分析师 1: 各位投资者大家早上好，感谢大家一早来收听我们这个电话会。然后我是国海电信研究员 谢培峰。今天由我来向各位投资者汇报一下我们这个策略报告。主题其实就是景气持续 。 2025 年整个产业链其实在一季度经历了一个淡季不淡的比较强劲的开局之后，其实在二 季度的时候也有一定的波折和纠结，但是基本上随着国内储能以及是海外储能为代表。以 及国内商用车为代表的这么一个需求牵引下，在三季度的一个进一步景气的持续证明之后 在整个 8 月底 9 月初开始，在三季度末、四季度初这个阶段。 其实不管是产业链的基本面，还是股票，都迎来了一波比较强劲的、向上的这么一个过程 然后二，展望 26 年，我们认为仍然景气是最重要以及是最核心的一个主线，然后对应需 求驱动下，我们认为产业链以及是产业链的标的也有望去，往上迎来一个新的空间。我们 这个报告主要是分成三个部分，首先是展望了一下对 2026 年在一些结构性的支撑因素和 拉动市场的驱动下。对需求的一个展望。然后第二个部分是我们对于在需求会有比较高增 长的这个背景下，相应的供需关系进一步改善，会有这样一个推论。 在这个推论下，我们会分析一些重点环节、重点推荐环节的相关情况。然后最 ...

Group 1 - The company announced the termination of its investment in the nickel project in Indonesia due to changes in market outlook and investment expectations, leading to the dissolution of the joint venture PT.ChengMach Nickel Indonesia [2][3] - The project was initially approved in December 2021, with a production capacity of 40,000 tons of nickel metal, and a 19% stake was sold to Huayou Holding SG Ptd.Ltd. for $190,000 in August 2022 [2] - The board of directors stated that the termination of the investment and the dissolution of the joint venture had unanimous agreement from all parties involved and would not significantly impact the company's financial status or operational results [3] Group 2 - The company has only engaged in preliminary planning and preparation for the project, with no substantial capital investment made to date [3] - The board emphasized a commitment to continuously optimize investment strategies based on market changes and focus on core business development in the future [3]