据路透社2月18日报道，美国已与乌兹别克斯坦签署协议，以确保更稳定地获取后者的关键矿产资源。 随着全球能源转型与科技革命加速推进，关键矿产已从单纯的工业原料跃升为重塑全球产业格局与地缘 政治版图的关键要素之一。在这一领域，各国合作与博弈的触角从非洲加丹加高原的铜钴富矿带延伸至 太平洋海底的多金属结核，从拉美安第斯山脉的"锂三角"延伸至中亚腹地的稀土矿床。《环球时报》从 今天起将推出"关键矿产博弈"系列报道，在"中亚篇"中，我们将为您讲述中亚五国蕴藏着怎样的关键矿 产资源，美国、欧盟、日本等在该地区如何落子布局，这场围绕关键矿产的博弈又将如何撬动国际能源 格局。 "跻身全球前20大战略资源生产国之列" 萨里塔格矿区位于塔吉克斯坦西部的陡峭山谷中。在海拔4000米山峰之下纵横交错的巷道中，矿工们正 奋力开采锑矿。这是一种银灰色的金属，曾经以化妆品成分而为人所知，如今已成为战略性产业的关键 资源，可被用于制造太阳能电池板和加固军用车辆装甲。 "塔吉克斯坦有许多锑矿床。"塔尔科黄金公司副总监朱马佐达对法新社这样说。该公司锑供应量占全球 10%。根据美国地质调查局的数据，2023年塔吉克斯坦锑产量约为2.1万吨，占全球 ...

【环球时报驻哈萨克斯坦特派记者 李强 环球时报特约记者 杨逸】 编者的话： 据路透社2月18日报道，美国已与乌兹别克斯坦签署协议，以确保更 稳定地获取后者的关键矿产资源。随着全球能源转型与科技革命加速推进，关键矿产已从单纯的工业原料跃升为重塑全球产业格局与地缘政治版 图的关键要素之一。在这一领域，各国合作与博弈的触角从非洲加丹加高原的铜钴富矿带延伸至太平洋海底的多金属结核，从拉美安第斯山脉 的"锂三角"延伸至中亚腹地的稀土矿床。《环球时报》从今天起将推出"关键矿产博弈"系列报道，在"中亚篇"中，我们将为您讲述中亚五国蕴藏 着怎样的关键矿产资源，美国、欧盟、日本等在该地区如何落子布局，这场围绕关键矿产的博弈又将如何撬动国际能源格局。 " 跻身全球前 20 大战略资源生产国之列 " 萨里塔格矿区位于塔吉克斯坦西部的陡峭山谷中。在海拔4000米山峰之下纵横交错的巷道中，矿工们正奋力开采锑矿。这是一种银灰色的金属， 曾经以化妆品成分而为人所知，如今已成为战略性产业的关键资源，可被用于制造太阳能电池板和加固军用车辆装甲。 "塔吉克斯坦有许多锑矿床。"塔尔科黄金公司副总监朱马佐达对法新社这样说。该公司锑供应量占全球10% ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The significant reduction in Indonesia's nickel mining quota has reversed the market's expectation of a "continuous surplus" in 2026, leading to supply - tightening pricing and a sharp rise in nickel prices. The continuous upward trend in the nickel ore market also supports the increase in nickel prices. For stainless steel, it is a passive follow - up rise driven by cost, with weak fundamentals [1][2][3][4] - Near the Spring Festival holiday, both nickel and stainless steel prices are expected to show a volatile trend. It is recommended to conduct range - bound operations. If the price correction is large, consider buying at low prices due to the continuous fermentation of nickel ore supply interference and cost - side support [3][4] Summary of Each Section Nickel Variety Market Analysis - **Futures**: On February 11, 2026, the main contract of Shanghai nickel 2603 opened at 133,350 yuan/ton and closed at 139,360 yuan/ton, a change of 4.02% from the previous trading day's close. The trading volume was 518,625 (+237,189) lots, and the open interest was 76,440 (-3,802) lots. The main contract showed a strong unilateral upward trend, breaking through the key pressure level of 140,000. The reduction of Indonesia's nickel mining quota was the main reason for the price increase [1] - **Nickel Ore**: Indonesia's 2026 nickel ore RKAB quota is 2.6 - 2.7 billion tons, a significant reduction of about 30% compared to 3.79 billion tons in 2025. The reduction of a large - scale mine's quota by over 70% has led to an increase in nickel ore premiums. The supply of nickel ore is tight, and the bottom price of ferronickel is strongly supported. In January, the ferronickel production in Indonesia decreased significantly, and it is expected to continue to decline in February [1][2] - **Spot**: Jinchuan Group's Shanghai market sales price was 146,700 yuan/ton, a rise of 3,900 yuan/ton from the previous trading day. Spot trading was light, and the spot premiums of refined nickel brands were mostly stable. The previous trading day's Shanghai nickel warehouse receipt volume was 52,027 (-12) tons, and the LME nickel inventory was 285,750 (0) tons [2] Strategy - Near the Spring Festival holiday, it is recommended to conduct range - bound operations. If the price correction is large, consider buying at low prices [3] Stainless Steel Variety Market Analysis - **Futures**: On February 11, 2026, the main contract of stainless steel 2604 opened at 13,735 yuan/ton and closed at 14,145 yuan/ton. The trading volume was 112,583 (+50,518) lots, and the open interest was 100,625 (-4,171) lots. It showed an oscillating and slightly stronger trend, following the rebound of Shanghai nickel, but overall weaker than nickel, being a passive follow - up rise driven by cost [3] - **Spot**: Spot trading basically stopped, and market quotes remained stable. The stainless steel price in Wuxi market was 14,100 (+0) yuan/ton, and in Foshan market was 14,050 (+0) yuan/ton. The 304/2B premium was 160 to 360 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by 2.00 yuan/nickel point to 1,043.0 yuan/nickel point [4] Strategy - Near the Spring Festival holiday, it is recommended to conduct range - bound operations. If the price correction is large, consider buying at low prices [4]

Core Viewpoint - The company, Wukuang Development, announced a significant asset restructuring plan involving the acquisition of stakes in Wukuang Mining and Luzhong Mining from its controlling shareholder, China Minmetals, through asset swaps, share issuance, and cash payments, while also planning to divest its existing major assets and liabilities related to its original business [1][8]. Group 1: Transaction Details - The transaction will involve asset swaps, issuance of shares, and cash payments to acquire stakes in Wukuang Mining and Luzhong Mining, along with raising supporting funds [4][10]. - Wukuang Mining was established on November 3, 2010, with a registered capital of approximately 56.1 billion yuan, focusing on investment management, asset management, and various mining operations [4][10]. - Luzhong Mining was founded on April 20, 1994, with a registered capital of about 24.58 billion yuan, engaging in non-coal mining, construction engineering, and other services [4][10]. Group 2: Stock and Market Information - The company's stock was suspended from trading starting December 30, with an expected suspension period of no more than 10 trading days [2][9]. - As of December 29, the stock price of Wukuang Development was reported at 11.52 yuan per share, with a market capitalization of 12.3 billion yuan [3][10]. Group 3: Financial Performance - For the first three quarters of 2025, Wukuang Development reported revenues of approximately 40.893 billion yuan, a year-on-year decrease of 20.42%, and a net profit attributable to shareholders of about 114 million yuan, down 16.37% year-on-year [5][12]. - The company anticipates its daily related transactions for 2026 to be around 25.5 billion yuan, based on its business development outlook [6][13].

公司股票自12月30日开市起停牌，预计停牌时间不超过10个交易日。 Wind数据显示，12月29日，五矿发展股价收报11.52元/股，市值为123亿元。 图片来源：Wind 五矿发展12月29日晚间公告，公司收到实际控制人中国五矿《关于筹划重大资产重组事项的通知》，拟通过资产置换、发行股份及支付现金方式购买控股 股东五矿股份持有的五矿矿业、鲁中矿业的股权，并募集配套资金。同时，公司拟置出原有业务相关的主要资产及负债（除保留资产、负债外）。本次交 易预计构成重大资产重组及关联交易。 依据五矿发展2025年半年报，公司业务范围覆盖钢铁流通领域全产业链。原材料端涵盖铁矿石、锰矿、铬矿、煤炭、焦炭、废钢等产品，铁矿石、锰矿、 铬矿、煤炭等与矿山企业直接签订采购长协，长期稳定的货源和保供能力能充分满足钢铁和铁合金生产企业一站式采购需求。钢材端依靠分销网络、仓储 管理、加工配送和套期保值等综合服务能力，构建了以建筑央企和大型国企为核心客户的全国性终端资源配送体系。商品流通及商务支持环节通过多式联 运、仓储加工、口岸代理、招标代理、保险经纪等服务贯通产业链上下游，打造高质量运行的钢铁现代供应链。 鲁中矿业成立于1994年4 ...

五矿发展12月29日晚间公告，公司收到实际控制人中国五矿《关于筹划重大资产重组事项的通知》，拟 通过资产置换、发行股份及支付现金方式购买控股股东五矿股份持有的五矿矿业、鲁中矿业的股权，并 募集配套资金。同时，公司拟置出原有业务相关的主要资产及负债（除保留资产、负债外）。本次交易 预计构成重大资产重组及关联交易。 公司股票自12月30日开市起停牌，预计停牌时间不超过10个交易日。 Wind数据显示，12月29日，五矿发展股价收报11.52元/股，市值为123亿元。 交易方式初步确定为资产置换等 公告显示，本次交易的交易方式初步确定为资产置换、发行股份及支付现金购买资产，并募集配套资 金。 五矿矿业成立于2010年11月3日，法定代表人为高永学，注册资本约为56.1亿元。经营范围包括：投资 管理；资产管理；国内外工程承包；进出口业务；铁矿石、黑色金属矿石、铬矿石、锰矿石、镍矿石、 宝石、玉石、水晶石、土砂石、化学矿石、石棉、石墨的销售；技术检测；固体矿产地质勘查等。 鲁中矿业成立于1994年4月20日，法定代表人为袁忠林，注册资本约为24.58亿元。经营范围包括：非煤 矿山矿产资源开采；建设工程施工；自来水生产与 ...

Group 1: Stainless Steel Import and Export Data - In November 2025, China's stainless steel imports amounted to 112,100 tons, a month-on-month decrease of 12,000 tons, representing a 10% decline; year-on-year, it decreased by 18,100 tons, a 14% drop [1][2] - From January to November 2025, the total stainless steel imports reached 1,374,200 tons, a year-on-year decrease of 365,300 tons, marking a 21% decline [2] - The top five regions for stainless steel imports in November accounted for 93.34% of total imports, with Indonesia being the largest supplier at 87,300 tons, showing a month-on-month decrease of 16% and a year-on-year decrease of 17% [2] Group 2: Stainless Steel Export Data - In November 2025, China's stainless steel exports totaled 405,300 tons, a month-on-month increase of 46,600 tons, representing a 13% rise; however, year-on-year, it decreased by 35,200 tons, an 8% decline [2][3] - From January to November 2025, total stainless steel exports were 4,546,200 tons, a year-on-year decrease of 45,900 tons, marking a 1% decline [3] - The top 20 regions for stainless steel exports accounted for 80.14% of total exports, with Vietnam receiving 549,800 tons, a year-on-year increase of 58,900 tons, representing a 14% rise [3] Group 3: Nickel and Other Raw Material Imports - From January to November 2025, China's nickel ore imports totaled 40,270,400 tons, reflecting a year-on-year increase of 10.1% [5] - Nickel iron imports for the same period reached 10,153,300 tons, showing a year-on-year increase of 27.2% [6] - Refined nickel imports amounted to 207,800 tons, a significant year-on-year increase of 163.1% [6] Group 4: Chromium and Manganese Imports - From January to November 2025, chromium ore imports totaled 20,920,900 tons, with a year-on-year increase of 10.46% [7][8] - Chromium iron imports for the same period were 2,330,500 tons, reflecting a year-on-year decrease of 31.49% [9] - Manganese ore imports reached 29,508,800 tons, a year-on-year increase of 10.13% [10] Group 5: Scrap Stainless Steel Imports - From January to November 2025, scrap stainless steel imports totaled 108,400 tons, a year-on-year increase of 23.8% [11]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Nickel is recommended as a short position and is expected to continue its downward trend. The trading strategies include testing the previous low for single - side trading and selling out - of - the - money call options at the resistance level. Stainless steel follows the nickel price, with prices in a low - level oscillation due to weak supply and demand and weak cost support [1][5][9] Summary by Directory Chapter 1: Spread Tracking and Inventory Nickel - Global visible nickel inventory is at a high level, reaching 314,000 tons, with an increase of 2,038 tons this week. LME inventory is 253,000 tons, a decrease of 264 tons this week, and SMM's six - region social inventory is 59,000 tons, a week - on - week increase of 2,122 tons [11] Stainless Steel - Social inventory of stainless steel is higher than the same period in previous years [15] Chapter 2: Fundamental Analysis Nickel - **Supply**: SMM statistics show that refined nickel production from January to November increased by 19% year - on - year to 361,300 tons. In November, pure nickel production decreased by 10,000 tons month - on - month to 25,800 tons, and it is expected to slightly rebound to 27,400 tons in December. From January to October 2025, net imports of domestic refined nickel were 47,200 tons, compared with net exports of 23,200 tons in the same period last year. In October, there was a net export, with Russian nickel imports only about 1,000 tons. From January to October 2025, the domestic refined nickel supply was 383,000 tons, a cumulative year - on - year increase of 54% [23] - **Demand**: From January to November, pure nickel consumption increased by 3% year - on - year to 268,000 tons. Electroplating consumption declined seasonally, while alloy consumption increased slightly, and overall consumption slowed down. SMM's survey shows that the PMI of nickel downstream industries in November remained below 50. In December, the production schedules of stainless steel and ternary materials decreased significantly month - on - month, electroplating was still in the off - season, and alloy consumption alone was not enough to support demand, so pure nickel consumption continued to decline month - on - month [26] Stainless Steel - **Raw Materials** - **Nickel Ore**: Nickel ore prices remained stable with a slight decline. In November 2025, Indonesia imported about 1.65 million tons of nickel ore from the Philippines, a month - on - month decrease of about 1.25 million tons (a decrease of 43.08%), and a year - on - year increase of about 1.15 million tons (an increase of 229.99%). In December, the domestic trade premium in Indonesia remained flat month - on - month, and the domestic trade benchmark price of nickel ore in Indonesia continued to decline slightly, with a slight decrease in CIF transaction prices [28] - **NPI**: NPI was in a loss state, and there was a game between upstream and downstream. High - nickel iron prices continued to fall, and some production lines switched to producing high - grade nickel matte, resulting in a significant increase in high - grade nickel matte production in November [30][75] - **Chromium Series**: Chromium ore prices rebounded this week. Tsingshan Group's long - term procurement price for high - carbon ferrochromium in December 2025 was 8,395 yuan/50 - base tons (cash - inclusive ex - works price), a month - on - month decrease of 100 yuan, and the Tianjin Port receiving price was 150 yuan lower per 50 - base tons. The spot price was 7,950 yuan/50 - base tons [42] - **Cold - Rolled Cost**: Cold - rolled costs were inverted. On December 12th, the estimated cold - rolled cash cost was around 12,950 yuan/ton, and the integrated cost reached 12,450 yuan/ton [44][46] - **Supply**: According to Steel Union's forecast, the combined stainless - steel crude steel output of China and India from January to November was 41.353 million tons, a cumulative year - on - year increase of 5%. In December, the production schedules of China and India decreased significantly month - on - month, mainly in the 200 - series and 400 - series, while the 300 - series decreased by less than 20,000 tons month - on - month [54] - **Demand**: The ship - building industry had the highest growth rate and provided support. The cumulative year - on - year growth rate of ship - building plate output from January to October reached 29%, while the growth rates in other terminal fields were not optimistic [56] New Energy Vehicles - **Domestic Market**: In November, the domestic sales of new energy vehicles were 1.522 million, a month - on - month increase of 4.3% and a year - on - year increase of 6.5%, with a penetration rate of 53.2%. From January to November, the domestic sales of new energy vehicles were 12.466 million, a year - on - year increase of 23.2%. According to the Passenger Car Association, from December 1st to 7th, the retail sales of new energy passenger vehicles nationwide were 185,000, a year - on - year decrease of 17% and a month - on - month decrease of 10%, with a retail penetration rate of 62.2%. The production of power cells followed the trend of new energy vehicle sales, with a cumulative year - on - year increase of 42.4% to 111.42 GWh from January to November, and a projected month - on - month decrease of 2% in December [62] - **Overseas Market**: According to CleanTechnica statistics, from January to October 2025, the cumulative global new energy vehicle sales increased by 21.7% year - on - year to 16.39 million, compared with a 25.5% year - on - year increase in the same period last year. In the same period, European new energy vehicle sales increased by 29.4% year - on - year to 3.092 million, and US new energy vehicle sales increased by 6.8% year - on - year to 1.323 million. The US cancelled the IRA new energy vehicle subsidy on October 1st, leading to a small peak in sales in advance. Most European countries still provided subsidies for new energy vehicles and had carbon - emission requirements, which stimulated sales growth this year. According to the China Association of Automobile Manufacturers, from January to November 2025, China's total new energy vehicle exports were 2.283 million, a year - on - year increase of 100% [68] Nickel Sulfate Market - **Production**: From January to November, China's nickel sulfate production decreased by 6.9% year - on - year to 319,000 tons, and the production of ternary precursors decreased by 16% year - on - year to 648,000 tons, while the production of ternary cathode materials increased by 17% year - on - year to 737,000 tons. After December, entering the off - season, the demand for nickel sulfate may slow down [70] - **Raw Materials**: From January to November, Indonesia's MHP production increased by 45% year - on - year to 4.05 million tons, and the production of high - grade nickel matte decreased by 25% year - on - year to 1.89 million tons. The price of sulfur increased significantly this year, raising the cost of hydrometallurgy and the cost of MHP, while the price of MHP remained firm. The good demand for nickel sulfate boosted the price of intermediate products and stimulated the recovery of production. Due to the continuous decline in NPI prices, some production lines switched to producing high - grade nickel matte, resulting in a significant increase in high - grade nickel matte production in November [75] Pure Nickel - The significant reduction in pure nickel production narrowed the domestic surplus [76]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The fundamentals of nickel and stainless steel are weak, and both are continuing to find their bottoms. The nickel market is in a situation of "tightening in the long - term, but loose in the short - term" due to the new Indonesian policy, and stainless steel is affected by factors such as real - estate downturn and slowdown in home appliance exports [1][3]. - It is expected that nickel prices will remain in a low - level oscillation, but attention should be paid to the impact of extreme weather in the Philippines on nickel ore supply, which may cause a rebound in nickel prices. Stainless steel prices are also expected to maintain a low - level oscillation due to low demand, inventory accumulation, and a downward shift in cost centers [3][4]. 3. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On November 12, 2025, the main contract of Shanghai nickel 2512 opened at 119,300 yuan/ton and closed at 118,710 yuan/ton, a change of - 0.62% from the previous trading day. The trading volume was 98,248 (+28,336) lots, and the open interest was 116,829 (1,929) lots. The contract showed a weak oscillation pattern. The new Indonesian policy on nickel smelter investment restrictions may tighten capacity expansion in the long - term, but the short - term production capacity of wet - process intermediate products is still being released. The weak stainless - steel consumption on the demand side leads to insufficient rebound power in the Shanghai nickel market [1]. - **Nickel Ore**: The trading atmosphere in the nickel ore market is calm, and prices are stable. In the Philippines, the Surigao mining area is affected by typhoons, and the shipping efficiency is delayed. The price of downstream nickel - iron is falling, and iron plants have a lower psychological price for nickel ore. In Indonesia, the second - phase domestic trade benchmark price in November is expected to be lowered by 0.12 - 0.2 dollars/wet ton, and the current mainstream premium is +26, with the premium range mostly between +25 - 27 [1]. - **Spot**: The sales price of Jinchuan Group in the Shanghai market is 122,600 yuan/ton, a decrease of 700 yuan/ton from the previous trading day. After the Shanghai nickel price fell below 120,000 yuan, the spot market is more watchful, and trading is light. The spot premiums of various brands have not changed. The previous trading day's Shanghai nickel warehouse receipt volume was 31,824 (-468) tons, and the LME nickel inventory was 252,114 (-1,194) tons [2]. Strategy - It is expected that nickel prices will remain in a low - level oscillation. The strategy is mainly range - bound operation. There are no strategies for inter - period, cross - variety, spot - futures, and options trading. Attention should be paid to the impact of extreme weather in the Philippines on nickel ore supply, which may cause a rebound in nickel prices [3]. Stainless Steel Variety Market Analysis - **Futures**: On November 12, 2025, the main contract of stainless steel 2601 opened at 12,520 yuan/ton and closed at 12,485 yuan/ton. The trading volume was 85,852 (-22,462) lots, and the open interest was 137,838 (-4,171) lots. Affected by the decline in Shanghai nickel prices, the contract continued its weak oscillation. Although domestic steel mills' losses are increasing, the inertia of capacity release remains, and the demand side is still sluggish due to factors such as the real - estate downturn and slowdown in home appliance exports. Overall, stainless steel is still in a bottom - grinding state [3]. - **Spot**: The market sentiment is pessimistic, and spot trading is sluggish. Many traders are selling at low prices to recover funds, and the daily quotes continue to decline slightly. The stainless - steel price in the Wuxi market is 12,825 (-25) yuan/ton, and in the Foshan market, it is 12,850 (+0) yuan/ton. The premium of 304/2B is 335 to 685 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by - 3.00 yuan/nickel point to 909.0 yuan/nickel point [3][4]. Strategy - It is expected that stainless - steel prices will remain in a low - level oscillation. The strategy is neutral. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [4].

Core Insights - The eighth China International Import Expo (CIIE) is witnessing significant procurement activities, with the Shanghai trading group actively engaging in large-scale purchases [1] - Major retail procurement alliance members, including Bailian Group and Bright Food Group, have signed contracts with suppliers from various regions, covering multiple sectors such as food, home goods, beauty, and medical devices [1] - China Baowu Steel Group has also made substantial procurement agreements with 13 global suppliers, focusing on advanced low-carbon metallurgical equipment and high-quality raw materials [1][2] Group 1 - The Shanghai trading group has achieved procurement intentions for 54 projects, with 25 projects signed on-site during the expo [1] - The procurement products represent advanced manufacturing levels in the global low-carbon metallurgy sector, aimed at upgrading processes and optimizing product structures for Baowu's steel production [2] - The procurement includes a range of resources such as iron ore, chromium ore, manganese, nickel, coal, and various metal materials [1][2] Group 2 - Multiple districts in Shanghai are also signing key industrial and benchmark projects during the expo [3]