供需两端支撑 铂金价格年内涨超五成

Group 1: Platinum Price Trends - Platinum, referred to as the "golden alternative," has seen a significant price increase of 52.84% this year, with the latest price at 342.02 CNY per gram as of July 21, compared to 223.77 CNY per gram at the end of 2024 [1] - The primary reason for the price surge is a contraction in supply due to reduced capital expenditure in upstream mining over the past few years, leading to an expected year-on-year decrease in global platinum production [1] - Demand for platinum is anticipated to rise due to its role as a catalyst material in hydrogen fuel cells, with the hydrogen energy industry expected to drive future demand [1] Group 2: Demand and Supply Factors - South Africa, a key producer of platinum and palladium, is facing extreme weather conditions that may impact global supply [1] - In the automotive sector, a modest year-on-year growth of 2% to 4% in demand for platinum group metals is expected by the second half of 2025 [1] - The jewelry sector is projected to see a 15% increase in global platinum jewelry demand in 2025, driven by rising gold prices creating a substitution effect [1] Group 3: Industry Developments - The hydrogen energy sector is gaining policy support and investment globally, with platinum accounting for about half of the catalyst costs in hydrogen fuel cells, indicating a long-term increase in demand for platinum [2] - Young consumers are increasingly attracted to platinum jewelry due to its unique characteristics and relatively lower price compared to gold, enhancing its market appeal [2] - Several A-share listed companies are strategically positioning themselves in the platinum industry, such as CITIC Metal, which has interests in the Platreef platinum group metals project, expected to commence production in Q4 2025 [2] Group 4: Market Outlook - Companies like Mingpai Jewelry are leveraging their early advantages in the platinum market to explore new growth opportunities amid a recovering market [3] - The supply-demand dynamics are likely to continue supporting price increases in the near term, although challenges and uncertainties remain [3]