1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - It is expected that Shanghai nickel will experience short - term oscillatory adjustments. Attention should be paid to the pressure at the 140,000 level and the support of MA60 [6]. - It is predicted that the stainless - steel futures price will undergo oscillatory adjustments. Attention should be paid to the support at 14,000 [6]. 3. Summary by Relevant Catalogs 3.1 Weekly Highlights - **Shanghai Nickel**: This week, the main contract of Shanghai nickel oscillated and adjusted, with a weekly change of - 0.15% and an amplitude of 5.83%. As of this week, the closing price of the main contract was 136,930 yuan/ton [6]. - **Stainless Steel**: This week, stainless - steel oscillated and adjusted, with a weekly change of - 0.11% and an amplitude of 2.92%. As of this week, the closing price of the main contract was 14,190 yuan/ton [6]. - **Market Outlook**: Macroeconomic factors include the US initiating 301 investigations against 16 trading partners and the escalation of the Middle - East situation. Fundamentally, the nickel ore import volume is expected to decline as the Philippines enters the rainy season, but Indonesia's RKAB plan may ease supply concerns. The production profit of refined nickel in China has a profit margin, and the output is expected to rise. The demand from stainless - steel mills and new - energy vehicles is improving. The domestic nickel inventory continues to increase, while the overseas LME inventory slightly decreases. For stainless steel, the raw - material supply is tight, the production cost is increasing, and the downstream demand is in the traditional off - season, but the inventory pressure is controllable and is entering the de - stocking cycle [6]. 3.2 Futures and Spot Market - **Price Adjustment**: As of March 13, the closing price of Shanghai nickel was 136,930 yuan/ton, a decrease of 210 yuan/ton from last week; the closing price of stainless steel was 14,190 yuan/ton, a decrease of 20 yuan/ton from last week. The average price of nickel pig iron (1.5 - 1.7%) was 3,675 yuan/ton, a decrease of 75 yuan/ton from last week; the average price of nickel iron (7 - 10%) in the country was 1,105 yuan/nickel, an increase of 10 yuan/nickel from last week [12]. - **Basis**: As of March 13, the spot price of electrolytic nickel was 141,350 yuan/ton, with a basis of 4,420 yuan/ton; the closing price of stainless steel was 14,950 yuan/ton, with a basis of 760 yuan/ton [17]. - **Price Ratio**: As of March 13, the price ratio of Shanghai nickel to stainless steel on the Shanghai Futures Exchange was 9.65, unchanged from last week; the price ratio of Shanghai tin to Shanghai nickel was 2.73 yuan/ton, a decrease of 0.14 from last week [23]. - **Net Long Positions**: As of March 13, 2026, the net long position of the top 20 in Shanghai nickel was - 77,442 lots, a decrease of 4,049 lots from March 9, 2026. The net long position of the top 20 in stainless steel was - 4,218 lots, an increase of 5,570 lots from March 9, 2026 [29]. 3.3 Industrial Chain Situation - **Supply Side** - **Nickel Ore and Electrolytic Nickel**: As of March 6, the nickel ore inventory in major domestic ports was 9.2433 million tons, a decrease of 784,100 tons from last week. As of March 13, the production profit of electrowon nickel was 3,450 yuan/ton, an increase of 8,950 yuan/ton from last week [35][36]. - **Domestic Production and Import**: In December 2025, the electrolytic nickel production was 29,058 tons, a year - on - year decrease of 0.16%. In December 2025, the import volume of refined nickel and alloys was 23,861.23 tons, a year - on - year increase of 85.74%; from January to December, the cumulative import volume was 233,114.881 tons, a year - on - year increase of 133.41% [41]. - **Inventory**: As of March 13, the inventory of Shanghai nickel on the Shanghai Futures Exchange was 63,681 tons, an increase of 1,912 tons from last week. As of March 13, the LME nickel inventory was 285,684 tons, a decrease of 66 tons from last week [47]. - **Demand Side** - **Stainless Steel Production and Export**: In February 2026, the total output of stainless - steel crude steel was 2.71 million tons, a month - on - month decrease of 23.37%. Among them, the output of 400 - series was 572,300 tons, a month - on - month decrease of 11.3%; the output of 300 - series was 1.3194 million tons, a month - on - month decrease of 28.99%; the output of 200 - series was 818,300 tons, a month - on - month decrease of 20.79%. In December 2025, the stainless - steel import volume was 141,400 tons, a month - on - month increase of 32,300 tons; the export volume was 404,300 tons, a month - on - month increase of 71,300 tons. From January to February, the cumulative net import volume was - 2.7322 million tons, a year - on - year decrease of 262,900 tons [51]. - **Inventory in Key Areas**: As of March 13, the stainless - steel inventory in Foshan was 363,861 tons, a decrease of 10,730 tons from last week; the stainless - steel inventory in Wuxi was 579,576 tons, a decrease of 7,428 tons from last week [56]. - **Stainless - Steel Production Profit**: As of March 13, the stainless - steel production profit was - 63 yuan/ton, a decrease of 47 yuan/ton from last week [60]. - **Downstream Industries** - **Real Estate and Home Appliances**: From January to December 2025, the new housing construction area was 587.6996 million square meters, a year - on - year decrease of 20.4%; the housing completion area was 603.4813 million square meters, a year - on - year decrease of 18.1%; the real - estate development investment was 827.8814 million square meters, a year - on - year decrease of 17.2%. In December 2025, the air - conditioner output was 21.6289 million units, a year - on - year decrease of 8.72%; the household refrigerator output was 10.0115 million units, a year - on - year increase of 11.35%; the household washing - machine output was 11.975 million units, a year - on - year decrease of 2.36%; the freezer output was 2.9759 million units, a year - on - year increase of 9.04% [64]. - **Automobile and Machinery**: In February 2026, the production of new - energy vehicles in China was 1.672 million units, a year - on - year decrease of 43.1%; the sales volume was 1.805 million units, a year - on - year decrease of 32.4%. In December 2025, the excavator output was 37,305 units, a year - on - year increase of 20.8%; the large - and medium - sized tractor output was 32,064 units, a year - on - year increase of 6.3%; the small - tractor output was 10,000 units, a year - on - year decrease of 16.7% [68].

Report Title - Nickel and Stainless Steel Industry Chain Weekly Report, dated February 2, 2026 [1] Core Views Bullish Factors - Indonesia's production cut expectation: The Indonesian government is expected to lower the nickel ore quota in 2026, which may lead to a global nickel supply shortage and benefit prices [3] - New energy vehicle demand: The automobile production and sales data in January were good, and policy measures may stimulate demand, supporting nickel prices [3] Bearish Factors - Domestic inventory pressure has increased [3] - The Shanghai nickel futures show a weak trend technically [3] Trading Advice - Shanghai nickel showed a "sideways and weak" trend last week. Although the expectation of production cuts in Indonesia boosted sentiment, the significant increase in inventory turned market sentiment bearish. It is recommended to monitor subsequent inventory changes [3] Market Data Nickel Futures - Shanghai nickel main contract: The latest price was 140,000 yuan/ton, down 5,380 yuan (-3.70%) week-on-week [4] - Shanghai nickel continuous contracts (1 - 3): All showed price declines, with the largest decline of 3.93% in the continuous one contract [4] - LME nickel 3M: The latest price was 17,555 US dollars/ton, down 1,035 US dollars (-3.81%) week-on-week [4] - Open interest: Increased by 73,165 lots to 132,448 lots, a week-on-week increase of 123.4% [4] - Trading volume: Increased by 281,963 lots to 1,012,443 lots, a week-on-week increase of 38.60% [4] - Warehouse receipts: Increased by 4,359 tons to 46,876 tons, a week-on-week increase of 10.25% [4] - Main contract basis: Decreased by 2,370 yuan to 2,700 yuan/ton, a week-on-week decrease of 46.75% [4] Stainless Steel Futures - Stainless steel main contract: The latest price was 14,140 yuan/ton, down 505 yuan (-3%) week-on-week [4] - Stainless steel continuous contracts (1 - 3): All showed price declines, with the largest decline of 3.45% in the continuous one contract [4] - Trading volume: Increased by 42,057 lots to 408,041 lots, a week-on-week increase of 11.49% [4] - Open interest: Decreased by 56,278 lots to 99,011 lots, a week-on-week decrease of 36.24% [4] - Warehouse receipts: Increased by 4,641 tons to 43,579 tons, a week-on-week increase of 11.92% [4] - Main contract basis: Increased by 405 yuan to 630 yuan/ton, a week-on-week increase of 180.00% [4] Spot Prices - Jinchuan nickel: The latest price was 149,900 yuan/ton, down 1,750 yuan (-1.15%) [4] - Imported nickel: The latest price was 142,700 yuan/ton, down 1,950 yuan (-1.35%) [4] - 1 electrolytic nickel: The latest price was 146,150 yuan/ton, down 1,850 yuan (-1.25%) [4] - Nickel beans: The latest price was 145,100 yuan/ton, down 1,950 yuan (-1.33%) [4] - Electrowon nickel: The latest price was 142,600 yuan/ton, down 1,950 yuan (-1.35%) [4] Inventory Data - Domestic social inventory: Reached 70,643 tons, an increase of 4,349 tons [6] - LME nickel inventory: Reached 286,284 tons, a decrease of 186 tons [6] - Stainless steel social inventory: Reached 853 tons, an increase of 8.9 tons [6] - Nickel pig iron inventory: Reached 29,346 tons, a decrease of 879 tons [6] Charts and Data Sources Nickel and Stainless Steel Futures Prices - Shanghai nickel futures main contract closing price and LME nickel (3 months) electronic trading closing price trends from 2024 - 2026 [7] - Stainless steel futures main contract closing price trends from 2024 - 2026 [8] Spot Prices of Delivery Goods - Nickel spot average price trends from 2024 - 2026 [10] Primary Nickel Supply and Inventory - China's refined nickel monthly production seasonality from 2021 - 2025 [12] - China's total monthly supply of primary nickel (including imports) seasonality from 2021 - 2025 [12] - Domestic social inventory (nickel plates + nickel beans) seasonality from 2022 - 2026 [13] - LME nickel inventory seasonality from 2022 - 2026 [13] Upstream Nickel Ore - Philippine laterite nickel ore 1.5% (FOB) average price trends from 2015 - 2025 [15] - China's port nickel ore inventory by port seasonality from 2022 - 2026 [16] - China's 8 - 12% nickel pig iron ex - factory price (national average) trends from 2020 - 2025 [17] - Ni≥14% Indonesian high - nickel pig iron (arrival duty - paid) average price trends from 2021 - 2025 [17] - China's nickel iron monthly production seasonality from 2022 - 2026 [18] - Indonesia's nickel pig iron monthly production seasonality from 2022 - 2026 [19] Downstream Nickel Sulfate - Battery - grade nickel sulfate average price trends from 2024 - 2025 [21] - Battery - grade nickel sulfate premium trends from 2021 - 2025 [23] - Nickel bean production of nickel sulfate profit margin seasonality from 2022 - 2026 [24] - China's externally purchased nickel sulfate production of electrowon nickel profit seasonality from 2023 - 2026 [24] - China's nickel sulfate monthly production (metal tons) from 2021 - 2025 [25] - Ternary precursor monthly production capacity seasonality from 2021 - 2025 [25] Stainless Steel - China's 304 stainless steel cold - rolled coil profit margin seasonality from 2022 - 2026 [27] - Stainless steel monthly production seasonality from 2021 - 2025 [29] - Stainless steel inventory seasonality from 2022 - 2026 [30]

Core Viewpoint - Feinan Resources (301500) is expected to achieve significant profit growth in 2025, driven by market expansion and improved operational efficiency in the resource recovery sector [1][2]. Trading Information Summary - On January 27, 2026, Feinan Resources closed at 17.59 yuan, with a slight increase of 0.29% and a turnover rate of 12.72%. The trading volume was 183,200 hands, with a total transaction value of 322 million yuan [1]. Fund Flow - On January 27, the main funds experienced a net outflow of 13.33 million yuan, while retail investors saw a net inflow of 12.55 million yuan [1][3]. Earnings Disclosure Highlights - Feinan Resources forecasts a net profit attributable to shareholders for 2025 between 260 million yuan and 330 million yuan, representing a year-on-year growth of 102.51% to 157.03%. The net profit after deducting non-recurring gains and losses is expected to be between 370 million yuan and 440 million yuan, reflecting a growth of 74.03% to 106.95% [1][3]. - The growth in earnings is attributed to the expansion of raw material markets, enhanced production line efficiency, and increased profitability from resource products due to rising metal prices [1]. Company Announcement Summary - The company anticipates non-recurring losses between 100 million yuan and 120 million yuan, primarily due to fair value changes from futures hedging [1][3]. - Feinan Resources holds a leading position in hazardous waste disposal and multi-metal resource recovery, with an annual licensed hazardous waste processing capacity of 121.06 million tons [2].

Core Viewpoint - The project by Fujian Saibang New Materials Technology Co., Ltd. for recycling materials from new energy batteries has made significant progress, with its environmental impact report entering the approval stage [1] Investment and Project Details - The total investment for the project is approximately 1.012 billion yuan, located in the Long'an Chemical Park of Ningde City [1] - The project involves the renovation and expansion of existing facilities to process "ternary black powder," which includes treated waste ternary lithium battery cathode materials and nickel-cobalt-manganese hydroxide (MHP) [1] - Upon completion, the project will have an annual production capacity of 52,000 tons of new energy battery materials, including nickel-cobalt-manganese sulfate, cobalt oxide, manganese oxide, electrowinning nickel, and lithium carbonate [1] Environmental Management - The project plans to implement advanced processes such as wet leaching and extraction to recover key metal elements like nickel, cobalt, manganese, and lithium [1] - For waste gas generated during production, the project will utilize incineration and multi-stage purification for battery disassembly and pyrolysis emissions, while other process emissions will be treated with alkaline liquid spraying to ensure compliance with discharge standards [1] - In terms of water pollution prevention, the project will initially adopt a "zero discharge" design for high-concentration wastewater, using an evaporation crystallization system for water reuse [1] - Once the park's wastewater treatment facilities are improved, wastewater will undergo strict pretreatment before being discharged into the park's sewage treatment plant for further processing [1]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The nickel price has regained its financial attribute, and there is no need to be overly bearish. Although the non - ferrous sector has seen a general decline due to the correction of precious metals and copper, the medium - to - long - term trend remains upward. The nickel market is in a state of supply surplus and continuous inventory accumulation, but considering multiple dimensions such as the macro - environment, capital flow, and market sentiment, the price may not be overly pessimistic. [1][6] - The stainless steel market has a good inventory reduction recently, but the inflow of funds is limited. It passively follows the nickel price, with limited upside and difficulty in deep decline. [9] 3. Summary by Directory Chapter 1: Spread Tracking and Inventory 1.1 Nickel - Price and Spread Data - From January 5th to January 9th, the Shanghai - London ratio fluctuated around 7.96 - 8.05, with a 0.03 increase compared to the previous weekend and the end of last month. The spot import profit and loss, LME nickel premium/discount, and various nickel product premium/discounts also showed certain changes. For example, the SMM Jinchuan nickel premium increased by 1400 yuan compared to the previous weekend and the end of last month. [10] 1.2 Nickel - Global Nickel Inventory - Global visible nickel inventory reached 348,000 tons, an increase of 31,700 tons this week, mainly due to a large amount of warehousing in LME Asian warehouses stimulated by high nickel prices, and there was also an increase of over 2,000 tons in domestic social inventory. The supply of Jinchuan nickel is tight, and the spot premium has risen to 9,000 yuan/ton. [16] 1.3 Stainless Steel - Social Inventory and Warehouse Receipts - The social inventory of stainless steel continues to decline, and warehouse receipts are at a low level. Although the terminal demand for stainless steel is still weak, traders are actively replenishing inventory. The price of stainless steel has followed the rise of nickel prices, but the increase is relatively restrained due to the lack of large - scale capital inflow. [9][18] Chapter 2: Fundamental Analysis 2.1 Pure Nickel - **Production**: In 2025, the cumulative production of refined nickel increased by 17% year - on - year to 392,700 tons. In January, high nickel prices are expected to further boost production. From January to November 2025, the net import of domestic refined nickel was 48,900 tons, compared with a net export of 24,800 tons in the same period last year. Due to the opening of the import window at the end of December, the net import in January is expected to increase. From January to November 2025, the domestic supply of refined nickel was 410,000 tons, a year - on - year increase of 48%. [25] - **Demand**: From January to December, the cumulative consumption of pure nickel increased by 2% year - on - year to 291,000 tons. Electroplating consumption decreased seasonally, while alloy consumption increased slightly, and overall consumption slowed down. In December, the PMI of the downstream nickel industry stood above the 50 boom - bust line due to the recovery of stainless steel, but the consumption of pure nickel in electroplating, alloy, etc. was in the off - season, with a significant month - on - month decline. [28] 2.2 Stainless Steel - **Raw Materials** - **Nickel Ore**: The first - round benchmark price of Indonesian domestic nickel ore in January 2026 increased month - on - month, and the premium remained flat at HPM + 25 - +26 US dollars/wet ton. The Indonesian government will adjust nickel quotas according to industry demand. Some mines are operating normally, while others are waiting for quotas. [30] - **NPI**: The NPI market has recovered. The price of high - nickel iron has increased, and the production of China + Indonesia NPI has also shown a certain trend. The profit margin of NPI in some regions has improved. [32][33] - **Chromium - based Products**: Starting from January 1, 2026, Zimbabwe has imposed a 10% tax on the export of chromium - based products, causing the price of chromium ore to rebound continuously. The long - term purchase price of high - carbon ferrochrome by Tsingshan Group in January 2026 has decreased. [43] - **Cost and Hedging**: Estimating the cold - rolling cash cost at around 13,900 yuan/ton and the integrated cost at 13,400 yuan/ton. The futures market can provide hedging profits, reflecting a lively market atmosphere. [46] - **Supply**: It is estimated that the production of stainless - steel crude steel in China and India in 2025 was 45.06 million tons, a year - on - year increase of 4%. The production schedule in January has increased month - on - month, but whether it can be achieved depends on raw material supply. From January to November 2025, China's total stainless - steel imports were 1.374 million tons, a year - on - year decrease of 21%; total exports were 4.546 million tons, a year - on - year decrease of 1%; and the net export volume was 3.172 million tons, a year - on - year increase of 12%. [55] - **Demand**: The growth rate of shipbuilding plate production from January to November increased by 29% year - on - year, providing support for stainless - steel demand, while the growth rates in other terminal fields are not optimistic. [57] 2.3 New Energy Vehicles - **Domestic Market**: From January to November, the domestic sales of new energy vehicles were 12.466 million, a year - on - year increase of 23.2%. In December, the retail sales of new energy passenger vehicles were 1.387 million, a year - on - year increase of 7% and a month - on - month increase of 5%. The production of power cells increased by 41.9% year - on - year to 124.55 GWh from January to December. In January, the production of ternary power is expected to decrease by 6.1% month - on - month. [62] - **Global Market**: From January to November 2025, the global sales of new energy vehicles increased by 20.1% year - on - year to 18.39 million. European sales increased by 29.2% year - on - year to 3.434 million, while US sales increased by 0.7% year - on - year to 1.39 million. China's new energy vehicle exports from January to November were 2.283 million, a year - on - year increase of 100%. [67] - **Nickel Sulfate Market**: In 2025, China's nickel sulfate production decreased by 4.3% year - on - year to 354,000 nickel tons, while the production of ternary precursors increased by 6% year - on - year to 903,000 tons, and the production of ternary cathode materials increased by 19% year - on - year to 686,000 tons. In January, the demand for nickel sulfate slowed down, but the price followed the rise of refined nickel. [69] - **Nickel Sulfate Raw Materials**: In 2025, Indonesia's MHP production increased by 41% year - on - year to 444,000 tons, while high - grade nickel matte production decreased by 18% year - on - year to 224,000 tons. The increase in sulfur prices has raised the cost of MHP, and the good demand for nickel sulfate has boosted the price of intermediate products and stimulated production recovery. [75] 2.4 Overall Situation of Pure Nickel - The production of pure nickel has recovered, and the supply surplus has expanded, resulting in continuous inventory accumulation in the market. [76] Trading Logic and Strategies - **Nickel**: Considering the overall rise of the non - ferrous sector, it is recommended not to overly rely on industry constraints such as supply - demand and cost. Instead, multiple dimensions such as the macro - environment, capital flow, and market sentiment should be comprehensively considered. After the price has risen rapidly, the volatility has increased, so it is recommended to control positions and operate with caution. For unilateral trading, buy on pullbacks; for options, wait and see for the time being. [6] - **Stainless Steel**: Although the inventory of stainless steel has been reduced well recently, it has not attracted a large amount of capital inflow, so the increase is relatively limited. However, due to the low inventory level of downstream and insufficient arrival of goods at steel mills, there is inventory replenishment when the price pulls back, and it is also difficult for the price to decline sharply. It passively follows the nickel price to operate at a high level. For unilateral trading, it passively follows the high - level operation of the nickel price; for arbitrage, wait and see for the time being. [9]

Report Overview - Report Title: Nickel Stainless Steel Industry Chain Weekly Report - Report Date: December 12, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) 1. Report Industry Investment Rating No information provided. 2. Report's Core View **Likely Positive Factors** - Domestic factories are stocking up before the Chinese New Year, leading to a slight recovery in demand [3]. - The premium of Jinchuan nickel has narrowed to 4,900 yuan/ton, and the spot discount has remained stable [3]. **Likely Negative Factors** - High inventory levels persist, and the supply glut remains unchanged [3]. - There are few inquiries in the nickel ore market, demand is sluggish, and prices have stabilized without a clear upward trend [3]. **Trading Advisory View** - It is recommended to wait and see, and pay attention to the short - term impact of the Federal Reserve's interest rate decision on prices [3]. 3. Summary According to Relevant Catalogs **3.1 Market Data** **Nickel Futures** - The closing price of the main contract of Shanghai nickel (SHFE) was 115,870 yuan/ton, down 2,160 yuan or 1.83% week - on - week; the closing price of the first - nearby contract was 115,870 yuan/ton, down 1,920 yuan or 1.63% week - on - week; the closing price of the second - nearby contract was 116,060 yuan/ton, down 1,890 yuan or 1.60% week - on - week; the closing price of the third - nearby contract was 116,290 yuan/ton, down 1,910 yuan or 1.60% week - on - week [3]. - LME nickel 3M was at 14,610 US dollars/ton, down 360 US dollars or 1.62% week - on - week [3]. - The open interest was 106,302 lots, down 5,283 lots or 4.7% week - on - week; the trading volume was 106,815 lots, down 17,698 lots or 14.21% week - on - week; the number of warehouse receipts was 33,939 tons, down 825 tons or 2.37% week - on - week; the basis of the main contract was 410 yuan/ton, up 560 yuan or - 373.33% week - on - week [3]. **Stainless Steel Futures** - The closing price of the main contract of stainless steel was 12,500 yuan/ton, down 10 yuan or 0% week - on - week; the closing price of the first - nearby contract was 12,500 yuan/ton, unchanged week - on - week; the closing price of the second - nearby contract was 12,625 yuan/ton, up 35 yuan or 0.28% week - on - week; the closing price of the third - nearby contract was 12,695 yuan/ton, up 45 yuan or 0.36% week - on - week [4]. - The trading volume was 69,415 lots, down 32,225 lots or 31.71% week - on - week; the open interest was 64,258 lots, down 21,427 lots or 25.01% week - on - week; the number of warehouse receipts was 61,378 tons, down 241 tons or 0.39% week - on - week; the basis of the main contract was 570 yuan/ton, up 100 yuan or 21.28% week - on - week [4]. **Nickel Spot** - Jinchuan nickel was at 121,400 yuan/ton, down 250 yuan or 0.21% day - on - day; imported nickel was at 116,700 yuan/ton, down 300 yuan or 0.26% day - on - day; 1 electrolytic nickel was at 118,850 yuan/ton, down 300 yuan or 0.25% day - on - day; nickel beans were at 118,750 yuan/ton, down 300 yuan or 0.25% day - on - day; electrowon nickel was at 116,450 yuan/ton, down 300 yuan or 0.26% day - on - day [4]. **Inventory Data** - Domestic social nickel inventory was 56,848 tons, up 1,499 tons; LME nickel inventory was 252,852 tons, down 240 tons; stainless steel social inventory was 947,600 tons, up 700 tons; nickel pig iron inventory was 29,346 tons, down 879 tons [6]. **3.2 Market Trends and Charts** - The report includes charts showing the historical trends of nickel futures prices (both domestic and LME), stainless steel futures prices, nickel spot average prices, nickel supply and inventory, upstream nickel ore prices and inventory, downstream nickel sulfate prices and profitability, and stainless steel production and inventory [7][9][11]. **3.3 Industry Chain Analysis** **Upstream Nickel Ore** - The average price of Philippine laterite nickel ore (1.5% FOB) is presented in a historical trend chart, and the seasonal inventory of nickel ore at Chinese ports is also shown [16]. - The average ex - factory price of 8 - 12% nickel pig iron in China and the average landed duty - paid price of Indonesian nickel pig iron (Ni≥14%) are presented in historical trend charts [17]. - The seasonal production volume of nickel iron in China and Indonesia is shown in charts [18][19]. **Downstream Nickel Sulfate** - The average price of battery - grade nickel sulfate, its premium over primary nickel, the profitability of producing nickel sulfate from nickel beans, and the profitability of producing electrowon nickel from externally purchased nickel sulfate are presented in historical trend charts [21][23][24]. - The monthly production volume of nickel sulfate in China and the seasonal production capacity of ternary precursors are shown in charts [25]. **Stainless Steel** - The seasonal profitability of Chinese 304 stainless steel cold - rolled coils, monthly production volume, and inventory are presented in historical trend charts [27][29][30].

Report Summary 1. Report Industry Investment Rating - No information provided in the document. 2. Report's Core View - No information provided in the document. 3. Summary by Relevant Catalog - **Copper**: SMM 1 electrolytic copper average price is 86,015 with a rise of 20, and SMM flat - water copper premium/discount is 15 with a rise of 15 [1]. - **Aluminum**: SMM A00 aluminum average price is 21,540 with a rise of 180, and SMM A00 aluminum premium/discount is - 30 with no change; Alumina (Shanxi) price is 2,840 with no change, and Australian alumina FOB average price is 320 dollars with a rise of 3 dollars [1]. - **Lead**: SMM 1 lead ingot average price is 17,250 with a rise of 25, and SMM 1 lead ingot premium/discount to the current - month futures at 10:15 is - 170 with a fall of 45; Recycled refined lead average price is 17,200, recycled lead average price rises by 25, and the refined - scrap price difference is 50 with no change [1]. - **Zinc**: SMM 0 zinc ingot average price is 22,640 with a rise of 140, and SMM 0 zinc ingot premium/discount to the current - month futures at 10:15 is - 5 with a rise of 10 [1]. - **Tin**: SMM 1 tin average price is 283,700 with a rise of 900, and SMM 1 tin premium/discount to the current - month futures at 10:15 is 700 with a fall of 70; 40% tin concentrate (Yunnan) average price is 271,700 with a rise of 900, and the ratio of 40% tin concentrate (Yunnan) to SMM 1 tin is 95.77% [1]. - **Nickel**: 1 imported nickel average price is 119,825 with a rise of 350, and 1 imported nickel premium/discount to the Shanghai nickel contract average price is 400 with no change; SMM electrowon nickel average price is 119,500 with a rise of 350, and SMM electrowon nickel premium/discount average price is 75 with no change; 1 Jinchuan nickel average price is 122,425 with a rise of 500, and 1 Jinchuan nickel premium/discount to the Shanghai nickel contract average price is 3000 with a rise of 150 [1]. - **Silicon - related**: Oxygen - permeable 421 (Xinjiang) average price is 9,100 with a rise of 0.55, and its premium/discount to the current - month futures at 10:15 is 820 with a fall of 150; N - type polysilicon re - feedstock average price is 52.2 with no change, and N - type polysilicon dense material average price is 51 with no change [1]. - **Lithium - related**: Battery - grade lithium carbonate average price is 80,400 with no change, and its premium/discount to the current - month futures at 10:15 is - 1460 with a fall of 2920; Industrial - grade lithium carbonate average price is 78,200, the battery - industrial lithium carbonate price difference is 2200 with no change [1]. Analysts - Lang Duo, Chief Analyst, research direction: copper, tin,从业资格证号: F3047773, investment consulting number: Z0014087 [1]. - Liu Dongbo, Senior Analyst, research direction: aluminum, alumina, gold,从业资格证号: F3062795, investment consulting number: Z0015311 [1]. - Wu Jiang, Senior Analyst, research direction: nickel and stainless steel, silver, lithium carbonate,从业资格证号: F3085524, investment consulting number: Z0016394 [1]. - Sun Fangfang, Intermediate Analyst, research direction: lead, zinc,从业资格证号: F03111330, investment consulting number: Z0018905 [1]. - Zhang Xiurui, Intermediate Analyst, research direction: industrial (the description seems incomplete),从业资格证号: F03099436, investment consulting number: Z0021022 [1].

Group 1: Company Projects and Developments - The company is currently advancing several new projects, including the Ganzhou Feinan Industrial Waste Salt Resource Utilization Project, which has received necessary approvals and is under construction [2] - The Guangxi Feinan New Energy Materials Project has obtained land certificates and environmental assessments, with construction underway [2] - The company aims to enhance operational efficiency and profitability through the development of these projects, which will extend the resource utilization product chain [5] Group 2: Financial Performance - In the first three quarters of 2025, the company's total revenue reached CNY 10.707 billion, a year-on-year increase of 17.15% [8] - The net profit attributable to shareholders increased by 10.72%, while the non-recurring net profit decreased by 21.06% due to increased depreciation and amortization expenses from new projects [8] - The investment activities net cash flow was -CNY 415 million, an improvement from -CNY 812 million in the previous year [6] Group 3: Risk Management and Market Conditions - The company engages in futures hedging to manage price risks associated with metal inventories, although this has led to reported losses [3] - Market competition and rising operational costs have impacted profitability despite revenue growth [10] - The company emphasizes the importance of value management and aims to improve operational efficiency to enhance shareholder returns [10] Group 4: Research and Development - R&D expenses increased by 12.6%, focusing on upgrading recycling technologies, although this has not yet translated into significant profit improvements [9] - The company is committed to continuous technological innovation and production process optimization to enhance efficiency and performance [9]

Group 1: Metal Price Information - SMM 1 electrolytic copper average price is 86,590, down 250; SMM flat - water copper premium is - 45, down 15 [1] - SMM A00 aluminum average price is 21,440, unchanged; SMM A00 aluminum premium is - 10, down 10 [1] - Alumina (Shanxi) average price is 2,840, down 5; Australian alumina FOB average price is 318 dollars, down 1 dollar [1] - SMM 1 lead ingot average price is 17,250, up 25; SMM 1 lead ingot premium to the current - month futures at 10:15 is - 170, down 45 [1] - Recycled refined aluminum average price is 17,175, up 25; recycled lead average price increase is 25; refined - scrap spread is 75, unchanged [1] - SMM 0 zinc ingot average price is 22,580, up 230; SMM 0 zinc ingot premium to the current - month futures at 10:15 is - 60, down 30 [1] - SMM 1 tin average price is 285,400, unchanged; SMM 1 tin premium to the current - month futures at 10:15 is 370, down 240 [1] - 40% tin concentrate (Yunnan) average price is 273,400, unchanged; 40% tin concentrate (Yunnan)/SMM 1 tin ratio is 95.80% [1] - 1 imported nickel average price is 120,950, down 200; 1 imported nickel premium to the Shanghai nickel contract average price is 400, unchanged [1] - SMM electrowinning nickel average price is 120,600, down 200; SMM electrowinning nickel premium average price is 50, unchanged [1] - 1 Jinchuan nickel average price is 123,150, down 200; 1 Jinchuan nickel premium to the Shanghai nickel contract average price is 2,600, unchanged [1] - Oxygen - through 421 (Xinjiang) average price is 9,050, unchanged; Oxygen - through 421 (Xinjiang) premium to the current - month futures at 10:15 is 1,300, down 95 [1] - N - type polysilicon re - feedstock average price is 52.2, down 0.05; N - type polysilicon dense material average price is 51, unchanged [1] - Battery - grade lithium carbonate average price is 80,900, down 100; Battery - grade lithium carbonate premium to the current - month futures at 10:15 is 2,180, up 1,680 [1] - Industrial - grade lithium carbonate average price is 78,700; the difference between battery - grade and industrial - grade lithium carbonate is 2,200, unchanged [1] Group 2: Analyst Information - Chief analyst Dian Shi is responsible for copper and tin, with qualification number F3047773 and investment consulting number Z0014087 [1] - Senior analyst Liu Dongbo is in charge of aluminum, alumina, and gold, with qualification number F3062795 and investment consulting number Z0015311 [1] - Senior analyst Wu Jiang is responsible for nickel and stainless steel, silver, and lithium carbonate, with qualification number F3085524 and investment consulting number Z0016394 [1] - Intermediate analyst Sun Fangfang is in charge of lead and zinc, with qualification number F03111330 and investment consulting number Z0018905 [1] - Intermediate analyst Zhang Xiurui is responsible for industrial silicon, with qualification number F03099436 and investment consulting number Z0021022 [1]

Core Viewpoint - The company, Greeenmei, reported strong financial performance for the first three quarters of 2025, driven by growth in key metal resource recycling and battery materials, achieving record high revenues and profits [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 27.498 billion yuan, a year-on-year increase of 10.55%, and a net profit attributable to shareholders of 1.109 billion yuan, up 22.66% [1]. - In Q3 2025, the company recorded operating revenue of 9.937 billion yuan, a 31.89% increase year-on-year, and a net profit of 310 million yuan, reflecting a 52.99% growth [1]. Key Business Developments - The company has established itself as a leader in global key metal resource recycling, creating a comprehensive industrial chain from waste metal recovery to high-purity raw materials and end products, covering over 20 key metals [1]. - In the first three quarters of 2025, the company recycled over 6,000 tons of cobalt, significantly enhancing the stability of its global cobalt supply chain during the Democratic Republic of Congo's cobalt export ban [2]. - Nickel metal shipments from the company's Indonesian nickel resource project reached 79,916 tons, a 151% increase year-on-year, laying a solid foundation for achieving an annual output of 120,000 tons [2]. Product and Technology Advancements - The company reported a tungsten resource recovery shipment of 5,590 tons, a 22% increase year-on-year, and a 59% increase in the recovery of dismantled power batteries, totaling 36,643 tons [3]. - The company is actively promoting the recycling of power batteries and the development of solid-state battery materials, collaborating with a research team to tackle core technology challenges in solid-state battery production [3]. Global Expansion and Capital Strategy - To support its global development strategy, the company submitted an application for an H-share listing on the Hong Kong Stock Exchange in September 2025, aiming to raise funds for capacity construction and international marketing [3]. - The funds raised will be used for key metal resource capacity construction, overseas R&D innovation, digitalization, and working capital to enhance the company's global competitiveness [3].