上市首日市场看涨氛围浓厚，建议关注铂低多机会

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Views - Platinum: The market has a strong bullish sentiment. It is recommended to focus on low - buying opportunities for platinum. In the long - term, a bullish view is maintained, and a long - platinum and short - palladium strategy is suggested when the platinum - palladium ratio is low [2][4]. - Palladium: The price is supported by spot shortages and is expected to have a wide - range oscillation. Although the long - term supply - demand is loosening, the short - term spot is scarce [5]. 3. Summary by Related Contents Platinum - Market Performance: On November 27, the closing price of the GFEX platinum main contract was 430.3 yuan/gram, with a 6.25% increase. On the first day of listing, the intraday maximum increase reached 12.9% [3][4]. - Main Logic: The weak US economic data has revived the expectation of the Fed's interest - rate cut. The short - term spot market and long - term supply - demand expectations have not changed significantly, and the domestic market sentiment may be overheated. In the long - term, the supply concentration is high, demand will expand steadily, and the "interest - rate cut + soft landing" combination will increase the price elasticity [4]. - Outlook: The supply - demand fundamentals are healthy, and the macro - expectations are positive. The platinum price is expected to oscillate upward. Low - buying and long - position opportunities are recommended, and a long - platinum and short - palladium strategy is suggested at a low platinum - palladium ratio [4]. Palladium - Market Performance: On November 27, the closing price of the palladium main contract was 370.6 yuan/gram, with a 1.53% increase [3]. - Main Logic: The geopolitical issue in Russia is the key factor affecting palladium supply. The US is investigating Russian palladium imports. There is a significant structural pressure on demand. Although the long - term supply - demand is loosening, the short - term spot is scarce, and the price has certain support at the bottom [5]. - Outlook: With spot shortages and a favorable macro - environment, the price has strong bottom support. However, it is still suppressed by its weak supply - demand fundamentals in the medium - to - long - term, and is expected to have a wide - range oscillation [5]. Commodity Index - Special Index: On November 27, the commodity index was 2241.06 (+0.00%), the commodity 20 index was 2543.53 (+0.00%), the industrial products index was 2200.67 (+0.00%), and the PPI commodity index was 1336.40 (+0.00%) [34]. - Sector Index: On November 27, the non - ferrous metal index was 2467.27. The daily increase was +0.00%, the 5 - day increase was +0.90%, the 1 - month decrease was - 1.15%, and the year - to - date increase was +6.89% [35].