Group 1: Report Overview - Industry: Nickel [1] - Date: September 4, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core Viewpoints - Nickel prices are under pressure again, with the main contract closing down 1.1% to 121,790 yuan/ton. The average price of 8 - 12% high - nickel pig iron remained flat at 944 yuan/nickel point, and the average price of battery - grade nickel sulfate increased by 40 to 27,870 yuan/ton. The nickel ore price has limited downside and support is emerging due to events in Indonesia. NPI remains strong but the upside for stainless - steel terminals is limited. Sulfuric acid nickel prices are strong, but the demand for new - energy ternary batteries is mediocre. The primary nickel market remains in an oversupply situation, with limited upside and downside for nickel prices. It is recommended to adopt a trading strategy, with the index mainly operating in the range of 119,000 - 125,000 yuan, and it may be slightly stronger in September [8] Group 4: Market Review and Operation Suggestions - Nickel price performance: The main nickel contract closed down 1.1% to 121,790 yuan/ton. The average price of 8 - 12% high - nickel pig iron was flat at 944 yuan/nickel point, and the average price of battery - grade nickel sulfate rose 40 to 27,870 yuan/ton [8] - Market analysis: Nickel ore has limited downside and support due to Indonesian events. NPI is strong due to cost support and demand recovery expectations, but stainless - steel terminal improvement is limited. Sulfuric acid nickel prices are strong, but new - energy ternary battery demand is mediocre [8] - Operation suggestion: Adopt a trading strategy, with the index mainly operating in the range of 119,000 - 125,000 yuan, and it may be slightly stronger in September [8] Group 5: Industry News - Indonesia's Danantara is exploring investment opportunities in the nickel downstream industry and considering acquiring the GNI smelter. It plans to prepare an investment plan of over $20 billion and provide about $60 million in medium - term financing through a syndicated loan [9] - Bulgaria has officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh [10] - A Turkish research team has developed a TOPCon solar cell using nickel contact with almost no silver, which can significantly reduce production costs [10] - Apatura has obtained planning permission for a 100 - MW battery energy storage system project in Scotland, which will help the UK enhance power system resilience [10]

Group 1 - SANY Group aims to not only export products but also cultivate local renewable energy industry chains, serving over 180 countries and regions, with market leadership in 122 of them [1][7] - Hualing Cable has expanded its market presence by exporting products to countries like Vietnam, Guyana, and Serbia, promoting "Chinese manufacturing" globally [1][7] - Chutian Technology focuses on establishing a strong international presence in the pharmaceutical equipment sector, emphasizing the importance of global competitiveness [1][7] Group 2 - SANY Group is currently managing around 20 microgrid projects, with production lines operating at nearly 200% capacity [8] - The microgrid project in Guinea, West Africa, has successfully transitioned from diesel power to a fully green energy supply, featuring a configuration of 7MWp solar and 7MW/21MWh storage [8][9] - SANY Group is integrating renewable energy with construction machinery, enhancing its green low-carbon development strategy across wind, solar, hydrogen, and storage sectors [9] Group 3 - SANY Silicon's production process involves advanced automation, transforming a silicon rod into 4,750 silicon wafers in just over 100 minutes [10] - The company has established a vertically integrated supply chain in the photovoltaic sector, focusing on R&D and production of solar cells and modules [9][10] Group 4 - Hualing Cable is transitioning from a traditional cable manufacturer to a high-end cable integration and intelligent composite transmission leader, focusing on deep-sea, deep-space, and deep-earth applications [2][3] - The company has achieved significant growth in revenue since its listing, with plans to expand into high-end cable and new materials through strategic acquisitions [2][3] Group 5 - Youa Co. is undergoing a strategic transformation by diversifying into the semiconductor industry, aiming to create a dual business model of retail and semiconductors [1][4] - The acquisition of Shenzhen Shangyangtong Technology Co., Ltd. for 1.58 billion yuan is part of Youa's strategy to enhance its capabilities in power semiconductor devices [4]

Report Summary 1. Report Information - Report Type: Nickel Daily Report [1] - Date: August 13, 2025 [2] - Research Team: Non - Ferrous Metals Research Team [3] 2. Core View - The nickel price is expected to rebound under macro - support, but the oversupply fundamentals remain unchanged, and the price may still face pressure after the sentiment fades [8] 3. Content Summary by Section 3.1 Market Review and Operation Suggestions - **Nickel Price Movement**: Shanghai nickel fluctuated strongly, with the main contract rising 0.67% to 122,440. The average premium of Jinchuan No.1 nickel decreased by 50 to 2,150 yuan/ton, and the spot premium range of domestic mainstream brand electrowinning nickel was - 100 - 300 yuan/ton [8] - **Supply and Price of Nickel Ore**: The impact of precipitation in the main producing areas of the Philippines in the third quarter is limited, and shipments will remain at a high level. The approved quota of RKAB in Indonesia is as high as 310 million wet tons, with a strong expectation of increased nickel ore supply and downward price pressure [8] - **NPI Price**: Due to the short - term high price of nickel ore, most Indonesian iron plants are still in a state of cost inversion. The NPI price continued to rise, with an average of 921.5 yuan/nickel point on the 12th [8] - **Nickel Salt Price**: Supported by cost and rigid restocking of precursors, the nickel salt price continued to rise. The average price of battery - grade nickel sulfate on the 12th increased by 60 to 27,510 yuan/ton [8] 3.2 Industry News - **Indonesian Investment in Nickel Downstream**: Indonesia's Danantara is exploring investment opportunities in the nickel downstream industry and considering acquiring the PT Gunbuster Nickel Industry (GNI) smelter. It plans to prepare an investment plan of over $20 billion and provide about $60 million in medium - term financing through syndicated loans [9][10] - **Battery Energy Storage Projects** - Bulgaria launched a 124 - megawatt/496.2 - megawatt - hour battery energy storage system [10] - Apatura obtained planning permission for a 100 - megawatt battery energy storage system project in Scotland, with the total approved storage capacity exceeding 1.6 gigawatts [10] - **Solar Cell Innovation**: A research team in Turkey developed a TOPCon solar cell using nickel contact with almost no silver, which can significantly reduce production costs [10]

Report Overview - Report Title: Nickel Daily Report - Date: August 5, 2025 - Research Team: Non-ferrous Metals Research Team of CCB Futures 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The nickel market remains in an oversupply situation. After the cooling of macro sentiment, nickel prices will return to the oversupply trading logic and continue to test cost support. Although nickel prices may have a phased rebound under emotional support, the upside is still under pressure [7]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - On the 4th, Shanghai nickel fluctuated strongly. The main contract opened lower and then continued to rise, closing at 120,630, up 0.54%. The total open interest of the index increased by 2,996 to 196,963 lots [7]. - The supply of nickel ore in the Philippines and Indonesia is expected to be loose, and the price has further downward pressure, weakening the support at the ore end. In the NPI sector, the short - term price of nickel ore is still high, and most Indonesian iron plants are still in a state of cost inversion. Although the nickel - iron price has recovered recently, the sustainability is not strong. The stainless - steel market is still sluggish, and the acceptance of high - priced raw materials is limited. It is expected that the NPI price will mainly operate at the bottom [7]. - The nickel - salt price has recovered due to the rigid replenishment of precursors and the low inventory of nickel - salt plants, but the recovery space may be limited. The macro has not yet substantially boosted demand, and the nickel industry does not directly benefit from the anti - involution logic. It is necessary to pay attention to whether there are production - cut policies in the stainless - steel industry. The nickel market is difficult to have substantial improvement in the short term [7]. 3.2 Industry News - Indonesia's national investment management agency Danantara is exploring investment opportunities in the nickel downstream industry. It is considering acquiring the PT Gunbuster Nickel Industry (GNI) smelter in Central Sulawesi. The acquisition plan is still in the evaluation stage, and the state - owned mining holding company Mind ID is likely to be the main partner. Danantara expects to prepare an investment plan of more than $20 billion and provide about $60 million in medium - term financing through a syndicated loan [8][10]. - Bulgaria has officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh [10]. - A research team in Turkey has developed a TOPCon solar cell using nickel contact with almost no silver, which can significantly reduce production costs and improve sustainability and scalability [10]. - Renewable energy storage company Apatura has obtained planning permission for a 100 - MW battery energy storage system project in Scotland, which will help Scotland achieve its net - zero emissions and renewable - energy consumption goals [10].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The nickel market remains in an oversupply situation, with the short - term market dominated by macro logic. The overall oversupply pattern is still significant, and the nickel price is expected to be weak. The upstream nickel ore supply is expected to be loose, the support from iron plants and stainless steel is limited, and the battery - grade nickel sulfate price has rebounded. [7] 3. Summary by Directory 3.1行情回顾与操作建议 - The main contract of Shanghai nickel, 2509, closed down 0.85% at 121,800, and the total open interest of the index decreased by 3,705 to 174,585 lots. [7] - The supply of nickel ore from the Philippines and Indonesia is expected to be loose, and the ore price is likely to fall. [7] - The support from nickel iron plants and the stainless - steel market is limited. The cost of nickel iron plants is high, and some Indonesian production lines have switched to producing high - grade nickel matte. The stainless - steel market is weak due to the traditional off - season and high inventory. [7] - The price of battery - grade nickel sulfate continued to rise, reaching 27,370 yuan/ton on the 29th, supported by the rigid replenishment demand of precursors and low inventory of nickel salt plants. [7] 3.2行业要闻 - Indonesia's Danantara is exploring investment opportunities in the nickel downstream industry, considering acquiring the GNI smelter. It plans to prepare an investment plan of over $20 billion and provide about $60 million in medium - term financing through a syndicated loan. [8][10] - Bulgaria has launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh. [9] - A research team in Turkey has developed a TOPCon solar cell with nickel contact and low silver usage, which can significantly reduce production costs. [9] - Apatura has obtained planning permission for a 100 - MW battery energy storage system project in Scotland, with a total approved storage capacity of over 1.6 GW. [9]

Report Summary 1. Industry Investment Rating No relevant information provided. 2. Core View - On July 23, the nickel price shifted to narrow - range fluctuations as the continuously surging varieties adjusted, indicating emerging market divergence. The nickel surplus pattern remains unchanged, and price pressure persists. With the approval of additional RKAB quotas in Indonesia, nickel ore supply will be abundant, and there is room for a decline in premiums and ore prices. Although the ferronickel price has slightly rebounded, most smelters in Indonesia are still at a loss, and the production reduction after the conversion to high - grade nickel matte is limited, providing limited price support. Stainless steel is in the traditional off - season with high inventories, and it is difficult to support the raw material end. The sulfuric acid nickel price remained flat. Overall, the nickel fundamentals have not changed significantly, and the subsequent support from the ore end may weaken. Currently, the macro - sentiment dominates the market, and the nickel price is temporarily strong, but the rebound space should be viewed with caution [7]. 3. Summary by Section 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - On July 23, the SHFE nickel 2509 closed at 123,370, down 0.06% from the previous day, and the total index positions decreased by 2,860 to 173,672 lots. The nickel market's excess situation remains, and price pressure exists. The supply of nickel ore will be loose, and there is room for a decline in premiums and ore prices. The ferronickel price has a slight rebound, but most Indonesian smelters are still at a loss, and the support for prices is limited. Stainless steel is in the off - season with high inventories, and it is difficult to support the raw material end. The sulfuric acid nickel price remained at 27,250, and it is expected to stop falling temporarily. The overall performance of each industrial link is weakening, and the support from the ore end may loosen. The macro - sentiment currently dominates the market, and the nickel price is temporarily strong, but the rebound space should be treated with caution [7]. 3.2行业要闻 (Industry News) - The Indonesian Nickel Miners Association (APNI) revealed that Indonesia's actual nickel ore production in 2025 was only 120 million tons, far lower than the approved RKAB quota of 364.1 million tons in the first half of the year. The low utilization rate of the quota was due to the rainy season in major mining areas. In the first half of the year, Indonesia imported 4.6 million tons of nickel ore from the Philippines. Since January 2025, the cost pressure on Indonesia's nickel industry has been increasing due to policies and taxes. APNI is formulating ESG regulations to enhance its international reputation [8][10]. - Bulgaria launched a 124 - megawatt/496.2 - megawatt - hour battery energy storage system, marking a step towards its goal of deploying 10,000 megawatt - hours of battery energy storage capacity within a year [10]. - A Turkish research team developed a TOPCon solar cell using nickel contact with almost no silver, which significantly reduces silver consumption while maintaining high efficiency, potentially reducing production costs [10]. - Renewable energy storage company Apatura obtained planning permission for a 100 - megawatt battery energy storage system project in Scotland, which will help the region achieve its energy and emission - reduction goals [10].

Core Insights - The photovoltaic industry is experiencing significant growth, with a total scale of signed/planned, under-construction, and commissioned projects reaching 42.38GW by June 2025, highlighting strong overseas market performance in signing and construction phases, while domestic markets dominate in commissioning [1] - Domestic market activity has slowed in terms of signing and construction, focusing on TOPCon and perovskite technologies, with major investments concentrated in Jiangsu and Sichuan, exceeding 10 billion yuan [1] - The overseas market has seen a decrease in the number and scale of planned and commissioned projects compared to the previous month, but the scale of projects under construction has significantly increased, particularly in India, Indonesia, Turkey, Egypt, and the United States [1] Signed/Planned Projects - In June 2025, there were 7 signed/planned photovoltaic projects totaling 18.2GW, with 6 overseas projects leading the way [2] - The focus remains on battery cells and modules, with planned capacities of 4.2GW and 14GW respectively [2] Under-Construction Projects - A total of 6 photovoltaic projects were under construction in June 2025, amounting to 10.38GW, with 9.38GW located overseas, primarily in India, Egypt, and Indonesia [5] - The construction scale for battery cells was 3.78GW, while modules accounted for 6.6GW, indicating a strong emphasis on the module sector [5] Commissioned Projects - In June 2025, 5 photovoltaic projects were commissioned, totaling 13.8GW, with domestic projects accounting for 94.2% of the total [8] - The commissioned capacity for battery cells and modules was 10GW and 3.8GW respectively, showcasing a robust domestic production capability [8] Other Developments - The perovskite technology is advancing rapidly, with significant projects like the successful commissioning of a GW-level perovskite module project by GCL-Poly in Jiangsu, marking a key step towards industrialization [1][10] - The overall landscape of the photovoltaic industry is characterized by optimization and technological breakthroughs, with a focus on efficiency and balanced development across various technologies [16]

Group 1: Major Asset Restructuring of Liansheng Technology - Liansheng Technology announced the progress of a major asset restructuring, planning to acquire 69.71% equity of Xingshu Century, with the transaction entering its final stage [1] - The acquisition will be conducted through a combination of share issuance and cash payment, with the transaction price yet to be finalized [1] - The company is actively promoting the transaction, with auditing, evaluation, and due diligence work nearing completion [1] Group 2: Termination of Solar Projects by Bangjie Co. - Bangjie Co. announced the termination of a 16GW TOPCon solar cell and silicon wafer project due to changes in the photovoltaic market environment [2] - The project was initially planned with a total investment of approximately 8 billion yuan, with fixed asset investments of about 6.2 billion yuan for the first phase [2] - The company signed a supplementary agreement with the Jiangshan Economic Development Zone Management Committee to adjust the project implementation sequence [3] Group 3: New Solar Manufacturing Plant by SAEL Industries - SAEL Industries plans to invest approximately 82 billion rupees (about 9.54 billion USD) to build a 5GW solar cell and module manufacturing plant in Noida, Uttar Pradesh [4][5] - This investment is part of a vertical integration strategy to support its solar independent power producer (IPP) business and enhance domestic solar industry capabilities [5] - According to Mercom's report, India is expected to add 25.3GW of solar module capacity and 11.6GW of solar cell capacity in 2024, driven by policy, market demand, and energy security needs [5] Group 4: Share Transfer by Hoshine Silicon Industry - Hoshine Silicon Industry announced that its controlling shareholder, Hoshine Group, plans to transfer 60 million shares (5.08% of total shares) to Xiao Xiugan for a total price of 2.634 billion yuan [6] - Following the transfer, Hoshine Group's shareholding will decrease from 78.59% to 73.51% of the total shares [6] - The transfer is motivated by the controlling shareholder's funding needs and the company's development requirements [6]

Core Viewpoint - ST Lingda's 2024 annual report has raised significant concerns among board members and management regarding its authenticity and internal controls [1][2]. Financial Performance - ST Lingda reported an operating income of 0.61 million, a year-on-year decrease of 92.71% - The net profit attributable to shareholders was -9.50 billion, a year-on-year decrease of 262.42% [2]. Internal Control Issues - The internal control audit report for 2024 received a negative opinion, indicating major deficiencies in internal controls related to external guarantees and subsidiary management [2]. - The company has faced continuous failures in internal control reports for two consecutive years, limiting the ability of management to express opinions [1][2]. Management and Board Concerns - Board member Bai Jianghong expressed doubts about the authenticity of the report and stated he could not provide an opinion due to lack of involvement in actual operations [2]. - Bai Jianghong and another board member, Huang Jianchuan, abstained from voting on the annual report and other related proposals, citing concerns over internal controls and financial expertise [2][4]. Business Operations - The main business of ST Lingda is related to the photovoltaic industry, with a significant portion of revenue historically coming from its subsidiary, Jiazhi Jiayue New Energy Technology Co., Ltd. [3]. - Jiazhi Jiayue's first-phase battery project has been suspended since March 14, 2024, due to declining prices in the photovoltaic supply chain, with no immediate plans for resumption [3]. Previous Board Actions - Bai Jianghong has a history of opposing or abstaining from votes on various reports, including the 2024 semi-annual and third-quarter reports, citing concerns over financial data accuracy and potential management misconduct [4][5].