铂：交易重心上移，铂：跟随上行

Report Summary 1. Report Industry Investment Rating - No information provided regarding the report industry investment rating. 2. Core View of the Report - The trading center of platinum is moving up, and palladium is following the upward trend [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price: Platinum futures 2606 closed at 633.85 with a 0.85% increase; gold - exchange platinum closed at 624.40 with a - 0.50% decrease. New York platinum main - continuous (previous day) was at 2627.10 with a 5.98% increase. London spot platinum (previous day) was at 2633.10 with a 6.39% increase. Palladium futures 2606 closed at 483.75 with a - 0.42% decrease. RMB spot palladium was at 437.00 with a - 1.35% decrease. New York palladium main - continuous (previous day) was at 1945.50 with a 3.79% increase. London spot palladium (previous day) was at 1904.00 with a 3.42% increase [2]. - Trading Volume and Position: Guangdong platinum trading volume was 18,206 kg, a decrease of 10,045 kg compared to the previous day. Its position was 36,352 kg, a decrease of 1,071 kg. NYMEX platinum trading volume was 52,818 kg, a decrease of 14,081 kg, and its position was 103,299 kg, a decrease of 230 kg. Guangdong palladium trading volume was 6,548 kg, a decrease of 1,384 kg, and its position was 13,918 kg, a decrease of 5 kg. NYMEX palladium trading volume was 12,295 kg, a decrease of 2,099 kg, and its position was 55,980 kg, a decrease of 124 kg [2]. - ETF Position: Platinum ETF position (ounces, previous day) was 3,242,354 with no change. Palladium ETF position (ounces, previous day) was 1,192,934 with no change [2]. - Inventory: NYMEX platinum inventory (ounces, previous day) was 675,766, an increase of 11,373. NYMEX palladium inventory (ounces, previous day) was 216,266, a decrease of 398 [2]. - Spread: PT9995 to PT2606 spread was - 9.45, a decrease of 8.51 compared to the previous day. The spread between Guangdong platinum 2606 contract and 2610 contract was 2.20, a decrease of 0.95. The cost of buying Guangdong platinum 2606 and selling 2610 cross - period arbitrage was 7.78, an increase of 0.06. The spread between Guangdong platinum main contract and London platinum (considering VAT) was - 32.31, a decrease of 34.90. The spread between RMB spot palladium price and PD2606 was - 46.75, a decrease of 3.95. The spread between Guangdong palladium 2606 contract and 2610 contract was - 5.65, an increase of 7.55 [2]. - Exchange Rate: The US dollar index was 98.34, a decrease of 0.71%. The US dollar against RMB (CNY spot) was 6.96, an increase of 0.04%. The US dollar against offshore RMB (CNH spot) was 6.96, an increase of 0.08%. The US dollar against RMB (6M forward) was 6.88, a decrease of 0.05% [2]. 3.2 Macro and Industry News - Trump administration is seeking to "promote regime change in Cuba" by the end of the year. - US media reported that the US is considering a full withdrawal from Syria, potentially ending its more than a decade - long military operation there. - Trump signed documents with representatives of more than a dozen countries and regions in Davos to launch a "Peace Committee". - Trump said that the measure of imposing a 25% tariff on any country having (trade) relations with Iran will take effect soon. - The US House of Representatives passed a package of bills to prevent the government from shutting down at the end of this month, which will be sent to the Senate for review. - Trump said his meeting with Zelensky was "very good". Zelensky said that a tri - lateral meeting among Ukraine, the US, and Russia will be held in the UAE on the 23rd. - The US November core PCE price index met expectations. The number of initial jobless claims in the US for the week ending January 17 was 200,000, compared to an expected 210,000. - SpaceX has reached an agreement with four banks to prepare for a "super IPO". - The People's Bank of China will conduct 900 billion yuan of MLF operations with a one - year term on January 23 [5]. 3.3 Trend Intensity - Platinum trend intensity: 1; Palladium trend intensity: 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4].