1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Affected by geopolitical factors and short - term market risk appetite, Shanghai nickel showed a slight decline this week. The nickel inventory is at a high level in the same period. Geopolitical conflicts led to high - level international oil prices and a significant increase in the ocean freight of Philippine nickel ore. The supply of nickel ore is relatively tight, and the premium of domestic - trade ore remains at a high level. The downstream stainless steel de - stocking speed is slow, consumption is average, and the inventory is still high. Although the crude steel production schedule in March has increased and there is still supply pressure, the market still has high expectations for the peak season of "Golden March and Silver April". Currently, it is the off - season for new energy vehicle consumption, with average performance. It is expected that the operating range of the main Shanghai nickel contract is approximately 128,000 to 140,000 yuan/ton, and that of the main stainless steel contract is approximately 13,400 to 14,600 yuan/ton [33] 3. Summary by Directory 3.1 Market Review - This part presents the price trend chart of the nickel futures main contract from December 31, 2020, to February 28, 2026, with the unit of yuan/ton [5][6] 3.2 Fundamental Analysis - **Upstream - China's Nickel Ore Port Inventory**: It shows the inventory chart of China's nickel ore ports from December 31, 2020, to February 28, 2026, with the unit of 10,000 tons [8][9] - **Mid - stream - Electrolytic Nickel Price**: Displays the price chart of electrolytic nickel (1, Ni99.90, domestic and imported) from December 31, 2020, to February 28, 2026, with the unit of yuan/ton [10][11] - **Mid - stream - Nickel Sulfate Price**: Presents the average price chart of Chinese nickel sulfate from December 31, 2020, to February 28, 2026, with the unit of yuan/ton [13][14] - **Mid - stream - Monthly Import Volume of Ferronickel and Fubao Price of 8 - 12% Ferronickel**: Shows the monthly import volume chart of Chinese ferronickel and the Fubao price chart of 8 - 12% ferronickel from December 31, 2020, to February 28, 2026, with the units of tons and yuan/nickel respectively [15][16] - **Downstream - Stainless Steel Price**: Displays the closing price chart of stainless steel futures (continuous) with the unit of yuan/ton [17][18] - **Downstream - Stainless Steel Futures Position**: Presents the position volume chart of stainless steel futures from December 31, 2020, to February 28, 2026, with the unit of lots [19][20] - **Downstream - Wuxi Stainless Steel Inventory**: Shows the inventory chart of Wuxi stainless steel and Wuxi 300 - series stainless steel with the unit of tons [22][23] - **Downstream - Production of Power and Energy - Storage Batteries**: Presents the monthly production chart of Chinese power batteries and energy - storage batteries and the monthly loading volume chart of Chinese power batteries (ternary materials) with the unit of megawatt - hours [25][26] - **Downstream - New Energy Vehicle Production**: Displays the monthly production chart of Chinese new energy vehicles from December 31, 2020, to February 28, 2026, with the unit of 10,000 vehicles [28][29] 3.3 Future Outlook - In the United States, on March 18 (local time), the Federal Reserve kept the target range of the federal funds rate unchanged between 3.5% and 3.75%. This decision met market expectations and was the second consecutive time this year that the Fed chose to "stand still". The "hawkish" statement of Fed Chairman Powell at the press conference and the uncertainty of the Middle East situation cooled the expectation of interest - rate cuts. From the "dot plot" of interest - rate forecasts released by the Fed, the interest - rate guidance still indicates one interest - rate cut in 2026 and 2027 respectively, but the number of committee members who expect no interest - rate cuts this year and next year has increased significantly compared with the previous time, indicating a significant weakening of the Fed's easing expectation. In China, the current Chinese economy is in the opening year of the "15th Five - Year Plan", facing a complex situation of structural transformation and both internal and external challenges. The government work report in 2026 set the economic growth target in the range of 4.5% - 5%, aiming to leave room for "adjusting the structure, preventing risks, and promoting reforms". Looking forward to 2026, the policy focus has clearly shifted to "expanding domestic demand and building a strong domestic market" and is committed to cultivating new - quality productivity. Real - estate adjustment, local - debt resolution, and the promotion of the "anti - involution" policy will be key challenges [33]