弘业期货铂金大涨

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - Platinum futures prices have risen continuously, with investment funds flowing in as one of the core driving forces. The rotation logic of funds seeking "value depressions" after the sharp rise of gold and silver, combined with the supply - demand gap, has led to the simultaneous strengthening of investment and jewelry demand, ultimately amplifying price elasticity [2] - The price of platinum is significantly undervalued relative to gold. After the continuous sharp rise of gold and silver, funds have turned to low - valued varieties, promoting the valuation repair of platinum. High gold prices have also prompted consumers to turn to more cost - effective platinum, driving the recovery of retail demand [2] - The supply - end gap of platinum persists. In 2025, affected by power shortages in South Africa, the mining operation rate decreased by 5 percentage points compared to last year. With factors such as rising mining costs due to ore body aging and extreme rainfall affecting transportation, the mineral supply decreased by 3% year - on - year. Although the recycled platinum supply increased by 2%, the market is still in shortage for the third consecutive year, with an expected gap of 22 - 26 tons [2] - Investment and jewelry demand have further exacerbated the tight spot market situation. With strong short - term capital inflows and the unchanged tight spot market pattern, platinum prices may remain strong [2] Group 3: Summary by Related Contents Investment and Price Driving Factors - Investment funds flowing in are one of the core driving forces for the continuous rise of platinum futures prices, following the logic of funds seeking "value depressions" after the sharp rise of gold and silver [2] Valuation and Demand - Platinum is significantly undervalued relative to gold. After the rise of gold and silver, funds' shift to low - valued platinum promotes its valuation repair [2] - High gold prices (Shanghai gold main contract breaking through 1000 yuan/gram) have made consumers turn to more cost - effective platinum. In November, the sales volume of platinum jewelry in domestic mainstream jewelry brands increased by 12% year - on - year, and brands have increased the layout of new platinum styles, driving the recovery of retail demand [2] Supply - Side Situation - 70% of the world's platinum is produced in South Africa. In 2025, due to power shortages, the mining operation rate in South Africa decreased by 5 percentage points compared to last year. Ore body aging and extreme rainfall have led to a 3% year - on - year decline in mineral supply [2] - The recycled platinum supply increased by 2% year - on - year, but it is difficult to make up for the mineral supply gap. The market is in shortage for the third consecutive year, with an expected gap of 22 - 26 tons [2] Market Outlook - Investment and jewelry demand have further tightened the spot market. With strong short - term capital inflows and the unchanged tight spot market pattern, platinum prices may remain strong [2]