研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 行业 镍日报 日期 2025 年 11 月 18 日 有色金属研究团队 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 镍观点： 受宏观转弱以及基本面高库存压制，沪镍破位下行，主力合约刷新数年低点 至 11.63 万/吨附近。金川镍平均升水较上日持平报 3900，国产电积镍升贴水报 -50-400。8-12%高镍生铁均价下跌 3 至 902.5 元/镍点，电池级硫酸镍均价较上日 下跌 10 至 28390 元/吨。印尼矿端周度下跌，短期支撑转弱。而镍终端需求拖累 显著。不锈钢市场已进入年末的消费淡季，下游需求持续低迷，且上周不锈钢的 社会库存也结束了连 ...

Core Insights - Indonesia's nickel-related product export value is projected to reach $33.9 billion in 2024, significantly higher than $3.3 billion in 2017, driven by downstream policies in the nickel industry [1] Group 1: Government Policies - The substantial increase in export value is attributed to the nickel ore export ban implemented by the Indonesian government on January 1, 2020 [1] - The Indonesian government’s downstream policy has positively influenced global perceptions of Indonesia in the nickel sector [1] Group 2: Industry Potential - Indonesia holds approximately 43% of the world's nickel reserves, positioning itself as a key player in the global nickel market [1] - The value added from processing nickel ore into nickel sulfate can increase by 11.4 times, while further processing into precursors can enhance value by 19.4 times, and producing battery products can increase value by 67.7 times [1]