1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - On the 22nd, the nickel price continued to fluctuate widely supported by the 140,000 integer mark. The main contract closed up 1.15% at 142,500, and the total positions decreased by 6,645 hands to 386,000 hands compared with the previous day. The ex - factory average price of 8 - 12% high - nickel pig iron rose by 5 to 1,033.5 yuan per nickel point again. The strong bullish sentiment in the pure nickel segment drove the nickel iron to rise, but the high cost reduced the downstream acceptance. The price of battery - grade nickel sulfate continued to fall by 600 to 32,750 yuan per ton. High prices led to insufficient pre - holiday stocking willingness of downstream, and the nickel salt price dropped from a high level. The MHP coefficient of intermediate products remained high, and the short - term market circulation was still limited. The news that Vale only had 30% of the approved quota for production demand further solidified the expectation of quota reduction. The nickel market has great upward elasticity, and subsequent attention should be paid to the Indonesian policy and the actual quota issuance rhythm [7]. 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 - Nickel price trend: On the 22nd, the nickel price fluctuated widely supported by the 140,000 integer mark, with the main contract closing up 1.15% at 142,500, and the total positions decreasing by 6,645 hands to 386,000 hands compared with the previous day [7]. - Price changes of related products: The ex - factory average price of 8 - 12% high - nickel pig iron rose by 5 to 1,033.5 yuan per nickel point; the price of battery - grade nickel sulfate fell by 600 to 32,750 yuan per ton; the MHP coefficient of intermediate products remained high, and the short - term market circulation was still limited [7]. - Market influencing factors: The strong bullish sentiment in the pure nickel segment drove the nickel iron to rise, but the high cost reduced the downstream acceptance. High prices led to insufficient pre - holiday stocking willingness of downstream, and the nickel salt price dropped from a high level. The news that Vale only had 30% of the approved quota for production demand further solidified the expectation of quota reduction [7]. 3.2行业要闻 - PT Vale Indonesia's project progress: The HPAL Pomalaa project of PT Vale, Huayou, and Ford is accelerating. As of December 2025, the construction progress of the HPAL Pomalaa project has reached about 60%. Two autoclave equipment have arrived at the project site, and three other units are planned to be delivered later. The company aims to complete the mechanical completion of the HPAL Pomalaa factory by August 2026. PT Vale is the only nickel ore supplier for the HPAL Pomalaa factory [8]. - First Quantum Minerals Ltd.'s production and cost situation: In 2025, the company's copper production was about 396,000 tons, within the revised guidance range; the gold production was about 152,000 ounces, higher than the upper limit of the guidance; the Enterprise nickel production also exceeded expectations. The company slightly lowered the copper and gold production guidance for 2026 - 2027, mainly due to higher maintenance requirements at Sentinel and lower ore grades at Kansanshi. The nickel production guidance remained unchanged. The unit copper cash cost and AISC are expected to be higher than previously expected, and the 2026 capital expenditure guidance was raised because some investments originally planned for 2025 were postponed to 2026. The Panama government agreed to process the Cobre Panamá inventory ore, which is a positive signal for the project [10]. - Indonesia's nickel industry situation: The Indonesian Nickel Smelters Association expects the domestic nickel smelting industry's nickel ore demand in 2026 to be about 340 - 350 million tons. In 2026, the nickel ore production quota (RKAB) is expected to be strategically adjusted to 250 - 260 million tons. The existing quota is allowed to be extended until March 31, 2026, and the actual annual supply still depends on the later government assessment and quota addition [10].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On the 21st, the nickel price fluctuated widely. Overnight, the sharp decline of European and American stock markets led to an increase in market risk - aversion sentiment. The nickel price followed the non - ferrous sector and fell below 140,000. During the domestic daytime, it strengthened again, closing up 0.39% at 143,060. The daily line showed a long lower shadow, with an amplitude of more than 6,000 between the high and low points. The total positions increased slightly by 2,000 lots to 392,000 lots. The ex - factory average price of 8 - 12% high - nickel pig iron remained unchanged at 1,028.5 yuan per nickel point, and the bullish sentiment in the market drove up the bargaining range. The price of battery - grade nickel sulfate dropped 85 to 33,375 yuan per ton. The coefficient of intermediate product MHP remained high, and the short - term market circulation was still limited. The nickel price continued to run strongly supported by Indonesia's reduction of RKAB and macro - sentiment. It is necessary to closely monitor the policy statements of Indonesia and the final quota for the new year. It is expected to have a large upward elasticity before the final outcome is determined [7] 3. Summary According to the Directory 3.1行情回顾与操作建议 - The nickel price on the 21st had a wide - range shock. Affected by the overnight decline of European and American stock markets, it first fell below 140,000 and then strengthened during the domestic daytime, closing up 0.39% at 143,060. The total positions increased slightly by 2,000 lots to 392,000 lots. The price of high - nickel pig iron was flat, the price of battery - grade nickel sulfate dropped, and the MHP coefficient remained high with limited short - term circulation. The nickel price is expected to be elastic before the Indonesian policy is finalized [7] 3.2行业要闻 - The Indonesian Ministry of Energy and Mineral Resources (ESDM) stated that the 2026 Annual Work Plan and Budget (RKAB) will be used as a strategic tool to synchronize mineral production with domestic industrial demand, setting the nickel production target at about 290 million tons to match smelter capacity. The government aims to prevent global oversupply, stabilize falling prices, and protect national resource reserves. Although the Indonesian Nickel Miners Association (APNI) is worried that production may drop to 250 million tons, the government is still integrating specific data [8] - Due to the non - approval of the 2026 Annual Work Plan (RKAB), PT Vale Indonesia has suspended its nickel mining business, but management expects the license to be approved soon. This temporary suspension only affects the Pomalaa and Bahodopi nickel projects, and the existing main Sorowako mine and the integrated RKEF project are still operating normally, so the impact on market supply and demand is relatively limited [10] - The Indonesian Nickel Smelters Association estimates that the domestic nickel smelting industry's demand for nickel ore in 2026 will be about 340 - 350 million tons [10]