General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors, and is established in accordance with the Company Law and Securities Law of the People's Republic of China [2][3] - The company, Shengtak New Material Co., Ltd., was registered on August 10, 2020, and listed on the Shenzhen Stock Exchange on September 1, 2020, with a registered capital of RMB 110 million [2][3] Business Objectives and Scope - The company's business objectives are based on honesty, integrity, and sincerity [4] - The business scope includes manufacturing and sales of seamless steel pipes, stainless steel pipes, and nickel-based alloys, as well as import and export of various goods and technologies [4] Share Issuance - The company's shares are issued in the form of stocks, adhering to principles of openness, fairness, and justice, ensuring equal rights for all shares of the same category [5][6] - The total number of shares issued by the company is 110 million, with a capital structure consisting of common shares [5][6] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, supervision of company operations, and access to company documents [10][11] - Shareholders are obligated to comply with laws and regulations, pay for their subscribed shares, and not misuse their rights to harm the company or other shareholders [15][16] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with the annual meeting occurring within six months after the end of the fiscal year [20][21] - Shareholder meetings are the authority of the company, where decisions on significant matters such as capital changes, profit distribution, and major asset transactions are made [17][18] Voting and Resolutions - Resolutions can be classified as ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring a two-thirds majority [80][81] - Specific matters such as capital increases, mergers, and amendments to the articles of association require special resolutions [82]

Core Viewpoint - The company, Jiangxi Baoshunchang Superalloy Co., Ltd., has made significant advancements in the production of nickel-based alloys and high-temperature alloys, positioning itself as a key player in the high-end equipment manufacturing sector through innovation and technology breakthroughs [1][2][4]. Group 1: Technological Innovations - The company has developed a full-process production line from vacuum induction melting to forging, enabling it to produce critical materials for high-end equipment manufacturing [1]. - A breakthrough in domestic nickel-based alloy production was achieved, reducing the delivery time from foreign suppliers from 12 months to 8 months, thus mitigating a potential breach of contract risk of over 300 million yuan [2]. - The company’s proprietary "double refining" process has improved the quality of nickel-based alloys, achieving a harmful element total that is only one-third of that of imported products, with corrosion resistance exceeding that of imports by over three times [2][5]. Group 2: Market Applications and Revenue - Nickel-based alloy materials are primarily used in aerospace, marine engineering, and petrochemical equipment, generating over 50 million yuan in annual revenue for the company [3]. - The company is actively developing materials for spent fuel transport containers, which are critical for the safe transportation of radioactive waste, presenting a significant challenge and opportunity for innovation [4]. Group 3: Future Development Plans - The company plans to invest 1 billion yuan over the next two years to establish a high-end alloy material production base with an annual capacity of 10,000 tons, aiming to create a comprehensive industrial chain platform [7]. - The company has outlined a strategic layout with three industrial sectors: a high-end melting base, a precision forging center, and a deep processing industrial park, which is expected to enhance its market position [6].

Core Viewpoint - China has strategically increased its nickel reserves in response to geopolitical tensions and market conditions, particularly in light of the U.S.-China trade war initiated by Trump, which has led to a significant drop in nickel prices due to increased production from Indonesia [1][3]. Group 1: Nickel Procurement Strategy - Since December of the previous year, China has purchased up to 100,000 tons of nickel, with 77,000 tons acquired in the first five months of this year, indicating a potential doubling of reserves by 2025 [1][3]. - The price of nickel has fallen by 40% due to increased production from Indonesia, allowing China to capitalize on this opportunity to stockpile nickel at historically low prices [3]. Group 2: Importance of Nickel - Nickel is a critical alloying element in stainless steel, and China, being the largest stainless steel producer globally, requires substantial nickel reserves [5]. - The growing application of nickel in the electric vehicle industry, particularly in battery production, underscores the necessity for China to secure its nickel supply amid the booming demand for electric vehicles [7]. - Nickel-based alloys are also essential for national defense materials, including components for aircraft engines and rockets, further emphasizing the strategic importance of nickel reserves [7]. Group 3: Timing and Geopolitical Considerations - The timing of China's nickel procurement aligns with the geopolitical landscape, as actions were taken shortly after Trump's election, anticipating potential trade conflicts and supply chain disruptions [9]. - The increasing tensions in the Taiwan Strait and the likelihood of U.S. actions against China in critical mineral sectors necessitate proactive measures to ensure resource security [9].

Core Viewpoint - Indonesia's announcement to jointly develop nickel mining projects with the United States has become a focal point in international discourse, reflecting the strategic maneuvering of resource-rich countries caught between the U.S. and China [1][3]. Group 1: Economic and Strategic Implications - The decision to use nickel as a bargaining chip in negotiations with the U.S. indicates Indonesia's response to the dual pressures of technological revolution and geopolitical challenges faced by resource-exporting countries [3]. - Nickel's significance is increasingly highlighted in the context of international competition, particularly in the production of high-nickel ternary materials essential for electric vehicle batteries [3][5]. - Indonesia possesses 20% of the world's nickel reserves, yet its domestic smelting capacity heavily relies on Chinese investments, leading to a dilemma between resource sovereignty and economic development [5][11]. Group 2: Risks and Concerns - The shift towards U.S. collaboration poses risks, as existing nickel smelting projects in Indonesia may face challenges in adapting to new technical standards and environmental regulations, potentially disrupting the established Chinese technology framework [8][9]. - Indonesian business leaders express concerns that this abrupt diplomatic shift could undermine a decade's worth of industrial development [9]. - The potential conflict between U.S. and Chinese technological standards raises questions about the long-term viability of Indonesia's nickel industry if it pivots towards American investments [11]. Group 3: Broader Context and Future Outlook - The dynamics of the nickel mining negotiations reflect a broader trend of resource nationalism, which may reshape global supply chain structures, as seen in the EU's Critical Raw Materials Act and the U.S. Inflation Reduction Act [15]. - The future trajectory of the nickel mining negotiations will depend on multiple variables, including whether the U.S. will accept nickel cooperation as a substitute for tariff threats, given Indonesia's current smelting capabilities [15]. - The situation serves as a warning to all resource-exporting countries that natural resource endowments must be transformed into genuine industrial competitiveness to gain leverage in great power rivalries [15][17].

Core Viewpoint - Hengli Drill's subsidiary, Aidu Alloy, is operating normally and maintains good relationships with downstream customers, focusing on the development and application of nickel-based alloys in various industries [1] Group 1: Company Operations - Aidu Alloy specializes in the research, production, and sales of nickel-based alloys and various wear-resistant and corrosion-resistant alloy materials [1] - The subsidiary has innovatively applied nickel-based alloys in components such as twin-screw extruder barrels, bushings, and threaded elements [1] - The company reports that all operations are running smoothly [1] Group 2: Industry Applications - Twin-screw extruders are widely used in industries such as new energy (for electric vehicle battery electrode slurry equipment), plastics, food, and petrochemicals [1] - The future development prospects for extruders are expected to be broader due to continuous technological advancements and expanding application fields [1]

Group 1: Report General Information - Report Name: Nickel Daily Report [1] - Date: April 1, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Group 2: Market Review and Operation Suggestions - Nickel Price Movement: On the 31st, the nickel price dropped from a high, with the main 2505 contract closing below 130,000 at the end of the session, down 1.25% from the previous trading day. The total open interest of the index decreased by 3342 to 184,613 lots [8] - Spot Market: Due to the slower - than - expected recovery of downstream demand, the market mainly replenished inventory for immediate needs. Traders moderately reduced prices to test market demand. The premium of Jinchuan nickel dropped to 1450 yuan/ton, and the discount of Russian nickel was - 50 [8] - Ore End: Indonesian pyrometallurgical nickel ore prices may rise in April due to the long - lasting rainy season in Sulawesi, which affected nickel ore mining and transportation, resulting in a relatively slow supply recovery in main mining areas [8] - Nickel Sulfate: Nickel sulfate remained strong. As nickel salt plants had limited acceptance of MHP prices and some had cut production, the supply of nickel sulfate was relatively limited, and its price was expected to rise further [8] - Pure Nickel: The pressure of pure nickel surplus remained unchanged, and global nickel inventories continued to increase [8] - Operation Suggestion: The Shanghai nickel futures oscillated around 130,000. Considering that most of the industrial chain valuations were near the cost line, pay attention to overseas policy changes and wait for low - level buying opportunities [8] Group 3: Industry News - China's Nickel Sulfate Trade: In February 2025, China's total imports of nickel sulfate were 3613 metal tons, a month - on - month increase of 17% and a year - on - year increase of 13%. Exports were 129 metal tons, a month - on - month increase of 13% and a year - on - year decrease of 44%. The net imports were 3483 metal tons, a month - on - month and year - on - year increase of 17% [9] - Corporate Developments: Chinese companies like Luoyang Molybdenum, Huayou Cobalt, and Hanrui Cobalt operate normally in Congo (Kinshasa), and more giants are actively deploying in the Indonesian market through hydrometallurgical projects to obtain more nickel and cobalt resources. Lanshi Heavy Equipment will jointly invest 270 million yuan with Jinchuan Group to build a 10,000 - ton nickel - based alloy project in Lanzhou New Area, with an expected total investment of 400 million yuan, and an expected annual revenue of 1.6 billion yuan after reaching full production [11] - LME Fine: The UK Financial Conduct Authority (FCA) fined the London Metal Exchange (LME) 9.2 million pounds (about 11.9 million US dollars) for its lack of sufficient systems and controls in dealing with the 2022 nickel market short - squeeze event. The LME got a 30% fine reduction for accepting the FCA's investigation results [11]