Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Short - term nickel prices will mainly show a volatile trend, are easily affected by macro - emotions, and the supply surplus pattern remains unchanged with limited upside space [3]. - Stainless steel prices have limited downside space due to eleven - week consecutive inventory declines and rising material costs, but overall demand recovery is not obvious, and the price is expected to move in a range - bound manner [4]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - **Futures**: On September 23, 2025, the main contract of Shanghai nickel 2510 opened at 121,140 yuan/ton, closed at 120,730 yuan/ton, a change of - 0.58% from the previous trading day's close. The trading volume was 52,899 (- 13,200) lots, and the open interest was 37,993 ( + 6,250) lots. The contract showed a weak volatile trend throughout the day, with a high of 121,440 yuan/ton and a low of 120,500 yuan/ton. The Fed's internal policy divergence after the 25 - basis - point interest rate cut last week put pressure on nickel prices [1]. - **Nickel Ore**: The new round of quotes has been released. The FOB price of 1.3% nickel ore from the Philippines' CNC mine is 31. Typhoon weather has affected nickel ore unloading in some coastal areas. Philippine mines' quotes remain firm. In Indonesia, the nickel ore market supply remains in a loose pattern. The domestic trade benchmark price in September (Phase II) increased by 0.2 - 0.3 dollars, and the current domestic trade premium is + 24, with a premium range of + 23 - 24 [1]. - **Spot**: Jinchuan Group's sales price in the Shanghai market was 123,000 yuan/ton, a decrease of 800 yuan/ton from the previous trading day. Spot trading has warmed up. The premiums and discounts of refined nickel brands remained stable, with those of Huayou and Zhongwei brands slightly increased. The previous trading day's Shanghai nickel warehouse receipt volume was 25,464 (- 72) tons, and the LME nickel inventory was 230,454 ( + 1,554) tons [2]. - **Strategy** - Short - term nickel prices are mainly in a volatile market, easily affected by macro - emotions. The supply surplus pattern remains unchanged, and the upside space is limited. For single - side trading, it is mainly range - bound operation. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [3]. Stainless Steel Variety - **Market Analysis** - **Futures**: On September 23, 2025, the main contract of stainless steel 2511 opened at 12,910 yuan/ton, closed at 12,890 yuan/ton. The trading volume was 139,017 ( + 139,017) lots, and the open interest was 123,891 (- 4,171) lots. The contract oscillated around the previous trading day's settlement price throughout the day, with a high of 12,955 yuan/ton and a low of 12,865 yuan/ton, finally closing down 20 yuan/ton. The trading volume decreased by about 19% compared with the previous day, and the open interest decreased by 2,071 lots, indicating a decline in market participation and strong wait - and - see sentiment [3]. - **Spot**: Due to the lack of obvious improvement in downstream demand, market confidence has weakened, spot inquiries have decreased, and trading has been sluggish. Typhoon weather affected shipping and pick - up in Foshan. The stainless steel price in Wuxi market was 13,200 (- 50) yuan/ton, and in Foshan market was 13,200 (- 50) yuan/ton. The premium and discount of 304/2B was 335 - 635 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron was 955.0 yuan/nickel point, a change of 0.50 yuan/nickel point [3][4]. - **Strategy** - The stainless steel price has limited downside space but overall demand recovery is not obvious, and it is expected to move in a range - bound manner. The single - side trading strategy is neutral. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [4].

Group 1: Report Industry Investment Rating - The investment rating for the lead industry is neutral [4] Group 2: Core Viewpoints of the Report - The lead market is currently in a situation where regional supply is relatively tight due to maintenance in some primary lead production areas, but overall terminal demand has not improved significantly, and the peak - season demand signal is not obvious. However, with the overall positive macro - sentiment, lead prices in the non - ferrous sector may not decline further and are expected to remain in a range of 16,400 yuan/ton to 17,050 yuan/ton [4] Group 3: Summary by Relevant Catalogs Spot Market - On July 29, 2025, the LME lead spot premium was - 27.31 dollars/ton. The SMM1 lead ingot spot price remained unchanged at 16,775 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at - 25.00 yuan/ton, the SMM Guangdong lead spot price remained unchanged at 16,875 yuan/ton, the SMM Henan lead spot price decreased by 25 yuan/ton to 16,800 yuan/ton, and the SMM Tianjin lead spot premium remained unchanged at 16,800 yuan/ton. The lead refined - scrap price difference remained unchanged at - 25 yuan/ton, the price of waste electric vehicle batteries remained unchanged at 10,250 yuan/ton, the price of waste white shells remained unchanged at 10,175 yuan/ton, and the price of waste black shells remained unchanged at 10,525 yuan/ton [1] Futures Market - On July 29, 2025, the Shanghai lead main contract opened at 16,985 yuan/ton and closed at 16,900 yuan/ton, down 15 yuan/ton from the previous trading day. The trading volume was 47,978 lots, down 24,548 lots from the previous trading day, and the open interest was 64,534 lots, down 6,012 lots from the previous trading day. The intraday price fluctuated, with a high of 17,015 yuan/ton and a low of 16,890 yuan/ton. In the night session, the Shanghai lead main contract opened at 16,870 yuan/ton and closed at 16,910 yuan/ton, down 0.21% from the afternoon close. The SMM1 lead price dropped 50 yuan/ton from the previous trading day. The domestic lead futures market was weakly volatile, and different regions had different pricing strategies. Lead prices continued to weaken, downstream demand was mainly for rigid needs, and the spot market was generally weak [2] Inventory - On July 29, 2025, the total SMM lead ingot inventory was 72,000 tons, an increase of 300 tons from the previous week. As of July 29, the LME lead inventory was 270,350 tons, an increase of 6,700 tons from the previous trading day [3] Strategy - The investment strategy for the lead market is neutral, and the option strategy is to sell a wide - straddle [4][5]