Group 1: Nickel Market Analysis - On November 27, 2025, the main contract 2601 of Shanghai nickel opened at 116,920 yuan/ton and closed at 116,900 yuan/ton, a change of -0.53% from the previous trading day's closing price. The trading volume was 97,221 (-79,345) lots, and the open interest was 127,765 (-503) lots [1]. - The main contract of Shanghai nickel showed a slight oscillating downward trend, failing to continue the rebound of the previous few days. The price closed below the 20 - day moving average, and the 20 - day moving average was downward, with a bearish technical outlook. After the macro - positive sentiment faded, the nickel price returned to the fundamental market [1]. - In the nickel ore market, the wait - and - see sentiment was strong, and the nickel ore price remained stable. In the Philippines, mines mainly fulfilled previous orders for shipment, and the shipping efficiency was okay. The downstream ferronickel price was weak, and the iron - making plants' profits were affected. They were cautious in purchasing nickel ore, and some plants had the intention to cut production to stop losses. In Indonesia, the domestic trade benchmark price in December (phase one) was expected to drop by 0.52 - 0.91 US dollars/wet ton. The domestic trade premium was in the range of +25 - 26, and there was room for it to decline due to the falling ferronickel price [1]. - Jinchuan Group's sales price in the Shanghai market was 121,200 yuan/ton, a decrease of 900 yuan/ton from the previous trading day. The overall spot trading was average, and the spot premiums of various refined nickel brands were adjusted downwards. Jinchuan nickel's premium remained at 4,650 yuan/ton, imported nickel's premium remained at 400 yuan/ton, and nickel beans' premium was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 33,548 (-396) tons, and the LME nickel inventory was 255,450 (+930) tons [2]. Group 2: Nickel Strategy - With high inventories and an oversupply situation remaining unchanged, the nickel price was expected to remain in a low - level oscillation. However, the current price was at a 5 - year low, and the downward space was limited. The recommended strategy was to focus on range trading, and there were no suggestions for inter - delivery, cross - variety, spot - futures, or option trading [3]. Group 3: Stainless Steel Market Analysis - On November 27, 2025, the main contract 2601 of stainless steel opened at 12,435 yuan/ton and closed at 12,410 yuan/ton. The trading volume was 126,697 (-24,902) lots, and the open interest was 122,062 (-4,171) lots [3]. - The main stainless - steel contract showed a slight oscillating downward trend, and its price movement basically followed that of Shanghai nickel. The stainless - steel fundamentals were still weak. The social inventory increased this week, rising 0.64% compared to last week to 946,000 tons. After the macro - positive factors were exhausted, the price was expected to continue to oscillate at a low level [3]. - Earlier this week, the trading volume improved due to the price rebound, but it weakened again yesterday when the price dropped. The stainless - steel price in the Wuxi market was 12,650 (+0) yuan/ton, and in the Foshan market was 12,650 (+0) yuan/ton. The premium of 304/2B was 325 - 525 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron decreased by 1.00 yuan/nickel point to 883.5 yuan/nickel point [3]. Group 4: Stainless Steel Strategy - Due to low demand, high inventories, and a continuous downward shift in the cost center, stainless steel was expected to remain in a low - level oscillation. The current price was at a 5 - year low, and the downward space was limited. The recommended strategy was neutral, and there were no suggestions for inter - delivery, cross - variety, spot - futures, or option trading [5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For the nickel market, due to high inventory and a persistent supply - surplus situation, nickel prices are expected to remain in low - level oscillations. However, as the current price is at a 5 - year low, the downside space is limited [1][2] - For the stainless - steel market, with weak demand, high inventory, and a continuously declining cost center, stainless - steel prices are also expected to stay in low - level oscillations. After the macro - level positive factors fade, there is a risk of price weakening. Similar to nickel, the current price is at a 5 - year low, so the downside space is limited [3][5] 3. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On November 26, 2025, the Shanghai nickel main contract 2601 opened at 116,500 yuan/ton and closed at 117,260 yuan/ton, a 0.97% change from the previous trading day's close. The trading volume was 176,566 (+60,128) lots, and the open interest was 128,268 (-12,947) lots. The price continued to rebound due to multiple macro - level positive factors, including the Fed's dovish signal, progress in Russia - Ukraine peace talks, and the domestic central bank's continuous net injection [1] - **Nickel Ore**: The nickel ore market is mostly in a wait - and - see state, with prices remaining stable. Philippine mines are mainly fulfilling previous orders, and the shipping efficiency is okay. Downstream nickel - iron prices are weak, squeezing iron - mill profits, so they are cautious about purchasing nickel ore. Some iron mills are considering production cuts. In Indonesia, the December (Phase I) domestic trade benchmark price is expected to drop by 0.52 - 0.91 dollars/wet ton, and the domestic trade premium is mainly at +26, with a range of +25 - 26. Overall, domestic trade prices of nickel ore will decline [1] - **Spot**: The sales price of Jinchuan Group in the Shanghai market is 122,100 yuan/ton, a 1,300 - yuan increase from the previous trading day. Due to the continuous rise in futures prices, the overall trading of refined nickel is average, and the spot premiums of various refined nickel brands are stable or declining. Jinchuan nickel's premium changes by 200 yuan/ton to 4,650 yuan/ton, imported nickel's premium changes by - 100 yuan/ton to 400 yuan/ton, and nickel beans' premium is 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 33,944 (294) tons, and the LME nickel inventory was 254,520 (1038) tons [2] Strategy - Unilateral: Mainly conduct range operations - No strategies for inter - period, cross - variety, spot - futures, and options operations [2] Stainless - Steel Variety Market Analysis - **Futures**: On November 26, 2025, the stainless - steel main contract 2601 opened at 12,410 yuan/ton and closed at 12,455 yuan/ton. The trading volume was 151,599 (+1,313) lots, and the open interest was 131,410 (-4,171) lots. The price rebounded by 0.65% and closed above the 5 - day moving average but below the 20 - day moving average, with a weak medium - term trend. The recent rebound is driven by nickel prices and improved macro - level liquidity expectations, but the fundamental situation of strong supply and weak demand remains unchanged, and high inventory and cost collapse are still the main factors suppressing prices [2][3] - **Spot**: Affected by the continuous rebound of futures prices, spot trading has significantly improved today, and the quotes have slightly increased. The stainless - steel price in the Wuxi market is 12,650 (+25) yuan/ton, and in the Foshan market, it is 12,650 (+0) yuan/ton. The 304/2B premium is 270 - 470 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by - 2.50 yuan/nickel point to 884.5 yuan/nickel point [3][4] Strategy - Unilateral: Neutral - No strategies for inter - period, cross - variety, spot - futures, and options operations [5]

1. Report Industry Investment Rating No information provided on the industry investment rating in the report. 2. Core Views - Nickel: On November 26, the main nickel contract on the Shanghai Futures Exchange fluctuated upwards. The spot market trading was average, and the basis premium widened. The nickel fundamentals are weak with inventory pressure, but due to the repeated expectations of the Fed's interest - rate cuts and the low valuation, after getting support around 115,000, the nickel price is expected to have a weak recovery [1]. - Stainless steel: On November 26, the main stainless - steel contract on the Shanghai Futures Exchange fluctuated upwards. The spot market trading was average, and the basis premium narrowed. The fundamentals are loose, and the cost support is weakening, but with the production - cut disturbance in the 400 - series, the stainless steel is expected to oscillate at a low level [1]. 3. Summary According to Related Content 3.1 Market Data 3.1.1 Nickel Futures - **Prices**: The closing prices of nickel futures contracts (near - month, continuous - one, continuous - two, continuous - three) on different trading dates (2025 - 11 - 19, 2025 - 11 - 25, 2025 - 11 - 26) showed certain fluctuations. For example, the closing price of the near - month contract on November 26 was 117,030 yuan/ton, up 1,090 yuan from the previous day [2]. - **Volume and Open Interest**: The trading volume of the active nickel futures contract on November 26 was 176,566 hands (+60,128), and the open interest was 128,268 hands (- 12,947) [2]. - **Inventory**: The inventory of nickel on the Shanghai Futures Exchange increased, and the LME nickel inventory also increased, while the social inventory decreased, and the bonded - area inventory remained flat [1]. 3.1.2 Stainless - Steel Futures - **Prices**: The closing prices of stainless - steel futures contracts (near - month, continuous - one, continuous - two, continuous - three) on different trading dates also fluctuated. For example, the closing price of the near - month contract on November 26 was 12,270 yuan/ton, up 20 yuan from the previous day [2]. - **Volume and Open Interest**: The trading volume of the active stainless - steel futures contract on November 26 was 151,599 hands (+1,313), and the open interest was 131,410 hands (- 15,827) [2]. - **Inventory**: The inventory of stainless steel on the Shanghai Futures Exchange decreased, and the social inventory of the 300 - series last week was 620,400 tons (- 2,800) [1]. 3.2 Supply - Demand Analysis 3.2.1 Nickel - **Supply**: Nickel ore prices remained flat. The arrival volume of nickel ore at ports decreased last week, and port inventories decreased. Nickel - iron plants' losses deepened, with domestic production in November decreasing and Indonesian production increasing. Domestic electrolytic nickel production in November decreased, and the import loss of electrolytic nickel widened [1]. - **Demand**: Ternary production increased; stainless - steel plant production decreased; alloy and electroplating demand remained stable [1]. 3.2.2 Stainless Steel - **Supply**: Stainless - steel production in November decreased, and the production of the 300 - series was basically flat [1]. - **Demand**: Terminal demand was weak [1]. 3.3 Cost Analysis - **Nickel**: Not much information on cost analysis for nickel in the report. - **Stainless Steel**: The price of high - nickel pig iron decreased, and the price of high - carbon ferrochrome remained flat, indicating that the cost support for stainless steel was weakening [1]. 3.4 Industry News - Indonesian nickel industry emphasizes sustainable development based on green and low - carbon technologies. Indonesian Vale's director pointed out that the sustainable development of the nickel industry must be based on green and low - carbon technologies. The company has implemented multiple de - phosphorus measures, including using hydropower, recycling waste heat, and using carbon monoxide and hydrogen. Indonesian Mining Holding Company (Mind Id) said Indonesia can build a world - class supply chain meeting net - zero emission goals [1]. 3.5 Trading Strategies - **Nickel**: The recommended trading strategy is to wait and see [1]. - **Stainless Steel**: The recommended trading strategy is to short after a rebound [1].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Reports Industrial Silicon - The price of industrial silicon is expected to remain in a low - level oscillation. In November, the supply and demand of the industrial silicon market will both decline, with a larger decline in supply. However, due to the large supply base and the replenishment of the spot market by cancelled warehouse receipts, there is still expected to be inventory accumulation pressure. The main price fluctuation range is expected to be between 8,500 - 9,500 yuan/ton [1]. Polysilicon - It is expected to maintain a high - level range oscillation. The market is in a situation of both supply and demand decline, with inventory accumulation expected in each link, but strong spot support. The backwardation market structure will remain. For trading strategies, try to go long at around 50,000 for futures; hold or take profit on sell put options for options, and consider buying straddles if volatility decreases [2]. Tin - With strong fundamentals, a bullish view on tin prices is maintained. Hold previous long positions and pay attention to macro - end changes and the recovery of supply in Myanmar [4]. Aluminum - Alumina is expected to maintain a bottom - level oscillation, with the main contract operating in the range of 2,700 - 2,850 yuan/ton. Whether the market can rebound depends on the actual production cut scale of existing enterprises and the inventory inflection point. Electrolytic aluminum is expected to maintain a high - level oscillation, with the Shanghai aluminum main contract operating in the range of 21,100 - 21,700 yuan/ton. Focus on overseas monetary policy trends and domestic inventory destocking rhythm [6]. Zinc - Zinc prices are expected to oscillate. The supply - side pressure has gradually eased, and the demand side has shown a structural improvement. However, the terminal demand has remained stable, and there is limited upward momentum. The main reference range is 22,200 - 22,800 yuan/ton [7]. Copper - In the medium - to - long - term, the supply - demand contradiction supports the upward movement of the bottom center of copper prices. Pay attention to macro - drivers such as overseas interest - rate cut expectations. The main reference range is 85,500 - 87,500 yuan/ton [8]. Nickel - The macro - situation is temporarily stable, and the fundamentals remain weak. However, due to upstream production cuts and low valuations, the market may oscillate and repair. In the medium term, the abundant supply will still restrict the upward space of prices. The main reference range is 116,000 - 120,000 yuan/ton [9]. Aluminum Alloy - The price of ADC12 is expected to maintain an oscillating pattern in the short term, with the main contract operating in the range of 20,300 - 20,900 yuan/ton. Pay attention to the improvement of scrap aluminum supply and the change in downstream procurement rhythm [11]. Stainless Steel - The policy - driven effect is difficult to be directly transmitted in the short term, cost support is weakening, and the fundamental structure has not improved significantly. There is still pressure on the supply - side steel mill production schedule and social inventory, and the demand is weak in the off - season. It is expected to oscillate, with the main operating range of 12,300 - 12,700 yuan/ton [13]. Lithium Carbonate - The market is expected to oscillate and adjust in the short term, with the main reference range of 90,000 - 95,000 yuan. Although the market has a bullish sentiment, there is limited substantial new driving force [15]. 3. Summaries According to Relevant Catalogs Spot Prices and Basis - **Industrial Silicon**: The spot prices of various grades of industrial silicon remained stable on November 25, 2025, while the basis of some varieties decreased. For example, the basis of East China oxygen - containing S15530 industrial silicon decreased by 20 yuan to 540 yuan, with a decline of 3.57% [1]. - **Polysilicon**: The spot price of polysilicon remained stable, while the price of battery cells decreased. The main contract of polysilicon futures closed at 54,730 yuan/ton, up 1,415 yuan/ton [2]. - **Tin**: The spot prices of SMM 1 tin and Yangtze River 1 tin increased by 1,700 yuan/ton on November 26, 2025, with a rise of 0.58%. The LME 0 - 3 spread increased by 18.32 US dollars/ton, with a rise of 19.15% [4]. - **Aluminum**: The price of SMM A00 aluminum increased by 80 yuan/ton on November 26, 2025, with a rise of 0.37%. The price of alumina in various regions remained stable [6]. - **Zinc**: The price of SMM 0 zinc ingot increased by 20 yuan/ton on November 26, 2025, with a rise of 0.09%. The import loss was - 4,312 yuan/ton, a decrease of 32.69 yuan/ton [7]. - **Copper**: The price of SMM 1 electrolytic copper increased by 375 yuan/ton on November 26, 2025, with a rise of 0.43%. The refined - scrap price difference increased by 378.62 yuan/ton, with a rise of 13.42% [8]. - **Nickel**: The price of SMM 1 electrolytic nickel increased by 800 yuan/ton on November 26, 2025, with a rise of 0.68%. The price of 8 - 12% high - nickel pig iron decreased by 2 yuan/ton, with a decline of 0.22% [9]. - **Aluminum Alloy**: The price of SMM aluminum alloy ADC12 remained stable on November 26, 2025. The refined - scrap price difference of some regions changed, such as the refined - scrap price difference of Foshan crushed primary aluminum increased by 80 yuan/ton, with a rise of 4.57% [11]. - **Stainless Steel**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained stable at 12,700 yuan/ton on November 26, 2025, while the price of 304/2B (Foshan Hongwang 2.0 coil) increased by 100 yuan/ton, with a rise of 0.79% [13]. - **Lithium Carbonate**: The prices of SMM battery - grade lithium carbonate, industrial - grade lithium carbonate, etc. decreased slightly on November 26, 2025. For example, the price of SMM battery - grade lithium carbonate decreased by 100 yuan/ton, with a decline of 0.11% [15]. Monthly Spreads - Different contracts of various metals showed different changes in monthly spreads. For example, in industrial silicon, the spreads of contracts such as 2512 - 2601 remained unchanged; in tin, the spread of 2601 - 2602 increased by 450 yuan/ton, with a rise of 107.14% [1][4]. Fundamental Data Production - **Industrial Silicon**: In November, the national industrial silicon production is expected to decline to around 400,000 tons. In October, the national industrial silicon production was 452,200 tons, a month - on - month increase of 7.46%. The production in Xinjiang increased by 15.94%, while that in Yunnan and Sichuan decreased [1]. - **Polysilicon**: The monthly production in October was 134,000 tons, a month - on - month increase of 3.08%. The weekly production was 27,100 tons, a week - on - week increase of 1.12% [2]. - **Tin**: In October, SMM refined tin production was 16,090 tons, a month - on - month increase of 53.09%. The average operating rate was 66.81%, a month - on - month increase of 53.23% [4]. - **Aluminum**: In October, alumina production was 778,530 tons, a month - on - month increase of 2.39%; electrolytic aluminum production was 374,210 tons, a month - on - month increase of 3.52% [6]. - **Zinc**: In October, refined zinc production was 617,200 tons, a month - on - month increase of 2.85% [7]. - **Copper**: In October, electrolytic copper production was 1,091,600 tons, a month - on - month decrease of 2.62% [8]. - **Nickel**: In October, China's refined nickel production was 35,600 tons, a month - on - month increase of 0.84% [9]. - **Aluminum Alloy**: In October, the production of recycled aluminum alloy ingots was 645,000 tons, a month - on - month decrease of 2.42%; the production of primary aluminum alloy ingots was 286,000 tons, a month - on - month increase of 1.06% [11]. - **Stainless Steel**: In October, the production of Chinese 300 - series stainless steel crude steel (43 enterprises) was 1,787,000 tons, a month - on - month decrease of 0.72% [13]. - **Lithium Carbonate**: In October, lithium carbonate production was 92,260 tons, a month - on - month increase of 5.73% [15]. Import and Export - Different metals have different import and export trends. For example, the import of refined tin in October decreased by 58.55% month - on - month, and the export decreased by 15.33% month - on - month; the import of electrolytic aluminum in October increased by 0.61% month - on - month, and the export decreased by 15.18% month - on - month [4][6]. Operating Rate - The operating rates of different industries also vary. For example, the national operating rate of industrial silicon in October was 68.12%, a month - on - month increase of 9.98%; the operating rate of aluminum profiles was 52.10%, a week - on - week decrease of 0.95% [1][6]. Inventory Changes - Different metals have different inventory trends. For example, the social inventory of industrial silicon increased by 0.37% week - on - week; the SHEF inventory of tin decreased by 0.46% week - on - week [1][4].

Group 1 - Nickel prices are currently around $14,850 per ton, with Shanghai nickel futures rising by 1,130 to 117,260 yuan per ton, and stainless steel futures increasing by 80 to 12,455 yuan per ton, indicating a stable upward trend in the market [1] - The spot market for stainless steel remains stable in the morning, with strong price support in the afternoon, driven by bullish sentiment as the month-end approaches, leading to increased market competition [1] - In the 304 stainless steel segment, cold-rolled resources are reported in the range of 12,200-12,500 yuan, while hot-rolled resources are around 12,100 yuan, with trading activity becoming cautious after a brief improvement [1] Group 2 - The market sentiment is cautiously optimistic, with trading activity slowing down despite a potential reversal in short-term trends, indicating that the remaining days of the month will be challenging [2]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Report's Core View - For the nickel market, due to high inventory and a persistent oversupply situation, nickel prices are expected to remain in a low - level oscillation. However, as the current price has reached a 5 - year low, the downward space is relatively limited [1][3]. - For the stainless - steel market, with low demand, high inventory, and a continuously decreasing cost center, stainless - steel prices are also expected to stay in a low - level oscillation. Considering the current price is at a historical low, further decline is expected to be limited [3][4]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - **Futures**: On November 25, 2025, the Shanghai nickel main contract 2601 opened at 115,880 yuan/ton and closed at 116,160 yuan/ton, a 0.75% change from the previous trading day's close. The trading volume was 116,438 (-32,096) lots, and the open interest was 141,215 (-6,339) lots. The contract continued to rebound and closed slightly higher, but the trading volume decreased, indicating market hesitation. Macro factors such as positive signals from China - US leadership communication and dovish signals from Fed officials supported nickel prices [1]. - **Nickel Ore**: The nickel ore market is mainly in a wait - and - see mode with stable prices. In the Philippines, northern mines' shipments are unstable, and the latest tender prices have slightly declined but remain high. The downstream nickel - iron transaction price has dropped to 880 yuan/nickel (including tax at the hatch), leading to a lack of market confidence. Iron plants' profits are affected, and they are cautious in purchasing nickel ore. Some iron plants are considering production cuts. In Indonesia, the November (Phase II) domestic trade benchmark price has dropped by 0.12 - 0.2 US dollars/wet ton, and the current mainstream premium is +26, with a premium range of +25 - 26 [1]. - **Spot**: Jinchuan Group's Shanghai market sales price was 121,270 yuan/ton, an increase of 1,070 yuan/ton from the previous trading day. Due to previous price drops and production cuts by some enterprises, spot supply has tightened, and the spot premiums of various refined nickel brands have mostly increased. The premium of Jinchuan nickel changed by 100 yuan/ton to 4,450 yuan/ton, the premium of imported nickel remained at 500 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 33,785 (-294) tons, and LME nickel inventory was 253,482 (0) tons [2]. - **Strategy** - **Unilateral**: Mainly conduct range - bound operations. - **Other**: No operations are recommended for inter - period, cross - variety, spot - futures, and options [3]. Stainless - Steel Variety - **Market Analysis** - **Futures**: On November 25, 2025, the stainless - steel main contract 2601 opened at 12,920 yuan/ton and closed at 12,405 yuan/ton. The trading volume was 150,286 (+2,692) lots, and the open interest was 147,237 (-4,171) lots. The contract rose slightly, basically following the trend of Shanghai nickel. The trading volume increased slightly, and market activity improved. Macro factors such as the rising expectation of Fed rate cuts and China's issuance of 1 trillion yuan in national bonds and early release of local bond quotas boosted market confidence and stainless - steel prices [3]. - **Spot**: Driven by the futures market, the spot market has recovered, with some purchasing demand released and increased market transactions. The stainless - steel price in Wuxi market was 12,625 (-50) yuan/ton, and in Foshan market was 12,650 (-50) yuan/ton. The premium of 304/2B was 340 - 490 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron decreased by 2.00 yuan/nickel point to 887.0 yuan/nickel point [3][4]. - **Strategy** - **Unilateral**: Neutral. - **Other**: No operations are recommended for inter - period, cross - variety, spot - futures, and options [4].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The nickel price is technically rebounding but remains under short - term pressure. Due to high inventory and oversupply, the nickel price is expected to remain in low - level oscillation. The stainless steel market is also facing weak demand and high inventory, and is expected to maintain a low - level oscillation as well [1][3][5]. 3. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On November 24, 2025, the Shanghai nickel main contract 2601 opened at 114,500 yuan/ton and closed at 115,530 yuan/ton, a 0.64% change from the previous trading day. The trading volume was 148,534 (+10,331) lots, and the open interest was 147,554 (-13,106) lots. The rise was a technical repair rather than a trend reversal. The dovish Fed statement increased the expectation of interest rate cuts, driving up metal futures. However, weak consumption and high global nickel inventory will suppress the nickel price in the long term [1]. - **Nickel Ore**: The nickel ore market was calm with stable prices. In the Philippines, northern mines' shipments were unstable, and the latest tender prices declined slightly but remained high. The downstream nickel - iron transaction price dropped to 880 yuan/(ex - ship, tax included), and iron plants' production enthusiasm was low. In Indonesia, the November (Phase II) domestic trade benchmark price decreased by 0.12 - 0.2 dollars/ton, and the mainstream premium was +26 [1]. - **Spot**: Jinchuan Group's Shanghai market sales price was 120,200 yuan/ton, up 1,550 yuan/ton from the previous day. Downstream enterprises purchased as needed, and traders were cautious. The premiums of refined nickel brands were stable. The previous trading day's Shanghai nickel warehouse receipt volume was 33,785 (-294) tons, and the LME nickel inventory was 253,482 (-468) tons [2]. Strategy - Due to high inventory and unchanged oversupply, the nickel price is expected to maintain low - level oscillation. The recommended strategy is mainly range operation for the single - side, and no operations for cross - period, cross - variety, spot - futures, and options [3]. Stainless Steel Variety Market Analysis - **Futures**: On November 24, 2025, the stainless steel main contract 2601 opened at 12,280 yuan/ton and closed at 12,335 yuan/ton. The trading volume was 147,594 (-31,040) lots, and the open interest was 162,927 (-4,171) lots. The contract showed a narrow - range weakening trend, with the price fluctuating between 12,265 - 12,385 yuan/ton. The short - side was dominant, and the market was bearish [3]. - **Spot**: In the off - season, stainless steel demand was weak, the market was pessimistic, prices were lowered, but transactions remained light. The stainless steel prices in Wuxi and Foshan markets were 12,675 (+0) yuan/ton and 12,700 (+0) yuan/ton respectively, and the 304/2B premium was 335 - 585 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron decreased by 1.50 yuan/nickel point to 889.0 yuan/nickel point [3]. Strategy - Due to low demand, high inventory, and a downward - moving cost center, the stainless steel price is expected to maintain a low - level oscillation. The single - side strategy is neutral, and no operations for cross - period, cross - variety, spot - futures, and options [5].

Core Viewpoint - The stainless steel market is experiencing weak performance, with inventory digestion remaining slow and market participants adopting a wait-and-see attitude [3] Supply - In October, the crude steel output of 43 domestic stainless steel plants reached 3.5138 million tons, an increase of 87,100 tons month-on-month, representing a growth of 2.54% and a year-on-year increase of 6.8% [2] - November production is projected at 455,100 tons, a month-on-month decrease of 1.67% but a year-on-year increase of 4.1% [2] - Several steel mills have recently reduced production to maintain prices, primarily among 200 series steel plants, while 300 series output remains high, keeping supply pressure elevated [2] Inventory - Social inventory is not being depleted effectively, with warehouse receipts showing a downward trend [2] - As of November 21, social inventory of 300 series in Wuxi and Foshan was 492,900 tons, a week-on-week decrease of 4,400 tons [2] - On November 24, stainless steel futures inventory was 64,382 tons, a week-on-week decrease of 4,907 tons [2] Market Dynamics - The stainless steel market continues to show weak trends, with slow inventory digestion and increasing market caution among traders [3] - The macroeconomic environment is stabilizing, with expectations that the Federal Reserve's rate hikes have concluded, reducing upward pressure on the dollar [3] - The nickel ore market remains stable, with slight declines in recent auction prices for nickel ore from the Philippines and Indonesia [3] - Nickel iron prices are under pressure, with new production lines coming online and excess supply becoming apparent, leading to a decline in prices below 900 yuan per nickel [3] - The chromium market is also weak, influenced by the low demand for stainless steel, resulting in increased supply pressure and declining raw material costs [3] Short-term Outlook - The market is expected to continue weak oscillation, with a reference range for main prices set between 12,200 and 12,600 yuan [4]

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - For nickel, the high inventory restricts the rebound strength of nickel prices. Under the situation of weak supply and demand, it is expected that the production of pure nickel will significantly decline from November to December. The price is expected to fluctuate weakly, and the strategy is to sell on rebounds and sell out - of - the - money call options at resistance levels [6]. - For stainless steel, the overall trading atmosphere is still weak, with terminal demand in the off - season. The price is under pressure, and the cost is moving down. The strategy is to sell on rebounds for single - side trading and to wait and see for arbitrage [9]. 3. Summary According to Relevant Catalogs 3.1 Chapter 1: Spread Tracking and Inventory - **Nickel Inventory**: Global visible nickel inventory is at a high level, reaching 308,000 tons. LME inventory is 254,000 tons, increasing by 2,082 tons this week. SHFE inventory is 39,800 tons, and SMM's six - region social inventory is 52,000 tons, decreasing by 855 tons month - on - month [12]. - **Stainless Steel Inventory**: Social inventory of stainless steel is higher than the same period [17]. 3.2 Chapter 2: Fundamental Analysis 3.2.1 Supply and Demand of Refined Nickel - **Supply**: From January to October 2025, the cumulative output of refined nickel increased by 23% year - on - year to 335,500 tons. The net import was 47,200 tons, compared with a net export of 23,200 tons in the same period last year. In October, it turned to net export. The supply from January to October was 383,000 tons, with a cumulative year - on - year increase of 54%. It is expected that the total output in November will remain high at 35,200 tons, a slight decrease of 700 tons month - on - month [25]. - **Demand**: From January to October, the cumulative consumption of pure nickel increased by 2% year - on - year to 243,000 tons. The nickel consumption for electroplating increased month - on - month in line with the peak - season characteristics, but the off - season will be more obvious. In October, the downstream demand for nickel fell below the 50 boom - bust line [29]. 3.2.2 Stainless Steel Raw Materials - **Nickel Ore**: The price of nickel ore is stable but under great pressure. The willingness of Philippine nickel mines to hold prices is strong, but the high - nickel iron market has limited ability to absorb nickel ore, showing a situation of weak supply and demand. The premium of domestic - trade nickel ore in November was flat month - on - month [31]. - **NPI**: The supply of NPI increased, and the price was under pressure. The production of China + Indonesia's NPI from January to October showed an overall upward trend, and the inventory of NPI in China also increased [34][36]. - **Chromium Series**: The price of chromium series weakened. The price of chrome ore has been declining continuously. The long - term contract purchase price of high - carbon ferrochrome by Tsingshan Group in December 2025 decreased month - on - month [38]. - **Cost Inversion of Cold - Rolled Products**: The prices of various raw materials such as nickel ore, high - nickel iron, and chromium series showed a downward trend from November 17th to 21st [43]. 3.2.3 Stainless Steel Supply and Demand - **Supply**: From January to October, the combined stainless - steel crude - steel output of China and Indonesia increased by 5% year - on - year. In November, the output decreased month - on - month. From January to October 2025, China's stainless - steel imports decreased by 21% year - on - year, exports remained flat year - on - year, and net exports increased by 14% year - on - year [52]. - **Demand**: The shipbuilding industry has the highest growth rate and provides support. The cumulative year - on - year growth of shipbuilding plate output from January to September reached 28%, while the growth rates of other terminal fields are not optimistic [54]. 3.2.4 New Energy Vehicles - **Domestic Market**: In October, the sales of new - energy vehicles were 1.715 million, a year - on - year increase of 20%. From January to October, the sales were 12.911 million, a year - on - year increase of 32%. The power cell production also increased. However, the off - season is coming, and a decline in the power sector is likely [61]. - **Global Market**: From January to September 2025, global new - energy vehicle sales increased by 23.5% year - on - year. US sales increased by 11.4% year - on - year, and European sales increased by 28.5% year - on - year. China's new - energy vehicle exports from January to October increased by 87% year - on - year [68]. 3.2.5 Sulfuric Acid Nickel Market - **Production**: From January to October, the cumulative output of nickel sulfate decreased by 9.9% year - on - year to 282,000 tons. The output of ternary precursors decreased by 15% year - on - year to 595,000 tons, and the output of ternary cathode materials increased by 15% year - on - year to 654,000 tons [70]. - **Raw Materials**: The output of Indonesian MHP from January to October increased by 50% year - on - year to 366,000 tons, and the output of high - grade nickel matte decreased by 31% year - on - year to 160,000 tons. The increase in sulfur prices has raised the cost of MHP, but the good demand for nickel sulfate has stimulated the recovery of intermediate product output [74]. 3.2.6 Pure Nickel Market - There is a significant domestic surplus of pure nickel due to a large increase in imports [75].

Core Insights - The 2025 Stainless Steel and Key Metals Materials Summit was held in Wuxi, gathering over 600 representatives from various sectors of the stainless steel and key metals industries, including production, trade, logistics, and research [1] Group 1: Company Developments - Zhonglianjin has established and operates 8 industrial parks and developed 4 industrial internet platforms, supporting over 30 warehouses, creating a digital supply chain service system for stainless steel, new energy materials, key metals, rare earths, and sulfur [2] - The company launched an international bulk commodity trading platform, Unilink, in Dubai, facilitating transactions in RMB, and is jointly investing in the "China-Malaysia Zhonglianjin" cross-border e-commerce platform to enhance global supply chain capabilities [2] - Zhonglianjin organized 5 industry conferences in 2025 and plans to increase its efforts in organizing more events next year to foster industry communication and promote high-quality development [2] Group 2: Industry Trends and Challenges - The key to achieving high-quality development in the key metals industry lies in building a safe, efficient, collaborative, and innovative modern supply chain system [3] - Digital empowerment is essential for integrating the supply chains of stainless steel and key metals, unlocking development potential and creating greater value [3] - Industry leaders emphasized the importance of focusing on core technology, exploring emerging markets, maintaining industry health, and enhancing international cooperation to navigate challenges such as trade protectionism [3] Group 3: Forum Highlights - Economic expert Fu Peng discussed the changing logic of global assets and capital markets, providing practical strategies for investors [4] - Experts analyzed the current state and trends of the global nickel and cobalt markets, while the general manager of Zhonglianjin projected opportunities for the stainless steel industry over the next five years [4] - The forum stimulated innovative thinking and collaboration, aiming to address common challenges in R&D, standard setting, and supply chain construction for a more resilient and competitive new materials industry [4]