产业链现状：利润重构，龙头企业迎红利周期 当前镍产业链利润呈现结构性分化，上游资源端在镍价上涨中获利显著，具备资源与成本优势的龙头企 业成为核心受益者；中游材料企业凭借技术溢价与成本传导机制保持盈利稳定；下游应用端则面临成本 压力，需通过提价与供应链优化应对冲击。以企业表现为例，远航精密因新能源需求拉动，业绩大幅预 增，并推进产能扩张；华友钴业、力勤资源等企业则通过布局印尼资源、扩大湿法与火法产能，强化资 源控制与规模优势，持续提升行业竞争力。 现货交投与走势预测：情绪拉满，短期震荡偏强 今日镍价暴涨的核心逻辑在于内外宏观因素双向发力、形成正向循环，叠加大宗商品避险属性凸显。外 部层面，美元指数两连跌至五个月新低，全周重挫1.8%创八个月最大周跌，美元走弱大幅提升以美元 计价的大宗商品吸引力，伦镍同步跟涨超4%，为国内电解镍板提供强力支撑；美股市场震荡分化，道 指止步两连阳，地缘风险压制美股涨势，资金加速从股市流向贵金属及基本金属等避险板块，进一步推 动镍价被动抬升。内部层面，国内大宗商品市场情绪升温，碳酸锂、沪银等品种同步走强带动有色板块 整体回暖，而镍作为前期估值偏低的有色核心品种，补涨动能集中释放，资金 ...

Core Viewpoint - Guangdong Feinan Resource Utilization Co., Ltd. announced plans to invest approximately 880 million yuan in a new energy materials project through its wholly-owned subsidiary, Guangxi Feinan Resource Utilization Co., Ltd. The project aims to produce nickel sulfate and electroplated nickel using high ice nickel as raw material, with a total construction period of about 20 months [1]. Group 1: Project Details - The project will cover a total land area of approximately 179 acres and will utilize high ice nickel as the raw material, undergoing processes such as leaching, extraction, evaporation crystallization, and electroplating to produce nickel sulfate and electroplated nickel [1]. - The expected annual output includes 10,010.01 tons of electrolytic nickel plates (10,000 tons of nickel metal), 45.05 tons of refined nickel sulfate (10,000 tons of nickel metal), 1,800 tons of cathode copper, 1,477.87 tons of cobalt sulfate, and 28,288.27 tons of mirabilite [1]. Group 2: Company Strategy and Competitiveness - The company has mastered the production processes for nickel sulfate and electroplated nickel, and the investment in the new energy materials project is expected to extend the resource product industrial chain, enhance profitability and risk resistance, and strengthen core competitiveness [1]. - This initiative aligns with the company's established development strategy and shareholder interests [1]. Group 3: Company Background - Feinan Resource primarily engages in hazardous waste disposal and recycling of non-ferrous metals, covering hazardous waste collection, harmless disposal, and resource recovery [2]. - The company has achieved comprehensive resource recovery of multiple metals, including copper, nickel, zinc, tin, gold, silver, and palladium, producing various recycled products and establishing a closed-loop industry for multi-metal resource recovery [2].

Core Viewpoint - Feinan Resources plans to invest approximately 880 million yuan in a new energy materials project, which is expected to enhance its product chain and profitability, although it may not significantly impact short-term performance [1][2]. Group 1: Investment and Project Details - The new project will be located in the Shilong Town Industrial Park of Xiangzhou County, covering an area of about 179 acres and will take around 20 months to complete [1]. - The project aims to produce 10,000 tons/year of electrolytic nickel, 45,000 tons/year of refined nickel sulfate, 1,800 tons/year of cathode copper, 1,477.87 tons/year of cobalt sulfate, and 29,300 tons/year of sodium sulfate [1]. Group 2: Financial Performance - In the first three quarters of the year, the company reported revenue of 10.707 billion yuan, a year-on-year increase of 17.15%, and a net profit of 200 million yuan, up 10.72% year-on-year [1]. Group 3: Business Operations and Future Direction - Feinan Resources specializes in hazardous waste disposal and recycling of non-ferrous metals, with a focus on copper waste prior to 2023 [2]. - The company has expanded its operations to include the recycling of multiple metals such as nickel, zinc, tin, gold, silver, and palladium, creating a comprehensive recycling industry chain [2]. - Future plans include enhancing the processing and deep processing of recycled products, increasing the variety of metals processed, and expanding the hazardous waste disposal market to further improve profitability [2].

Core Viewpoint - Feinan Resources (301500) announced plans to invest approximately 880 million yuan in a new energy materials project, which is expected to enhance its product chain and profitability while having no significant short-term impact on its performance [1]. Group 1: Investment Project - The new project will be located in Xiangzhou County, Laibin City, covering an area of about 179 acres, and will produce nickel sulfate, electroplated nickel, copper cathodes, and cobalt sulfate [1]. - The project aims to produce 10,000 tons/year of electrolytic nickel, 45,000 tons/year of refined nickel sulfate, 1,800 tons/year of cathode copper, 1,477.87 tons/year of cobalt sulfate, and 29,300 tons/year of sodium carbonate [1]. - The construction period is estimated to be around 20 months, with the company already proficient in the production processes involved [1]. Group 2: Financial Performance - For the first three quarters of the year, the company reported revenue of 10.707 billion yuan, a year-on-year increase of 17.15%, and a net profit of 200 million yuan, up 10.72% year-on-year [1]. - The company has a hazardous waste processing capacity of 910,600 tons/year as of mid-year, with a subsidiary's license set to expire in May 2025 [2]. Group 3: Resource Recovery and Production - In the first half of the year, the company collected approximately 171,500 tons of hazardous waste and 225,600 tons of other metal materials, achieving high sales rates for various metals [3]. - The company has expanded its resource recovery capabilities to include multiple metals such as copper, nickel, zinc, tin, gold, silver, and palladium, creating a comprehensive recycling industry chain [3]. - Future business development will focus on enhancing the processing and utilization of multiple metals, extending the product chain, and expanding the hazardous waste disposal market [3].

Core Viewpoint - The company plans to invest approximately 880 million yuan in a new energy materials project through its wholly-owned subsidiary, aiming to extend its resource product supply chain [1] Group 1: Investment Details - The total investment for the project is estimated at about 880 million yuan, funded by the subsidiary's own and self-raised funds [1] - The project will utilize high ice nickel to produce nickel sulfate and electrolytic nickel through various processes including leaching, extraction, evaporation crystallization, and electrolysis [2] Group 2: Project Specifications - The planned land area for the project is approximately 179 acres [2] - The production capacity includes 10,010.01 tons/year of electrolytic nickel plates, 45,045.05 tons/year of refined nickel sulfate, 1,800 tons/year of cathode copper, 1,477.87 tons/year of cobalt sulfate, and 29,288.27 tons/year of mirabilite [2] - Key construction components include various processing workshops, purification facilities, and environmental protection measures [2]