研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 不锈钢产业日报 2026-02-09 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:不锈钢(日,元/吨) | 13735 | 65 03-04月合约价差:不锈钢(日,元/吨) | -105 | -20 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -6580 | -480 主力合约持仓量:不锈钢(日,手) | 41399 | -5769 | | | 仓单数量:不锈钢(日,吨) | 53523 | 5723 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 14650 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 9350 | 0 | | | 基差:不锈钢(日,元/吨) | 600 | 140 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.14 | ...

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - This week, nickel prices weakened, with a sharp drop of over 10,000 yuan per ton on Monday. Spot market sentiment was cautious, and traders' holiday - waiting sentiment increased. As nickel prices declined further, some downstream buyers entered the market. In terms of supply, January production continued to rise, domestic inventories continued to accumulate, and LME inventories decreased slightly, with sufficient market supply. In the industrial chain, there was strong bullish sentiment for nickel ore, but there was a sharp contrast between strong demand in Indonesia and sluggish transactions due to cost inversion in China. Nickel - iron prices began to decline, and the cost line shifted downward. Stainless - steel inventories continued to rise, which may put pressure on prices in the short term. Although the production and sales data of new - energy vehicles were good, the overall boost to nickel demand was limited [8]. - From a technical perspective, on the daily K - line, the price has fallen below the 20 - day moving average, and positions are decreasing. The MACD shows a downward trend. With five trading days before the holiday, funds may continue to flow out. It is recommended to control positions and hold a light position during the holiday [80]. 3. Summary According to the Catalog 3.1 Viewpoints and Strategies - **Viewpoints**: Nickel prices weakened this week, with supply increasing and demand showing mixed signals. The industrial chain presented different situations for various products. - **Strategies**: Hold a small amount of short positions for both the Shanghai nickel main contract and the stainless - steel main contract, and stop losses if the price returns above the 20 - day moving average [9][10] 3.2 Fundamental Analysis 3.2.1 Industrial Chain Weekly Price Changes - **Nickel Ore**: Red clay nickel ore (CIF) NI1.5%, Fe30 - 35% increased from 57 to 61, a 7.02% increase; NI1.4%, Fe30 - 35% increased from 52 to 56, a 7.69% increase. - **Sulfuric Acid Nickel**: Battery - grade sulfuric acid nickel decreased from 33,000 to 32,150, a 2.58% decrease; electroplating - grade remained unchanged at 32,500. - **Nickel - Iron**: Low - nickel iron in Shandong remained unchanged at 3,550; high - nickel iron in Shandong decreased from 1,060 to 1,045, a 1.42% decrease. - **Electrolytic Nickel**: Shanghai electrolytic nickel decreased from 149,500 to 141,360, a 5.44% decrease; Shanghai Russian nickel decreased from 142,150 to 130,810, a 7.98% decrease; Jinchuan's ex - factory price decreased from 150,100 to 140,200, a 6.60% decrease. - **Stainless Steel**: 304 stainless steel decreased from 15,037.5 to 14,987.5, a 0.33% decrease [13][14] 3.2.2 Nickel Ore Market Conditions - **Price**: Nickel ore prices increased by $4 per wet ton this week, and ocean freight remained stable. - **Inventory**: On February 5, 2026, the total nickel ore inventory at 14 ports in China was 11.0853 million wet tons, a decrease of 638,100 wet tons or 5.44% from the previous period. - **Import**: In December 2025, nickel ore imports were 1.9928 million tons, a 40.33% decrease from the previous month and a 31.13% increase year - on - year. The total import volume from January to December 2025 was 42.2634 million tons, a 10.94% increase year - on - year [18] 3.2.3 Electrolytic Nickel Market Conditions - **Price**: Electrolytic nickel prices weakened this week, with Shanghai electrolytic nickel, Shanghai Russian nickel, and Jinchuan's ex - factory price all decreasing. - **Spot**: Market sentiment was cautious this week, and as prices declined, some downstream buyers made purchases. Traders' holiday - waiting sentiment was strong. - **Long - term Fundamentals**: The global nickel market is expected to remain in a supply - surplus pattern dominated by low - cost production capacity in Indonesia. Traditional demand such as stainless steel has weak growth, but the high - nickel trend in the new - energy field will provide key structural support. - **Supply and Demand Balance**: The global nickel supply and demand are in a state of slight surplus in some years. - **Production**: In January 2026, China's refined nickel production was 35,225 tons, a 14.34% increase from the previous month and a 4.91% increase year - on - year. The estimated production in February 2026 is 32,260 tons, a decrease of 8.42% from the previous month and a 2.68% decrease year - on - year. - **Import and Export**: In December 2025, China's refined nickel imports were 23,394.299 tons, a significant increase from the previous month and year - on - year. Exports were 13,296.309 tons, with a month - on - month increase and a year - on - year decrease. - **Sulfuric Acid Nickel**: In December 2025, China's sulfuric acid nickel production was 206,100 tons in physical terms and 45,400 tons in metal terms. The estimated production in January 2026 is 47,600 metal tons. Battery - grade sulfuric acid nickel prices decreased, while electroplating - grade remained unchanged. - **Inventory**: LME inventory decreased by 1,002 tons to 285,282 tons, while SHFE inventory increased by 2,061 tons to 57,457 tons [24][26][27][30][34][37][40] 3.2.4 Nickel - Iron Market Conditions - **Price**: Low - nickel iron prices remained unchanged, while high - nickel iron prices decreased. - **Production**: In December 2025, China's nickel - pig iron production was 21,400 tons in metal terms, with a month - on - month and year - on - year decrease. - **Import**: In December 2025, China's nickel - iron imports were 996,000 tons, a month - on - month and year - on - year increase. The total import volume from January to December 2025 was 11.149 million tons, a 24.2% increase year - on - year. - **Inventory**: In December, the negotiable inventory of nickel - iron was 217,200 physical tons, equivalent to 22,400 nickel tons [45][47][50][53] 3.2.5 Stainless - Steel Market Conditions - **Price**: The price of 304 stainless steel decreased slightly this week. - **Production**: In December, stainless - steel crude steel production was 3.2605 million tons, with a decrease in 300 - series production. - **Import and Export**: The latest data shows that stainless - steel imports were 145,000 tons and exports were 485,000 tons. - **Inventory**: On February 6, the inventory in Wuxi was 546,200 tons, in Foshan was 305,200 tons, and the national inventory was 965,000 tons, a 12,300 - ton increase from the previous period [58][63][66][69] 3.2.6 New - Energy Vehicle Production and Sales - **Production and Sales**: In December, new - energy vehicle production and sales were 1.718 million and 1.71 million respectively, with year - on - year increases of 12.3% and 7.2%. From January to December, production and sales were 16.626 million and 16.49 million respectively, with year - on - year increases of 29% and 28.2%. - **Power Battery**: In December, the total production of power and energy - storage batteries was 201.7 GWh, a month - on - month increase of 14.4% and a year - on - year increase of 62.1%. The domestic power - battery installation volume was 98.1 GWh, a month - on - month increase of 4.9% and a year - on - year increase of 35.1% [74][77] 3.3 Technical Analysis - On the daily K - line, the price has fallen below the 20 - day moving average, positions are decreasing, and the MACD shows a downward trend. With five trading days before the holiday, funds may continue to flow out. It is recommended to control positions and hold a light position during the holiday [80] 3.4 Industrial Chain Summary - **Nickel Ore**: Bullish sentiment is strong, but there is a contrast between overseas and domestic markets. - **Nickel - Iron**: Prices are falling, and the cost line is shifting downward. - **Stainless Steel**: Inventories are rising, which may put pressure on prices. - **New - Energy Vehicles**: Production and sales data are good, but the overall boost to nickel demand is limited [8]

1. Report Industry Investment Rating - No relevant information provided in the reports. 2. Report Core Views Nickel - Refined nickel prices are high, stimulating production, but demand is weak. The nickel - iron market has a large psychological price gap between supply and demand, and transactions are weak. Stainless - steel demand is weak, and downstream purchases of nickel - sulfate are limited. Social inventories are accumulating. Overall, nickel prices are expected to fall first and then fluctuate widely, with the main contract reference range of 135,000 - 150,000 yuan/ton [2]. Stainless Steel - Stainless - steel futures have large fluctuations. Cost support is strengthening, but demand is weak. Steel mills are reducing production, and social inventories are slightly accumulating. The market is expected to be in a shock - adjustment state in the short term, with the main contract reference range of 13,500 - 14,800 yuan/ton [5]. Lithium Carbonate - The lithium carbonate futures market was weak last week. Supply is expected to decline, and demand is relatively optimistic. Social inventories are being depleted, and upstream inventories are low. The price is expected to remain in a relatively strong range, but may fall in the short term, with the main contract reference range of 140,000 - 160,000 yuan/ton [8]. Copper - In the long - term, copper supply is restricted by capital expenditure, and demand is increasing due to AI - related grid upgrades, so the bottom price is expected to rise. In the short - term, copper prices may return to fundamental pricing under the narrowing of CL premium. Attention should be paid to CL premium changes and downstream demand, with the main contract support at 101,500 - 103,000 yuan/ton [9]. Zinc - Zinc ore shortages support prices. Although zinc ore port inventories are accumulating, smelter profits are under pressure, and demand is suppressed by high prices. The overall fundamentals are good, and the price downside is limited, with the main contract support at 25,000 - 25,500 yuan/ton [13]. Tin - In the short - term, tin prices fluctuate greatly due to market sentiment. In the long - term, due to the low elasticity of supply and the long - term narrative of the AI arms race, a low - buying strategy is recommended [14]. Aluminum Alloy - The casting aluminum alloy market has high price fluctuations. The cost is the main driving factor, and the supply - demand is seasonally weak. It is expected that the ADC12 price will fluctuate in a high - level range, with the main contract reference range of 22,000 - 24,000 yuan/ton [15]. Aluminum - Aluminum prices have risen sharply, driven by macro - factors and geopolitical risks, but have deviated from fundamentals. High prices suppress downstream demand, and inventories are increasing. It is recommended to wait for price stabilization and volatility decline before going long, with price support at 23,000 - 23,500 yuan/ton [16]. Industrial Silicon - In January, the supply and demand of industrial silicon weakened slightly, and it will continue in February. Supply is expected to decline further. The price is expected to fluctuate between 8,200 - 9,200 yuan/ton, and attention should be paid to demand changes [17]. Polysilicon - In February, the supply and demand of polysilicon are weak. Production is expected to decrease, and the inventory accumulation slope is slowing down. The 45,000 yuan/ton level is expected to have support. It is recommended to wait and see and pay attention to production cuts and downstream demand recovery [18]. 3. Summaries by Relevant Catalogs Price and Basis - **Nickel**: SMM 1 electrolytic nickel price decreased by 1.25% to 146,150 yuan/ton; the import profit and loss of futures decreased by 515.79% to - 1,638 yuan/ton [2]. - **Stainless Steel**: 304/2B (Wuxi Hongwang 2.0 roll) price decreased by 0.69% to 14,400 yuan/ton; the spot - futures price difference increased by 405.88% to 430 yuan/ton [5]. - **Lithium Carbonate**: SMM battery - grade lithium carbonate average price decreased by 4.46% to 160,500 yuan/ton; the basis increased by 286.79% to 12,300 yuan/ton [8]. - **Copper**: SMM 1 electrolytic copper price increased by 0.22% to 104,410 yuan/ton; the refined - scrap price difference decreased by 45.25% to 3,631 yuan/ton [9]. - **Zinc**: SMM 0 zinc ingot price increased by 1.98% to 25,790 yuan/ton; the import profit and loss increased by 317 yuan/ton to - 2,126 yuan/ton [13]. - **Tin**: SMM 1 tin price decreased by 2.27% to 428,650 yuan/ton; the import profit and loss increased by 4.65% to - 10,538.60 yuan/ton [14]. - **Aluminum Alloy**: SMM aluminum alloy ADC12 price decreased by 0.81% to 24,350 yuan/ton; the refined - scrap price difference of Foshan broken primary aluminum increased by 16.73% to 3,174 yuan/ton [15]. - **Aluminum**: SMM A00 aluminum price decreased by 0.80% to 24,660 yuan/ton; the electrolytic aluminum import profit and loss increased by 302.8 yuan/ton to - 1,779 yuan/ton [16]. - **Industrial Silicon**: The price of East China oxygen - passing SI5530 industrial silicon remained unchanged at 9,250 yuan/ton; the basis decreased by 183.33% to - 75 yuan/ton [17]. - **Polysilicon**: The average price of N - type re - feed material decreased by 2.29% to 51,300 yuan/kg; the N - type material basis increased by 31.44% to 4,160 yuan/ton [18]. Month - to - Month Price Difference - **Nickel**: 2602 - 2603 decreased by 390 yuan/ton to - 90 yuan/ton [2]. - **Stainless Steel**: 2602 - 2603 decreased by 155 yuan/ton to - 275 yuan/ton [5]. - **Lithium Carbonate**: 2602 - 2603 increased by 200 yuan/ton to - 780 yuan/ton [8]. - **Copper**: 2602 - 2603 decreased by 70 yuan/ton to - 270 yuan/ton [9]. - **Zinc**: 2602 - 2603 decreased by 10 yuan/ton to - 50 yuan/ton [13]. - **Tin**: 2602 - 2603 decreased by 50 yuan/ton to - 1,000 yuan/ton [14]. - **Aluminum Alloy**: 2602 - 2603 increased by 20 yuan/ton to - 80 yuan/ton [15]. - **Aluminum**: AL 2602 - 2603 increased by 245 yuan/ton to 110 yuan/ton [16]. - **Industrial Silicon**: The main contract increased by 1.88% to 8,955 yuan/ton; the difference between the current month and the first - following month decreased by 5 yuan/ton to - 45 yuan/ton [17]. - **Polysilicon**: The difference between the current month and the first - following month decreased by 775 yuan/ton to - 1,230 yuan/ton [18]. Supply and Demand and Inventory - **Nickel**: China's refined nickel production increased by 26.10% to 31,400 tons; SHFE inventory increased by 9.06% to 25,396 tons [2]. - **Stainless Steel**: China's 300 - series stainless - steel crude steel production increased by 0.92% to 176.32 million tons; 300 - series social inventory (Wuxi + Foshan) increased by 0.82% to 45.77 million tons [5]. - **Lithium Carbonate**: In December, lithium carbonate production decreased by 1.31% to 99,200 tons; total lithium carbonate inventory decreased by 12.23% to 64,560 tons [8]. - **Copper**: In January, electrolytic copper production increased by 0.10% to 117.93 million tons; domestic mainstream port copper concentrate inventory decreased by 6.85% to 67.33 million tons [9]. - **Zinc**: In January, refined zinc production increased by 1.54% to 56.06 million tons; China's seven - region zinc ingot social inventory decreased by 1.35% to 11.72 million tons [13]. - **Tin**: In December, tin ore imports remained unchanged at 17,637 tons; SHFE inventory increased by 7.70% to 10,468 tons [14]. - **Aluminum Alloy**: In December, recycled aluminum alloy ingot production decreased by 6.16% to 64 million tons; recycled aluminum alloy weekly social inventory decreased by 2.11% to 4.64 million tons [15]. - **Aluminum**: In January, alumina production decreased by 1.78% to 738.56 million tons; China's electrolytic aluminum social inventory increased by 5.25% to 78.2 million tons [16]. - **Industrial Silicon**: National industrial silicon production decreased by 1.15% to 39.71 million tons; social inventory decreased by 0.36% to 55.4 million tons [17]. - **Polysilicon**: Weekly polysilicon production decreased by 12.73% to 10.08 million tons; polysilicon inventory increased by 0.91% to 33.3 million tons [18].

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Views of the Report - Nickel: High nickel prices stimulate production, but demand is weak. The price is expected to fall and then fluctuate widely, with the main reference range of 135,000 - 150,000 yuan [2]. - Stainless steel: Cost support is strengthened, but demand and inventory digestion are insufficient. It is expected to oscillate and adjust in the short - term, with the main reference range of 13,500 - 14,800 yuan [5]. - Lithium carbonate: The regulatory environment is strengthened, and the price is supported. It may fall in the short - term, with the main reference range of 140,000 - 160,000 yuan [8]. - Copper: In the long - term, the copper price bottom is expected to rise. In the short - term, it may return to fundamental pricing, and attention should be paid to CL premium changes, with the main support range of 101,500 - 103,000 yuan [9]. - Zinc: The zinc price is supported by tight mines. Although there is negative feedback on the demand side, the fundamentals are good, and attention should be paid to zinc mine TC and refined zinc inventory changes, with the main support range of 25,000 - 25,500 yuan [13]. - Tin: Short - term prices fluctuate greatly, and it is recommended to be cautious. In the medium - to - long - term, a low - buying strategy can be adopted [14]. - Aluminum alloy: It is expected to maintain a high - level range oscillation, with the main reference range of 22,000 - 24,000 yuan. Attention should be paid to waste aluminum circulation, import window changes, and pre - holiday downstream inventory [15]. - Aluminum: The aluminum price is affected by macro and geopolitical factors. It is recommended to wait for price stability and volatility decline to go long, and pay attention to the support at 23,000 - 23,500 yuan [16]. - Industrial silicon: It is expected to oscillate, with the main price range of 8,200 - 9,200 yuan. Attention should be paid to production reduction and demand changes [17]. - Polysilicon: In February, supply and demand are weak. After the Spring Festival, attention should be paid to order recovery and capacity regulation. The price may be supported at 45,000 yuan/ton. It is recommended to wait and see [18]. 3. Summaries According to Relevant Catalogs Price and Basis - **Nickel**: SMM 1 electrolytic nickel price is 146,150 yuan/ton, down 1.25% [2]. - **Stainless steel**: 304/2B (Wuxi Hongwang 2.0 coil) price is 14,400 yuan/ton, down 0.69% [5]. - **Lithium carbonate**: SMM battery - grade lithium carbonate average price is 160,500 yuan/ton, down 4.46% [8]. - **Copper**: SMM 1 electrolytic copper price is 104,410 yuan/ton, up 0.22% [9]. - **Zinc**: SMM 0 zinc ingot price is 25,790 yuan/ton, up 1.98% [13]. - **Tin**: SMM 1 tin price is 428,650 yuan/ton, down 2.27% [14]. - **Aluminum alloy**: SMM aluminum alloy ADC12 price is 24,350 yuan/ton, down 0.81% [15]. - **Aluminum**: SMM A00 aluminum price is 24,660 yuan/ton, down 0.80% [16]. - **Industrial silicon**: East China SI4210 industrial silicon price is 8,650 yuan/ton, unchanged [17]. - **Polysilicon**: N - type re - feedstock average price is 51,300 yuan/kg, down 2.29% [18]. Monthly Spread - **Nickel**: 2602 - 2603 is - 90 yuan/ton [2]. - **Stainless steel**: 2602 - 2603 is - 275 yuan/ton [5]. - **Lithium carbonate**: 2602 - 2603 is - 780 yuan/ton [8]. - **Copper**: 2602 - 2603 is - 270 yuan/ton [9]. - **Zinc**: 2602 - 2603 is - 50 yuan/ton [13]. - **Tin**: 2602 - 2603 is - 1000 yuan/ton [14]. - **Aluminum alloy**: 2602 - 2603 is - 80 yuan/ton [15]. - **Aluminum**: AL 2602 - 2603 is 110 yuan/ton [16]. - **Industrial silicon**: The spread between the current month and the first - continuous contract is - 45 yuan/ton [17]. - **Polysilicon**: The spread between the current month and the first - continuous contract is - 1230 yuan/ton [18]. Fundamental Data - **Nickel**: China's refined nickel production in January is 31,400 tons, up 26.10% month - on - month [2]. - **Stainless steel**: China's 300 - series stainless steel crude steel production (43 enterprises) in January is 176.32 million tons, up 0.92% month - on - month [5]. - **Lithium carbonate**: Lithium carbonate production in December is 99,200 tons, down 1.31% month - on - month [8]. - **Copper**: Electrolytic copper production in January is 117.93 million tons, up 0.10% month - on - month [9]. - **Zinc**: Refined zinc production in January is 56.06 million tons, up 1.54% month - on - month [13]. - **Tin**: SMM refined tin production in December is 15,950 tons, down 0.06% [14]. - **Aluminum alloy**: Recycled aluminum alloy ingot production in December is 64.00 million tons, down 6.16% month - on - month [15]. - **Aluminum**: Alumina production in January is 738.56 million tons, down 1.78% month - on - month [16]. - **Industrial silicon**: National industrial silicon production in January is 39.71 million tons, down 1.15% [17]. - **Polysilicon**: Polysilicon production in January is 10.08 million tons, down 12.73% [18].

研究所 高位震荡，上冲乏力 ——国信期货有色（镍）周报 2026年02月01日 研究所 0.00 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 2020/12/31 2021/02/28 2021/04/30 2021/06/30 2021/08/31 2021/10/31 2021/12/31 2022/02/28 2022/04/30 2022/06/30 2022/08/31 2022/10/31 2022/12/31 2023/02/28 2023/04/30 2023/06/30 2023/08/31 2023/10/31 2023/12/31 2024/02/29 2024/04/30 2024/06/30 2024/08/31 2024/10/31 2024/12/31 2025/02/28 2025/04/30 2025/06/30 2025/08/31 2025/10/31 2025/12/31 镍期货收盘价(主力合约)(单位：元/吨) 数据来源：WIND 国信期货 免责声明：本报告以投资者教育为目的，不构成 ...

Core Viewpoint - Nickel prices are experiencing a strong upward trend due to a restructured supply-demand dynamic, with prices reaching between 149,500 and 152,000 yuan per ton, averaging 150,750 yuan per ton, an increase of 2,250 yuan per ton from the previous day [1] Supply Side Analysis - The supply side is characterized by a rigid contraction, with a significant reduction in nickel mining quotas in Indonesia, which decreased by 34% year-on-year for 2026, alongside declining ore grades and environmental shutdowns of some mines [1] - The global supply of nickel ore has sharply decreased, leading to a situation where actual supply is generally adequate but with high inventory differentiation and structural contradictions [1] - The reduction in Indonesian nickel mining quotas is a major variable that, while not immediately altering the global supply landscape, is reshaping market expectations and will likely push global nickel supply-demand towards a tighter balance in the long term [1] Demand Side Analysis - Demand is being driven by both the new energy sector and traditional industries, with increased nickel usage in high-nickel electric vehicles and a significant rise in demand for nickel sulfate [2] - The stainless steel sector is providing stable demand support, and short-term export demand is being bolstered by national nickel storage plans and adjustments in battery export tax rates [2] - The upstream raw material shortage and high costs are concentrating bargaining power among leading suppliers, while actual operating rates in the midstream smelting sector are limited due to raw material constraints [2] Market Trading Dynamics - The current market for nickel shows characteristics of "supply tightness and rigid demand," with traders raising prices and even halting shipments due to low inventory levels and bullish market sentiment [2] - Downstream companies in the new energy battery and stainless steel sectors are making necessary purchases to ensure continuous production, leading to a slight increase in spot premiums and further confirming the tight resource situation [2] Price Trend Forecast - In the short term, nickel prices are expected to maintain a strong upward trend, with a core operating range projected between 148,000 and 155,000 yuan per ton [2] - The long-term outlook indicates a structural supply shortage due to resource policy constraints, contrasting sharply with explosive demand growth from the electric vehicle industry, potentially leading to a supply-demand gap of 120,000 tons by 2026, a record high [2]

Core Viewpoint - The company remains optimistic about the growth potential of nickel-based materials, expecting to maintain the leading position in the ternary precursor market by 2025, supported by high capacity utilization rates [1] Group 1: Market Demand and Growth Drivers - Domestic demand is upgrading, with the launch of high-performance electric vehicles featuring high-nickel ternary batteries, leading to an increase in the proportion of ternary installations [1] - European policy direction is driving the continuous increase in electric vehicle penetration rates [1] - The gradual commercialization of solid-state batteries is promoting the growth of high-nickel ternary materials [1] Group 2: Resource Strategy and Production Capacity - The company has strategically secured 600 million wet tons of nickel ore resources globally through investments, partnerships, long-term agreements, and exclusive purchasing [1] - In Indonesia, the company has established a nickel raw material industrial base with a current smelting capacity of 195,000 metal tons per year, and an equity capacity of approximately 120,000 metal tons per year, expected to reach full production by 2026 [1] - The company currently has no plans for new smelting capacity in Indonesia, focusing instead on solidifying resource layout and promoting material capacity release [2] Group 3: Technological Advantages and Production Flexibility - The company employs a combination of technologies, including oxygen-enriched side-blowing and RKEF, to create a smelting process advantage, allowing flexible production scheduling among different products (electrolytic nickel, high ice nickel, nickel iron) in response to nickel prices and downstream demand changes [2] - The company began developing oxygen-enriched side-blowing technology in 2021, with the Zhongqing New Energy Phase II project set to achieve full production in January 2026, capable of producing 60,000 metal tons of high ice nickel annually [2] Group 4: Vertical and Horizontal Expansion - Over the past decade, the company has expanded from nickel-based materials (ternary precursors) and cobalt-based materials (cobalt tetroxide) to include phosphorus-based materials (phosphate iron, lithium iron phosphate) and sodium-based materials, achieving a complete industrial chain from upstream resources to downstream materials and recycling [2] - Recent resource layouts in Indonesia, Argentina, and other regions for nickel, lithium, and phosphorus have strengthened the company's autonomy in the industrial chain [2]

格隆汇1月28日丨中伟新材(300919.SZ)近日接受特定对象调研时表示，公司采用富氧侧吹和 RKEF 等多 技术路线协同推进，形成冶炼工艺组合优势，使公司在不同产品（电解镍、高冰镍、镍铁）之间可灵活 切换排产，以应对镍价及下游需求变化。公司于2021 年开始自主开发富氧侧吹技术，中青基地采用该 工艺，2026年 1 月中青新能源二期项目实现全面投产，公司具备年产6万金吨高冰镍的生产能力。富氧 侧吹技术对原矿品位适配性强，可适配 1.2%以上的红土镍矿，公司可根据原料供应结构灵活调整。 ...

南财智讯1月28日电，中伟新材在投资者关系活动中表示，公司采用富氧侧吹和RKEF等多技术路线协 同推进，形成冶炼工艺组合优势，使公司在不同产品（电解镍、高冰镍、镍铁）之间可灵活切换排产， 以应对镍价及下游需求变化。 ...

Summary of Key Points Core Viewpoint - The article discusses the current economic indicators and trends in various sectors, highlighting the liquidity situation, construction and real estate chains, industrial products, pricing dynamics, and export conditions, with a focus on potential investment opportunities and market movements. Group 1: Liquidity - The BCI small and medium enterprise financing environment index for January 2026 is at 50.27, an increase of 6.62% month-on-month [3] - The M1 and M2 growth rate difference was -4.7 percentage points in December 2025, a decrease of 1.60 percentage points month-on-month [3] - The current price of London gold is $4,981 per ounce [3] Group 2: Infrastructure and Real Estate Chain - The capacity utilization rate of blast furnaces is expected to be at the highest level for January in five years [4] - Weekly price changes include rebar down 1.81%, cement price index down 0.87%, rubber down 0.32%, coke unchanged, coking coal up 1.07%, and iron ore down 2.92% [4] - National blast furnace capacity utilization rate increased by 0.36 percentage points, while cement and asphalt operating rates decreased by 4.30 percentage points and increased by 3.7 percentage points, respectively [4] Group 3: Real Estate Completion Chain - The prices of titanium dioxide and glass are at low levels, with titanium dioxide price increasing by 0.76% and glass price decreasing by 0.73% [5] - The gross profit for titanium dioxide is -1,740 yuan per ton, while the flat glass operating rate is 73.89% [5] Group 4: Industrial Products Chain - Major commodity price changes include cold-rolled steel down 1.55%, copper down 0.71%, and aluminum up 0.54%, with corresponding gross profit changes showing a turnaround to profit for cold-rolled steel and an increase in losses for copper and aluminum [6] - The national semi-steel tire operating rate is at 74.56%, an increase of 1.12 percentage points [6] Group 5: Specific Products - The price of oriented silicon steel has reached a new low since 2018 [7] - The price of graphite electrodes is 19,000 yuan per ton, unchanged, with a gross profit of 2,001.58 yuan per ton [7] - The price of electrolytic aluminum is 24,130 yuan per ton, with a profit of 6,911 yuan per ton (excluding tax), an increase of 1.83% [7] Group 6: Price Comparison Relationships - The price ratio of London spot gold to silver has reached the lowest level since 2013 [8] - The price ratio of rebar to iron ore is 4.01, and the price difference between hot-rolled and rebar steel is 70 yuan per ton [8] - The price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) is 150 yuan per ton, a decrease of 25% from the previous week [8] Group 7: Export Chain - The new export orders PMI for China in December is 49.00%, an increase of 1.4 percentage points month-on-month [9] - The CCFI comprehensive index for container shipping rates is 1,208.75 points, a decrease of 0.09% [9] - The U.S. crude steel capacity utilization rate is 75.90%, an increase of 0.20 percentage points [9] Group 8: Valuation Percentiles - The CSI 300 index decreased by 0.62%, with the best-performing cyclical sector being oil and petrochemicals, which increased by 7.71% [10] - The PB ratio of ordinary steel and industrial metals relative to the PB of the Shanghai and Shenzhen markets is 34.11% and 100.00%, respectively [10] - The current PB ratio of the ordinary steel sector relative to the Shanghai and Shenzhen markets is 0.51, with the highest value since 2013 being 0.82 [10]