铂：外盘突破前高，上行动能充足，铂：跟随铂继续上行

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Report's Core View - Platinum's outer - market price breaks through the previous high with strong upward momentum, while palladium follows platinum to rise [1]. - The trend strength of platinum and palladium is both 1, indicating a neutral - to - slightly - bullish outlook [3]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - Price Data: Platinum futures 2606 closed at 619.95 with a 9.06% increase; gold - exchange platinum at 561.61 with a 5.26% increase; New York platinum main - continuous at 2320.10 with a 7.97% increase; London spot platinum at 2285.00 with an 8.46% increase. Palladium futures 2606 closed at 532.55 with a 4.74% increase; RMB spot palladium at 437.00 with a 1.63% increase; New York palladium main - continuous at 1964.00 with a 5.56% increase; London spot palladium at 1858.00 with a 5.21% increase [1]. - Trading Volume and Open Interest: For Guangdong platinum, the trading volume was 155,413 (a change of 101,107 from the previous day) and the open interest was 44,432 (a change of 3,345). For NYMEX platinum, the trading volume was 42,519 (- 9,028) and the open interest was 59,873 (a change of 27,467). For Guangdong palladium, the trading volume was 182,094 (a change of 153,767) and the open interest was 22,805 (a change of 5,106). For NYMEX palladium, the trading volume was 13,058 (a change of 1,991) and the open interest was 211,674 (a change of 190,256) [1]. - ETF Holdings: Platinum ETF holdings (ounces, previous day) were 3,269,872 (a change of 20,778), and palladium ETF holdings (ounces, previous day) were 1,138,951 (a change of 9,396) [1]. - Inventory Data: NYMEX platinum inventory (ounces, previous day) was 624,733 (no change), and NYMEX palladium inventory (ounces, previous day) was 195,570 (a change of 6,480). No data was provided for Guangdong platinum and palladium inventories [1]. - Spread Data: PT9995 to PT2606 spread was - 58.34 (a change of - 23.46); Guangdong platinum 2606 to 2610 spread was - 2.40 (no change), and the cross - period arbitrage cost of buying Guangdong platinum 2606 and selling 2610 was 7.62 (a change of 0.61). The spread between the gold - exchange platinum and London platinum was 44.53 (a change of - 12.10). Similar spread data for palladium was also provided [1]. - Exchange Rate Data: The US dollar index was 97.90 with a - 0.37% change; the US dollar to RMB (CNY spot) was 7.04 with a - 0.04% change; the US dollar to offshore RMB (CNH spot) was 7.03 with a 0.06% change; the US dollar to RMB (6M forward) was 6.95 with a - 0.08% change [1]. 3.2 Macro and Industry News - The US economy expanded at a 4.3% rate in the third quarter, the fastest in two years, but the US consumer confidence index declined for five consecutive months [4]. - According to the ADP weekly employment report, private - sector employers added an average of 11,500 jobs per week in the four weeks ending December 6, 2025 [4]. - Trump stated that those who disagree with his views will never become the Federal Reserve Chairman [4]. - Hassett, the next - potential Federal Reserve candidate, predicted that monthly new jobs may return to over 100,000 and that the Federal Reserve lags far behind the situation in terms of interest - rate cuts [4]. - US Treasury Secretary Bessent suggested that the Federal Reserve could discuss adjusting the inflation target to a range of 1.5% - 2.5% or 1% - 3% [4]. - The Russian Foreign Ministry refuted the rumor that the Russian embassy in Venezuela was evacuating [4]. - Two departments such as the National Development and Reform Commission aimed to reach a total installed capacity of about 15 million kilowatts for solar - thermal power generation by 2030 [4].