Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core Viewpoints The report focuses on the nickel and stainless - steel markets. For nickel, there are contradictions between the macro - environment and the mining end, leading to intensified short - term long - short games. For stainless steel, overseas macro factors exert pressure while the current cost provides support [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of the Shanghai Nickel main contract was 132,980, down 180 from the previous day; the closing price of the stainless - steel main contract was 14,035, down 30 from the previous day. The trading volume of the Shanghai Nickel main contract was 463,882, a decrease of 73,519 from the previous day, and that of the stainless - steel main contract was 232,842, a decrease of 93,283 from the previous day [1]. - **Industrial Chain Data**: The price of 1 imported nickel was 134,450, down 50 from the previous day; the price of 8 - 12% high - nickel pig iron (ex - factory price) was 1,084, unchanged from the previous day. The price of 304/2B coil - rough edge (Wuxi) was 14,300, unchanged from the previous day; the price of 304/2B coil - trimmed edge (Wuxi) was 14,950, unchanged from the previous day [1]. 3.2 Macro and Industry News - **Policy and Regulation**: The Indonesian Ministry of Energy and Mineral Resources (ESDM) will revise the benchmark price formula for nickel ore products in early 2026, considering cobalt as an independent commodity and levying royalties. The ESDM aims to complete the approval of the 2026 mining and coal production work plan and budget (RKAB) by the end of March 2026 [1][7]. - **Company Operations**: Solway Investment Group plans to restart its nickel mine in Guatemala in a few months. PT Weda Bay Nickel received a preliminary notice to submit an RKAB with an annual production and sales volume of 12 million tons, a 70% reduction from 2025. Sherritt International Corporation scaled down its operations in Cuba due to fuel supply limitations [2][4][5]. - **Accidents**: A landslide occurred in the tailings area of the Morowali Industrial Park in Indonesia on February 18, 2026, resulting in one death and the suspension of operations in the affected area [5]. 3.3 Trend Intensity The trend intensity of nickel is 0, and that of stainless steel is also 0, indicating a neutral outlook for both [8].

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 information provided 2. Core Viewpoints of the Report - Nickel prices adjusted with reduced volatility during the day. The main contract 2603 closed at 133,350 yuan/ton, slightly down 0.19%. Due to the rainy season in the Philippines and policy disturbances in Indonesia, overseas nickel ore prices have risen significantly. Considering the expanding smelting capacity in Indonesia, the 250 million - ton quota may lead to a structural shortage of ore in 2026. The firm ore price provides cost support for high - nickel pig iron, with the ex - factory price of 8 - 12% high - nickel pig iron rising by 1 to 1043.5 yuan/nickel point. However, downstream enterprises have basically no restocking demand before the festival, and only a few traders have the psychology of hoarding goods due to bullish expectations. The gap between upstream and downstream intended prices has widened, and the pre - festival market is cold with few transactions. The price of nickel sulfate remained flat at 31,950 yuan/ton. The recent decline in nickel prices has weakened cost support, and some manufacturers have stocked up on Spring Festival raw materials, with a low acceptance of high - priced nickel salts. Affected by macro - sentiment and the long - holiday factor, pre - festival funds tend to be cautious, leading to a reduced - volatility adjustment of nickel prices. Attention should be paid to policy changes in Indonesia and the actual implementation of the quota, and be vigilant against uncertainties such as the final approved total being temporarily increased due to smelter pressure [7]. 3. Summary by Directory 3.1行情回顾与操作建议 - Nickel prices adjusted with reduced volatility. The main contract 2603 closed at 133,350 yuan/ton, down 0.19%. Overseas nickel ore prices rose due to the rainy season in the Philippines and policy disturbances in Indonesia. The 250 million - ton quota may cause a structural ore shortage in 2026. High - nickel pig iron price got cost support, but the pre - festival market was cold. Nickel sulfate price remained flat, and cost support weakened. Pre - festival funds were cautious, and nickel prices adjusted with reduced volatility. Attention should be paid to Indonesian policies and quota implementation [7]. 3.2行业要闻 - Vale's nickel production in 2025 reached 177,000 tons, the highest since 2022, a year - on - year increase of 10.69%, higher than the 2025 industrial guidance. The fourth - quarter production was 46,200 tons, a year - on - year increase of 1.5%. The company expects its 2026 nickel production to be between 175,000 - 200,000 tons [8][10]. - First Quantum Minerals Ltd. announced its 2025 preliminary production data and 2026 - 2028 production, cost, and capital expenditure guidelines. Its 2025 copper production was about 396,000 tons, within the revised guidance range; gold production was about 152,000 ounces, higher than the upper limit of the guidance; and Enterprise nickel production also exceeded expectations. The company slightly lowered its 2026 - 2027 copper and gold production guidelines, kept the nickel production guideline unchanged, expected higher unit copper cash cost and AISC, and raised the 2026 capital expenditure guideline. The Panama government agreed to process Cobre Panamá inventory ore [10]. - The Indonesian Nickel Smelters Association expects the domestic nickel smelting industry's nickel ore demand in 2026 to be about 340 - 350 million tons. On January 14, 2026, the Director of the Indonesian Ministry of Energy and Mineral Resources (ESDM) said that this year's nickel ore production quota (RKAB) would be strategically adjusted to 250 - 260 million tons. The ESDM has allowed the existing quota to be extended until March 31, 2026, but the annual actual supply still depends on later government evaluation and quota addition [10].

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]

Report Industry Investment Rating - No information provided regarding the report industry investment rating. Core Viewpoints - Nickel prices are experiencing wide - range fluctuations due to inconsistent statements from Indonesia, while stainless steel prices are influenced by contradictions in the mining end, with ferronickel price increases supporting the price center [1]. Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of the Shanghai Nickel main contract is 141,350, down 5,400 compared to T - 1; the closing price of the stainless - steel main contract is 14,275, down 140 compared to T - 1. The trading volume of the Shanghai Nickel main contract is 1,325,220, down 412,913 compared to T - 1; the trading volume of the stainless - steel main contract is 500,299, down 172,285 compared to T - 1 [1]. - **Industrial Chain Data**: The price of 1 imported nickel is 146,550, up 50 compared to T - 1; the price of 8 - 12% high - nickel pig iron (ex - factory price) is 1,018, up 5 compared to T - 1. The price of 304/2B coil - rough edge (Wuxi) Hongwang/Beibuwan is 14,400, up 50 compared to T - 1 [1]. Macro and Industry News - The Indonesian government has suspended issuing new smelting licenses through the OSS platform, targeting projects producing "restricted products" such as Nickel matte, MHP, FeNi, and NPI [1]. - China's Ministry of Commerce and General Administration of Customs have decided to implement export license management for some steel products starting from January 1, 2026 [2]. - Indonesia's ESDM will revise the benchmark price formula for nickel ore commodities in early 2026, considering cobalt as an independent commodity for royalty collection [2]. - Indonesia plans to cut its 2026 nickel ore production target from 379 million tons to 250 million tons [4]. - Some Indonesian mining companies are facing potential fines of about 80.2 trillion Indonesian rupiah for illegal occupation of forest land, and are negotiating with the government [4]. - Indonesian officials stated that nickel production in 2026 will be adjusted according to industry demand and smelter production capacity, with the output likely to be around 250 - 260 million tons [4]. Trend Intensity - The trend intensity of nickel is 0, and that of stainless steel is also 0, both indicating a neutral trend [5].