铂：上市首涨停，国内资金热情高

Report Summary 1) Report Industry Investment Rating No information provided 2) Core Viewpoints - On December 15, 2025, the platinum futures on the Guangzhou Futures Exchange hit a record high since listing and recorded the first daily limit. Platinum, with industrial and financial attributes, follows the logic of a precious - metal super - bull cycle. [2] - Platinum and palladium are still favored by long - position funds in the context of strong gold and silver prices. With the synchronous easing of the Sino - US monetary cycles, they have more macro - premiums. In the long - and medium - term, the rhythm of multi - allocation for platinum and palladium is clear. [3] 3) Summary by Related Content Event - On December 15, 2025, the platinum futures on the Guangzhou Futures Exchange reached a new high since listing and recorded the first daily limit. [2] Analysis of the First Daily - limit Logic - In the precious - metal super - bull cycle, funds shift from high - valued to low - valued varieties. Since November 2025, silver has led the precious - metal sector with a 29.3% increase. On December 15, 14.12 billion yuan of funds flowed out of Shanghai silver futures, while 6.84 billion yuan flowed into Guangzhou platinum futures, with an increase of 7055 lots. [2] - The supply of platinum is highly brittle, and the prospect of large - scale hydrogen energy applications boosts consumption expectations. Although the current platinum consumption in hydrogen energy accounts for less than 1% of the total, once the demand side breaks through, platinum's scarcity will increase. [2] - There is a re - balance between "money" and "resources". In the context of Western anti - globalization, countries scramble for key resources. China's dependence on platinum imports exceeds 80%, so platinum is a natural multi - allocation variety. [3] - The Guangzhou Futures Exchange's platinum futures have prominent independent pricing ability. On December 15, 2025, the Guangzhou platinum futures hit the daily limit, while the NYMEX platinum main contract rose less than 2.5% and the London platinum spot price declined slightly, indicating that it is mainly driven by domestic funds. [3] Outlook for the Future - Platinum and palladium prices are at record highs and generally follow the precious - metal super - bull cycle. They are still favored by long - position funds due to their relatively low valuations. The synchronous easing of the Sino - US monetary cycles provides more macro - premiums. The development of commercial space and hydrogen energy sectors gives room for imagination in platinum and palladium consumption. With strong supply constraints, the long - and medium - term multi - allocation rhythm is clear. [3]