中国需求暴增140%！这种“贵金属之王”正在觉醒

Core Viewpoint - Platinum is experiencing a strong recovery momentum, with significant price increases and a surge in demand, particularly in China, which has become the largest retail investment market for platinum, surpassing North America for the first time [1][7]. Supply and Demand Dynamics - The supply of platinum is highly concentrated, with approximately 90% of global production coming from a few regions, primarily South Africa, which is currently facing severe production constraints due to power system failures and rising mining costs [3][5]. - Demand for platinum is increasing due to its critical role in automotive catalytic converters and the expanding applications in the growing global renewable energy sector [5][7]. Investment Demand - The investment demand for platinum has surged, with a reported 28% quarter-on-quarter increase to 14 tons in early 2025, and a 17% year-on-year increase in demand for platinum bars and coins [7]. - The price of platinum is becoming more attractive compared to gold, with platinum jewelry being priced at about 50% of gold, leading to a resurgence in consumer interest and brand offerings [7]. Market Outlook - Analysts suggest that platinum has significant potential for price appreciation in the medium to long term, driven by supply shortages and its role as an alternative investment to gold [8][10]. - However, there are differing opinions regarding the supply-demand balance, with some analysts arguing that the market may not be as tight as perceived, indicating potential oversupply in the coming years [12].