节点：中游（冶炼、中间品）位置：中游情绪：中性参考度：2/10
镍&不锈钢关注政策落地情况【机构评论】
供给端，镍矿内贸价格及升水基本平稳运行。近期镍铁成交价格上涨，原料端价格表现强于成品端，硫酸镍理论利润转亏，镍钴锂价格均呈走强态势。
需求端，新能源领域相关产业链产量预计环比下降，终端需求走弱，面临成本压力。不锈钢板块供给收缩叠加价格走强，带动库存加速去化。
库存层面，一级镍国内社会库存小幅增加，沪镍及LME库存有所去库。
政策与消息面需重点关注：印..印尼能源与矿产资源部计划于2026年初修订镍商品矿产基准价格计算公式，此次修订将镍伴生矿物（如钴）作为独立矿种计价并征收版税，需持续跟踪政策落地情况。
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