Report Industry Investment Rating - Not provided Core View of the Report - The negative feedback in the industrial chain has not ended [4] Summary by Relevant Catalogs Nickel Situation and Policy Changes - On June 10, Indonesia's Energy Minister Bahlil Lahadalia announced the revocation of the mining licenses of four nickel companies in Raja Ampat, Papua, due to environmental concerns [3] - On July 2, 2025, Indonesia's Mining Minister Bahlil Lahadalia said Indonesia plans to shorten the mining quota period from three years to one year to improve industry governance and control coal and ore supplies, which is expected to support prices and increase government revenue [4] Negative Feedback Reaching the Mine End - From the perspective of industrial profit distribution, mine - end profits are still substantial. With mine supply at a seasonal peak, there is room for mine prices to fall [6] - As of July 4, the premium of Indonesian pyrometallurgical ore was $25/wet ton, a week - on - week decrease of $2/wet ton. Due to losses in the NPI - stainless steel industry chain, pyrometallurgical ore prices are under pressure. Hydrometallurgical ore prices are relatively stable as MHP still has profits and the Qingshan Chenxi project is about to be put into production [8] NPI Production Cuts - The latest transaction price of NPI is 910 yuan/nickel point. The previously circulated price of 895 yuan/nickel point had no transactions. NPI production cuts have occurred in China and non - free mine smelters in Indonesia due to increased losses. With no profit recovery in the downstream stainless steel sector, there is still pressure on NPI and pyrometallurgical ore prices [15] Ice - Nickel Production - Since March, ice - nickel has been in a loss state, and current production mainly meets downstream rigid demand. The break - even line for Indonesian ice - nickel corresponds to a nickel price of around $15,000. If Indonesian NPI starts to lose money, attention should be paid to NPI conversion to ice - nickel, which may bring supply pressure [21] MHP Production and New Projects - The tailings dam collapse event in late March was resolved at the end of April, and MHP production has recovered quickly. MHP maintains a profitable state with a cost equivalent to LME nickel price of $13,000/metal ton. Short - term attention should be paid to the progress of Qingshan's newly launched Chenxi project with a capacity of 67,000 metal tons [25] Sulfuric Acid Nickel Market - In the first half of the year, the consumption of ternary precursors was lower than expected, and the surplus of sulfuric acid nickel was reflected in the increase of refined nickel production. Losses in non - integrated downstream electrowon nickel have a negative feedback on the sulfuric acid nickel sector, and prices are under downward pressure [33] Domestic Electrowon Nickel and Policy - The 50,000 - ton production capacities of Indonesia's Eternity Nickel Industry and Dingxing Nickel Industry are still in the climbing stage, which will temporarily digest the new pressure of MHP. Domestic non - integrated electrowon nickel is in a loss state, and electrowon nickel production has decreased slightly [42] Stainless Steel Market - After Tsingshan gave up price support the week before last, the spot price of stainless steel collapsed, and the inventory pressure of steel mills was transferred to the terminal. In July, the production plan of 3 - series stainless steel was 1.62 million tons, a 5% month - on - month decrease but a 2% year - on - year increase. After production cuts, stainless steel profits have not recovered [45] Ternary Precursor Market - In the first half of the year, the cumulative production of domestic ternary precursors was 399,300 tons, a 3% year - on - year decrease, and nickel consumption in the new energy field was significantly lower than the initial expectation [47]

行业 镍日报 日期 2025 年 6 月 13 日 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 数据来源：Wind，建信期货研究发展部 镍观点： 12 日沪镍低开低走，主力跌至 12 万关口附近，日内跌幅达 1.24%，指数总持 仓增加 14517 至 175807 手。现货市场成交相对清淡，日内金川升水降 25 至 2425 元/吨，国内主流品牌电积镍现货升贴水报-100-300 元/吨。镍矿方面，印尼 6 月 下半月 HPM 下调，带动印尼镍矿基准价或有所下跌，升水暂保持持平，但进一步 上涨空间较低；NPI 成本在镍矿坚挺之下居高不下，印尼以及国内普遍面临亏损， 产 ...

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Core Viewpoint - 3M is showing underlying progress in its operations, which enhances the stock's upside potential, especially if the trade conflict is resolved [1] Group 1: Earnings Performance - 3M's first-quarter organic sales growth was 1.5%, below the initial guidance of approximately 2.1%, but adjusted earnings per share (EPS) of $1.88 exceeded the guidance of about $1.71 [3] - Management indicated that the company is trending towards the lower end of its full-year organic sales growth guidance of 2% to 3% but sees potential upside in margin and earnings [4][6] Group 2: Operational Improvements - The company launched 169 new product introductions (NPIs) in 2024, a 32% increase from 2023, with 62 NPIs launched in the first quarter alone, and plans to launch 215 NPIs through 2025 and 1,000 over the next three years [9] - On-time in-full (OTIF) delivery improved to 89% from 85.5% in the same quarter of 2024, with a target of 90% by year-end [11] - Operating equipment efficiency (OEE) rose to 58% from 54% in the previous quarter, indicating ongoing potential for value addition for shareholders [12] Group 3: Market Challenges and Outlook - 3M faces headwinds in the auto industry and consumer electronics sectors, with lowered auto build estimates for 2025 posing challenges [13] - Despite these challenges, there is potential for sales upside if the economic outlook improves due to de-escalation of trade conflicts [15]

「 新的创业缝隙。 」 对于一场创投圈峰会而言，开场嘉宾通常代表着整场活动的气质，所以一位由外婆作为监护人护送而来 的 17岁女孩上台了。 她叫 RPone，从小学开始编程，凭借自学Swift开发的屏幕识别工具ScreenPick，一度冲上App Store排行榜 第六。另一位与她同龄的开发者Randy未能到场的原因是要准备期中考试，他稚嫩的脸出现在巨大的屏幕 上，讲述他写代码到凌晨3点的故事。 这是小红书独立开发大赛的现场，在这个挤满了两三百个独立开发者的场域里，生命力爆裂开来，大家 来自五湖四海，背景各异，有人曾是编剧，有人从大厂裸辞，有人还在上学，有人是钓鱼爱好者，唯一 的共同点是 AI时代的技术平权降临在每个人头上，创业的语境变得更轻巧。 AI native的独立开发者数量在激增，但他们又与其他AI native的创业者不同。他们不会言必谈PMF、产品 力、距离商业落地还要多久，因为这几乎是一种面对投资人的应激反应；他们也不会时刻担心技术基座 的革新会一夕之间颠覆自己的公司，毕竟"独立"，所以轻巧好转身；同时，因为小红书等社区的出现， 使得用户需求变得更容易捕捉。 大部分独立开发者不可能长成字节、美团 ...