Summary of Key Points - On August 5, the financing buy-in amount for Guiyan Platinum Industry was 0.24 billion, ranking 704th in the two markets [1] - The financing repayment amount on the same day was 0.23 billion, resulting in a net buy-in of 1.4096 million [1] - Over the last three trading days (August 1-5), the financing buy-in amounts for Guiyan Platinum Industry were 0.11 billion, 0.27 billion, and 0.24 billion respectively [1] - In terms of securities lending, on the same day, 0.03 thousand shares were sold short, while 0.35 thousand shares were net bought [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The platinum and palladium markets are characterized by high supply concentration and low elasticity, with significant influence from factors such as mine production, recycling, and demand in various sectors. The Chinese market has a high dependence on imports for platinum - palladium resources, and the recycling sector is becoming increasingly important. The development of platinum - palladium futures and options provides new investment opportunities [15][22][86] - The demand for platinum and palladium in the automotive catalyst sector is affected by factors such as the development of new - energy vehicles and emission standards. The potential for growth in the hydrogen energy sector offers new prospects for the consumption of platinum and palladium [37][47][77] 3. Summary by Directory 3.1 Platinum and Palladium Variety Overview - Platinum and palladium, along with rhodium, ruthenium, osmium, and iridium, form the platinum - group metals (PGMs), which are precious metals. Platinum and palladium have higher demand than other PGMs. Platinum has a crustal content of 0.005 ppm, and palladium has 0.0006 ppm [6] - Platinum (Pt) has a high melting point, good ductility, and excellent electrical and thermal conductivity. It is mainly used in industrial catalysts, jewelry, electronics, etc. Palladium (Pd) can adsorb gases, is corrosion - resistant, and is mainly used in the catalyst field [7][8] - Platinum - group metal deposits can be divided into primary and secondary sand deposits. The main formation causes include magmatic action, hydrothermal processes, and exogenous deposition [10] 3.2 Platinum - Group Metal Industry Chain - The supply chain of platinum - group metals has an "oligopoly" structure. Most raw material supply and smelting are in the hands of a few integrated mining and smelting producers. The separation and purification processes of platinum - group metals vary according to the raw material composition. The current mainstream purity of platinum and palladium in the spot market is not less than 99.95%, and the Guangzhou Futures Exchange requires the delivery purity to be no less than 99.95% [15][19] - The extraction of platinum - group metals involves steps such as exploration, mining development, ore extraction, processing, and refining. Recycling of platinum - group metals is highly valued due to their low crustal content [16][20] 3.3 Global Platinum Supply - Demand Pattern - The main platinum - supplying countries are South Africa, Zimbabwe, and Russia. In 2024, South Africa's platinum output accounted for 71% of the global total. The global platinum output declined in 2024, and it is expected to decline further in 2025 [55][57] - The main platinum - consuming regions are China, Europe, North America, and Japan. In 2024, the global platinum demand decreased by 1.6% to 198 tons, with a supply gap of 1.98 tons. The demand in the automotive industry, jewelry, and other sectors showed different trends [59][65] 3.4 Global Palladium Supply - Demand Pattern - The main palladium - supplying countries are Russia, South Africa, Canada, and the United States. In 2024, Russia and South Africa accounted for 43% and 41% of the global total respectively. The global palladium output increased by 0.7 tons to 25.6 tons in 2024, with a supply surplus of 2.4 tons [69][71][77] - The main palladium - consuming regions are China, the United States, Europe, and Japan. The demand for palladium in the automotive catalyst sector decreased due to factors such as the substitution of new - energy vehicles [73][77] 3.5 Chinese Platinum - Group Resource Pattern - China's platinum - group metal resources are extremely scarce, with most of the reserves in Gansu. In 2024, China produced 4.9 tons of platinum - palladium metals. The import dependence on platinum - palladium resources is high, and the recycling industry is facing challenges such as waste shortages [82][86] - In 2024, China imported 104.1 tons of platinum and 28.1 tons of palladium. The consumption of platinum and palladium in China showed different trends, with the consumption of palladium in the automotive catalyst sector declining significantly [88][92][100] 3.6 Platinum and Palladium Price Review - The historical price trends of platinum and palladium are influenced by factors such as supply - demand relationships, economic conditions, and geopolitical situations. The price difference between platinum and palladium and the ratio of gold to platinum also show certain patterns [116] 3.7 Draft of Platinum and Palladium Futures of Guangzhou Futures Exchange - The contract text, risk control system, and delivery business of platinum and palladium futures on the Guangzhou Futures Exchange are under development. The current global active platinum and palladium futures markets are mainly in COMEX [52] 3.8 Platinum and Palladium Options - The draft of platinum and palladium options includes the option contract solicitation draft and the risk control system [42]

Core Viewpoint - The report from Dongfang Securities highlights Guiyan Platinum's ongoing investment focus on core business and innovation-driven improvements in operational quality [1] Investment and Projects - The company is continuously investing in new material manufacturing projects, including the establishment of a precious metal green material industrial park, a Shanghai rare precious metal innovation platform, and a Shanghai Sheshan precious metal new material industrial base [1] - In June, the announcement of an industrial catalyst project, which is one of the highest gross margin segments in the new material manufacturing sector, will help the company further concentrate on high-margin precious metal manufacturing [1] Capacity and Market Outlook - As the announced industrial projects are completed, the company's industrial catalyst production capacity is expected to significantly increase, which is anticipated to better meet the growth in domestic demand resulting from the global chemical industry transfer [1] - This is expected to lead to sales growth of high-margin products in the medium to long term [1] Valuation and Rating - Based on comparable companies' 2025 PE valuation levels, the company is given a 21X valuation, corresponding to a target price of 18.48 yuan, maintaining a "buy" rating [1]

Group 1 - As of July 31, 2025, the stock price of Guoyan Platinum Industry closed at 15.11 yuan, down 0.71 yuan or 4.49% from the previous trading day, with a trading volume of 217,107 hands and a transaction amount of 331 million yuan [1] - Guoyan Platinum Industry primarily engages in precious metal trading and product business, established in 2000 and listed on the Shanghai Stock Exchange in 2003, with operations in small metals and new materials [1] - On the evening of July 30, Guoyan Platinum Industry announced that its wholly-owned subsidiary, Guoyan Electronic Materials (Yunnan) Co., Ltd., has attracted Shanghai Yishang Electronic Technology Co., Ltd. as an intended investor for its capital increase project, with an investment of approximately 125 million yuan for a 49% stake post-increase [1] Group 2 - On July 31, Guoyan Platinum Industry experienced a net outflow of main funds amounting to 37.6553 million yuan, accounting for 0.33% of its circulating market value [2]

Core Viewpoint - The Guangzhou Futures Exchange (GFE) is seeking public opinion on the upcoming launch of platinum and palladium futures and options contracts, addressing the urgent hedging needs of industry players due to significant price volatility in recent years [1][2][6]. Group 1: Futures and Options Launch - GFE has announced the public consultation for platinum and palladium futures and options contracts, with a deadline for feedback set for August 7, 2025 [5]. - Platinum and palladium futures will have no alternative delivery products and will implement a brand delivery system, requiring delivery products to be registered brands published by the exchange [4][11]. - The trading codes for platinum and palladium futures are "PT" and "PD," respectively, with a contract size of 1000 grams per lot and a minimum price fluctuation of 0.05 yuan per gram [13]. Group 2: Market Context and Demand - Platinum and palladium are crucial raw materials in the new energy sector, particularly in fiberglass and hydrogen energy applications, and are considered scarce resources globally [6]. - The demand for hedging in the industry has become urgent due to significant fluctuations in the spot prices of platinum and palladium in recent years [6]. - GFE has previously launched futures for industrial silicon, polysilicon, and lithium carbonate, indicating a focus on supporting green and low-carbon development [7][10]. Group 3: Delivery and Trading Rules - The delivery method for platinum and palladium futures will follow established practices in the futures market, including physical delivery and various delivery options [13]. - The quality standards for delivery will be based on national and international standards, with specific indicators for purity and impurity levels [13]. - The holding limits for positions will vary based on the trading volume, with specific limits set for both platinum and palladium contracts [14].

贵研铂业（600459）(SH600459，股价15.11元，市值114.88亿元)为全资子公司引入战投有了新进展。 7月30日晚间，贵研铂业发公告称，公司全资子公司贵研电子材料(云南)有限公司(以下简称贵研电子)增 资扩股项目在挂牌期间征集到上海怡上电子科技有限公司(以下简称怡上电子)这唯一一家意向投资方。 《每日经济新闻》记者注意到，怡上电子成立于2019年12月，自成立以来，一共投资过两家企业，且其 中一家已经注销。此外，记者尝试拨打怡上电子2024年年报登记的座机号，发现该座机号已"暂停服 务"。对此，贵研铂业董秘办相关人士表示，对于投资方都做过尽调，"引进战投会带来相应的一些业务 资源，包括技术、现金出资等"。 标的公司设立不足3年 公开资料显示，贵研铂业成立于2000年，位于云南省昆明市，主营贵金属贸易和产品，于2003年在上交 所上市。 《每日经济新闻》记者注意到，贵研电子是贵研铂业于2022年年底投资1.1亿元设立的全资子公司。 彼时，贵研铂业在公告中表示，设立贵研电子的目的是"培育电子元器件行业具有竞争力的表面金属化 材料供应企业，进一步提升贵金属浆料核心竞争力、影响力和话语权"。 贵研铂业 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.48 CNY, based on a 21X valuation of the estimated EPS for 2025-2027 [3][5]. Core Insights - The company is focusing on continuous investment in core businesses and innovation to enhance operational quality. The precious metals business includes manufacturing, recycling, and trading, with a significant portion of revenue coming from recycling and trading, which has lower profitability [8]. - The new materials manufacturing segment is expected to contribute significantly to profitability, with a projected 30% of revenue contributing to 56% of gross profit in 2024. The company is investing in high-margin projects, including a catalyst production line, to further enhance profitability [8]. - The global shift in the chemical industry is anticipated to benefit the company's catalyst business, as production capacity is expected to increase significantly, allowing the company to capture growing domestic demand for high-margin products [8]. Financial Summary - Revenue is projected to grow from 45,086 million CNY in 2023 to 65,789 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 8.3% [4]. - Net profit attributable to the parent company is expected to increase from 468 million CNY in 2023 to 825 million CNY in 2027, reflecting a CAGR of about 8.2% [4]. - The EPS is forecasted to rise from 0.62 CNY in 2023 to 1.08 CNY in 2027, indicating a steady growth trajectory [4].

证券简称：贵研铂业 证券代码：600459 公告编号：临 2025-037 云南省贵金属新材料控股集团股份有限公司 关于全资子公司贵研电子材料（云南）有限公司以公开挂牌方式 一、交易进展概述 召开第八届董事会第十一次会议，审议通过了《关于贵研电子材料（云南）有限公司增 资扩股并引入战略投资者的议案》，同意公司全资子公司贵研电子材料（云南）有限公 司（以下简称"贵研电子公司"）通过云南省产权交易所以公开挂牌的方式增资扩股引 入战略投资者。详细情况见《关于贵研电子材料（云南）有限公司增资扩股并引入战略 投资者的公告》（临 2025-005 号）。 近期，贵研电子公司股权在云南省产权交易所公开挂牌。截至挂牌公告期满， 根 据云南省产权交易所《挂牌结果通知书》，贵研电子公司增资扩股项目在挂牌期间征集 到 1 名意向投资方--上海怡上电子科技有限公司（以下简称"怡上电子"）。 引入战略投资者的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 电子材料（云南）有限公司增资协议》（以下简称"协议"）及相关补充协议。本次挂 牌的 ...

Group 1: Company Performance - Ningde Times reported a net profit of 30.5 billion yuan for the first half of the year, representing a year-on-year increase of 33.02% [1] - The company achieved revenue of 178.9 billion yuan, an increase of 7.27% compared to the same period last year [1] - Gross profit reached 44.8 billion yuan, up 14.45% year-on-year, with a gross margin of 25.02%, an increase of 1.57 percentage points from the previous year [1] Group 2: Stock Trading and Suspensions - Shangwei New Materials announced a suspension of trading due to multiple instances of abnormal stock price fluctuations, with the suspension expected to last no more than three trading days [2] - Jinchengzi is planning to acquire 55% of Samit Optoelectronics, leading to a stock suspension for up to ten trading days [3] - Sanchao New Materials is also planning a change in control, resulting in a stock suspension for up to two trading days [6] - Hehua Co. announced a stock suspension due to potential changes in its controlling shareholder [9] Group 3: Major Investments and Projects - Changjiang Electric Power plans to invest approximately 26.6 billion yuan in the construction of the Gezhouba Navigation Capacity Expansion Project [5] - The company will use its own funds for this investment, with the final amount to be confirmed based on state-approved preliminary design estimates [5] Group 4: Other Corporate Actions - Sunshine Dairy's controlling shareholder sold a total of 1.1452 million shares, accounting for 0.41% of the company's total share capital, without triggering any significant changes in control [4] - Nanjing Pharmaceutical is in the process of planning the acquisition of a domestic pharmaceutical technology asset group, with uncertainty regarding whether it constitutes a major asset restructuring [7]

Core Viewpoint - Guiyan Platinum Industry (600459.SH) is making progress in introducing a strategic investor for its wholly-owned subsidiary, Guiyan Electronic Materials, which has faced challenges since its establishment in 2022 [1][3]. Group 1: Company Overview - Guiyan Platinum Industry was established in 2000 and is primarily engaged in precious metal trading and products, listed on the Shanghai Stock Exchange in 2003 [3]. - Guiyan Electronic Materials was set up at the end of 2022 with an investment of 110 million yuan, aimed at developing competitive surface metallization materials for the electronic components industry [3]. Group 2: Financial Performance - In 2023, Guiyan Electronic reported revenues of 21.15 million yuan but incurred a net loss of 372,600 yuan. For the first three quarters of 2024, revenue increased significantly to approximately 127 million yuan, with a net profit of 1.48 million yuan, resulting in a net profit margin of only 1.17% [3][4]. - Key financial metrics for Guiyan Electronic include total assets of 121.83 million yuan and net assets of 109.63 million yuan as of December 31, 2023, with total assets increasing to 128.93 million yuan and net assets to 110.95 million yuan by September 30, 2024 [4]. Group 3: Strategic Investment Details - The strategic investor, Shanghai Yishang Electronic Technology Co., is the sole interested party in the capital increase project, with an estimated pre-investment valuation of Guiyan Electronic at approximately 129 million yuan [5]. - The actual transaction price was set at 1.18 yuan per registered capital, with the investor contributing about 125 million yuan to acquire 49% of the company post-investment [5]. - The strategic investor has a limited track record, having only invested in two companies since its establishment in December 2019, one of which has been deregistered [6][8].