, and prices are mainly stable. In the Philippines, northern mines have limited shipments, and mines have a price - holding attitude. In Indonesia, the December (second - phase) domestic trade benchmark price has dropped by 0.11 - 0.18 dollars/ton, and the current mainstream premium remains at +25 [1]. - **Spot**: Jinchuan Group's Shanghai market sales price was 130,800 yuan/ton, a 3,000 - yuan/ton decrease from the previous trading day. Spot trading was average, and the transaction center has shifted significantly upwards. The spot premiums of various refined nickel brands have mostly been adjusted upwards [2]. Strategy - The short - term strategy for nickel is mainly range - bound operations, with no strategies for inter - period, cross - variety, spot - futures, or options [3][4]. Stainless - Steel Variety Market Analysis - **Futures**: On December 25, 2025, the stainless - steel main contract 2602 opened at 12,720 yuan/ton and closed at 12,990 yuan/ton. The trading volume was 163,852 (- 81,031) lots, and the open interest was 101,925 (- 4,171) lots. Affected by the回调 of Shanghai nickel, the rebound of the stainless - steel main contract paused. If policy support is insufficient, the future rebound strength is expected to be limited [4]. - **Spot**: The futures market has weakened, and downstream acceptance of high prices is limited, with low purchasing enthusiasm. The stainless - steel price in Wuxi market is 13,050 (+0) yuan/ton, and in Foshan market is 13,025 (+0) yuan/ton [4]. Strategy - The short - term strategy for stainless steel is neutral, with no strategies for inter - period, cross - variety, spot - futures, or options [5].