Report Summary 1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - Nickel: The market is characterized by a game between industrial and secondary funds, with a wide - range volatile movement [2][4]. - Stainless steel: The price center of gravity is lifted by nickel - iron, and the market is speculating on Indonesian policies [2][5]. - Lithium carbonate: Tariff adjustments are beneficial to short - term demand, and the market is expected to be in a relatively strong volatile state [2][10]. - Industrial silicon: Attention should be paid to the downstream production cut situation [2]. - Polysilicon: The market will move within a range [2][13]. 3. Summary by Commodity Nickel and Stainless Steel - **Fundamentals**: Data on nickel and stainless - steel futures, including closing prices, trading volumes, and various price differentials of related products in the industrial chain, are presented. For example, the closing price of the Shanghai nickel main contract is 139,090, and the closing price of the stainless - steel main contract is 13,860 [5]. - **News**: Indonesia has suspended issuing new smelting licenses, China has implemented export license management for some steel products, Indonesia may revise the benchmark price formula for nickel ore, plan to cut nickel ore production, and some mines face potential fines [5][6][8]. - **Trend Intensity**: Both nickel and stainless - steel trend intensities are 0, indicating a neutral outlook [9]. Lithium Carbonate - **Fundamentals**: Comprehensive data on lithium carbonate futures, including closing prices, trading volumes, and various price differentials in the industrial chain, are provided. For instance, the closing price of the 2601 contract is 138,700 [10]. - **News**: SMM's battery - grade lithium carbonate index price has increased, 30,000 tons of lithium concentrate from Hainan Mining's Mali Buguni lithium mine have arrived at Yangpu Port, and there are changes in the export tax - rebate policies for photovoltaic and battery products [11][12]. - **Trend Intensity**: The trend intensity of lithium carbonate is 1, indicating a slightly bullish outlook [12]. Polysilicon and Industrial Silicon - **Fundamentals**: Data on industrial silicon and polysilicon futures, including closing prices, trading volumes, price differentials, and inventory levels, are shown. For example, the closing price of the Si2605 contract is 8,715, and the closing price of the PS2605 contract is 51,300 [13]. - **News**: Japan's TOYO has signed a supply agreement with a US polysilicon manufacturer, and there are details about the polysilicon production capacity in the US [13][15]. - **Trend Intensity**: The trend intensities of both industrial silicon and polysilicon are 0, indicating a neutral outlook [15].

Report Overview - Report Date: September 5, 2025 [1][4][11][14][17] - Report Source: Guotai Junan Futures - Report Theme: Green Finance and New Energy Industry Investment Ratings - Not provided in the given content Core Views - Nickel: The fundamentals suggest a narrow - range oscillation, while news may stimulate market sentiment [2] - Stainless Steel: Steel prices will move in a narrow range [2][5] - Lithium Carbonate: With increasing production, the market is weakening [2][11] - Industrial Silicon: The strategy is to short at high prices [2][15] - Polysilicon: Attention should be paid to policy - related information [2][15] Summary by Commodity Stainless Steel - **Fundamental Data**: The closing price of the stainless - steel main contract was 12,855, down 60 from the previous day. The trading volume was 99,009, up 11,460. Other related data such as nickel prices, premiums, and spreads also showed various changes [5] - **Macro and Industry News**: Multiple events including potential nickel export halt from Canada, new nickel - iron production in Indonesia, environmental violations in an Indonesian industrial park, and production adjustments in Indonesia and China were reported [5][6][7][8][9] - **Trend Intensity**: The trend intensity of nickel and stainless steel is 0, indicating a neutral outlook [10] Lithium Carbonate - **Fundamental Data**: The closing price of the 2509 contract was 73,000, up 920. The trading volume of the 2511 contract was 712,151, up 269,351. Other data like basis, raw material prices, and product prices also changed [11] - **Macro and Industry News**: The SMM battery - grade lithium carbonate index price decreased, and the inventory decreased while production increased [11][13] - **Trend Intensity**: The trend intensity of lithium carbonate is - 1, indicating a weak outlook [13] Industrial Silicon and Polysilicon - **Fundamental Data**: The closing price of Si2511 was 8,515, up 25. The closing price of PS2511 was 52,195, up 35. Data on inventory, profit, and other aspects also showed changes [15] - **Macro and Industry News**: The Ministry of Industry and Information Technology and the State Administration for Market Regulation jointly issued a growth action plan for the electronic information manufacturing industry [15][17] - **Trend Intensity**: The trend intensity of industrial silicon is 0 (neutral), and that of polysilicon is 1 (slightly bullish) [17]

Report Overview - The report is the Commodity Research Morning Report - Green Finance and New Energy by Guotai Junan Futures on August 15, 2025, covering nickel, stainless steel, lithium carbonate, industrial silicon, and polysilicon [1][2] 1. Nickel and Stainless Steel Core View - For nickel, the supporting logic at the mine end is weakening, and the logic at the smelting end limits its elasticity; for stainless steel, the tug - of - war between bulls and bears intensifies, and steel prices fluctuate [2][4] Fundamental Data - **Futures Data**: The closing price of Shanghai Nickel main contract was 121,200, down 1,140 from T - 1; the closing price of stainless steel main contract was 13,025, down 105 from T - 1 [4] - **Industrial Chain Data**: The price of 1 imported nickel was 122,700, down 450 from T - 1; the price of 8 - 12% high - nickel pig iron (ex - factory price) was 925, up 2 from T - 1 [4] Macro and Industry News - Canada's Ontario may stop exporting nickel to the US; Indonesia's CNI nickel - iron project entered the trial - production stage; environmental violations were found in IMIP, and audits will be carried out; Indonesia plans to shorten the mining quota period; the approved 2025 RKAB production of Indonesian nickel miners is higher than 2024; some Indonesian nickel - iron production lines stopped due to losses; Indonesian mining companies must resubmit 2026 RKAB; a Shandong steel mill started maintenance [4][5][7] Trend Intensity - Nickel trend intensity: 0; stainless steel trend intensity: 0 [8] 2. Lithium Carbonate Core View - The industry inventory of lithium carbonate is slightly decreasing, and the price fluctuates [2][9] Fundamental Data - **Futures Data**: The closing price of the 2509 contract was 85,140, up 100 from T - 1; the closing price of the 2511 contract was 85,300, up 200 from T - 1 [9] - **Industry Chain Data**: The price of battery - grade lithium carbonate was 82,000, up 1,000 from T - 1; the price of industrial - grade lithium carbonate was 79,750, up 950 from T - 1 [9] Macro and Industry News - SMM's battery - grade lithium carbonate index price rose; the weekly production of lithium carbonate increased, and the weekly inventory decreased [10] Trend Intensity - Lithium carbonate trend intensity: 0 [11] 3. Industrial Silicon and Polysilicon Core View - For industrial silicon, attention should be paid to market sentiment changes; for polysilicon, there are increasing disturbances from the news side [2][12][13] Fundamental Data - **Futures Data**: The closing price of Si2511 was 8,675, up 75 from T - 1; the closing price of PS2511 was 50,430, down 860 from T - 1 [13] - **Industry Chain Data**: The price of Xinjiang 99 - silicon was 8,800, unchanged from T - 1; the price of polysilicon - N - type re - feed was 47,000, unchanged from T - 1 [13] Macro and Industry News - A joint observation group inspected an industrial silicon project in Inner Mongolia [13] Trend Intensity - Industrial silicon trend intensity: 0; polysilicon trend intensity: 1 [15]