Core Viewpoint - The article emphasizes the shift towards domestic substitution in key materials for industries such as semiconductors and high-end equipment, making localization a necessity rather than an option [4][19]. Industry Trends - The demand for advanced materials is driven by the need for lightweight, high-performance, and specialized functional materials in emerging sectors like new energy vehicles, AI, and low-altitude economy [4]. - The Beijing Stock Exchange (北交所) serves as a primary platform for innovative small and medium enterprises, with many listed companies focusing on strategic emerging industries, particularly new materials [4]. Investment Thesis - The investment focus is on companies that exhibit characteristics of being "new, small, and refined," typically in the early to mid-development stages, with significant growth potential [4]. - Companies in the new materials sector often concentrate on niche markets, showcasing high technical barriers, high gross margins, and rapid performance growth [4]. Methodology - The investment approach combines cyclical beta (selecting high-growth sectors) with company-specific alpha (selecting individual stocks) [4]. - Key indicators for tracking include capacity release, price signals, product breakthroughs, and customer certifications [4]. Key Material Categories - The article outlines various categories of new materials, including high-performance fibers, battery materials, photovoltaic materials, and specialty chemicals [6][12]. - Specific companies are highlighted within these categories, such as 贝特瑞 and 安达科技 for battery materials, and 锦华新材 for electronic chemicals [6][15]. Value Insights - The value of new materials companies is driven by market demand, competitive advantages, and their position in the industrial value chain [7][8]. - Factors such as pricing power, technological barriers, and customer loyalty are critical in assessing the core competitiveness of these companies [7][10]. Future Outlook - The article suggests that the domestic substitution trend in semiconductor materials is entering a critical phase, with significant opportunities for companies listed on the Beijing Stock Exchange [19][24]. - The focus on new productivity in sectors like robotics and low-altitude economy is expected to create new applications and demand for advanced materials [30][31]. Investment Strategy - The strategy involves tracking core companies with expected performance in high-demand sectors and identifying incremental opportunities as new IPOs emerge [43][44]. - Companies that have established a strong market position or are bound to leading downstream customers are prioritized for investment [43].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 CNGR Advanced Material Co., Ltd. 中偉新材料股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2579） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 而 作 出。 茲載列中偉新材料股份有限公司（「本公司」）在深圳證券交易所網站刊登的《2025 年 中 偉 新 材 料 股 份 有 限 公 司 可 持 續 發 展 報 告》，僅 供 參 閱。 特 此 公 告。 承董事會命 中偉新材料股份有限公司 董 事 長、執 行 董 事 兼 總 裁 鄧偉明先生 香 港，2026年3月30日 於 本 公 告 日 期，本 公 司 董 事 為：(i)執 行 董 事 鄧 偉 明 先 生、鄧 競 先 生、陶 吳 先 生、 廖 恆 星 先 生、李 衛 華 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 CNGR Advanced Material Co., Ltd. 中偉新材料股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2579） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 而 作 出。 茲載列中偉新材料股份有限公司（「本公司」）在深圳證券交易所網站刊登的《2025 年 年 度 報 告 摘 要》、《2025年 年 度 報 告》，僅 供 參 閱。 特 此 公 告。 承董事會命 中偉新材料股份有限公司 董 事 長、執 行 董 事 兼 總 裁 鄧偉明先生 香 港，2026年3月30日 於 本 公 告 日 期，本 公 司 董 事 為：(i)執 行 董 事 鄧 偉 明 先 生、鄧 競 先 生、陶 吳 先 生、 廖 恆 星 先 生、李 衛 華 先 生 及 劉 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 13.52 [1]. Core Insights - The company reported a stable growth in its core business, with a full-year revenue of RMB 6.548 billion, representing a year-on-year increase of 4.42%. The net profit attributable to the parent company was RMB 2.245 billion, up 11.22% year-on-year, although slightly below the expected RMB 2.484 billion due to reduced investment income [5]. - The company continues to optimize its financial structure and governance, with an increase in dividend levels expected as capital expenditures decrease. The proposed dividend for the year is HKD 0.40 per share [5][8]. Financial Performance - Revenue projections for the upcoming years are as follows: RMB 7.638 billion in 2026 (up 16.65%), RMB 8.826 billion in 2027 (up 15.55%), and RMB 10.417 billion in 2028 (up 18.04%) [4]. - The company's net profit is expected to reach RMB 2.497 billion in 2026 (up 11.18%), RMB 2.699 billion in 2027 (up 8.07%), and RMB 2.936 billion in 2028 (up 8.79%) [4]. Business Segments - The waste-to-energy business generated revenue of RMB 4.699 billion in 2025, a decrease of 3.7% year-on-year, primarily due to a 48.3% drop in construction revenue. However, operational revenue increased by 7.45% to RMB 4.195 billion, driven by higher electricity and steam sales [6]. - The new energy business saw a significant revenue increase of 277.36% to RMB 1.093 billion, with the production of cathode materials reaching approximately 42,000 tons, up 21.4% year-on-year [7]. Governance and Financial Optimization - The company reduced capital expenditures, with net cash from investment activities amounting to RMB 1.297 billion, a decrease of RMB 1.130 billion year-on-year. The debt-to-asset ratio improved to 39.64%, down 0.63 percentage points [8]. - The company plans to distribute a year-end dividend of HKD 0.30 per share, alongside an interim dividend of HKD 0.10, resulting in an overall dividend level increase of 3.8 percentage points to 28.4% [8]. Valuation and Forecast - The company’s valuation is based on a segmented approach, with the environmental business assigned a P/E ratio of 9.6x for 2026, reflecting a 10% discount compared to peers. The target price has been adjusted upward by 11.5% to HKD 13.52 [9].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [9]. Core Insights - The company is expected to achieve significant revenue growth, with projected revenues of 1.186 billion yuan in 2025 and 2.163 billion yuan in 2026, reflecting an 82.4% growth rate [11]. - The company's net profit is forecasted to turn positive, with estimates of 597 million yuan in 2026 and 624 million yuan in 2027, indicating a recovery from previous losses [11]. - The company has successfully transitioned its new energy business to profitability, driven by a significant price increase in its products, particularly VC, which rose from 110,000 yuan/ton to 220,000 yuan/ton [5]. - The pharmaceutical segment is benefiting from a decrease in the price of 6-APA, leading to improved gross margins, with expectations of continued margin enhancement in Q1 2026 [6]. - The approval of the company's microbial protein product as a new food ingredient opens new growth opportunities in the health food and alternative meat markets [7]. Summary by Sections Financial Performance - The company reported a net profit of -53.07 million yuan for 2025, with a projected turnaround to a profit of 52 million to 75 million yuan in Q1 2026 [4]. - Revenue projections for 2025, 2026, and 2027 are 11.86 billion yuan, 21.63 billion yuan, and 23.64 billion yuan respectively [9]. Business Segments - The new energy business has shown a turnaround with a gross margin expected to exceed 50% due to price increases and the elimination of outdated production capacity [5]. - The pharmaceutical business is experiencing margin recovery due to lower raw material costs, with gross margins expected to rise in Q1 2026 [6]. Growth Opportunities - The approval of the microbial protein product positions the company to capitalize on emerging markets for health foods and alternative proteins, with a planned production capacity of 20,000 tons [7].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [9]. Core Insights - The company is entering a profitable phase with new business ventures, significantly reversing previous losses [4]. - The revenue forecast for 2025 is projected at 1.185 billion yuan, with a net profit attributable to shareholders expected to be -53.07 million yuan. For Q1 2026, the net profit is anticipated to be between 52 million and 75 million yuan [4]. - The company has seen a turnaround in its new energy business, with significant price increases in key products leading to profitability [5]. - The pharmaceutical segment is benefiting from a decrease in raw material costs, improving gross margins [6]. - The approval of a new food ingredient, "Weiran Protein," opens new growth opportunities for the company [7]. Summary by Sections Business Performance - The new energy business (electrolyte additives VC/FEC) has transitioned from losses to profitability, with a gross margin improvement expected to exceed 50% in Q1 2026 due to price increases [5]. - The price of VC has risen from 110,000 yuan/ton to 220,000 yuan/ton, with current prices at 140,000 yuan/ton [5]. Pharmaceutical Segment - The price of the key raw material 6-APA has decreased from 320 yuan/kg in February 2025 to 180 yuan/kg in January 2026, leading to improved gross margins in the pharmaceutical business [6]. - Gross margins for the pharmaceutical manufacturing segment are projected to rise, with 2025 H1 margins already at 21% [6]. Growth Opportunities - The company’s product "Weiran Protein" has received approval as a new food ingredient, positioning it for entry into the artificial meat and health food markets [7]. - The company is accelerating the construction of a 20,000-ton capacity for microbial protein, having also obtained SELF-GRAS certification in the U.S. [7]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 1.186 billion, 2.163 billion, and 2.364 billion yuan respectively, with EPS expected to improve from -0.09 to 1.16 yuan [9]. - The current stock price corresponds to a PE ratio of -195.8 for 2025, improving to 15.9 by 2027 [9].

Core Viewpoint - The article highlights the significant growth and differentiation in the markets for key new energy materials, driven by the ongoing global energy transition and the rapid development of downstream sectors such as electric vehicles, energy storage, and consumer electronics under the "dual carbon" goals [1]. Group 1: Market Overview - In 2025, the production of ternary precursors in China is projected to reach 918,000 tons, reflecting a year-on-year increase of 7.9%, while global production is expected to be 1,038,000 tons, with a growth of 7.7% [2]. - The market for cobalt-based materials, particularly tetrahydrocobalt, is experiencing a price rebound due to fluctuating tariffs and export controls, with prices rising from 111,500 CNY/ton at the beginning of the year to 361,500 CNY/ton, leading to a 24.1% increase in global production to 113,000 tons [11]. - The phosphate iron market is witnessing explosive growth, with global production expected to reach 3,334,000 tons in 2025, marking a 64.1% increase year-on-year [18]. Group 2: Market Dynamics - The penetration rate of high-nickel products is expected to increase in 2025, with 6-series products gaining a 9 percentage point increase in market share compared to 2024, while 3-series products continue to decline [5]. - The phosphate iron production process is evolving, with mainstream ammonium methods declining slightly to below 60% market share, while emerging methods like iron and nickel-iron processes are gaining traction [20]. - The competitive landscape in the phosphate iron market shows that the top three companies dominate with significant market shares, with Hunan Youneng exceeding 30% and Wanrun New Energy over 10% [22]. Group 3: Future Outlook - Looking ahead to 2026, the global new energy industry is expected to continue upgrading, with emerging fields such as low-altitude economy, humanoid robots, and solid-state batteries driving demand for key materials [29]. - The trend towards high-nickel ternary precursors is anticipated to persist, with raw material prices expected to remain volatile [29]. - The phosphate iron market is projected to continue expanding in both capacity and production, with an expected increase in industry concentration [29].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - The report analyzed the market data, option factors, and provided trading strategies for lithium carbonate, polysilicon, and industrial silicon options [6][17][28]. - For lithium carbonate options, the LC2605 contract price decreased, and a neutral volatility strategy was recommended [6][7]. - For polysilicon options, the PS2605 contract price decreased, and a bear - spread put option strategy was suggested [17][18]. - For industrial silicon options, the SI2605 contract price decreased slightly, and a volatility - selling strategy was proposed [28][29]. 3. Summary According to the Catalog 3.1 Lithium Carbonate Options 3.1.1 Market Data - The LC2605 contract closed at 142,600 yuan, down 9,700 yuan or 6.36% from the previous day. The trading volume was 288,571 lots, an increase of 82,682 lots, and the open interest was 282,745 lots, a decrease of 24,677 lots [3][6]. 3.1.2 Option Factors - The trading volume of LC (lithium carbonate call options) was 134,542, with an increase of 48,795, and the open interest was 128,539, with an increase of 1,696. The trading volume of LC (lithium carbonate put options) was 148,562, with an increase of 70,681, and the open interest was 112,940, with a decrease of 1,660. The volume PCR change was 0.2, and the open - interest PCR was 0.88, with a change of - 0.02 [4]. - The pressure level was 208,000, the support level was 120,000, the weighted implied volatility was 70.04%, the change in weighted implied volatility was 1.31%, the annual average implied volatility was 46.21%, and HISV2 was 72.53% [5]. 3.1.3 Strategy Suggestions - Directional strategy: None. - Volatility strategy: Construct a neutral - selling call + put option combination strategy to obtain option time value and adjust positions dynamically to keep the delta neutral, such as S_LC2605P130000, S_LC2605P140000, S_LC2605C150000, S_LC2605C160000 [7]. 3.2 Polysilicon Options 3.2.1 Market Data - The PS2605 contract closed at 38,550 yuan, down 2,360 yuan or 5.76% from the previous day. The trading volume was 13,502 lots, an increase of 4,804 lots, and the open interest was 32,966 lots, a decrease of 1,612 lots [14][17]. 3.2.2 Option Factors - The trading volume of PS (polysilicon call options) was 15,899, with an increase of 1,172, and the open interest was 37,605, with an increase of 1,563. The trading volume of PS (polysilicon put options) was 14,043, with an increase of 6,794, and the open interest was 18,148, with a decrease of 19. The volume PCR was 0.88, with a change of 0.39, and the open - interest PCR was 0.48, with a change of - 0.02 [15]. - The pressure level was 70,000, the support level was 35,000, the weighted implied volatility was 64.48%, the change in weighted implied volatility was 5.32%, the annual average implied volatility was 44.56%, and HISV was 32.47% [16]. 3.2.3 Strategy Suggestions - Directional strategy: Construct a bear - spread put option strategy to obtain directional returns, such as B_PS2605P41000, S_PS2605P36000 [18]. - Volatility strategy: None. 3.3 Industrial Silicon Options 3.3.1 Market Data - The SI2605 contract closed at 8,285 yuan, down 150 yuan or 1.77% from the previous day. The trading volume was 172,736 lots, a decrease of 33,633 lots, and the open interest was 253,549 lots, an increase of 6,591 lots [25][28]. 3.3.2 Option Factors - The trading volume of SI (industrial silicon call options) was 35,011, with a decrease of 8,850, and the open interest was 92,734, with an increase of 4,073. The trading volume of SI (industrial silicon put options) was 34,914, with an increase of 266, and the open interest was 40,555, with an increase of 1,182. The volume PCR change was 0.21, and the open - interest PCR was 0.44, with a change of - 0.01 [26]. - The pressure level was 11,000, the support level was 8,000, the weighted implied volatility was 30.47%, the change in weighted implied volatility was - 0.25%, the annual average implied volatility was 31.51%, and HISV20 was 18.84% [27]. 3.3.3 Strategy Suggestions - Directional strategy: None. - Volatility strategy: Construct a volatility - selling call + put option combination strategy to obtain option time value and directional returns, and adjust positions dynamically to keep the delta neutral, such as S_SI2605P8000, S_SI2605P8200, S_SI2605C8800, S_SI2605C9000 [29].

Market Overview - The A-share market experienced a decline, with all three major indices falling, influenced by the overnight drop in US stocks and escalating tensions in the Middle East. The Shanghai Composite Index briefly fell below the 4000-point mark before a slight rebound at the close, indicating weakened market sentiment. Over 4900 stocks declined, reflecting a significant loss effect, with focus shifting to defensive sectors like oil and gas, and coal [1] Geopolitical Impact - The uncertainty surrounding the oil transportation route in the Strait of Hormuz is expected to affect the price trends of crude oil and the US dollar in the near term. The market's risk appetite will largely depend on whether there is a substantial easing of tensions in the Middle East [1] Future Market Outlook - The ongoing geopolitical uncertainty may influence short-term market dynamics, particularly if crude oil prices rise significantly, which could heighten market concerns and impact A-share sector rotations. The sustained strength of the petrochemical sector may suppress preferences for technology growth sectors, leading to a slower upward trend for indices while individual stock performance lags behind the market [1] Long-term Trends - Despite short-term fluctuations, the long-term upward trend for A-shares remains intact, supported by increased household savings entering the market and a recovery in the performance of A-share listed companies [1] Sector Focus - As March approaches, marking the annual report season, high-performing sectors will attract market attention. Notable sectors include: 1. AI hardware, with a confirmed industry trend and increasing token usage for major AI models, indicating a peak in AI applications by 2026 [2] 2. Semiconductor localization, focusing on semiconductor equipment, wafer manufacturing, materials, and IC design [2] 3. New energy materials benefiting from rapid growth in domestic and overseas storage demand, showing signs of supply shortages and price increases, with a continued upward trend expected through 2026 [2] 4. Price-increasing cycles in non-ferrous metals and chemicals, with anticipated strong annual report performances due to sustained price increases [2]

1. Report Industry Investment Ratings No information about the report industry investment ratings is provided in the given content. 2. Core Views of the Report Tin - Short - term tin prices are expected to fluctuate weakly, with attention on the performance of tin prices at the 350,000 - yuan level. The long - term bullish logic for tin prices still exists, and short - term adjustments may provide opportunities for long - term long positions [1][2]. Copper - In the short term, the inventory structural contradiction that previously drove copper price increases has basically been resolved. Prices are under pressure due to reduced market risk appetite and are in an adjustment phase. It is recommended to follow the changes in the US - Iran conflict and overseas inventory accumulation, with the main focus on the pressure around 98,000 yuan [4]. Zinc - The short - term zinc price is expected to operate weakly. It is necessary to pay attention to zinc ore TC, marginal changes in demand, and macro - level guidance, with the main focus on the support between 22,800 - 23,000 yuan [7]. Aluminum - The alumina market should maintain a short - term bearish strategy on rallies. For aluminum, in the short term, it will oscillate at high levels with news changes. The LME spot shortage and high domestic inventory create internal and external driving differentiation, and the Shanghai - London ratio is expected to continue to weaken. In the long term, the long - term bullish logic remains unchanged. It is recommended to closely monitor inventory inflection points and downstream resumption progress, with the main Shanghai aluminum contract expected to operate in the range of 24,000 - 26,000 yuan/ton [9]. Aluminum Alloy - The short - term raw material cost at a high level strongly supports the ADC12 price, but demand follows slowly and the negative feedback effect of high prices is gradually emerging. The market is expected to continue to oscillate at high levels, with the main contract reference range of 23,000 - 24,500 yuan/ton [10]. Nickel - The macro sentiment exerts pressure, but the raw material end has contradictions and supports the price. The inventory shows internal and external differentiation. The bottom support is strong, but the upward driving force needs to be further transmitted to the real end. The disk is expected to oscillate within a range, with the main reference range of 132,000 - 142,000 yuan [11]. Stainless Steel - The macro sentiment has a certain suppressing effect, the raw material end is tight with strong cost support, and there is a game between supply and demand as steel mills increase production and demand gradually recovers. In the short term, it is expected to oscillate and adjust, with the main reference range of 13,800 - 14,500 yuan [13]. Lithium Carbonate - The macro sentiment is weak and exerts pressure, while the actual fundamentals of lithium carbonate are resilient, and demand remains optimistic but lacks further momentum. In the short term, the unilateral driving force is limited, and it is expected to oscillate and adjust widely around the macro and news, with the main reference range of 146,000 - 158,000 yuan [15][16]. Industrial Silicon - The spot price is stable, and the futures price continues to decline significantly due to overall sentiment. The cost end may support the bottom of industrial silicon. The supply is growing rapidly, demand is growing slightly, and there is a risk of inventory accumulation. It is advisable to operate cautiously and wait and see, and consider trying long positions at around 8,100 yuan [17]. Polysilicon - The polysilicon spot market is stable, and the futures price drops significantly with market sentiment, reflecting the pessimistic expectation of inventory accumulation. The industry still faces oversupply pressure. It is recommended to wait and see for now. If you want to participate, you can consider trying long positions after the price stabilizes, but pay attention to position control and setting stop - losses [18]. 3. Summary by Relevant Catalogs Tin - **Price and Basis**: The price of SMM 1 tin is 369,500 yuan/ton, down 2.85% [1]. - **Internal and External Price Ratios and Import Profits and Losses**: The import loss is - 6,076.10 yuan/ton, and the Shanghai - London ratio is 7.89 [1]. - **Monthly Spreads**: For example, the spread between 2604 - 2605 is - 270 yuan/ton, down 58.82% [1]. - **Fundamental Data**: In December, tin ore imports were 17,637 tons, up 16.81%; SMM refined tin production in February was 11,490 tons, down 23.91% [1]. - **Inventory Changes**: SHEF inventory increased by 7.30%, social inventory increased by 2.10%, SHEF warehouse receipts decreased by 3.09%, and LME inventory increased by 2.52% [2]. Copper - **Price and Basis**: The price of SMM 1 electrolytic copper is 98,990 yuan/ton, down 1.23% [4]. - **Internal and External Price Ratios and Import Profits and Losses**: The import profit is 363 yuan/ton, and the Shanghai - London ratio (delayed by one day) is 7.91 [4]. - **Monthly Spreads**: For example, the spread between 2604 - 2605 is - 20 yuan/ton, an increase of 60 yuan/ton [4]. - **Fundamental Data**: Electrolytic copper production in February was 114.24 million tons, down 3.13%; the import volume in December was 26.02 million tons, down 4.02% [4]. - **Inventory Changes**: Domestic social inventory decreased by 5.46%, bonded area inventory decreased by 4.18%, SHFE inventory increased by 1.96%, LME inventory increased by 1.13%, and COMEX inventory decreased by 0.24% [4]. Zinc - **Price and Spreads**: The price of SMM 0 zinc ingot is 23,200 yuan/ton, down 2.81% [7]. - **Price Ratios and Profits and Losses**: The import loss is - 2,774 yuan/ton, and the Shanghai - London ratio is 7.26 [7]. - **Monthly Spreads**: For example, the spread between 2604 - 2605 is - 20 yuan/ton, an increase of 10 yuan/ton [7]. - **Fundamental Data**: Refined zinc production in February was 50.46 million tons, down 9.99%; the import volume in December was 0.88 million tons, down 51.94% [7]. - **Inventory Changes**: China's seven - region zinc ingot social inventory increased by 5.19%, and LME inventory decreased by 0.30% [7]. Aluminum - **Price and Spreads**: The price of SMM A00 aluminum is 24,510 yuan/ton, down 1.57% [9]. - **Price Ratios and Profits and Losses**: The electrolytic aluminum import loss is - 3,420 yuan/ton, and the Shanghai - London ratio is 7.34 [9]. - **Monthly Spreads**: For example, the spread between AL 2603 - 2604 is - 100 yuan/ton, a decrease of 15 yuan/ton [9]. - **Fundamental Data**: Alumina production in February was 660.02 million tons, down 10.63%; domestic electrolytic aluminum production was 346.00 million tons, down 8.91% [9]. - **Inventory Changes**: China's electrolytic aluminum social inventory increased by 4.33%, and LME inventory decreased by 0.84% [9]. Aluminum Alloy - **Price and Spreads**: The price of SMM aluminum alloy ADC12 is 25,000 yuan/ton, down 0.40% [10]. - **Monthly Spreads**: For example, the spread between 2603 - 2604 is - 23,595 yuan/ton, an increase of 130 yuan/ton [10]. - **Fundamental Data**: The production of recycled aluminum alloy ingots in February was 35.80 million tons, down 41.31%; the production of primary aluminum alloy ingots was 20.93 million tons, down 30.99% [10]. - **Inventory Changes**: The weekly social inventory of recycled aluminum alloy ingots decreased by 5.56% [10]. Nickel - **Price and Basis**: The price of SMM 1 electrolytic nickel is 138,000 yuan/ton, down 1.39% [11]. - **Cost of Electrolytic Nickel**: The cost of integrated MHP - produced electrolytic nickel is 113,324 yuan/ton, down 0.69% [11]. - **New Energy Material Prices**: The average price of battery - grade lithium carbonate is 85,150 yuan/ton, up 0.95% [11]. - **Monthly Spreads**: For example, the spread between 2603 - 2604 is 1,620 yuan/ton, an increase of 1,090 yuan/ton [11]. - **Supply, Demand, and Inventory**: China's refined nickel production was 32,600 tons, down 7.45%; the import volume was 23,394 tons, up 84.63%. SHFE inventory increased by 3.10%, and social inventory increased by 3.49% [11]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 roll) is 14,350 yuan/ton, down 0.35% [13]. - **Raw Material Prices**: The average price of Philippine laterite nickel ore 1.5% (CIF) is 80 US dollars/wet ton, unchanged [13]. - **Monthly Spreads**: For example, the spread between 2603 - 2604 is - 250 yuan/ton, an increase of 40 yuan/ton [13]. - **Fundamental Data**: The production of 300 - series stainless steel crude steel in China (43 companies) was 190.08 million tons, up 44.07%; the import volume was 14.50 million tons, up 29.32% [13]. - **Inventory Changes**: The 300 - series social inventory (Wuxi + Foshan) decreased by 1.19%, and SHFE warehouse receipts decreased by 0.78% [13]. Lithium Carbonate - **Price and Basis**: The average price of SMM battery - grade lithium carbonate is 155,500 yuan/ton, down 1.58% [15]. - **Monthly Spreads**: For example, the spread between 2603 - 2605 is 1,380 yuan/ton, a decrease of 2,720 yuan/ton [15]. - **Fundamental Data**: Lithium carbonate production in February was 83,090 tons, down 15.13%; the demand was 111,503 tons, down 10.57% [15]. - **Inventory Changes**: The total lithium carbonate inventory in February was 28,353 tons, down 4.76% [15]. Industrial Silicon - **Price and Basis**: The price of East China oxygen - containing SI5530 industrial silicon is 9,200 yuan/ton, unchanged [17]. - **Monthly Spreads**: For example, the spread between the main contract and the next - month contract is - 20 yuan/ton, a decrease of 5 yuan/ton [17]. - **Fundamental Data**: The national industrial silicon production was 27.57 million tons, down 26.58%; the national operating rate was 38.02%, down 21.33% [17]. - **Inventory Changes**: The social inventory (weekly) decreased by 0.18%, and the warehouse receipt inventory (daily) decreased by 1.40% [17]. Polysilicon - **Spot Price and Basis**: The average price of N - type re - feedstock is 45,500 yuan/kg, unchanged [18]. - **Futures Price and Monthly Spreads**: The main contract price is 40,105 yuan, down 3.76% [18]. - **Fundamental Data**: The polysilicon production was 1.90 million tons, up 1.06%; the import volume was 0.00 million tons, down 100.00% [18]. - **Inventory Changes**: The polysilicon inventory was 35.70 million tons, up 2.59%; the silicon wafer inventory was 28.35 million tons, down 2.28% [18].