晨间洞察：2026年2月12日

Morning Insight:February 12,2026 Certification：Z0002332gaolinlin@gtht.comYu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Nickel:Renewed headlines from Indonesia have stirred the market again,with real developments on the ore supply side following through. TriWinarno, Director General of Minerals and Coal at the Ministry of Energyand Mineral Resources (ESDM), disclosed that the approved nickel ore From a fundamental perspective, under our previous assumption of a 250million tonne quota with full utilization, we estimated a static supply-demand balance implying a destocking of 140,000 metal tonnes (excludingsupply recovery outside Indonesia). At 260–270 million tonnes, the market In February, both premiums and benchmark prices for Indonesian nickel orerose, with 1.6% grade ore increasing by nearly USD 7 from end-January to With hydromet supply yet to materialize, the cost curve in the near termremains anchored to pyrometallurgical production, and higher ore pricescould lift cost expectations for pyromet nickel by more than RMB 5,000 Open Interest Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. State-owned enterprises (SOEs) directly administered by the Chinesecentral government have formed an embodied intelligence industry Under the guidance of the State-owned Assets Supervision andAdministration Commission (SASAC) of the State Council, the consortium and research institutes. It will focus on five priority areas: strategic high-value applicationscenarios, high-quality datasets, key and core technologies across the The move comes amid a steady increase in AI investment among China's At a recent meeting, the SASAC said that central SOEs should expandeffective investment in computing power, bolster independent innovation, Central SOEs should also deepen their open-source collaboration andaccelerate their upgrades to a new AI cooperation platform, the Huanxin The Huanxin Community was launched by the SASAC in July last year and hassince seen its user base increase tenfold. It has recently attracted the The open-source platform offers free public access to 2,200 domesticallyproduced intelligent computing cards, and has aggregated more than 4,700 2. China will work to improve the nationwide allocation of electricity The measures aim to basically establish a "unified national power market"by 2030, according to the guidelines issued by the General Office of the The power market will feature smooth and orderly operations, unified and As part of its efforts to build the market, China will develop spotmarkets that better reflect prices and balance supply and demand, The market will encourage fair and broad participation by all types of Efforts will also be made to better align the market with power planning,the guidelines state, noting that emergency management and risk controls 3. China's top economic planner, in coordination with other governmentdepartments, has unveiled measures to ensure stable supply and prices of The National Development and Reform Commission (NDRC) said Wednesday thatefforts will be made to ensure sufficient supply by strengthening To stabilize prices, the NDRC said it will ensure the timely release of Support for low-income groups will be enhanced, including temporarysubsidies linked to price increases, according to the commission. Guotai Junan Futures Co., Ltd. (hereinafter referred to as "the Company") is qualified to conduct investment consulting The views and information contained in this report are intended solely for the reference of the Company’s professionalinvestors. This report is not intended to target or violate any laws and regulations of any region, country, city, or other legaljurisdiction. Due to the difficulty in restricting access to this report, we apologize for any inconvenience this may cause. If you Analyst Statement The author(s) of this report hold a futures investment consulting qualification granted by the China Futures Association or possessesequivalent professional competence. The author(s) strive to ensure that the report is independent, objective, and fair. This report solely Disclaimer The information in this report is derived from publicly available sources, but the Company does not guarantee the accuracy,cohesiveness, or reliability of such information. The research, opinions, and forecasts contained in this report reflect theCompany'sjudgment as of the date of the report's release. The prices of the underlying futures analyzed in the report may fluctuate, and past The research services mentioned in this report may not be suitable for individual clients and do not constitute private consulting advice forclients. Clients should consider whether any opinions or suggestions in this report are appropriate when applied to their specific situation.Under no circumstance