每经记者｜黄鑫磊 每经编辑｜金冥羽 陈星 记者|黄鑫磊 编辑|金冥羽 陈星 杜波 校对|许绍航 近日，印尼能源与矿产资源部宣布，将2026年镍矿RKAB开采配额锁定在2.6亿吨左右，较2025年的3.79亿吨骤降约30%，叠加印尼韦达湾镍矿配额缩减超 7成的消息，迅速引发全球镍价大涨。 面对供应链变局，不同业务结构的国内镍企应对态势呈现分化。有冶炼端企业如盛屯矿业（SH600711，股价16.98元，市值524.79亿元）凭借库存缓冲行 情变动，并认为短期内镍价会出现宽幅震荡，而长期会形成对镍价的支撑。 镍价大涨 公开数据显示，近期镍价受印尼政策催化呈现剧烈波动，内外盘价格同步走强。 2月11日，沪镍主力2603合约以13.34万元/吨开盘，午后突然放量拉升，盘中一度突破14万元/吨，最终收于13.94万元/吨，单日涨幅4.02%；2月12日，沪镍 主连（NI888）期货报收13.96万元/吨，涨幅为1.79%。 伦镍方面，2月11日，LME伦镍日内涨超3%，报18015美元/吨，当前注册仓单275574吨，注销仓单10176吨，增加384吨，镍库存285750吨，与上一日持 平；LME期镍收涨390美元，报 ...

公司项目推进 经济观察网 寒锐钴业（300618）股价随钴概念板块上涨，主要受印尼镍供应收紧提振镍价、公司印尼 项目受益及产业链联动效应等因素影响。 股票近期走势 寒锐钴业股价在2026年2月11日随钴概念板块上涨，板块当日涨2.51%。 行业政策与环境 印尼能源与矿产资源部确认将2026年镍矿石生产配额大幅削减至2.6亿—2.7亿吨，较2025年的3.79亿吨 缩减约34%。全球最大镍矿Weda Bay Nickel的配额更从4200万吨骤降至1200万吨，引发伦敦金属交易所 镍价连续上涨，2月11日盘中涨幅达2.6%。镍价走强对布局镍资源的寒锐钴业形成成本支撑与业绩改善 预期。 寒锐钴业在印尼建设的"年产2万吨镍金属量高冰镍项目"计划于2026年3月底投产。该项目采用富氧侧吹 工艺，预计电解镍成本低于1.3万美元/吨，在印尼供应收缩背景下，低成本产能有望直接受益于镍价上 涨带来的利润空间扩张。 产业链状况 寒锐钴业主营业务为钴粉、电解铜等产品，但通过印尼项目切入镍产业链，形成"钴-铜-镍"多元布局。 镍价上涨通常与钴价产生共振，公司凭借一体化产业链可平滑单一金属价格波动风险。2025年三季度公 司营收同比 ...

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating a positive outlook for investment opportunities in the sector [2]. Core Insights - Indonesia's resource nationalism is intensifying, with the government tightening mining policies to increase fiscal revenue amid significant budget deficits. This includes controlling RKAB supply, adjusting HPM pricing formulas, and conducting antitrust investigations to establish a global pricing system based on Indonesian mineral costs [4][10]. - The depletion of high-grade nickel resources is prompting a policy shift towards protecting reserves. The government has stopped approving new RKEF projects and is expected to favor low-grade nickel resources, aligning with the needs of the new energy industry [4][10]. - A significant reduction in RKAB quotas is anticipated for 2026, with estimates suggesting a drop to 250-260 million tons from 379 million tons in 2025, potentially leading to a supply gap of 40-50 million wet tons [4][10]. - The HPM pricing formula may be revised, which could increase costs for wet processing projects significantly, thereby raising the global marginal cost line for nickel products [4][10]. - The report suggests monitoring the implementation of Indonesian policies and recommends focusing on companies such as Huayou Cobalt, Liqin Resources, and Zhongwei New Materials [4]. Summary by Sections 1. Progression of Resource Nationalism - The Indonesian government is tightening RKAB quotas, signaling a reduction to 250-260 million tons for 2026, a 34% decrease from 2025 [10]. - The government is enhancing scrutiny of monopolistic risks in the Morowali Industrial Park (IMIP) and may adjust the HPM pricing formula to include by-products like cobalt [10][10]. 2. Supply-Side Changes - The report highlights the shift in focus from high-grade nickel to low-grade nickel due to the depletion of high-grade resources, with a projected supply gap in 2026 [4][10]. - The anticipated changes in RKAB quotas and HPM pricing are expected to create a structural shift in the industry, impacting supply and pricing dynamics [4][10]. 3. Investment Recommendations - The report advises investors to keep an eye on the specific implementation of Indonesian policies and suggests companies that may benefit from these changes [4].

新能源及有色金属日报 | 2026-02-03 板块集体回调，镍不锈钢价格大幅回撤 镍品种 市场分析 2026-02-02日沪镍主力合约2603开于138000元/吨，收于129650元/吨，较前一交易日收盘变化-11.00%，当日成交量 为808140（-204303）手，持仓量为110945（-21503）手。 期货方面：昨日沪镍主力合约以跌停收盘，核心驱动是宏观紧缩预期升温、外盘大跌传导与产业高库存共振，叠 加多头恐慌性平仓，技术面破位加剧抛压。宏观方面，特朗普提名沃什任美联储新掌门，鹰派预期升温，美元走 强、美债收益率回升，大宗商品全线下挫，沪镍受系统性风险冲击。伦镍大跌形成外盘负向传导，加剧内盘抛压。 此外，国内精炼镍库存连续三周累库，供应宽松而下游节前备货意愿不足，高库存压制价格。精炼镍对镍铁溢价 偏高，镍铁转产高冰镍增加，进一步冲击现货市场。 镍矿方面：Mysteel方面消息，菲律宾方面，受上周北方矿山高价成交的坚实支撑，贸易商挺价意愿坚决，国内CIF 价格议价重心被迫上移。1.3%品位镍矿价格上涨至48美元/湿吨，1.5%品位价格区间也上探至59-62美元，表明市场 正在逐步消化极端成本。印尼 ...

Core Viewpoint - Zhongwei New Materials has established a diversified product layout in nickel, cobalt, phosphorus, and sodium materials, and has built a complete industrial chain from upstream resources to downstream materials and recycling [1][2] Group 1: Company Overview - Zhongwei New Materials (300919) reported a stock price of 55.36 yuan, down 0.81 yuan or 1.44% from the previous trading day, with a total market capitalization of 57.72 billion yuan [1] - The company ranks 20th in the battery industry with a rolling price-to-earnings ratio of 46.61, compared to the industry average of 40.59 and median of 47.50 [1] Group 2: Resource and Production Capacity - The company has secured 600 million wet tons of nickel ore supply through investments and contracts, with a smelting capacity of 195,000 metal tons and an equity volume of approximately 120,000 metal tons, expected to reach full production by 2026 [1] - The company employs multiple smelting technology routes, including oxygen-enriched side-blowing and RKEF, to create a competitive advantage in smelting processes, allowing flexible production switching among different products [1] Group 3: Market Position and Demand - In the materials sector, the company is expected to maintain its leading position in the ternary precursor market in 2025, driven by high capacity utilization [2] - The company anticipates growth in nickel-based materials due to domestic demand upgrades, European policy support for electric vehicle penetration, and the commercialization of solid-state batteries [2] Group 4: Shareholder Information - As of September 30, 2025, Zhongwei New Materials had 46,776 shareholders, an increase of 10,868 from the previous count, with an average holding value of 1.234 million yuan and an average holding of 22,300 shares [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 Coldray Cobalt Industry Conference Call Company Overview - Coldray Cobalt Industry focuses on cobalt and nickel production, with significant operations in Africa and Indonesia. The company has established a raw material base in the Democratic Republic of Congo (DRC) and is expanding its nickel operations in Indonesia. [2][3] Key Points and Arguments Business Expansion Plans - The first phase of the nickel base project in Indonesia is expected to be completed by March 2026, with production starting in April 2026. The company aims to produce 16,000 tons of refined cobalt salts and 10,000 tons of nickel in 2026. [2][4] - Coldray plans to expand its copper production capacity in the DRC by approximately 50,000 tons. [4] Production Capacity and Output Expectations - The company currently has a cobalt production capacity of 10,000 tons and copper capacity of 70,000 tons in Africa. The nickel project in Indonesia has a planned capacity of 20,000 tons, with a long-term goal of 80,000 tons. [2][3] - In 2026, the expected total cobalt output is close to 4,000 tons, including 4,500 tons from outsourcing and 350 tons from the Indonesian project. [8][9] Cost and Profitability - The production cost of electrolytic cobalt in the DRC is approximately 200,000 RMB per ton, with market prices exceeding 400,000 RMB, resulting in a gross profit of 200,000 RMB per ton (excluding taxes and shipping). [8][9] - The cost of the high-grade nickel project is controlled at around $11,000 per ton, with a gross margin of about 20% based on a market price of $18,000 per ton. [2][10] Regulatory and Market Challenges - The introduction of a quota system in late 2025 has prompted Coldray to sign outsourcing agreements to increase its rights volume and apply for exemptions in the electrolytic cobalt industry. [5] - The Indonesian government has implemented policies to control ore supply and has paused approvals for pure smelting projects, requiring new projects to include end-product production. This increases initial investment and operational complexity. [11][16] Market Dynamics - The current market price for fire nickel ore is around $50 per ton, significantly higher than the guidance price of $26-27 per ton, indicating a tight supply-demand situation. [12][29] - The company has secured long-term agreements and exclusive rights for several Indonesian mines to meet current production needs. [28] Future Outlook - The company anticipates that the gross margin for copper operations in the DRC will improve from 10% to around 15% in 2026 due to cost-reduction measures. [17] - Coldray is also exploring the development of lithium cobalt oxide and sodium-ion cathode materials, although these segments currently contribute minimally to overall performance. [21] Price Predictions - While specific price predictions are challenging, the company expects significant price volatility for cobalt due to high global supply concentration. [22] Seasonal and Operational Considerations - Seasonal factors in the DRC, such as rainy and dry seasons, affect transportation and overall demand, with the first quarter typically being a low-demand period. [23] Additional Important Information - The company is adjusting its hedging strategy to better capitalize on market cycles and improve overall profitability. [20] - Coldray's photovoltaic and energy storage projects have been initiated to address power shortages, with plans for further expansion. [18]

（编辑 任世碧） 证券日报网1月26日讯 ，中伟新材在接受调研者提问时表示，公司已建成镍资源冶炼产能19.5万金属 吨，权益量约12万金吨，预计2026年满产。其中，公司具备年产9万吨电解镍的产能，权益量约6万吨。 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。公司暂无新扩 产计划。 ...

Core Viewpoint - The company has strategically acquired lithium resources at a low cost during the industry's cyclical bottom, positioning itself for future production and growth in the lithium market [1] Lithium Resources - The company has acquired two lithium salt lake mines in Argentina, with a resource control of over 10 million tons of lithium carbonate, and plans to start mining in 2028 [1] Phosphate Resources - The company controls high-quality phosphate resources in Guizhou, with a total resource amount of 98.44 million tons and an average grade of 25%, planning an annual mining volume of 2.8 million tons [1] - The phosphate project construction is set to officially commence on December 31, 2025, with gradual production expected between 2026 and 2027 [1] Integrated Strategy - The phosphate project and the established production capacity of iron phosphate and lithium iron phosphate at the Kaiyang base are central to the company's integrated strategy of "mining-materials-recycling" [1] Iron Resources Collaboration - The company is leveraging high-iron nickel by-products from its smelting line in Indonesia for LFP production, achieving resource synergy [1]