1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The platinum market faces a structural shortage, with supply contraction in South Africa, stable demand from automotive exhaust catalysts, and incremental demand from the hydrogen energy industry and jewelry sector. The global platinum market's core contradiction lies in the high dependence on South Africa for supply (accounting for over 70% of production in 2024), but reduced capital expenditure and low recycling have led to a continuous supply contraction (CAGR of -1% from 2015 - 2025). On the demand side, automotive exhaust catalysts (accounting for 43% in 2024) provide a rigid foundation, and the rapid growth of plug - in hybrid vehicles still requires PGM catalysts. The hydrogen energy industry and gold substitution (high gold prices driving platinum jewelry consumption) offer elastic growth [3]. - The influx of risk - averse funds and continuous supply disruptions have led to a continuous increase in platinum prices. Geopolitical conflicts have strengthened the financial attribute of platinum, attracting risk - averse funds. Supply disruptions have also played a catalytic role. In Q1 2025, platinum mine supply decreased by 13% year - on - year (-117,000 ounces) due to factors such as heavy rainfall and floods in South African mining areas, low smelting capacity utilization in South Africa and Zimbabwe, and mine restructuring in North America. The high gold - platinum ratio in history indicates an undervaluation of platinum's value, which may attract value investment. However, the recent continuous rise in platinum prices still depends on market consensus. If the consensus is strengthened, the value center has room for continuous upward movement, and platinum's value fluctuations largely depend on market sentiment [3]. - Investment advice: On the supply side, short - term production cuts in South Africa cause supply fluctuations, and inventory is currently at a low level. In the long - term, low capital expenditure leads to supply contraction, and high supply concentration poses certain risks. On the demand side, traditional industrial demand is relatively stable, and the rapid growth of plug - in hybrid vehicles still requires PGM catalysts. High gold prices promote platinum substitution in the jewelry field. It is recommended to focus on the "resources + technology" line and pay attention to relevant companies [3]. 3. Summary According to the Table of Contents 3.1 Platinum Metal Properties and Industrial Chain Structure - Platinum group metals include platinum, palladium, rhodium, etc., with high melting points, high strength, excellent thermoelectric stability, high - temperature oxidation resistance, and corrosion resistance. Platinum and palladium have strong gas adsorption capacity and excellent catalytic properties, and are widely used in automotive exhaust catalysts, jewelry, electronic components, and chemical catalysts [8]. 3.2 Supply - Demand Contradictions Are Prominent, and Structural Shortage Intensifies Supply - Platinum ore supply is relatively concentrated, with South Africa accounting for about 70% of production. In 2024, global platinum ore production was 170 tons, with South Africa producing 120 tons, accounting for 70.6% of the global total. In terms of reserves, South Africa accounted for 88.73% of the global platinum - group metal reserves in 2023. Due to reduced capital expenditure in platinum ore projects and low recycling enthusiasm in the past decade, the total platinum supply is expected to fall below 7 million ounces in 2025, with a CAGR of -1% from 2015 - 2025 [13]. Demand - Platinum has obvious industrial attributes, and automotive exhaust purification demand accounts for about 40%. In 2024, the demand for platinum in automotive exhaust purification accounted for 43%. The hydrogen energy industry may become a future trend, and the growth of hybrid vehicle demand will also bring benefits. Although the demand for platinum in the automotive field is expected to remain high in the long - term, economic prospects are still uncertain [19]. - Jewelry demand has a small base but considerable elastic space. High gold prices have affected gold jewelry demand, and platinum jewelry is expected to fill the gap. The gold - platinum ratio exceeded 3 in February 2025 and回调 to about 2.46 as of July 1. According to WPIC, the year - end inventory is expected to drop sharply, leading to a tightening of market supply, and platinum may become a hedging product [24]. 3.3 Influx of Risk - Averse Funds + Continuous Supply Disruptions, Platinum Prices Rise Continuously - Platinum prices have shown a strong upward trend recently, with an increase of about 34% in the past two months, reaching a high level in the past 10 years. Future price trends still need to pay attention to the impact of economic data on precious metal prices [28]. - Supply disruptions and the gold substitution effect have led to the recent rise in platinum prices. On the supply side, South Africa, which supplies about 70% of platinum production, has been affected by bad weather, restricting mining and refining operations, and recycling metal supply is also at a low level. On the demand side, in addition to the basic demand for platinum as an automotive exhaust catalyst, the substitution effect of platinum jewelry for gold jewelry is obvious, and investment demand and the hedging attribute of platinum have attracted investors. The hydrogen energy concept also gives platinum a certain bullish attribute [31]. - The gold - platinum ratio is at a historical high, and the future price center still depends on market consensus. Gold and platinum prices diverged about a decade ago, with gold's financial attribute becoming prominent while platinum focused on industrial attributes. Around 2013, platinum prices recovered due to supply contraction, increased industrial and investment demand, and a shift in market sentiment. Currently, the gold - platinum ratio is at a historical high, and platinum is undervalued. Whether it can attract value investment depends on market consensus, and platinum's value fluctuations largely depend on market sentiment [38]. 3.4 Core Targets: Guiyan Platinum Industry, Haotong Technology, Huayang New Materials Guiyan Platinum Industry - The company focuses on the manufacturing of precious metal new materials and has established a complete industrial chain system. It has built a precious metal resource recycling industry, carried out full - life - cycle management of precious metals, and established a precious metal supply service platform. It has formed a closed - loop industrial chain from precious metal supply, product processing to waste recycling [48]. - The company has strong R & D capabilities and independent innovation. Relying on the research and development foundation of the State Key Laboratory of New Technologies for Comprehensive Utilization of Rare and Precious Metals and the Kunming Institute of Precious Metals, it has continuously made breakthroughs in high - end materials such as precious metal precursor materials, catalytic materials, and electronic pastes. In 2024, the production of precious metal precursor products increased by more than 20% year - on - year, and the profit of precious metal electronic pastes increased by more than 30% year - on - year [48]. Haotong Technology - The company's three major business segments develop synergistically, and its full - chain service has created core competitiveness. It focuses on the precious metal recycling field, and its business includes precious metal recycling, new materials mainly composed of precious metals, and trade. It has formed a closed - loop from raw material supply to new material manufacturing and recycling, meeting customers' cyclical needs [51]. - The company has leading core technologies. Its independently developed platinum dissolution solution enrichment technology and other technologies are at the international leading level, and its sponge platinum products have a high reputation in the industry. It has advantages in environmental protection, safety, and cost, providing customers with more competitive prices [51]. Huayang New Materials - The company is supported by state - owned enterprise resources and has a full - industrial - chain layout. As a provincial - level state - owned enterprise in Shanxi, it has natural advantages in order acquisition, policy support, and resource approval. Its subsidiary, Huashengfeng Company, is the first domestic precious metal recycling and processing enterprise for producing platinum catalytic nets for nitric acid production. The company also has an industrial chain advantage in "PBAT - modified materials - products" [57]. - As of July 17, 2025, the PE - TTM of Guiyan Platinum Industry, Huayang New Materials, and Haotong Technology were 20, - 62, and 35 times respectively, and the PB were 1.66, 23.88, and 2.81 times respectively. With the rise in platinum prices, relevant companies are expected to improve their performance and digest valuations. According to institutional consensus forecasts, Guiyan Platinum Industry's net profit attributable to the parent company in 2025, 2026, and 2027 will be 696 million yuan, 826 million yuan, and 955 million yuan respectively, corresponding to PE of 16.9, 14.2, and 12.3 times at the current stock price [58].

Group 1 - The metal recycling sector has experienced a short-term surge, with companies such as Nanmin Group (001360) and Huahong Technology (002645) reaching the daily limit increase [1] - Jinyuan Co., Ltd. (000546) previously hit the limit, while other companies like Huaxin Environmental Protection (301265), Huayang New Materials (600281), Haotong Technology (301026), Kaili New Materials, and Hunan Silver (002716) also saw price increases [1] - There is a notable influx of dark pool funds into these stocks, indicating increased investor interest [1]

Group 1 - The A-share small metal sector is experiencing a volatile rise, with Dongfang Zirconium hitting the daily limit and closing at a maximum increase [1] - Other companies such as Zhongmin Resources, Haotong Technology, Xiyu Co., Yongshan Lithium, Guiyan Platinum, and Western Materials are also seeing gains [1]

Core Viewpoint - The article discusses the significant price increase of platinum in 2025, which has risen by 45.28% year-to-date, surpassing the performance of gold during the same period [4][3]. Group 1: Platinum Market Dynamics - Platinum prices have surged, with the Shanghai Gold Exchange reporting a price of 324.09 yuan per gram as of June 30, 2025, reflecting a substantial increase compared to the beginning of the year [5]. - The rise in platinum prices has led some jewelry brands to shift focus from gold to platinum, as consumer interest in gold jewelry has waned due to high inventory costs and reduced demand [8]. - The World Platinum Investment Council noted that over 10 new independent platinum jewelry showrooms have opened in Shenzhen's Shui Bei area, indicating a tripling in number [9]. Group 2: Demand and Consumption Patterns - Despite the rising prices, jewelry accounts for only 18% of platinum's total demand, and there are significant consumer challenges associated with platinum jewelry, such as difficulty in purity identification and limited recycling options [13][14]. - The cultural significance of gold in wedding ceremonies remains strong, with gold accounting for 58% of consumption in this context, while platinum lacks a comparable cultural foothold [15]. - Global platinum jewelry demand is projected to decline slightly, with estimates of 135 million ounces in 2024 and further down to 132.5 million ounces in 2025 [16]. Group 3: Supply and Industrial Demand - The volatility in platinum prices reflects a severe imbalance in supply and demand, influenced by factors such as South African supply uncertainties and the growth of the hydrogen industry [18][21]. - Historically, platinum prices peaked between 2000 and 2008 due to industrial demand, particularly from the automotive sector, but have since faced declines due to changes in production and market dynamics [19][20]. Group 4: Investment Opportunities - Companies involved in platinum recycling, such as Haotong Technology, have seen significant revenue growth, with a 129.46% year-on-year increase in Q1 2025 [23]. - The price increase has widened the profit margins for recycling and processing companies, suggesting potential for further profit growth as demand for platinum rises [25]. - The A-share market has reacted positively to these developments, with stocks of companies in the platinum industry, such as Guoyan Platinum and Haotong Technology, reaching near two-year highs [26]. Group 5: Risks for Retailers - Jewelry retailers face both opportunities and risks, as platinum jewelry typically offers higher margins compared to gold [28]. - However, there is a risk of overstocking if retailers misjudge market demand, which could lead to significant inventory devaluation if prices decline [28].

Group 1 - The company, Haotong Technology, is the first in the domestic precious metal recycling sector to go public, indicating its leading position in the industry [1] - The company reported a significant increase in revenue for Q1 2025, with operating income reaching 715 million yuan, a year-on-year increase of 129.5%, and a net profit attributable to shareholders of 24.75 million yuan, up 10.4% year-on-year [1] - The company emphasizes a solid internal structure, which has led to natural extensions in strategic choices such as mergers and acquisitions [1] Group 2 - Established in 2005, Haotong Technology focuses on precious metal recycling and has developed a business model that includes recycling, new materials, and trade [2] - The company has been recognized as a high-tech enterprise and has received various honors, including being a pilot unit for circular economy in Jiangsu Province [2] - Haotong Technology has achieved significant breakthroughs in its core technologies, such as the platinum dissolution liquid enrichment technology, which is now at a leading level domestically [2] Group 3 - The company has developed a comprehensive service model that addresses the entire lifecycle of customer needs, from raw material supply to new material manufacturing and recycling [3] - Haotong Technology has invested significantly in R&D and has established various quality management systems and standards [3] - The company has a competitive edge in waste disposal capabilities, cost control, and efficiency in business processes [3] Group 4 - Haotong Technology has invested millions in the automation and information technology of production and management processes, enhancing operational efficiency [4] - The company has implemented a series of technological innovations, including a fully enclosed production line and automated control systems, which have led to cost reductions and efficiency improvements [4] - Future plans include strengthening R&D, upgrading automation levels, and expanding market coverage in petrochemical and fine chemical sectors [4]

证券研究报告 | 行业定期报告 2025 年 06 月 08 日 白银技术突破，继续推荐黄金稀土板块 金属行业周报 周期/金属及材料 美国就业数据超预期，提示美国经济尚未出现衰退，美股美债美元走强。美联 储降息 9 月降息概率下降。黄金短期压力大，但是银价技术突破和铂价大涨， 也印证了市场对于黄金未来价格依然看涨。继续强烈推荐黄金，反制品种稀土 磁材、钨板块。此外，关注自主可控相关以及时间友好的科技、机器人、可控 核聚变等相关材料标的。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 235 | 4.6 | | 总市值（十亿元） | 4079.0 | 4.7 | | 流通市值（十亿元） | 3789.0 | 4.8 | 行业指数 % 1m 6m 12m 绝对表现 5.2 4.1 20.9 相对表现 3.5 6.6 13.1 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 40 Jun/24 Sep/24 Jan/25 May/25 (%) 金属及材料 沪深300 3、《铍行业深度报告：可控核聚变 关键金属》2025-05-21 ...

Group 1 - The A-share small metal sector experienced an initial rise, with Haotong Technology and Xingye Silver Tin both increasing by over 6% [1] - Other companies such as Guiyan Platinum Industry, Xianglu Tungsten Industry, Guangsheng Nonferrous, Yian Technology, and Zhangyuan Tungsten Industry also saw gains [1]

Group 1 - Aike Technology (688092.SH) shareholders plan to reduce their holdings by up to 826,906 shares, accounting for 1.00% of the total share capital within three months after 15 trading days from the announcement [1] - Aike Cyber (688719.SH) executives plan to reduce their holdings by up to 2.1927% of the total share capital, totaling 2,530,000 shares within three months after 15 trading days from the announcement [1] - Anpeilong (301413.SZ) shareholders plan to reduce their holdings by up to 2,952,058 shares, representing 3% of the total share capital [1] Group 2 - Chaohongji (002345.SZ) shareholders plan to reduce their holdings by up to 26,655,380 shares, accounting for 3% of the total share capital within three months after 15 trading days from the announcement [2] - Chunguang Technology (603657.SH) plans to reduce its holdings by up to 1,000,000 shares, representing 0.73% of the total share capital [2] - Dahongli (300865.SZ) controlling shareholder plans to reduce his holdings by 136,150 shares, accounting for 1.4230% of the total share capital [2] Group 3 - Electric Link Technology (300679.SZ) executives plan to reduce their holdings by specified amounts, with individual reductions not exceeding 15,000 to 78,000 shares [2] - Guangge Technology (688450.SH) shareholders plan to reduce their holdings by a total of 990,000 shares, representing 1.50% of the total share capital [2] - Guorui Technology (300600.SZ) shareholders plan to reduce their holdings by 8,827,034 shares, accounting for 3% of the total share capital [3] Group 4 - Hailier (603639.SH) shareholders plan to reduce their holdings by up to 1,200,000 shares, representing 1% of the total share capital [3] - Haotong Technology (301026.SZ) executives plan to reduce their holdings by specified amounts, with individual reductions not exceeding 20,965 to 47,250 shares [3] - Huamao Logistics (603128.SH) executives have reduced their holdings by 272,000 shares, while other executives did not reduce their holdings [3] Group 5 - Jiamei Packaging (002969.SZ) shareholders plan to reduce their holdings by a total of 9,483,239 shares, accounting for 1.00% of the total share capital [4] - Jiangsu Boyun (301003.SZ) shareholders plan to reduce their holdings by up to 971,333 shares through centralized bidding and 1,942,666 shares through block trading [4] - Jinchicken Co., Ltd. (300798.SZ) shareholders plan to reduce their holdings by 14,000,000 shares, representing 2.99% of the total share capital [4] Group 6 - Jingfang Technology (603005.SH) shareholders plan to reduce their holdings by up to 13,043,400 shares, accounting for 2% of the total share capital [5] - Jingjin Electric (688280.SH) shareholders plan to reduce their holdings through centralized bidding or block trading [5] - Kolon New Materials (920098) shareholders have not implemented reductions, while another shareholder reduced holdings by 651,667 shares, representing 0.8014% of the total share capital [5] Group 7 - Liangpinpuzi (603719.SH) shareholders plan to reduce their holdings by 4,010,000 shares, accounting for 1% of the total share capital [6] - Mike Audi (300341.SZ) executives plan to reduce their holdings by 546,350 shares, representing 0.11% of the total share capital [6] - Pinwa Food (300892.SZ) shareholders reduced their holdings by 711,300 shares, accounting for 0.72% of the total share capital [6] Group 8 - Qiu Le Seed Industry (831087.BJ) shareholders plan to reduce their holdings by up to 3,300,000 shares, representing no more than 1.9975% of the total share capital [6] - Qiu Tianwei (300939.SZ) shareholders reduced their holdings by 1,100,000 shares, accounting for 0.93% of the total share capital [6] - Rejing Bio (688068.SH) shareholders plan to reduce their holdings by 1,800,000 shares, representing 1.9416% of the total share capital [7] Group 9 - Saike Xide (688338.SH) executives plan to reduce their holdings by specified amounts, with individual reductions not exceeding 250,000 to 235,000 shares [7] - Wancheng Group (300972.SZ) executives plan to reduce their holdings through centralized bidding [7] - Wentai Technology (600745.SH) shareholders plan to reduce their holdings by up to 24,891,577 shares through block trading and 12,445,788 shares through centralized bidding [7] Group 10 - Xiechuang Data (300857.SZ) executives plan to reduce their holdings by specified amounts, with individual reductions not exceeding 10,500 to 18,900 shares [8] - Xinhongze (002836.SZ) controlling shareholder reduced holdings by 1,895,300 shares, decreasing ownership from 63.74% to 62.91% [8] - Panda Dairy (300898.SZ) shareholders reduced their holdings by 884,470 shares, accounting for 0.7133% of the total share capital [8] Group 11 - Oat Technology (688312.SH) controlling shareholder plans to reduce holdings by up to 2,912,000 shares, representing no more than 2% of the total share capital [9] - Youningwei (301166.SZ) shareholders plan to reduce their holdings by 1,208,500 shares, accounting for 1.41% of the total share capital [9] - Yuhua Tian (300815.SZ) shareholders plan to reduce their holdings by up to 23,915,520 shares, representing no more than 6.00% of the total share capital [9] Group 12 - Zhangzidao (002069.SZ) shareholders plan to reduce their holdings by up to 7,111,000 shares, accounting for no more than 1% of the total share capital [9] - Zhishang Technology (301486.SZ) shareholders reduced their holdings by 1,245,300 shares, accounting for 0.9677% of the total share capital [10] - Zhongjing Electronics (002579.SZ) shareholders plan to reduce their holdings by up to 6,000,000 shares through centralized bidding or block trading [10]

Group 1 - Liu Bibao, a director of Haotong Technology, plans to reduce his shareholding by up to 21,000 shares, representing 0.0133% of the total share capital [1] - Xuzhou Botong Enterprise Management Partnership holds approximately 1.421 million shares, planning to reduce its stake by up to 47,200 shares, which is 0.03% of the total share capital [1] - Vice General Manager Zhu Feng intends to reduce his shareholding by up to 26,200 shares, accounting for 0.0167% of the total share capital [1] Group 2 - For the year 2024, Haotong Technology's revenue composition is as follows: Trade accounts for 57.62%, precious metal recovery for 41.34%, new materials for 0.56%, and other businesses for 0.47% [2]

浩通科技（301026）公告，董事刘碧波计划以集中竞价方式减持公司股份不超过20965股，占公司总股 本比例0.0133%。徐州博通企业管理合伙企业(有限合伙)计划减持公司股份不超过47250股，占公司总股 本比例0.0300%。副总经理朱丰计划减持公司股份不超过26250股，占公司总股本比例0.0167%。本次减 持期间为自本公告之日起15个交易日后的3个月内，以集中竞价方式减持，其任意连续90日内减持股份 总数不超过公司股份总数的1%。减持价格视市场情况确定且不低于上市发行价。 ...