点石成金：多头情绪高亢，铂钯再掀涨停潮

Report Summary 1. Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - Platinum and palladium prices hit the daily limit across all contracts on the Guangzhou Futures Exchange on December 22, 2025, driven by domestic long - term funds. The prices have significant increases, and they are natural multi - allocation varieties under the influence of fundamentals and the macro - level [2]. - In the super bull cycle of precious metals, the high - to - low shift of funds gives platinum and palladium higher premiums. Their investment and consumption have great growth potential, and the price logic affects the supply - demand expectations of the fundamentals [3]. - The supply side is brittle, and the large - scale application prospects of hydrogen energy boost consumption expectations. There will be supply shortages for platinum and palladium in 2026 [4]. - The current precious metal and non - ferrous metal market is a re - balance of "money" and "resources". Platinum and palladium, with high import dependence in China, are suitable for multi - allocation [6]. - The large price difference between domestic and foreign platinum and palladium will attract arbitrage trading, and the price difference is expected to converge [7]. - In the long - term, platinum and palladium follow the super bull cycle of precious metals. In 2026, platinum is more likely to break through historical highs. In the short - term, they may achieve most of the annual increase, and the mid - term strategy is to allocate more on dips [8]. 3. Summary by Directory I. Higher Premiums for Platinum and Palladium due to High - to - Low Fund Shift in the Precious Metal Super Bull Cycle - In the context of the global situation, precious metals have allocation value. Gold and silver price increases provide higher premium space for platinum and palladium. The investment and consumption of platinum and palladium have great growth potential, and price and supply - demand expectations interact [3]. II. Brittle Supply Side and Boosted Consumption Expectations from Hydrogen Energy Application - The "15th Five - Year Plan" promotes the development of hydrogen energy. The supply of platinum and palladium is highly concentrated. It is expected that in 2026, platinum will face a supply shortage of about 23 tons, and palladium will have a supply shortage of about 3 tons [4]. III. Re - balance of "Money" and "Resources" - The current market is a re - balance of "money" and "resources". China has a high import dependence on platinum and palladium, so they are suitable for multi - allocation [6]. IV. Convergence of Domestic and Foreign Price Differences - Due to the high import dependence of platinum and palladium in China and relatively easy import procedures, the large price difference between domestic and foreign markets will attract arbitrage trading. Import merchants and speculative funds can lock in profits through cross - market arbitrage [7]. V. Market Outlook - Platinum and palladium prices on the Guangzhou Futures Exchange have reached new highs. Platinum is more likely to break through historical highs in 2026. They follow the precious metal bull cycle. In the short - term, they may achieve most of the annual increase, and the mid - term strategy is to allocate more on dips, while being vigilant against the "long - killing - long" market [8].