节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：6/10
中国库存压力较大 镍价再度走弱【机构评论】
近期，镍价呈现承压态势，不锈钢则是反弹后回落。以下从行情回顾、产业逻辑、策略推荐及风险提示几方面展开分析。
镍产业逻辑：在产业层面，海外印尼政局对镍矿供应影响有限。当前中国镍产业链内部供需出现分化，精炼镍供应过剩压力较为突出，而硫酸镍环节相对偏紧。9月，中国纯镍社会库存约4.1万吨，环比持续小幅累积，这表明供应端的压力依旧存在。这种供应过剩的状况，使得镍价承受下行压力。
不锈钢产业逻辑：目前，不锈钢下游消费旺季预期犹存。据统计，9月无锡和佛山两大不锈钢市场库存总量降至90.26万吨，周环比下降1.75%，延续小幅去库趋势。随着不ɔ..
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