1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The EU plans to adjust high tariffs on Chinese electric vehicles and replace them with a minimum price mechanism, signaling a缓和 in trade tensions. The Minister of Industry and Information Technology, Li Lecheng, aims to drive new breakthroughs in future manufacturing, information, and materials. In the long - term, the transmission process needs to be observed. [2] - In the short term, it is expected that Shanghai nickel will have a wide - range adjustment, and attention should be paid to the support of MA10. [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 138,450 yuan/ton, a decrease of 5,750 yuan; the 02 - 03 month contract spread of Shanghai nickel is - 190 yuan/ton, unchanged. The LME 3 - month nickel price is 18,075 US dollars/ton, an increase of 375 US dollars. The main contract position of Shanghai nickel is 119,485 lots, a decrease of 4,663 lots. The net long position of the top 20 futures holders of Shanghai nickel is - 69,516 lots, an increase of 12,055 lots. The LME nickel inventory is 284,562 tons, a decrease of 228 tons. The inventory of nickel in the Shanghai Futures Exchange is 46,650 tons, an increase of 1,106 tons. The warrant quantity of Shanghai nickel is 39,436 tons, a decrease of 234 tons. [2] 3.2 Spot Market - The SMM 1 nickel spot price is 145,200 yuan/ton, a decrease of 1,650 yuan; the spot average price of 1 nickel plate in Yangtze River Non - ferrous is 145,300 yuan/ton, a decrease of 1,550 yuan. 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. The average price of battery - grade nickel sulfate is 31,750 yuan/ton, an increase of 1,400 yuan. The basis of the NI main contract is 6,750 yuan/ton, an increase of 4,100 yuan. The LME nickel (spot/three - month) premium is - 200.47 US dollars/ton, a decrease of 4.09 US dollars. [2] 3.3 Upstream Situation - The monthly import volume of nickel ore is 333.95 million tons, a decrease of 134.33 million tons; the total port inventory of nickel ore is 1,319.77 million tons, a decrease of 12.26 million tons. The average monthly import unit price of nickel ore is 72.18 US dollars/ton, an increase of 14.84 US dollars. The tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged. [2] 3.4 Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, an increase of 1,120 tons; the total monthly output of ferronickel is 22,100 metal tons, a decrease of 800 metal tons. The monthly import volume of refined nickel and alloys is 12,840.49 tons, an increase of 2,900.84 tons; the monthly import volume of ferronickel is 895,400 tons, a decrease of 9,700 tons. [2] 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 1.7617 million tons, a decrease of 38,300 tons; the total weekly inventory of 300 - series stainless steel is 540,500 tons, a decrease of 13,300 tons. [2] 3.6 Industry News - The EU plans to adjust high tariffs on Chinese electric vehicles and replace them with a minimum price mechanism, releasing a signal of easing trade tensions. The Minister of Industry and Information Technology, Li Lecheng, said that efforts will be made to drive new breakthroughs in future manufacturing, future information, and future materials, focusing on fields such as quantum technology, humanoid robots, brain - computer interfaces, deep - sea polar regions, and 6G. [2] 3.7 Viewpoint Summary - On the macro - level, the Minister of Industry and Information Technology promotes new breakthroughs in future manufacturing, information, and materials. On the fundamental level, the import volume of nickel ore is in a downward trend as the Philippines enters the rainy season, and the planned significant reduction of the RKAB quota in Indonesia next year causes concerns about raw material supply. In the smelting end, the output of Indonesian ferronickel remains high, and the quantity flowing back to China is expected to increase; the domestic refined nickel production capacity is large, and with the recent rise in nickel prices and profit repair, the output of refined nickel is expected to rise again. On the demand side, the cost of stainless - steel ferronickel has decreased, the profit of steel mills has improved, and the planned production volume is expected to be high; the production and sales of new energy vehicles continue to climb, and ternary batteries contribute a small incremental demand. The domestic nickel inventory is in an increasing trend, and the market mainly buys on dips, with a high spot premium; the growth of overseas LME inventory has slowed down. Technically, the position has decreased and the price has fallen, with a large divergence between long and short positions. [2]

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoint The report anticipates that nickel prices will fluctuate weakly. On the macro - level, the US initial jobless claims and continued claims have increased. Fundamentally, the PNBP policy in Indonesia restricts supply and raises costs, while Philippine nickel ore supply is high but with lower grades and domestic nickel ore inventories are lower than the same period last year. Refined nickel production growth is expected to be limited due to slow new project launches and some smelters' loss - induced production cuts. On the demand side, stainless - steel mills' production is expected to rise despite the off - peak season, and new energy vehicles contribute a small demand increment. Both domestic and overseas nickel inventories are increasing. Technically, the increase in positions and falling prices indicate a growing bearish sentiment. It is expected that short - term Shanghai nickel will fluctuate weakly, and attention should be paid to the MA5 pressure [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 115,650 yuan/ton, up 810 yuan; the 12 - 01 month contract spread is - 180 yuan/ton, down 20 yuan. - The LME 3 - month nickel price is 14,645 dollars/ton, down 30 dollars. - The main contract's open interest of Shanghai nickel is 85,012 lots, down 14,670 lots. - The net long position of the top 20 futures holders of Shanghai nickel is - 32,089 lots, down 914 lots. - LME nickel inventory is 257,832 tons, up 138 tons; the Shanghai Futures Exchange nickel inventory is 40,573 tons, up 3,386 tons. - The LME nickel cancelled warrants total 13,632 tons, down 324 tons; the warehouse receipt quantity of Shanghai nickel is 34,631 tons, down 793 tons [3]. 3.2现货市场 - The SMM 1 nickel spot price is 117,600 yuan/ton, up 650 yuan; the average spot price of 1 nickel plate in Yangtze River Non - ferrous is 117,600 yuan/ton, up 550 yuan. - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price is 85 dollars/ton, unchanged. - The average price of battery - grade nickel sulfate is 27,500 yuan/ton, unchanged. - The basis of the NI main contract is 1,950 yuan/ton, down 160 yuan. - The LME nickel (spot/three - month) premium is - 199.86 dollars/ton, up 3.71 dollars [3]. 3.3 Upstream Situation - The monthly import volume of nickel ore is 611.45 million tons, down 23.22 million tons. - The total port inventory of nickel ore is 1,509.49 million tons, up 27.83 million tons. - The average monthly import unit price of nickel ore is 56.72 dollars/ton, down 4.61 dollars. - The含税 price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 dollars/wet ton, unchanged [3]. 3.4 Industry Situation - The monthly electrolytic nickel production is 29,430 tons, up 1,120 tons. - The total monthly nickel - iron production is 2.17 million metal tons, down 0.03 million metal tons. - The monthly import volume of refined nickel and alloys is 28,570.87 tons, up 4,144.03 tons; the monthly import volume of nickel - iron is 108.53 million tons, up 21.12 million tons [3]. 3.5 Downstream Situation - The monthly production of 300 - series stainless steel is 176.27 million tons, up 2.48 million tons. - The total weekly inventory of 300 - series stainless steel is 59.12 million tons, up 2.04 million tons [3]. 3.6 Industry News - In the week ending October 18, the US initial jobless claims totaled 232,000, and the continued claims were 1.957 million, slightly up from the previous week's 1.947 million. - Li Qiang met with Russian President Vladimir Putin, emphasizing China's determination to develop mutually beneficial cooperation with Russia [3].

Group 1 - SMM1 price range is 123,500 - 126,300, with a reference price of 124,900; other price - related ranges and reference values are 750 / 2,100 - 2,400 (reference 2,250), 100, 0 - 300 (reference 150), and 25 [3] - On May 7, 2025, the value is 24,631; 223 is related to LME on May 7, 2025, with a value of 198,312 and a change of 1,470, representing a 9.4% change [3] Group 2 - NI main - continuous price data: 123,630.0, 123,880.0, 124,540.0, 123,030.0, a change of - 450.0, and a change rate of - 0.363 [4]