氢能时代，铂金科技价值“看涨”

Group 1: Price Increase of Platinum - The price of platinum has significantly increased, with the futures market closing at 527.55 yuan per gram, a rise of 7% as of December 17 [1] - Retail prices for platinum jewelry have also surpassed 700 yuan per gram [1] - The increase in platinum prices is attributed to three main factors: a weakening dollar leading to a shift towards precious metals, a continuous decline in platinum supply, and strong industrial demand [2] Group 2: Factors Behind Price Increase - The global platinum market is expected to face a shortage for the third consecutive year, with a projected deficit of 30 tons (approximately 96.4 thousand ounces) by 2025 [2] - Industrial demand for platinum is expected to reach 95 tons by 2025, accounting for 38% of total demand, driven by its use in fuel cell vehicles and clean energy applications [2] - The current bullish trend in platinum is seen as a long-term movement rather than a short-term reaction, influenced by supply constraints and increasing industrial demand [2] Group 3: Role of Platinum in Hydrogen Industry - Platinum is recognized for its chemical stability, catalytic activity, and biocompatibility, making it essential in high-tech industries, particularly in hydrogen energy [3] - It serves as a core catalyst in proton exchange membrane (PEM) electrolysis and fuel cells, crucial for hydrogen production and energy conversion [3] - The demand for platinum in hydrogen fuel cell vehicles is projected to reach 43.8 tons by 2025, with an additional 6.3 tons needed for hydrogen production [3] Group 4: Strengthening Platinum Supply Chain - The global distribution of platinum resources is highly concentrated, primarily in South Africa, Russia, and Zimbabwe, with China relying on imports for over 80% of its platinum needs [4] - To address resource shortages, China must enhance the strategic importance of platinum in its mineral resource management and improve development efficiency [5] - Strategies include encouraging domestic companies to invest in platinum-rich regions, increasing recycling efficiency, and optimizing the supply chain through better pricing mechanisms [5]