铂金深度报告：全球铂金市场或进入结构性短缺

Investment Rating - The report maintains a positive outlook on the platinum industry, indicating a potential structural shortage in the global platinum market [2]. Core Insights - Platinum is a widely used industrial precious metal with a low abundance in the Earth's crust. Its applications span across automotive catalysts, jewelry, industrial needs, and hydrogen energy. In 2023, automotive catalysts accounted for approximately 48.8% of total platinum demand, while industrial demand represented about 32.1% [2][18]. - The global platinum market is expected to enter a structural shortage period from 2024 to 2027, with an average annual supply gap of about 46.3 thousand ounces, which is approximately 6% of the annual demand [4][26]. Summary by Sections 1. Overview of Platinum - Platinum is a rare precious metal with extensive industrial applications, including use in electrodes, crucibles, and as a catalyst in various chemical reactions. Its rarity and high extraction costs contribute to its market value [13][18]. 2. Supply of Platinum - Global platinum reserves are highly concentrated, with South Africa holding approximately 88.73% of the total reserves. In 2023, global platinum production was about 5.58 million ounces, with South Africa contributing 4 million ounces [3][23]. - The supply chain is characterized by oligopolistic features, with the top five platinum producers accounting for over 83% of the total supply. The industry exhibits a high concentration of production, with a CR10 of over 99% [20][23]. 3. Demand for Platinum - The demand for platinum is projected to increase, with total global demand expected to reach 7.22 million ounces in 2024, marking a 20.33% increase from 2020. The automotive sector is anticipated to drive this growth, alongside stable industrial demand and a resurgence in jewelry demand [4][19]. 4. Recycling and Recovered Platinum - The share of recycled platinum in total supply has been increasing, with an average of 25% from 2019 to 2023. In 2023, the recovery volume was 1,390 tons, indicating a structural shift in platinum supply dynamics [40].