铂钯系列(一)：品种概况与产业链

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Platinum and palladium are important members of the platinum group metals (PGMs), with high demand in practical applications. The supply chain of PGMs is in a "pyramid" shape, and the upstream mine resources are highly concentrated. The consumption of platinum and palladium is mainly in the fields of catalysts, jewelry, and other industrial applications, and there are various investment channels [1][14]. 3. Summary According to the Directory 3.1 Platinum and Palladium Variety Overview - Natural Attributes: Platinum and palladium are silver - white metals, belonging to PGMs and precious metals. Platinum has a crustal content of five - hundred - millionths, and palladium has a crustal content of one - hundred - millionth. Platinum is mainly used in industrial catalysts, jewelry, etc., while palladium is mainly used in the catalyst field [1][2][4]. - Resource Distribution and Classification: PGMs are mostly in the form of composite ores. Platinum deposits are related to ultramafic rocks and are formed through tectonic processes. PGM mines can be divided into primary and exogenous sand deposits. The main formation causes include magmatic action, magmatic hydrothermal processes, and exogenous deposition. Global PGM resources are mainly concentrated in five regions, and most of China's PGM deposits are symbiotic or associated ores [5][11]. 3.2 Platinum Group Metal Industry Chain - Upstream: The upstream mine resources are highly concentrated. South Africa is the main producer, accounting for nearly 80% of the global reserves. The production of platinum and palladium mines is facing bottlenecks, and the top 5 platinum producers account for 82% of the supply [21][25][26]. - Material Supply and Recycling: The platinum - group material industry is technology and capital - intensive. Multinational groups dominate the processing and recycling fields. In China, the recycling capacity of PGMs is expanding, but the secondary resource supply is becoming tight, and domestic enterprises face fierce competition [30]. - Terminal Applications - Automotive Catalysts: Platinum and palladium are mainly used as catalysts in automobile exhaust purification. Platinum has better performance in diesel engines, while palladium is more commonly used in gasoline engines [32][35][41]. - Jewelry: Platinum is suitable for high - end jewelry due to its high density, good ductility, and stability. Palladium is less used in jewelry due to its processing difficulty and color change [45]. - Other Industrial Applications: In the chemical, glass, electronics, medical, and hydrogen energy industries, platinum and palladium play important roles as catalysts or materials [46][47][48]. - Investment Channels: Platinum investment includes physical investment (platinum bars and coins), platinum accumulation plans (PAP), platinum ETFs, futures, forwards, and indirect investment through stocks [50].