Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The macro - situation in China shows characteristics of "slow industry, weak investment, and dull consumption", and expectations of a new round of policy easing are rising. Technically, with reduced positions and price adjustments, long - short trading is cautious and faces resistance at previous highs. It is recommended to wait and see or conduct range trading [2][3][4] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai Nickel is 122,610 yuan/ton, up 30 yuan/ton; the spread between the October - November contracts is - 200 yuan/ton, up 40 yuan/ton. The LME 3 - month nickel price is 15,425 US dollars/ton, up 45 US dollars/ton. The main contract's open interest is 66,538 lots, down 4,072 lots. The net long position of the top 20 futures holders is - 29,541 lots, down 1,273 lots. LME nickel inventory is 224,484 tons, down 600 tons. The SHFE nickel inventory is 27,500 tons, up 514 tons. The LME nickel cancelled warrants total 7,974 tons, down 600 tons. The warehouse receipt quantity of Shanghai Nickel is 26,167 tons, up 1,208 tons [3] 现货市场 - The SMM 1 nickel spot price is 123,600 yuan/ton, up 600 yuan/ton; the average spot price of 1 nickel plate in Yangtze River Non - ferrous is 123,500 yuan/ton, up 400 yuan/ton. The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price is 85 US dollars/ton, unchanged. The average price of battery - grade nickel sulfate is 28,100 yuan/ton, unchanged. The basis of the NI main contract is 990 yuan/ton, up 570 yuan/ton. The LME nickel (spot/3 - month) premium is - 185.68 US dollars/ton, down 14.48 US dollars/ton [3] Upstream Situation - The monthly import volume of nickel ore is 5.0058 million tons, up 659,200 tons; the total port inventory of nickel ore is 13.8616 million tons, up 779,300 tons. The average monthly import unit price of nickel ore is 63.77 US dollars/ton, down 2.08 US dollars/ton. The tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged [3] Industry Situation - The monthly electrolytic nickel output is 29,430 tons, up 1,120 tons; the total monthly nickel - iron output is 22,000 metal tons, down 200 metal tons. The monthly import volume of refined nickel and alloys is 38,234.02 tons, up 21,018.74 tons; the monthly import volume of nickel - iron is 835,900 tons, down 205,500 tons [3] Downstream Situation - The monthly output of 300 - series stainless steel is 1.7379 million tons, up 39,800 tons; the total weekly inventory of 300 - series stainless steel is 564,000 tons, down 13,400 tons [3] Industry News - In August, the year - on - year growth rate of social consumer goods retail slowed to 3.4%, and the growth rate of household appliances and audio - visual equipment retail slowed to 14.3%. The year - on - year growth rate of the added value of industrial enterprises above the designated size was 5.2%, and the equipment manufacturing and high - tech manufacturing industries showed good momentum. From January to August, the national fixed - asset investment increased by 0.5%, and manufacturing investment increased by 5.1%. From January to August, real estate development investment decreased by 12.9% year - on - year, and the sales area of newly built commercial housing decreased by 4.7% year - on - year. The US has lowered the import tariff on Japanese cars to 15% starting from 0:01 on the 16th, Eastern Time [3] 观点总结 - The Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply, and the premium of domestic trade ore remains stable. The supply of Philippine nickel ore has recovered, but the domestic nickel ore port inventory has decreased, and raw materials are in a tight situation. In the smelting sector, the production rhythm of leading enterprises remained stable in July, the output of a few smelters increased, and new production capacity is still planned to be put into operation, driving a slight increase in the overall refined nickel output. On the demand side, the profit of stainless steel plants has improved, and steel mills have increased production; the production and sales of new energy vehicles continue to rise, but the demand for ternary batteries is limited. Recently, downstream buyers mainly purchase on dips, the spot premium remains stable, domestic inventory increases, and overseas LME inventory accumulates [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply, and the premium of domestic trade ore remains stable. The supply of nickel ore from the Philippines has rebounded, but the domestic nickel ore port inventory has decreased, and the raw materials are in a tight situation [3]. - In July, the production rhythm of leading enterprises remained stable, the output of a few smelters increased, and new production capacity is still planned to be put into operation, driving a slight increase in the overall refined nickel output [3]. - The profit of stainless - steel plants has improved, and the plants have increased production. The production and sales of new energy vehicles continue to rise, but the demand for ternary batteries is limited. Recently, the nickel price has declined, and downstream buyers purchase on dips, with the spot premium remaining stable [3]. - Domestic inventory has increased, and the LME inventory overseas has accumulated. Technically, the position has increased while the price has adjusted, with differences in long - short trading, and the price maintains a wide - range shock within the range [3]. - It is recommended to wait and see for the time being or conduct range operations, and pay attention to the support at the 12 - level [4]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 120,620 yuan/ton, down 230 yuan; the price difference between the October - November contracts of Shanghai nickel is - 170 yuan/ton, down 30 yuan [3]. - The price of LME 3 - month nickel is 15,170 US dollars/ton, up 65 US dollars; the position of the main contract of Shanghai nickel is 81,691 lots, up 79 lots [3]. - The net long position of the top 20 futures holders of Shanghai nickel is - 33,857 lots, down 2,264 lots; the LME nickel inventory is 223,152 tons, up 2,058 tons [3]. - The inventory of nickel in the Shanghai Futures Exchange is 26,986 tons, up 547 tons; the total cancelled warrants of LME nickel is 8,550 tons, down 42 tons [3]. - The warrant quantity of Shanghai nickel is 22,111 tons, down 193 tons [3]. 3.2 Spot Market - The spot price of SMM 1 nickel is 121,450 yuan/ton, down 100 yuan; the average spot price of 1 nickel plate in Yangtze River Non - ferrous Metals is 121,550 yuan/ton, up 100 yuan [3]. - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged; the bonded warehouse (warrant) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged [3]. - The average price of battery - grade nickel sulfate is 28,100 yuan/ton, unchanged; the basis of the main NI contract is 830 yuan/ton, up 130 yuan [3]. - The LME nickel (spot/3 - month) premium is - 182.88 US dollars/ton, up 5.59 US dollars [3]. 3.3 Upstream Situation - The monthly import volume of nickel ore is 500.58 million tons, up 65.92 million tons; the total port inventory of nickel ore is 1,308.23 million tons, up 48.41 million tons [3]. - The average monthly import unit price of nickel ore is 63.77 US dollars/ton, down 2.08 US dollars; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged [3]. 3.4 Industry Situation - The monthly import volume of refined nickel and alloys is 29,430 tons, up 1,120 tons; the total monthly output of ferronickel is 21,018.74 million metal tons, and the monthly import volume of ferronickel is 2.2 million tons, down 0.02 million tons [3]. 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 173.79 million tons, up 3.98 million tons; the total weekly inventory of 300 - series stainless steel is 57.74 million tons, down 0.94 million tons [3]. 3.6 Industry News - The report by National Development and Reform Commission Director Zheng Shanjie pointed out that efforts should be made to stabilize employment, enterprises, the market, and expectations, implement more proactive fiscal policies and moderately loose monetary policies, release domestic demand potential, promote the in - depth integration of technological innovation and industrial innovation, deepen reforms and expand opening - up, prevent and resolve risks in key areas, promote regional coordinated development and urban - rural integration, promote green and low - carbon development through dual - control of carbon emissions, and improve people's livelihood [3]. - Chinese Finance Minister Lan Fo'an emphasized putting the strengthening of the domestic cycle in a more prominent position and implementing more proactive and effective macro - policies [3]. - In August, China's CPI decreased by 0.4% year - on - year, the core CPI increased by 0.9%, and the year - on - year decline of PPI narrowed to 2.9%. The year - on - year increase of the core CPI in August has expanded for the fourth consecutive month [3]. - US inflation unexpectedly declined in August, with the PPI down 0.1% month - on - month, turning negative for the first time in four months, and the year - on - year growth rate of 2.6% was lower than expected [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply, and the premium of domestic trade ore remains stable; the supply of nickel ore from the Philippines has recovered, but the domestic nickel ore port inventory has decreased, and the raw materials are in a tight situation [3]. - In July, the production rhythm of leading enterprises remained stable, the output of a few smelters increased, and new production capacity is still planned to be put into operation, driving a slight increase in the overall refined nickel output [3]. - On the demand side, the profits of stainless - steel plants have improved, and the plants have increased production; the production and sales of new - energy vehicles continue to rise, but the demand for ternary batteries is limited. Recently, the nickel price has declined, but the downstream procurement demand is still weak, the spot premium has slightly decreased, and the domestic inventory has increased; the overseas LME inventory has increased [3]. - Technically, the price has fallen with an increase in positions, indicating a divergence between long and short positions. It is expected that the price will fluctuate widely in a range. It is recommended to wait and see for the time being or conduct range - bound operations, with a reference range of 119,500 - 124,000 yuan/ton [3]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 120,330 yuan/ton, a decrease of 10 yuan; the price difference between the September - October contracts of Shanghai nickel is - 120 yuan/ton, unchanged [3]. - The price of LME 3 - month nickel is 15,170 US dollars/ton, a decrease of 25 US dollars; the position of the main contract of Shanghai nickel is 55,967 lots, a decrease of 6,540 lots [3]. - The net long position of the top 20 futures holders of Shanghai nickel is - 30,724 lots, a decrease of 200 lots; the LME nickel inventory is 210,414 tons, a decrease of 1,248 tons [3]. - The inventory of nickel in the Shanghai Futures Exchange is 26,962 tons, an increase of 768 tons; the total cancelled warrants of LME nickel is 11,094 tons, a decrease of 1,248 tons [3]. - The warehouse receipt quantity of Shanghai nickel is 22,841 tons, a decrease of 210 tons [3]. 3.2现货市场 - The spot price of SMM 1 nickel is 121,650 yuan/ton, unchanged; the average spot price of 1 nickel plate in Yangtze River Non - ferrous Metals is 121,750 yuan/ton, an increase of 200 yuan [3]. - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged [3]. - The average price of battery - grade nickel sulfate is 27,900 yuan/ton, unchanged; the basis of the main NI contract is 1,320 yuan/ton, an increase of 10 yuan [3]. - The LME nickel (spot/3 - month) premium is - 194.65 US dollars/ton, an increase of 13.23 US dollars [3]. 3.3 Upstream Situation - The monthly import volume of nickel ore is 434.66 million tons, an increase of 41.94 million tons; the total port inventory of nickel ore is 1,095.16 million tons, an increase of 61.82 million tons [3]. - The average monthly import unit price of nickel ore is 65.84 US dollars/ton, a decrease of 7.57 US dollars; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged [3]. 3.4产业情况 - The monthly output of electrolytic nickel is 29,430 tons, an increase of 1,120 tons; the total monthly output of nickel iron is 22,200 metal tons, a decrease of 400 metal tons [3]. - The monthly import volume of refined nickel and alloys is 17,215.27 tons, a decrease of 472.3 tons; the monthly import volume of nickel iron is 1.0414 billion tons, an increase of 193,200 tons [3]. 3.5下游情况 - The monthly output of 300 - series stainless steel is 1.6981 billion tons, a decrease of 459,000 tons; the total weekly inventory of 300 - series stainless steel is 582,700 tons, a decrease of 10,200 tons [3].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The report suggests temporarily observing or conducting range - bound operations with a reference range of 12.0 - 12.5. It anticipates that nickel prices will have a wide - range oscillation in the future. The macro - situation shows that China's July CPI was flat year - on - year and PPI's month - on - month decline narrowed. The Indonesia government's PNBP policy restricts supply and raises costs, while the Philippines' nickel ore supply rebounds. On the supply side, overall refined nickel production increased slightly, and on the demand side, stainless - steel mills increased production, and new - energy vehicle production and sales climbed, but ternary battery demand was limited. Recently, nickel price increases led to reduced procurement demand, with domestic inventory rising and overseas LME inventory also growing. Technically, there are differences between bulls and bears, and attention should be paid to the battle around M60 [3]. Group 3: Summary by Relevant Catalogs 1. Futures Market - The closing price of the main Shanghai nickel futures contract was 122,130 yuan/ton, a 950 - yuan increase. The 09 - 10 contract spread was - 150 yuan/ton, a 10 - yuan increase. The LME 3 - month nickel price was 15,115 dollars/ton, unchanged. The main contract's open interest was 77,193 lots, a decrease of 1,762 lots. The net long position of the top 20 futures holders was - 25,349 lots, a decrease of 2,345 lots. LME nickel inventory was 211,296 tons, a decrease of 936 tons. Shanghai Futures Exchange nickel inventory was 26,194 tons (weekly), an increase of 444 tons. The LME nickel canceled warrants totaled 14,832 tons, a decrease of 936 tons. The Shanghai nickel warrant quantity was 20,723 tons, an increase of 102 tons [3]. 2.现货市场 - The SMM 1 nickel spot price was 122,850 yuan/ton, a 900 - yuan increase. The spot average price of 1 nickel plate in the Yangtze River was 122,750 yuan/ton, a 700 - yuan increase. The Shanghai electrolytic nickel CIF (bill of lading) price was 85 dollars/ton, unchanged. The Shanghai electrolytic nickel bonded warehouse (warehouse receipt) price was 85 dollars/ton, unchanged. The average price of battery - grade nickel sulfate was 27,900 yuan/ton, unchanged. The NI main contract basis was 720 yuan/ton, a decrease of 50 yuan. The LME nickel (spot/three - month) premium was - 199.29 dollars/ton, an increase of 4.56 dollars [3]. 3. Upstream Situation - The monthly import volume of nickel ore was 434.66 million tons, an increase of 41.94 million tons. The total port inventory of nickel ore was 1,033.34 million tons (weekly), an increase of 38.98 million tons. The average monthly import price of nickel ore was 65.84 dollars/ton, a decrease of 7.57 dollars. The含税 price of Indonesian laterite nickel ore with 1.8% Ni was 41.71 dollars/wet ton, unchanged [3]. 4. Industry Situation - The monthly electrolytic nickel production was 29,430 tons, an increase of 1,120 tons. The total monthly nickel - iron production was 2.26 million metal tons, a decrease of 0.13 million metal tons. The monthly import volume of refined nickel and alloys was 17,215.27 tons, a decrease of 472.3 tons. The monthly import volume of nickel - iron was 104.14 million tons, an increase of 19.32 million tons [3]. 5. Downstream Situation - The monthly production of 300 - series stainless steel was 174.4 million tons, a decrease of 4.07 million tons. The total weekly inventory of 300 - series stainless steel was 59.29 million tons, a decrease of 1.51 million tons [3]. 6. Industry News - In July, China's CPI increased 0.4% month - on - month from a 0.1% decrease in June, and the core CPI increased 0.8% year - on - year with the growth rate expanding for three consecutive months. PPI decreased 0.2% month - on - month, with the decline narrowing by 0.2 percentage points compared to June, and decreased 3.6% year - on - year, the same as in June. The US and Russia are seeking a cease - fire agreement on the Russia - Ukraine conflict, which has caused a "flash crash" in crude oil prices. Trump said he would meet Putin in Alaska on the 15th. Zelensky firmly rejected territorial concessions [3]. 7. Key Points of Attention - There is no news today [3]

报告行业投资评级 - No investment rating provided in the report 报告的核心观点 - Philippine nickel ore supply has rebounded, but domestic nickel ore port inventories have declined, leading to a tight raw material situation [2] - High raw material prices and a downward trend in nickel prices have caused profit losses for some non - integrated smelters, leading to production cuts [2] - Stainless steel mills' profit margins have been compressed, resulting in production cuts for the 300 - series; new energy vehicle production and sales continue to rise, but ternary battery demand has declined [2] - Recently, nickel prices have fallen, leading to increased spot premiums and decreased domestic social inventories, while overseas LME inventories have increased [2] - Technically, with declining positions and rising prices, there is a divergence between bulls and bears. Attention should be paid to the MA60 pressure level, and short - term fluctuations and adjustments are expected. It is recommended to wait and see [2] 根据相关目录分别进行总结 期货市场 - The closing price of the main futures contract for Shanghai nickel is 120,910 yuan/ton, up 280 yuan; the price difference between the 08 - 09 contracts is - 110 yuan/ton, up 30 yuan [2] - The LME 3 - month nickel price is 1,5105 dollars/ton, up 85 dollars; the position volume of the main contract for Shanghai nickel is 90,543 lots, down 4,924 lots [2] - The net long position of the top 20 futures holders for Shanghai nickel is - 21,786 lots, up 1,182 lots; LME nickel inventories are 211,254 tons, up 2,172 tons [2] - Shanghai Futures Exchange nickel inventories are 25,750 tons, up 299 tons; LME nickel cancelled warrants total 15,870 tons, up 3,558 tons [2] - The warehouse receipt quantity for Shanghai nickel is 20,923 tons, down 247 tons [2] 现货市场 - The SMM 1 nickel spot price is 121,900 yuan/ton, up 650 yuan; the average spot price of 1 nickel plates from Yangtze River Non - ferrous Metals is 122,000 yuan/ton, up 750 yuan [2] - The CIF (bill of lading) price for Shanghai electrolytic nickel is 85 dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price for Shanghai electrolytic nickel is 85 dollars/ton, unchanged [2] - The average price of battery - grade nickel sulfate is 27,900 yuan/ton, unchanged; the basis of the NI main contract is 990 yuan/ton, up 370 yuan [2] - The LME nickel (spot/three - month) premium is - 200.74 dollars/ton, down 7.95 dollars [2] 上游情况 - The monthly import volume of nickel ore is 434.66 million tons, up 41.94 million tons; the total port inventory of nickel ore is 994.36 million tons, up 6.49 million tons [2] - The average monthly import price of nickel ore is 65.84 dollars/ton, down 7.57 dollars; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 dollars/wet ton, unchanged [2] 产业情况 - The monthly production of electrolytic nickel is 29,430 tons, up 1,120 tons; the total monthly production of ferronickel is 2.26 million metal tons, down 0.13 million metal tons [2] - The monthly import volume of refined nickel and alloys is 17,215.27 tons, down 472.3 tons; the monthly import volume of ferronickel is 1.0414 billion tons, up 193.2 million tons [2] 下游情况 - The monthly production of 300 - series stainless steel is 174.4 million tons, down 4.07 million tons; the total weekly inventory of 300 - series stainless steel is 60.8 million tons, up 0.23 million tons [2] 行业消息 - Former New York Fed President Dudley wrote that Fed Chair Powell plans to serve until May 2026 and may continue as a governor after that [2] - The EU Commission spokesperson said that the EU will suspend two counter - measures against US tariffs for six months, and the extension will take effect this week [2]

Core Viewpoint - The global commodity market is entering a high volatility era due to geopolitical restructuring, accelerated energy transition, and intensified climate change, presenting both challenges and opportunities for companies to innovate trade strategies and undergo digital transformation [1]. Group 1: Structural Changes in the Market - The global commodity flow is undergoing significant adjustments, with geopolitical factors reshaping supply chains, as seen in the disruption of grain exports from Ukraine and the shift of soybean imports from North America to South America [2]. - Logistics costs have surged, with the shipping price index increasing by 400% compared to pre-pandemic levels, prompting companies to establish dynamic route optimization mechanisms [2]. - Price volatility has escalated, with natural gas prices fluctuating over 30% in a single day due to the Russia-Ukraine conflict, creating both risk challenges and arbitrage opportunities for companies [2]. Group 2: Procurement Management System Transformation - Traditional procurement models are evolving through a "three-level leap," transitioning from supply assurance (1.0) to risk management and lean procurement (2.0), ultimately reaching data-driven decision-making (3.0) [4]. - A pig farming company exemplified this transformation by integrating supply-demand balance sheets, cost models, and logistics networks into a "procurement decision cockpit," achieving a cost reduction of 230 million RMB over 12 months [4]. Group 3: Trade Value Creation Strategies - Companies are extending their trade capabilities by integrating warehousing and logistics assets into comprehensive services, enhancing profitability through strategies like "time arbitrage + basis trading" [7]. - The sophistication of arbitrage strategies has increased, with companies employing advanced analytics and machine learning to optimize trading strategies, achieving a success rate of 68% in agricultural products [11]. Group 4: Systematic Upgrade of Organizational Capabilities - A multinational mining group developed a "five-dimensional radar chart" assessment model to evaluate trade capabilities across risk management, market analysis, and operational skills, identifying areas for improvement [13]. - Leading companies are adopting agile trading organizations, compressing decision-making chains and enhancing operational efficiency through collaborative front, middle, and back-office structures [21]. Group 5: Future Strategic Choices - Companies face four strategic imperatives, including balancing physical delivery and financial derivatives, establishing regional hubs in emerging markets, and innovating organizational structures to enhance team performance [23]. - The essence of this transformation is the reconstruction of business logic, shifting from resource competition to data and talent competition, emphasizing the need for a "dynamic capability system" to capture opportunities amid volatility [23][24].