铂钯上市专题系列（一）：铂金价格走势及产业链介绍

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In 2025, Guangzhou Futures Exchange released a public consultation announcement on platinum and palladium futures and options contracts and related rules, indicating the upcoming official listing of these varieties, which is a significant step in the diversification and internationalization of China's futures market [1]. - The long - term price trend of platinum and gold was highly correlated before 2015, but they diverged after 2015. Gold entered a bull market due to factors like quantitative easing, central bank purchases, and geopolitical conflicts, while platinum was suppressed by weak demand and high inventory [4]. - In the short - term, platinum prices first rose due to the proposed copper tariff by the Trump administration, increased investment demand, and supply disruptions in South Africa, then回调 in July due to the removal of tariff risks and profit - taking [10][11]. - Despite short - term回调 pressure, the platinum market is expected to have a supply - demand gap until 2029, and its price center may gradually move up with the growth of the hydrogen energy sector [13]. 3. Summary by Directory I. Platinum Spot Price 1. Long - term Trend - Before 2015, platinum's price trend was highly correlated with gold. After 2015, gold entered a bull market due to factors such as quantitative easing, central bank purchases, and geopolitical conflicts, while platinum faced weak demand due to global economic slowdown and high ground inventory, and its price fluctuated around the cost [4]. 2. Recent Trend - In Q1 2025, the platinum market continued to fluctuate. In May, the news of a proposed 50% tariff on copper by the Trump administration led to a surge in short - term demand, increased investment demand as a substitute for gold, and supply disruptions in South Africa, pushing up the price. In July, after the US announced a tariff exemption for refined copper imports, the price回调 due to reduced hoarding and profit - taking [10][11]. II. Platinum Group Metals Introduction - Platinum group metals (PGMs) include platinum, palladium, rhodium, iridium, osmium, and ruthenium. They have unique physical and chemical properties such as high melting and boiling points, electro - thermal stability, chemical inertness, corrosion resistance, oxidation resistance, and excellent catalytic performance, and are widely used in modern industry as catalysts [17][18]. III. Platinum Industry Chain Structure - The upstream of the platinum industry involves exploration, mining, and preliminary processing of platinum mines, mainly located in South Africa, Russia, and Zimbabwe. The mid - stream focuses on refining and processing platinum into industrial and commercial products. The downstream includes end - use and consumer markets such as automotive, chemical, electronics, and investment [22][25].