国投期货品种手册（上市版）：铂钯

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Platinum and palladium are important precious metals with high demand in various industries, and their supply is highly concentrated, with significant supply - side impacts on prices. The supply - side factors such as production cuts, accidents, and disruptions in recycling channels can cause obvious price fluctuations [15]. - The demand for platinum and palladium is mainly in automotive catalysts, industry, jewelry, and medical fields. In the context of carbon neutrality and carbon peaking, the hydrogen energy industry is expected to become a new growth point for platinum and palladium consumption [37][47]. - China's platinum - group metal resources are extremely scarce, with a high degree of import dependence. The importance of the recycling end is increasing, but the supply of waste materials is tight, and domestic recycling enterprises face fierce competition [32][82]. 3. Summary According to the Directory 3.1 Platinum and Palladium Species Overview - Natural Attributes: Platinum and palladium are silver - white metals, belonging to the platinum - group metals (PGMs). Platinum has a crustal content of 0.005 ppm, and palladium has 0.0006 ppm. Platinum has high melting point, good ductility, and stable chemical properties. Palladium can adsorb gases, is corrosion - resistant, and is mainly used in the catalyst field [6][7][8]. - Resource Distribution and Classification: Platinum - group metal resources are mainly distributed in South Africa, Russia, the United States, and other regions. The deposits can be divided into primary deposits and exogenous sand deposits, with magma - related processes being the main formation mechanism [10][13]. 3.2 Platinum - Group Metal Industry Chain - Upstream: The upstream of the platinum - group metal industry chain is dominated by a few mining and smelting integrated producers. The "oligopoly" structure makes the supply side dominant in price. The mining and extraction of platinum - group metals involve exploration, mining development, ore extraction, processing, and refining [15][16]. - Supply and Recycling of Platinum - Group Materials: The separation and purification processes of platinum - group metals vary according to the raw material components. The recycling of platinum - group metals is becoming increasingly important, but the supply of waste materials is tight [19][32]. - Terminal Applications: Platinum and palladium are mainly used in automotive catalysts, jewelry, industry, medical, and other fields. Automotive catalysts are the largest consumer area, with platinum's consumption structure being more diversified and over 80% of palladium used in automotive catalysts [37]. - Investment Channels: Platinum investment channels include physical investment (platinum bars and coins), platinum ETFs, futures, forwards, and stocks. Palladium investment demand is relatively small [49][50]. 3.3 Global Platinum Supply - Demand Pattern - Supply: South Africa, Zimbabwe, and Russia are the main suppliers of global platinum. In 2024, South Africa's platinum output accounted for 71% of the global total. The global platinum output decreased in 2024 due to various factors such as power outages and company restructurings [55]. - Demand: The main consumers of global platinum are China, Europe, North America, and Japan. In 2024, the global platinum demand decreased by 1.6% to 198 tons, with a supply gap of 1.98 tons [65]. 3.4 Global Palladium Supply - Demand Pattern - Supply: Russia, South Africa, Canada, and the United States are the main suppliers of global palladium. In 2024, Russia and South Africa's palladium output accounted for 43% and 41% of the global total respectively. The global palladium output increased slightly in 2024 [69][71]. - Demand: The main consumers of global palladium are China, the United States, Europe, and Japan. In 2024, the global palladium demand decreased by 4% to 254.2 tons, with a supply surplus of 2.4 tons [73][77]. 3.5 China's Platinum - Group Resource Pattern - Resource Endowment: China's platinum - group metal resources are extremely scarce, mainly distributed in Gansu, Yunnan, and other regions. In 2022, China's platinum - group metal reserves were 80.9 tons, and the resource reserves are decreasing [82]. - Import Dependence: China's platinum and palladium resources have a high degree of import dependence. In 2024, China imported 104.1 tons of platinum and 28.1 tons of palladium [86][88][92]. - Domestic Demand: In 2024, China consumed 64.4 tons of platinum and 68.9 tons of palladium. The demand for platinum in the automotive catalyst and chemical industries decreased, while the demand for palladium in the automotive catalyst field decreased significantly [97][101]. - Import and Export and Taxes: The import tariffs and value - added taxes of platinum and palladium vary according to the processing state. China's platinum is mainly imported from South Africa, and palladium is mainly imported from Russia and South Africa [110][111][114]. 3.6 Platinum and Palladium Price Review No detailed price review content is provided in the text, only a mention of historical price trends. 3.7 Guangzhou Futures Exchange Platinum and Palladium Futures - Contract Text: On November 7, 2025, the GZFE issued announcements on the palladium futures and palladium options contracts and related rules [126]. - Risk Control System: No detailed content is provided in the text. 3.8 Platinum and Palladium Options - Option Contracts: No detailed content is provided in the text. - Risk Control System: No detailed content is provided in the text. 3.9 Delivery Business - Delivery Time: No detailed content is provided in the text. - Delivery Product Form and Premium/Discount: No detailed content is provided in the text. - Delivery Unit: No detailed content is provided in the text. - Delivery Handling Fee: No detailed content is provided in the text. - Warehousing and Out - of - Warehouse Fees: No detailed content is provided in the text. - Physical Delivery Method: No detailed content is provided in the text. - Delivery Quality Standard: No detailed content is provided in the text. - Warehouse Standard Warehouse Receipt Delivery: No detailed content is provided in the text. - Factory Warehouse Standard Warehouse Receipt Delivery: No detailed content is provided in the text. 3.10 Platinum and Palladium Delivery Areas, Factories, and Warehouses - Platinum Futures Delivery Area Factories: No detailed content is provided in the text. - Palladium Futures Delivery Area Factories: No detailed content is provided in the text. - Platinum and Palladium Futures Delivery Warehouses: No detailed content is provided in the text. 3.11 Platinum and Palladium Designated Quality Inspection Institutions and Inspection Fees - Platinum and Palladium Futures Quality Inspection Institution List: No detailed content is provided in the text. - Maximum Limit of Platinum Futures Inspection Fees: No detailed content is provided in the text. - Maximum Limit of Palladium Futures Inspection Fees: No detailed content is provided in the text. 3.12 Platinum and Palladium Delivery Brands - List of Registered Brands for Platinum Futures (Domestic): No detailed content is provided in the text. - List of Registered Brands for Platinum Futures (Overseas): No detailed content is provided in the text. - List of Registered Brands for Palladium Futures (Domestic): No detailed content is provided in the text. - List of Registered Brands for Palladium Futures (Overseas): No detailed content is provided in the text.