8个月翻倍，铂金咸鱼大翻身

Core Insights - Platinum prices have surged significantly since May, doubling within eight months, but have not yet returned to the historical high of 2008 [1][10] - The increase in platinum prices is attributed to a persistent supply-demand imbalance, with industrial demand, particularly from the automotive sector, driving growth [5][8] Group 1: Price Trends - Domestic spot platinum prices rose from under 300 yuan per gram in June to over 500 yuan per gram by December, marking a cumulative increase of over 60% [2] - Internationally, platinum prices increased from approximately $900 per ounce at the beginning of 2025 to $1980 per ounce by December 18, 2025, with a year-to-date increase of 116% [2][6] - The World Platinum Investment Council (WPIC) reported a 10% year-on-year decline in global platinum supply for Q1 2025, with a projected supply-demand gap of 22 tons for the year [6][8] Group 2: Demand Drivers - The primary demand for platinum comes from the industrial sector, especially in automotive exhaust systems, rather than from investment or jewelry [8][9] - The automotive industry is expected to see a 5% year-on-year increase in platinum demand, particularly due to stricter emission standards in markets like India [9] - The development of hydrogen fuel cell technology is anticipated to further increase platinum demand as it is a key catalyst in fuel cells [9] Group 3: Market Dynamics - The concentrated supply of platinum, primarily from South Africa and Russia, makes it sensitive to external shocks, such as adverse weather and infrastructure issues in South Africa [5][6] - The historical price relationship between platinum and gold has shifted, with platinum prices lagging behind gold prices significantly over the past few years [10][11] - Consumer sentiment towards platinum has been affected by past price volatility, leading to caution among potential buyers [19][24]