1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Nickel is under pressure from macro - risk preference, and contradictions at the mine end limit the downside elasticity; stainless steel is pressured by fundamentals and the macro - environment, with real - world cost providing support [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of the Shanghai Nickel main contract is 131,550, down 3,650 from T - 1; the closing price of the stainless steel main contract is 13,855, down 165 from T - 1. The trading volume of the Shanghai Nickel main contract is 398,352, with a change of 137,766 from T - 1; the trading volume of the stainless steel main contract is 199,960, with a change of 73,534 from T - 1 [1] - **Industrial Chain Data**: The price of 1 imported nickel is 131,450, down 3,250 from T - 1; the price of 8 - 12% high - nickel pig iron (ex - factory price) is 1,087, down 6 from T - 1. The price of 304/2B coil - rough edge (Wuxi) Hongwang/Beibuwan is 14,200, down 150 from T - 1; the price of 304/2B coil - trimmed edge (Wuxi) Taiyuan Iron & Steel/Zhangpu is 14,950, unchanged from T - 1 [1] 3.2 Macro and Industry News - The Indonesian Nickel Miners Association (APNI) revealed that the Ministry of Energy and Mineral Resources (ESDM) will revise the benchmark price formula for nickel ore products in early 2026, starting to treat cobalt, a by - product of nickel, as an independent commodity and levy royalties [1] - Solway Investment Group plans to restart its nickel mine business in Guatemala in a few months due to the significant rebound in nickel prices and the lifting of restrictions on its local facilities. The CGN mine is expected to restart between April and May 2026, in line with the restart of the PRONICO ferronickel plant [2] - The ESDM released the 2026 nickel work plan and cost budget (RKAB) on February 10, with the approved nickel ore production quota between 260 million and 270 million tons. PT Weda Bay Nickel received a preliminary notice from the Indonesian authorities to submit an RKAB reflecting an annual production and sales volume of 12 million tons, a 70% reduction from 2025 [4][6] - Philippine miners said on February 12 that the export volume of Indonesian nickel ore may double [5] - On February 18, a landslide occurred in the tailings area of the Morowali Industrial Park (IMIP) in Central Sulawesi, Indonesia, resulting in one worker's death and the suspension of operations in the affected area [5] - Sherritt International Corporation reduced the operation scale of its joint - venture in Moa, Cuba, due to limited fuel supply on February 17, suspending mining operations next week and putting the processing plant on standby for planned maintenance [5] - The Indonesian Forest Area Management Working Group (PKH Working Group) imposed sanctions on four nickel mining companies in North Maluku Province, and they were fined according to the regulations [6] - The ESDM estimated that Indonesia's nickel ore production in 2026 will be about 209 million tons, including 540,000 tons of ferronickel and 92,000 tons of nickel ice [6] - The APNI said that the revision of the 2026 work plan and budget (RKAB) is expected to be approved in July, and the revised RKAB may increase the nickel production quota by up to 30% [7] 3.3 Trend Intensity - The trend intensity of nickel is 0, and the trend intensity of stainless steel is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [8]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoint - The core view is that for nickel, the tight supply at the mine end supports the current situation, while the inventory accumulation in smelting limits its upward potential; for stainless steel, the macro - risk preference causes disturbances, and the actual cost center moves up [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: - The closing price of the Shanghai Nickel main contract is 137,160, with changes of - 250 compared to T - 5, - 4,090 compared to T - 10, etc. The closing price of the stainless - steel main contract is 14,215, with changes of - 5 compared to T - 5, - 30 compared to T - 10, etc. [1] - The trading volume of the Shanghai Nickel main contract is 309,179, with a decrease of 192,726 compared to T - 1. The trading volume of the stainless - steel main contract is 209,344, with a decrease of 51,155 compared to T - 1 [1]. - **Industrial Chain Data**: - The price of 1 imported nickel is 136,400, with a decrease of 1,800 compared to T - 1. The price of 8 - 12% high - nickel pig iron (ex - factory price) is 1,090, with an increase of 4 compared to T - 1 [1]. - The price of 304/2B roll - rough edge (Wuxi) Hongwang/Beibuwan is 14,450, with no change compared to T - 1. The price of 304/2B roll - trimmed edge (Wuxi) Taiyuan Iron and Steel/Zhangpu is 14,950, with no change compared to T - 1 [1]. - The price of battery - grade nickel sulfate is 32,070, with an increase of 135 compared to T - 5 [1]. 3.2 Macro and Industry News - The Indonesian Nickel Miners Association (APNI) revealed that the Ministry of Energy and Mineral Resources (ESDM) will revise the benchmark price formula for nickel ore products in early 2026, and one of the revision points is to treat cobalt, a by - product of nickel, as an independent commodity and levy royalties [1]. - The Solway Investment Group plans to restart its nickel mine business in Guatemala in a few months due to the significant rebound in nickel prices and the lifting of restrictions on its local facilities. The expected restart time of the CGN mine is around April - May 2026, which is consistent with the restart time of the PRONICO ferronickel plant [2]. - The ESDM released the 2026 nickel work plan and cost budget (RKAB) on February 10, 2026. The approved nickel ore production quota is between 260 million tons and 270 million tons. PT Weda Bay Nickel (PT WBN) received a preliminary notice from the Indonesian authorities to submit an RKAB reflecting an annual production and sales volume of 12 million tons, a 70% reduction compared to 2025 [4][6]. - Philippine miners said on February 12 that the export volume of Indonesian nickel ore may double [5]. - On February 18, 2026, a landslide occurred in the tailings area of the Morowali Industrial Park (IMIP) in Central Sulawesi, Indonesia, resulting in one worker's death and the suspension of operations in the affected area [5]. - Sherritt International Corporation reduced the operation scale of its joint - venture in Moa, Cuba, due to limited fuel supply on February 17, 2026. It suspended mining operations and put the processing plant on standby for planned maintenance [5]. - The Indonesian Forest Area Management Working Group (PKH Working Group) imposed sanctions on four nickel mining companies in North Maluku Province. These companies were fined according to the Indonesian Ministry of Energy and Mineral Resources' Decree No. 391.K/MB.01/MEM.B/2025, with a fine standard of 6.5 million Indonesian rupiah per hectare [6]. - The ESDM estimated that the nickel ore production in 2026 is about 209 million tons, including 540,000 tons of ferronickel and 92,000 tons of nickel matte [6]. - The APNI said that the revision of the 2026 work plan and budget (RKAB) is expected to be approved in July, and the revised RKAB may increase the nickel production quota by up to 30% [7]. 3.3 Trend Intensity - The trend intensity of nickel is 0, and the trend intensity of stainless steel is 0. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish), with 0 indicating a neutral view [8].

Report Title - Nickel: Real - world progress at the Indonesian mine end, beware of speculative nature in March [1] - Stainless Steel: Marginal increase in mine - end contradictions, upward shift of cost support center [2] Core Viewpoint The report provides a comprehensive analysis of the nickel and stainless - steel markets, including fundamental data tracking and macro - industry news, but does not explicitly state a unified core view. Industry News - The Indonesian Nickel Miners Association (APNI) revealed that the Ministry of Energy and Mineral Resources (ESDM) will revise the benchmark price formula for nickel ore products in early 2026, starting to treat cobalt as an independent commodity and levy royalties [2] - Solway Investment Group plans to restart its nickel mine business in Guatemala in a few months due to the sharp rebound in nickel prices and the lifting of restrictions on its local facilities. The CGN mine is expected to restart between April and May 2026, in line with the PRONICO nickel - iron plant [3] - On February 10, 2026, the ESDM released the 2026 nickel work plan and cost budget (RKAB), with the approved nickel ore production quota between 260 million and 270 million tons. PT Weda Bay Nickel received a preliminary notice to submit an RKAB reflecting an annual production and sales volume of 12 million tons, a 70% reduction from 2025 [4][5][7] - On February 12, Philippine miners said that the export volume of Indonesian nickel ore may double [6] - On February 18, 2026, a landslide occurred in a tailings area of the Morowali Industrial Park (IMIP) in Central Sulawesi, Indonesia, resulting in one worker's death and the suspension of operations in the affected area [6] - On February 17, 2026, Sherritt International Corporation scaled down the operations of its joint - venture in Moa, Cuba, due to limited fuel supply [6] - The PKH working group imposed sanctions on four nickel - mining companies in North Maluku Province, Indonesia, and fined them according to the calculation of the Ministry of Energy and Mineral Resources' Decree No. 391.K/MB.01/MEM.B/2025 [7] Fundamental Data Futures - Shanghai Nickel main contract (closing price): 140,890, down 670 from T - 1, up 5,700 from T - 5, up 9,050 from T - 10, down 2,170 from T - 22, up 25,510 from T - 66 [2] - Stainless steel main contract (closing price): 14,385, up 180 from T - 1, up 525 from T - 5, up 715 from T - 10, down 335 from T - 22, up 2,100 from T - 66 [2] - Shanghai Nickel main contract (trading volume): 554,437, up 55,750 from T - 1, up 174,909 from T - 5, down 7 from T - 10, down 191,231 from T - 22, up 429,745 from T - 66 [2] - Stainless steel main contract (trading volume): 284,967, up 78,720 from T - 1, up 61,084 from T - 5, down 2,690 from T - 10, down 300,694 from T - 22, up 130,369 from T - 66 [2] Industry Chain - 1 imported nickel: 137,950, down 700 from T - 1, up 2,450 from T - 5, up 7,050 from T - 10, down 2,600 from T - 22, up 21,350 from T - 66 [2] - Russian nickel premium/discount: - 300, unchanged from T - 1, down 200 from T - 5, down 200 from T - 10, down 600 from T - 22, down 900 from T - 66 [2] - Nickel bean premium/discount: 500, unchanged from T - 1, unchanged from T - 5, down 300 from T - 10, down 1,800 from T - 22, down 1,800 from T - 66 [2] - 8 - 12% high - nickel pig iron (ex - factory price): 1,088, up 3 from T - 1, up 36 from T - 5, up 48 from T - 10, up 59 from T - 22, up 193 from T - 66 [2] - Nickel plate - high - nickel iron price difference: 292, down 10 from T - 1, down 12 from T - 5, up 23 from T - 10, down 85 from T - 22, up 21 from T - 66 [2] - Nickel plate import profit: - 344, down 756 from T - 1, down 72 from T - 5, up 411 from T - 10, down 938 from T - 22, up 1,548 from T - 66 [2] - Laterite nickel ore 1.5% (Philippines CIF): 71, unchanged from T - 1, up 6 from T - 5, up 7 from T - 10, up 14 from T - 22, up 14 from T - 66 [2] - 304/2B coil - rough edge (Wuxi) Hongwang/Beibuwan: 14,450, up 50 from T - 1, up 350 from T - 5, up 350 from T - 10, up 150 from T - 22, up 1,775 from T - 66 [2] - 304/2B coil - trimmed edge (Wuxi) Taiyuan Iron and Steel/Zhangpu: 14,950, unchanged from T - 1, up 300 from T - 5, up 300 from T - 10, up 150 from T - 22, up 1,700 from T - 66 [2] - 304/No.1 coil (Wuxi): 13,950, up 50 from T - 1, up 400 from T - 5, up 400 from T - 10, up 250 from T - 22, up 1,750 from T - 66 [2] - 304/2B - SS: 565, down 180 from T - 1, down 225 from T - 5, down 415 from T - 10, up 485 from T - 22, down 400 from T - 66 [2] - NI/SS: 9.79, down 0.17 from T - 1, up 0.04 from T - 5, up 0.15 from T - 10, up 0.08 from T - 22, up 0.40 from T - 66 [2] - High - carbon ferrochrome (FeCr55 Inner Mongolia): 8,550, unchanged from T - 1, unchanged from T - 5, unchanged from T - 10, up 100 from T - 22, up 550 from T - 66 [2] - Battery - grade nickel sulfate: 32,035, down 150 from T - 1, up 85 from T - 5, up 85 from T - 10, down 1,340 from T - 22, up 3,865 from T - 66 [2] - Nickel sulfate premium: 1,686, up 4 from T - 1, down 454 from T - 5, down 1,466 from T - 10, down 768 from T - 22, down 832 from T - 66 [2] Trend Intensity - Nickel trend intensity: 0 - Stainless steel trend intensity: 0 Note: The trend intensity ranges from - 2 to 2. - 2 means most bearish, 2 means most bullish [8]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - The report focuses on the nickel and stainless - steel markets. For nickel, there are new disturbances from Indonesia, and attention should be paid to speculative risks. For stainless steel, there are frequent maintenance and production cuts in February, and the cost support center has shifted upward [1] 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: The closing price of the Shanghai Nickel main contract is 139,360, with a change of 6,010 compared to T - 1. The closing price of the stainless - steel main contract is 14,040, with a change of 300 compared to T - 1. The trading volume of the Shanghai Nickel main contract is 518,625, and that of the stainless - steel main contract is 263,049 [1] - **Industrial Chain Data**: The price of 1 imported nickel is 137,750, with a change of 3,750 compared to T - 1. The price of 8 - 12% high - nickel pig iron (ex - factory price) is 1,043, with a change of 2 compared to T - 1. The price of 304/2B roll - rough edge (Wuxi) is 14,100, with no change compared to T - 1 [1] 3.2 Macro and Industry News - Indonesia has suspended issuing new smelting licenses through the OSS platform for projects producing "restricted products" such as Nickel matte, MHP, FeNi, and NPI [1] - The Indonesian government will revise the benchmark price formula for nickel ore products in early 2026, and will start treating cobalt as an independent commodity and levy royalties [2] - Some Indonesian enterprises face potential fines of about 80.2 trillion Indonesian rupiah for illegal occupation of forest land, and are negotiating with the government [2] - The KPPU found monopoly behavior in the port warehousing and logistics of the IMIP park in Indonesia, and the park is negotiating with the KPPU [3] - The Indonesian Energy and Mineral Resources Ministry has started approving the 2026 mining work plan and budget (RKAB) [3] - The Solway Investment Group plans to restart its nickel mine business in Guatemala in a few months [3] - The approved nickel ore production quota in 2026 is between 2.6 billion and 2.7 billion tons, and PT WBN has received a preliminary notice to submit a RKAB [4] 3.3 Trend Intensity - The trend intensity of nickel is 0, and that of stainless steel is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [5]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The nickel market is affected by pre - holiday capital outflows, and the medium - term contradiction lies in Indonesia; the stainless - steel market has frequent maintenance and production cuts in February, and the cost support center has shifted upward [1] - The trend intensities of both nickel and stainless steel are neutral, with a value of 0 [7] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of the Shanghai nickel main contract is 131,840, down 2,590 compared to T - 1; the closing price of the stainless - steel main contract is 13,670, down 140 compared to T - 1. The trading volume of the Shanghai nickel main contract is 554,444, down 28,080 compared to T - 1; the trading volume of the stainless - steel main contract is 287,657, down 42,500 compared to T - 1 [1] - **Industrial Chain Data**: The price of 1 imported nickel is 130,900, down 4,300 compared to T - 1; the price of 8 - 12% high - nickel pig iron (ex - factory price) is 1,040, up 3 compared to T - 1. The price of 304/2B roll - rough edge (Wuxi) Hongwang/Beibuwan is 14,100, unchanged compared to T - 1; the price of 304/2B roll - trimmed edge (Wuxi) Taiyuan Iron and Steel/Zhangpu is 14,650, unchanged compared to T - 1 [1] 3.2 Macro and Industry News - The Indonesian government has suspended issuing new smelting licenses through the OSS platform for projects producing "restricted products" such as Nickel matte, MHP, FeNi, and NPI [1] - The Chinese Ministry of Commerce and the General Administration of Customs have decided to implement export license management for some steel products starting from January 1, 2026 [2] - The Indonesian Ministry of Energy and Mineral Resources will revise the benchmark price formula for nickel ore commodities in early 2026, and will start treating cobalt as an independent commodity and collecting royalties [2] - The Indonesian government plans to significantly reduce the 2026 nickel ore production target from 379 million tons to 250 million tons [4] - Some Indonesian mines are facing potential fines of about 80.2 trillion Indonesian rupiah for illegal occupation of forest land, and are negotiating with the government [4] - The Indonesian Minister of Energy and Mineral Resources said that the 2026 nickel ore production quota will be adjusted according to industry demand, and the production may be around 250 - 260 million tons [4] - The KPPU found monopoly behavior in the port storage and logistics of the IMIP park in Indonesia, and the park is negotiating with the KPPU [4] - A Singapore - flagged bulk carrier carrying about 50,000 tons of nickel ore sank on its way from the Philippines to Yangjiang, China [5] - The Indonesian Ministry of Energy and Mineral Resources has started approving the 2026 mining work plan and budget (RKAB) [5] - The Solway Investment Group plans to restart its nickel mine business in Guatemala in a few months due to the rebound in nickel prices and the lifting of restrictions [5] - The Indonesian investment department said that the Indonesian Qing Shan Stainless Steel Co., Ltd. under Tsingshan Holding Group has never submitted an investment activity report [6]