弘业期货钯上市交易指南

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints The report comprehensively introduces palladium, including its physical and chemical properties, main uses, production sources, downstream applications, hazards, protective measures, spot market conditions, and new - variety listing rules. It also shows that palladium is an important and versatile metal with high import dependence in China and significant investment potential [4][6][7]. 3. Summary by Directory 3.1. Variety Introduction - Physical properties: Palladium is a silver - white metal similar to platinum, with a density of 12.023 g/cm³, a hardness of 4 - 4.5, good ductility and plasticity, a melting point of 1554℃, and excellent electrical and thermal conductivity. It has excellent hydrogen absorption [4]. - Chemical properties: Palladium is chemically stable at normal temperature, but will form oxides at high temperatures. It can react with halogens, organic compounds, alkalis, and salts, and easily forms coordination compounds [4][5]. 3.2. Main Uses The largest use of palladium is in the automotive industry, especially in the three - way catalytic converters of vehicle exhaust systems to reduce harmful emissions [6]. 3.3. Production Source - Global reserves: In 2023, global palladium reserves were 71,000 tons, with South Africa accounting for 88.73% and Russia for 7.75% [7]. - Global production: In 2023, global production was 210 tons, with Russia accounting for 43.81% and South Africa for 33.81% [7]. - China's situation: China's natural reserves of platinum - group metals are 87.06 tons. Annual domestic production is about 1.3 tons, and annual imports are about 30 tons, indicating high import dependence [7]. 3.4. Downstream Applications - Jewelry: Palladium is suitable for making jewelry alone or in alloys due to its luster, ductility, and corrosion resistance [10]. - Chemical: It is an excellent catalyst in organic synthesis, and can be used for hydrogen storage and separation, electroplating, and fine chemical synthesis [10]. - Automotive: Palladium is crucial for vehicle exhaust purification and has potential applications in fuel - cell vehicles [11]. - Electronics: It is used in manufacturing MLCC electrodes, semiconductor equipment, sensors, etc. [11][12]. - Medical: Palladium compounds are used in biological marking, cancer treatment, dental restorations, and drug synthesis [12]. - Other: Palladium is used in aerospace, aviation, and other fields, and is also an investment variety [13]. 3.5. Hazards and Protective Measures - Hazards: Inhalation, skin contact, and ingestion of palladium can cause health problems, and palladium can also pollute the soil, water, and air [14][15]. - Protective measures: Personal protection includes wearing protective equipment; regular health monitoring is necessary; and environmental protection requires proper wastewater treatment [15]. 3.6. Spot Situation - Price trends: Domestic and international palladium prices, as well as overseas futures and spot prices, show similar trends. The palladium market is small, with low liquidity and large price fluctuations (over 5 times since 2015) and is currently at a medium price level [20]. - Consumption: China's palladium consumption accounts for about 15% of the global total, and China is highly dependent on imports [23]. 3.7. New - Variety Listing Rules Newly - listed varieties generally have a negative impact on spot prices. When the futures price drops to near the spot cost price, there will be obvious cost support. The aluminum - alloy futures are expected to follow the same pattern [27].