1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The report predicts that Shanghai nickel will experience short - term shock adjustments, and investors should focus on the competition around the MA60 line [4] - On the macro - front, the situation between the US and Iran is complex. Iran has rejected the US cease - fire proposal, while the White House claims the negotiation is ongoing and productive. The information exchange is not considered a negotiation by Iran, and the Strait of Hormuz is open to non - belligerent countries [3] - On the fundamental side, the nickel ore imports have declined as the Philippines enters the rainy season. The approval progress of Indonesia's nickel ore RKAB production is faster than expected, alleviating supply concerns. The domestic refined nickel production is expected to rise again, and the demand from stainless steel plants and new - energy vehicles is increasing [3] - Technically, the position volume has decreased, the price has corrected, and the bullish sentiment is cautious [4] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 135,860 yuan/ton, down 270 yuan; the 05 - 06 contract spread of Shanghai nickel is - 230 yuan/ton, down 40 yuan [3] - The LME 3 - month nickel price is 17,345 US dollars/ton, up 365 US dollars; the main contract position volume of Shanghai nickel is 179,895 hands, down 8,924 hands [3] - The net long position of the top 20 futures positions of Shanghai nickel is - 49,024 hands, up 4,278 hands; the LME nickel inventory is 282,456 tons, down 432 tons [3] - The Shanghai Futures Exchange nickel inventory is 63,661 tons (weekly), down 20 tons; the LME nickel cancelled warrants total 18,492 tons, down 408 tons [3] - The warehouse receipt quantity of Shanghai nickel is 57,593 tons, down 12 tons [3] 3.2 Spot Market - The SMM 1 nickel spot price is 139,350 yuan/ton, up 1,550 yuan; the spot average price of 1 nickel plate in Yangtze River Non - ferrous Metals is 139,250 yuan/ton, up 1,350 yuan [3] - The CIF (bill of lading) price of Shanghai electrolytic nickel is 210 US dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 210 US dollars/ton, unchanged [3] - The average price of battery - grade nickel sulfate is 31,650 yuan/ton, unchanged; the basis of the NI main contract is 3,490 yuan/ton, up 1,820 yuan [3] - The LME nickel (spot/three - month) premium is - 195.11 US dollars/ton, up 0.78 US dollars [3] 3.3 Upstream Situation - The monthly import volume of nickel ore is 122.39 million tons, down 16.03 million tons; the total port inventory of nickel ore is 792.66 million tons (weekly), down 65.68 million tons [3] - The average monthly import unit price of nickel ore is 96.59 US dollars/ton, down 28.97 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] 3.4 Industry Situation - The monthly electrolytic nickel output is 29,430 tons, up 1,120 tons; the total monthly nickel - iron output is 2.14 million metal tons, unchanged [3] - The monthly import volume of refined nickel and alloys is 17,308.15 tons, down 5,231.79 tons; the monthly import volume of nickel - iron is 83.17 million tons, down 7.82 million tons [3] 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 131.94 million tons, down 53.87 million tons; the total weekly inventory of 300 - series stainless steel is 62.42 million tons, down 1.28 million tons [3] 3.6 Industry News - The negotiation between the US and Iran is unclear. Iran has rejected the US cease - fire proposal, while the White House claims the negotiation is ongoing and productive. Iran is prepared for further escalation of the situation [3] - Non - belligerent ships can pass through the Strait of Hormuz after coordination. COSCO Shipping Lines has resumed new booking business (ordinary containers) to some Middle - East countries but will not pass through the Strait of Hormuz for now [3] - As of the end of February, the total installed power generation capacity in China is 3.95 billion kilowatts, a year - on - year increase of 15.9%. The installed capacity of solar power generation is 1.23 billion kilowatts, a year - on - year increase of 33.2%; the installed capacity of wind power is 0.65 billion kilowatts, a year - on - year increase of 22.8% [3] - A Fed governor believes that the current Fed policy is dragging down the economy and should gradually cut interest rates to the neutral level this year. The overall inflation forecast for this year is raised to 2.7% due to the oil price shock [3] - The ECB President says that the ECB will take decisive action if inflation is triggered by the soaring energy cost, and is currently assessing the impact of the Middle - East situation [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report predicts that Shanghai nickel will fluctuate strongly in the short - term, and investors should pay attention to the MA60 resistance. The macro - situation shows that Trump's dialogue with Iran has formed key points of an agreement, delaying the attack on Iranian power plants and energy infrastructure. Fundamentally, the import of nickel ore from the Philippines is decreasing due to the rainy season, while Indonesia's nickel ore RKAB production approval is faster than expected, easing supply concerns. The domestic refined nickel production is expected to rise again, and the demand from stainless steel plants and new - energy vehicles is improving. Technically, the increasing position and rising price indicate a strong bullish sentiment [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 133,480 yuan/ton, with a week - on - week increase of 500 yuan/ton. The spread between the 05 - 06 contracts is - 230 yuan/ton, a decrease of 40 yuan/ton. - The price of LME 3 - month nickel is 17,200 US dollars/ton, up 315 US dollars/ton. The position of the main contract of Shanghai nickel is 181,146 lots, an increase of 1,440 lots. - The net long position of the top 20 futures holders of Shanghai nickel is - 54,932 lots, a decrease of 2,740 lots. The LME nickel inventory is 282,792 tons, a decrease of 720 tons. - The inventory of nickel in the Shanghai Futures Exchange is 63,661 tons, a decrease of 20 tons. The LME nickel cancelled warrants total 17,640 tons, a decrease of 720 tons. The warehouse receipt quantity of Shanghai nickel is 58,006 tons, an increase of 374 tons [3]. 3.2 Spot Market - The SMM 1 nickel spot price is 136,150 yuan/ton, a decrease of 1,700 yuan/ton. The average spot price of 1 nickel plate in the Yangtze River is 136,050 yuan/ton, a decrease of 1,900 yuan/ton. - The CIF (bill of lading) price of Shanghai electrolytic nickel is 210 US dollars/ton, unchanged. The bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 210 US dollars/ton, unchanged. - The average price of battery - grade nickel sulfate is 31,650 yuan/ton, unchanged. The basis of the NI main contract is 2,670 yuan/ton, a decrease of 2,200 yuan/ton. The LME nickel (spot/3 - month) premium is - 188.19 US dollars/ton, a decrease of 5.2 US dollars/ton [3]. 3.3 Upstream Situation - The monthly import volume of nickel ore is 199.28 million tons, a decrease of 134.67 million tons. The total port inventory of nickel ore is 792.66 million tons, a decrease of 65.68 million tons. - The average monthly import price of nickel ore is 75.53 US dollars/ton, an increase of 3.36 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]. 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 21,400 metal tons, unchanged. - The monthly import volume of refined nickel and alloys is 23,861.23 tons, an increase of 11,020.74 tons. The monthly import volume of ferronickel is 99.61 million tons, an increase of 10.07 million tons [3]. 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 185.81 million tons, an increase of 11.09 million tons. The total weekly inventory of 300 - series stainless steel is 62.42 million tons, a decrease of 1.28 million tons [3]. 3.6 Industry News - The US - Iran negotiation is in a deadlock. Trump said the US and Iran had a "strong" dialogue and formed key points of an agreement, delaying the attack on Iranian energy facilities for 5 days. Iran has repeatedly denied having a dialogue with the US. - State Power Investment Corporation plans to invest 200 billion yuan in 2026, a year - on - year increase of 17%. It aims to complete 23 billion yuan of investment in the first quarter, a year - on - year increase of 35%. - US Vice - President Vance and Israeli Prime Minister Netanyahu discussed the efforts to start negotiations with Iran and the elements of a potential agreement to end the war with Iran. Netanyahu said he had a call with Trump, and Trump thought there was an opportunity to achieve all war goals through an agreement. Meanwhile, Israel continues to attack Iran and Lebanon. - Fed's Goolsbee said inflation is the primary risk, not ruling out the possibility of raising interest rates, while still retaining the space for rate cuts this year. Other Fed officials also expressed their views on inflation and interest - rate policies [3].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The report predicts that Shanghai nickel will experience short - term shock adjustments, and attention should be paid to the MA10 pressure [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 132,980 yuan/ton, a decrease of 180 yuan; the 05 - 06 contract spread of Shanghai nickel is - 190 yuan/ton, a decrease of 20 yuan [2] - The LME 3 - month nickel price is 1,6885 US dollars/ton, a decrease of 180 US dollars; the main contract position of Shanghai nickel is 179,706 lots, an increase of 6,570 lots [2] - The net long position of the top 20 futures holders of Shanghai nickel is - 52,192 lots, a decrease of 6,410 lots; the LME nickel inventory is 283,512 tons, a decrease of 258 tons [2] - The inventory of nickel in the Shanghai Futures Exchange is 63,661 tons (weekly), a decrease of 20 tons; the LME nickel cancelled warrants are 18,360 tons, a decrease of 402 tons [2] - The warehouse receipt quantity of Shanghai nickel is 57,632 tons, an increase of 942 tons [2] 3.2 Spot Market - The SMM 1 nickel spot price is 137,850 yuan/ton, a decrease of 50 yuan; the average spot price of 1 nickel plate in the Yangtze River is 137,950 yuan/ton, an increase of 150 yuan [2] - The CIF (bill of lading) price of Shanghai electrolytic nickel is 210 US dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 210 US dollars/ton, unchanged [2] - The average price of battery - grade nickel sulfate is 31,650 yuan/ton, unchanged; the basis of the NI main contract is 4,870 yuan/ton, an increase of 130 yuan [2] - The LME nickel (spot/three - month) premium is - 182.99 US dollars/ton, an increase of 8.46 US dollars [2] 3.3 Upstream Situation - The monthly import volume of nickel ore is 1.9928 million tons, a decrease of 1.3467 million tons; the total port inventory of nickel ore is 7.9266 million tons (weekly), a decrease of 0.6568 million tons [2] - The average monthly import unit price of nickel ore is 75.53 US dollars/ton, an increase of 3.36 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 21,400 metal tons, unchanged [2] - The monthly import volume of refined nickel and alloys is 23,861.23 tons, an increase of 11,020.74 tons; the monthly import volume of ferronickel is 996,100 tons, an increase of 100,700 tons [2] 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 1.8581 million tons, an increase of 110,900 tons; the total weekly inventory of 300 - series stainless steel is 624,200 tons, a decrease of 12,800 tons [2] 3.6 Industry News - The governor of the People's Bank of China, Pan Gongsheng, stated that China will continue to implement a moderately loose monetary policy and use various tools to maintain sufficient liquidity [2] - The Chinese Ministry of Finance will allocate 250 billion yuan to support the replacement of consumer goods with new ones and increase direct and inclusive policies for consumers [2] - Trump threatened to limit Iran to open the Strait of Hormuz within 48 hours and destroy its power plants. Sources said the US is planning to seize Iran's "nuclear reserves" [2] 3.7 Fundamental Analysis - The Philippines has entered the rainy season, and the import volume of nickel ore is on a downward trend; Indonesia's RKAB plan is to adjust the quota, with an increase of up to about 25% - 30%, which is expected to meet domestic nickel ore demand and ease supply concerns [2] - The domestic refined nickel production capacity is large. Recently, the nickel price has been adjusted in a shock, and there is a profit margin in production. It is expected that the output of refined nickel will rise again [2] - The profit of stainless steel plants has improved, and production has gradually resumed after the festival; the production and sales of new energy vehicles continue to climb, and ternary batteries contribute a small incremental demand [2] - The domestic nickel inventory continues to grow, and the spot premium remains stable; the overseas LME inventory decreases slightly, and the spot premium is adjusted downward [2] - Technically, the position increases while the price is adjusted, and the divergence between long and short positions increases [2]

Report Industry Investment Rating - Not provided Core View of the Report - It is expected that Shanghai nickel will make a strong adjustment in the short - term, and attention should be paid to the support of MA5 [4] Summary According to Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai nickel is 139,800 yuan/ton, with a month - on - month increase of 5,700 yuan/ton; the 02 - 03 month contract spread of Shanghai nickel is - 220 yuan/ton, with a month - on - month increase of 110 yuan/ton [3] - The price of LME 3 - month nickel is 17,290 US dollars/ton, with a month - on - month increase of 530 US dollars/ton; the position of the main contract of Shanghai nickel is 131,481 lots, with a month - on - month decrease of 3,248 lots [3] - The net long position of the top 20 futures holders of Shanghai nickel is - 49,943 lots, with a month - on - month decrease of 4,234 lots; the LME nickel inventory is 255,354 tons, with a month - on - month increase of 72 tons [3] - The inventory of nickel in the Shanghai Futures Exchange is 45,544 tons, with a month - on - month increase of 1,090 tons; the LME nickel cancelled warrants are 12,432 tons, with a month - on - month increase of 12 tons [3] - The warehouse receipt quantity of Shanghai nickel is 39,388 tons, with a month - on - month increase of 964 tons [3] Spot Market - The spot price of SMM 1 nickel is 143,450 yuan/ton, with a month - on - month increase of 5,300 yuan/ton; the average spot price of 1 nickel plate in Yangtze River Non - ferrous Metals is 143,550 yuan/ton, with a month - on - month increase of 5,500 yuan/ton [3] - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, with no month - on - month change; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, with no month - on - month change [3] - The average price of battery - grade nickel sulfate is 28,250 yuan/ton, with a month - on - month increase of 50 yuan/ton; the basis of the NI main contract is 3,650 yuan/ton, with a month - on - month decrease of 400 yuan/ton [3] - The LME nickel (spot/three - month) premium is - 151.78 US dollars/ton, with a month - on - month decrease of 8.1 US dollars/ton [3] Upstream Situation - The import volume of nickel ore is 3.3395 million tons, with a month - on - month decrease of 1.3433 million tons; the total port inventory of nickel ore is 13.3203 million tons, with a month - on - month decrease of 0.4444 million tons [3] - The average import unit price of nickel ore is 72.18 US dollars/ton, with a month - on - month increase of 14.84 US dollars/ton; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, with no month - on - month change [3] Industry Situation - The electrolytic nickel output is 29,430 tons, with a month - on - month increase of 1,120 tons; the total nickel - iron output is 22,100 metal tons, with a month - on - month decrease of 800 metal tons [3] - The import volume of refined nickel and alloys is 12,840.49 tons, with a month - on - month increase of 2,900.84 tons; the import volume of nickel - iron is 895,400 tons, with a month - on - month decrease of 9,700 tons [3] Downstream Situation - The output of 300 - series stainless steel is 1.7617 million tons, with a month - on - month decrease of 38,300 tons; the total inventory of 300 - series stainless steel is 553,800 tons, with a month - on - month decrease of 8,700 tons [3] Industry News - China's RatingDog service industry PMI in December 2025 was 52, maintaining expansion, but new export orders fell back into contraction. The current expansion period has continued for three years [3] - Li Qiang emphasized strengthening the dominant position of enterprises in innovation and promoting the accelerated iteration and upgrading of new technologies and products such as robots and drones in the process of expanding applications [3] - Trump warned Venezuela's "interim president" and said that Venezuela might not be the last country for US intervention, and reiterated the need for Greenland [3] - The US ISM manufacturing index in December decreased slightly from 48.2 to 47.9, remaining below 50 for 10 consecutive months. New orders have contracted for the fourth consecutive month, and export orders are still weak; the index was mainly dragged down by the accelerating decline in inventory [3] Viewpoint Summary - In the macro - aspect, China's service industry PMI maintained expansion, while the US manufacturing PMI continued to decline. In the fundamental aspect, the import volume of nickel ore is in a downward trend, and Indonesia plans to cut quotas, causing concerns about raw material supply [3] - On the smelting side, the nickel - iron output in Indonesia remains high, and the quantity flowing back to China is expected to increase. Although some production has been cut due to raw material shortages and profit losses, the output is still at a high level, and cost support has increased [3] - On the demand side, the cost of nickel - iron for stainless steel has decreased, the profit of steel mills has improved, and the production is expected to remain at a high level. The production and sales of new energy vehicles continue to rise, and ternary batteries contribute a small incremental demand [3] - The domestic nickel inventory is on an upward trend, and the market mainly buys on dips. The spot premium is at a high level, and the growth of overseas LME inventory has slowed down. Technically, the position increases and the price rises, with a strong bullish atmosphere [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report predicts that Shanghai nickel will experience a short - term weak adjustment, and investors should pay attention to the competition at the 116,000 - yuan mark. The Philippines is in the rainy season, leading to a decline in nickel ore imports. The potential variables of Indonesia's RKAB approval and possible export policy changes have limited impact on supply recently. The supply of the pure nickel market is under great pressure, while the demand side shows positive trends. Both domestic and overseas nickel inventories are increasing, and the technical side shows a bearish atmosphere [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai nickel is 115,870 yuan/ton, down 1,220 yuan; the 01 - 02 month contract spread of Shanghai nickel is - 190 yuan/ton, down 40 yuan. The LME 3 - month nickel price is 14,675 US dollars/ton, down 75 US dollars. The main contract position of Shanghai nickel is 106,302 lots, an increase of 3,719 lots. The net long position of the top 20 futures holders of Shanghai nickel is - 18,301 lots, an increase of 3,129 lots. The LME nickel inventory is 253,092 tons, an increase of 564 tons. The inventory of the Shanghai Futures Exchange is 42,508 tons, an increase of 1,726 tons. The LME nickel cancelled warrants total 9,390 tons, an increase of 336 tons. The warehouse receipt quantity of Shanghai nickel is 33,939 tons, a decrease of 296 tons [2]. 现货 Market - The SMM 1 nickel spot price is 118,850 yuan/ton, down 300 yuan; the average spot price of 1 nickel plate in the Yangtze River is 118,750 yuan/ton, down 300 yuan. 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. The average price of battery - grade nickel sulfate is 27,550 yuan/ton, unchanged. The basis of the NI main contract is 2,980 yuan/ton, an increase of 920 yuan. The LME nickel (spot/three - month) premium is - 192.16 US dollars/ton, down 1.7 US dollars [2]. Upstream Situation - The monthly import volume of nickel ore is 468.28 tons, a decrease of 143.17 tons; the total port inventory of nickel ore is 1,469.71 tons, a decrease of 17.62 tons. The average monthly import unit price of nickel ore is 57.33 US dollars/ton, an increase of 0.61 US dollars. The tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged [2]. 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 2.29 million metal tons, an increase of 0.12 million metal tons. The monthly import volume of refined nickel and alloys is 9,939.65 tons, a decrease of 18,631.22 tons; the monthly import volume of ferronickel is 90.51 tons, a decrease of 18.02 tons [2]. Downstream Situation - The monthly output of 300 - series stainless steel is 3.73 tons, and the total weekly inventory of 300 - series stainless steel is 58.53 tons, a decrease of 1.23 tons [2]. Industry News - The Federal Reserve cut interest rates by 25 basis points as expected, but three voting members opposed it. It still expects to cut interest rates once next year and will buy short - term bonds worth 40 billion US dollars. Powell said that the bond - buying scale may remain at a high level in the next few months, the labor market is gradually cooling but slower than expected, and it can wait patiently at the current interest rate, and the impact of tariffs is expected to gradually subside next year. China's CPI in November increased by 0.7% year - on - year, the highest since March 2024, and the year - on - year decline of PPI slightly widened. Hassett said that Trump will make a final decision on the candidate for the Fed chairman in the next 1 - 2 weeks [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The US employment market shows signs of stabilization after two consecutive months of decline, with the ADP employment in October increasing by 42,000, significantly exceeding the expected 30,000. The Indonesian government's PNBP policy restricts the supply of nickel resources, increasing the cost of supply, and the premium of domestic trade ore remains stable. The supply of nickel ore from the Philippines is at a high level, but the grade of nickel ore has declined, and the domestic nickel ore inventory is lower than the same period last year. The new electrolytic nickel projects are slowly put into production, and due to low nickel prices and cost - side pressure, some smelters are losing money and reducing production, so the growth of refined nickel production is expected to be limited. On the demand side, the peak season of stainless - steel mills is not prosperous, but the cost of nickel - iron has decreased, and the profit of steel mills has improved, so the planned production volume is expected to increase. The production and sales of new energy vehicles continue to rise, contributing a small increase in demand for ternary batteries. The domestic nickel inventory continues to increase, and the market mainly purchases on demand, with the spot premium rising. The LME inventory overseas also shows an increase. It is expected that the nickel price will fluctuate and adjust. Technically, the price drops with increasing positions, the short - selling sentiment heats up, and the lower limit of the range is being tested. It is recommended to wait and see for now [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 119,750 yuan/ton, down 280 yuan; the spread between the December - January contracts of Shanghai nickel is - 220 yuan/ton, down 20 yuan. The LME 3 - month nickel price is 15,015 US dollars/ton, down 45 US dollars. The position of the main contract of Shanghai nickel is 118,664 lots, an increase of 3,500 lots. The net long position of the top 20 futures holders of Shanghai nickel is - 33,684 lots, a decrease of 1,648 lots. The LME nickel inventory is 253,128 tons, an increase of 378 tons. The Shanghai Futures Exchange nickel inventory is 36,751 tons (weekly), an increase of 676 tons. The LME nickel cancelled warrants total 6,540 tons, an increase of 114 tons. The warehouse receipt quantity of Shanghai nickel is 32,689 tons, a decrease of 240 tons [3]. 3.2 Spot Market - The SMM 1 nickel spot price is 120,500 yuan/ton, down 450 yuan. The average spot price of 1 nickel plate in the Yangtze River Non - ferrous Metals Market is 120,700 yuan/ton, down 350 yuan. 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. The average price of battery - grade nickel sulfate is 28,800 yuan/ton, unchanged. The basis of the NI main contract is 750 yuan/ton, down 170 yuan. The LME nickel (spot/3 - month) premium is - 210.37 US dollars/ton, an increase of 3.3 US dollars [3]. 3.3 Upstream Situation - The monthly import volume of nickel ore is 611.45 million tons, a decrease of 23.22 million tons. The total port inventory of nickel ore is 1,479.1 million tons (weekly), a decrease of 18.81 million tons. The average monthly import price of nickel ore is 56.72 US dollars/ton, a decrease of 4.61 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]. 3.4 Industry Situation - The monthly electrolytic nickel production is 29,430 tons, an increase of 1,120 tons. The total monthly nickel - iron production is 2.17 million metal tons, a decrease of 0.03 million metal tons. The monthly import volume of refined nickel and alloys is 28,570.87 tons, an increase of 4,144.03 tons. The monthly import volume of nickel - iron is 108.53 million tons, an increase of 21.12 million tons [3]. 3.5 Downstream Situation - The monthly production of 300 - series stainless steel is 2.48 million tons. The total weekly inventory of 300 - series stainless steel is 176.27 million tons, and the inventory of 300 - series stainless steel is 58.08 million tons, an increase of 0.41 million tons [3]. 3.6 Industry News - The US ADP employment in October increased by 42,000, the largest increase since July 2025, higher than the market expectation of 28,000. The US ISM non - manufacturing PMI in October was 52.4, the highest since February 2025. The State Council will adjust the additional tariff measures on imported goods from the US starting from 13:01 on November 10, 2025. The 24% additional tariff rate on the US will continue to be suspended for one year, and the 10% additional tariff rate on the US will be retained. According to the preliminary statistics of the Passenger Car Association, in October, the retail sales of new - energy passenger vehicles in the national market reached 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%, and the penetration rate of new - energy retail sales in the passenger car market was 58.7%. Premier Li Qiang attended the opening ceremony of the 8th China International Import Expo and delivered a keynote speech, stating that China will adhere to economic construction as the center, focus on high - quality development, and unswervingly promote high - level opening - up [3].

Report Investment Rating - No investment rating information provided. Core View - The nickel market's oversupply situation is difficult to change, and nickel prices are expected to adjust at a low level. Technically, with increasing positions and price fluctuations, there are differences in trading between bulls and bears, maintaining a range-bound oscillation. It is recommended to wait and see for now [2][4]. Summary by Directory Futures Market - The closing price of the main futures contract for Shanghai nickel was 121,410 yuan/ton, a decrease of 770 yuan; the 10 - 11 month contract spread was -260 yuan/ton, a decrease of 60 yuan. The LME 3 - month nickel price was 1,5215 dollars/ton, a decrease of 270 dollars. The main contract's open interest for Shanghai nickel was 74,700 lots, a decrease of 3,140 lots. The net long position of the top 20 futures holders for Shanghai nickel was -28,802 lots, an increase of 545 lots. LME nickel inventory was 242,094 tons, an increase of 4,716 tons. The Shanghai Futures Exchange's nickel inventory was 33,119 tons, an increase of 3,604 tons. The LME nickel cancelled warrants totaled 6,198 tons, a decrease of 696 tons. The warehouse receipt quantity for Shanghai nickel was 25,272 tons, an increase of 44 tons [2]. 现货市场 - The SMM 1 nickel spot price was 122,450 yuan/ton, a decrease of 1,400 yuan. The spot average price of 1 nickel plate from Yangtze River Non - ferrous was 122,550 yuan/ton, a decrease of 1,300 yuan. The CIF (bill of lading) price of Shanghai electrolytic nickel was 85 dollars/ton, unchanged. The bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel was 85 dollars/ton, unchanged. The average price of battery - grade nickel sulfate was 28,650 yuan/ton, unchanged. The basis of the NI main contract was 1,040 yuan/ton, a decrease of 630 yuan. The LME nickel (spot/three - month) premium was -193.95 dollars/ton, a decrease of 22.14 dollars [2]. Upstream Situation - The monthly import volume of nickel ore was 6.3467 million tons, an increase of 1.3409 million tons. The total port inventory of nickel ore was 15.0093 million tons, an increase of 0.9156 million tons. The average import unit price of nickel ore was 61.33 dollars/ton, a decrease of 2.43 dollars. The含税 price of Indonesian laterite nickel ore with 1.8% Ni was 41.71 dollars/wet ton, unchanged [2]. Industry Situation - The monthly electrolytic nickel output was 29,430 tons, an increase of 1,120 tons. The total monthly nickel - iron output was 22,000 metal tons, a decrease of 200 metal tons. The monthly import volume of refined nickel and alloys was 24,426.84 tons, a decrease of 13,807.17 tons. The monthly import volume of nickel - iron was 874,100 tons, an increase of 38,200 tons [2]. Downstream Situation - The monthly output of 300 - series stainless steel was 1.7379 million tons, an increase of 39,800 tons. The total weekly inventory of 300 - series stainless steel was 583,400 tons, an increase of 32,000 tons [2]. Industry News - On October 10th, Eastern Time, the US announced that in response to China's export controls on rare earths and other related items, it would impose a 100% tariff on China and implement export controls on all key software. The US will levy port fees on relevant Chinese ships on October 14th. The list of candidates for the Fed Chairman has been narrowed to five, and BlackRock executive Rieder has "impressed" Bessent. The Central Cyberspace Affairs Commission and the National Development and Reform Commission plan to deploy AI large models in the government affairs field in a coordinated and intensive manner [2].

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]