光期研究 镍 & 不 锈 钢 月 度 策 略 报 告 2 0 2 5 年 5 月 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 镍&不锈钢：压力渐显 p 2 p 3 镍&不锈钢：压力渐显 总 结 1、供给：周度印尼红土镍矿1.2%下跌0.4美元/湿吨至24美元/湿吨，1.6%上涨1.5美元/吨至52.5美元/湿吨；印尼镍矿升贴水维持25美元/湿吨，菲律宾镍矿低品位矿升水 维持。一级镍，期货价格窄幅震荡，现货升水小幅下降。镍铁市场镍铁成交价格重心下移。中间品受到印尼生产受阻影响，短期供应相对偏紧，硫酸镍原料价格相对 较强，理论利润转向亏损。 2、需求：不锈钢方面，成品价格不温不火，原料价格涨跌分化；供应端，据钢联统计，本月有两家300系钢厂已进行不同程度的减产，预计影响4月产量共4万吨左右； 库存端，仓单库存环比减少11979吨至16.8万吨；全国主流市场不锈钢89仓库口径社会总库存周环比减少8481吨至107.8万吨，其中300系环比减少21476吨至701470吨； 消费端，据产业在线最新发布的三大白电排产报告显示，2024年 ...

Core Viewpoint - The article highlights the successful transformation of Shandong Shengyang Holding Group from a coke plant to a leading stainless steel enterprise, showcasing the integration of industrial strength with cultural tourism through the "Industrial + Cultural Tourism" model [2][4][12]. Group 1: Company Transformation and Innovation - Shandong Shengyang Holding Group has evolved from a coke factory to a high-end stainless steel manufacturer, investing over 2 billion yuan in new projects and shutting down nearly 10 outdated production lines, resulting in an asset loss of approximately 5 billion yuan [6]. - The company emphasizes innovation, establishing an incentive mechanism and regularly conducting skill competitions and professional training, leading to breakthroughs in stainless steel composite plates and automotive parts, with some products reaching international leading levels [6][8]. Group 2: Social Responsibility and Community Engagement - The company's chairman, Xu Minghua, embodies the spirit of Yimeng by actively engaging in community initiatives, such as investing in a staff cultural center and promoting local cultural tourism events, reflecting a commitment to social responsibility [8][10]. - The company has adopted a "strong industry, wealthy employees, and praised society" approach, ensuring that corporate growth benefits the community [8]. Group 3: Economic Impact and Event Success - The 2025 Linyi City Third Motorcycle and Cultural Tourism Activity Week attracted 1,100 motorcycle owners and over 100 related enterprises, generating a transaction volume exceeding 2.02 million yuan in a single day [10]. - The event showcased the successful fusion of industrial capabilities and cultural tourism, reinforcing the company's role as a key player in the local economy [12].