铂钯上市系列专题一：铂钯产业链全景透析

1. Report Industry Investment Rating - The investment rating for platinum/palladium is "Oscillating" [5] 2. Core Views of the Report - Platinum and palladium are platinum - group metals with high melting points, strong catalytic activity, and corrosion resistance. Their spot benchmark pricing power is concentrated in the London Platinum and Palladium Market, and the futures pricing power is dominated by the New York Mercantile Exchange. The Guangzhou Futures Exchange has announced a draft for comments on platinum and palladium futures contracts [1]. - On the supply side, global platinum and palladium resources are highly concentrated, with significant oligopoly risks. China has a high degree of import dependence, and the import risk remains high for a long time [2]. - On the demand side, platinum demand fluctuates greatly, mainly from the automotive and investment sectors. Palladium demand is highly concentrated in the automotive sector. China is the largest consumer of platinum and palladium. The hydrogen energy demand for platinum and palladium has a bright future, and the investment demand is expected to continue to rise [3]. 3. Summaries According to Relevant Catalogs 3.1 Platinum and Palladium Basics - Platinum and palladium have similar physical and chemical properties, such as high melting points, good ductility, and strong catalytic activity. Platinum is mainly used in diesel vehicle catalysts, high - end jewelry, and the chemical industry, while palladium is mainly used in gasoline vehicle catalysts [1][15][16]. 3.2 Platinum and Palladium Industry Chain - Upstream: Global platinum - group metal resources are highly concentrated in South Africa and Russia. China's platinum - group element reserves are less than 1% of the world's, and the supply is highly dependent on imports [20]. - Mid - stream: Processing includes primary metal extraction and recycling. The extraction and refining of primary platinum and palladium are complex. There are differences in the separation and purification processes of platinum and palladium, with platinum having a longer refining cycle and lower short - term supply elasticity [24][25]. - Downstream: Palladium demand is highly concentrated in the automotive sector, while platinum demand is more diversified, including automotive, jewelry, industrial, and investment sectors. There are differences in their applications in different fields [28][29][30]. 3.3 Platinum and Palladium Circulation and Pricing Market - Platinum and palladium are mainly circulated in the form of metal ingots and sponge metals. The current global pricing system includes the London Platinum and Palladium Market for spot pricing and the New York Mercantile Exchange for futures pricing. The Guangzhou Futures Exchange has announced a draft for comments on platinum and palladium futures contracts to address China's lack of pricing power [32][42][47]. 3.4 Supply Side - Cyclical Supply and Stable Ratio of Primary to Recycled: Global platinum and palladium supply shows cyclical characteristics. The ratio of primary to recycled supply has remained relatively stable in the long term, with palladium having a slightly higher recycling ratio [51][52]. - Overseas Primary Supply: Platinum - group metal resources are highly concentrated in South Africa and Russia. The production of platinum and palladium mines has shown a downward trend in recent years. The output of leading mining enterprises has decreased, and short - term supply may remain tight [57][58][62]. - Recycled Platinum and Palladium: The main source of recycled platinum and palladium is the automotive sector. Traditional recycling regions are developed economies in Europe, America, and Japan. China's recycled platinum production has been increasing. The supply of recycled platinum and palladium is related to the vehicle scrapping cycle and policy drivers [89][90][95]. 3.5 Global Platinum and Palladium Trade and China's Supply - In international trade, platinum and palladium are mainly exported from South Africa and Russia. China, Germany, the United States, and other countries are major importers. China is highly dependent on imports for platinum and palladium, facing long - term import risks. Some domestic enterprises are investing overseas, but it is difficult to change the import - dependent pattern in the short term [100][104][107]. 3.6 Demand Side - Automotive Exhaust Catalysts: This is the main demand source for platinum and palladium. Platinum is mainly used in diesel vehicle catalysts, and palladium is mainly used in gasoline vehicle catalysts. The demand is related to automobile production and sales, policies, and price - driven substitution effects between platinum and palladium [133][134][136]. - Jewelry: Platinum is an ideal material for high - end jewelry, especially in the wedding market. China is the main source of demand elasticity for platinum jewelry. Jewelry demand is related to macro - economic indicators and inventory cycles [148][149][158]. - Industrial Demand: Platinum and palladium are widely used in the industrial field. Platinum demand in the glass and chemical industries is related to the real - estate cycle and macro - economic indicators. The demand in the electronics, petrochemical, and medical industries is relatively stable. Hydrogen energy is a future growth point for demand [159][163][166].