避险情绪抬升，铂钯显著上行

1. Report's Investment Rating for the Industry - No specific investment rating for the industry is provided in the report. 2. Core Views of the Report - Due to increased uncertainties in tariffs and geopolitics during the Spring Festival holiday, as of February 24, 2026, the platinum and palladium prices on the Guangzhou Futures Exchange significantly increased, with the platinum main - contract rising 5.54% to 551.85 yuan/gram and the palladium main - contract rising 4.57% to 438.45 yuan/gram. The prices of platinum and palladium strengthened along with the precious metals sector [2]. - For platinum, in the short - term, the price is expected to be volatile and bullish due to the US Supreme Court's ruling on tariffs and the ongoing tense situation between the US and Iran. In the long - term, the US is in an interest - rate cut cycle, and the weakening of the US dollar's credit is conducive to the release of price elasticity. Also, although the supply shortage has marginally eased, risks still support the price. The overall outlook is volatile and bullish [3]. - For palladium, there are continuous uncertainties in the supply side. The US's anti - dumping preliminary ruling on Russian palladium and potential European sanctions have led to supply disruptions, supporting the price. On the demand side, there is still structural pressure. In the short - term, the shortage of spot and the expectation of the Fed's interest - rate cuts provide clear support for the price. The outlook is also volatile and bullish [4]. 3. Summary by Related Content Platinum - Price Movement: As of February 24, 2026, the platinum main - contract on the Guangzhou Futures Exchange rose 5.54% to 551.85 yuan/gram [2]. - Main Logic: The US Supreme Court's ruling on tariffs and the tense US - Iran situation make the short - term price volatile and bullish. The long - term weakening of the US dollar's credit and existing supply risks support the price [3]. - Outlook: Volatile and bullish, with a healthy supply - demand fundamental and positive macro expectations [3]. Palladium - Price Movement: As of February 24, 2026, the palladium main - contract on the Guangzhou Futures Exchange rose 4.57% to 438.45 yuan/gram [2]. - Main Logic: Supply - side uncertainties include the US's anti - dumping ruling on Russian palladium and potential European sanctions. There is structural pressure on the demand side. In the short - term, spot shortage and Fed interest - rate cut expectations support the price [4]. - Outlook: Volatile and bullish, with spot shortage and an improving macro environment [4]. Commodity Index - Special Index: The commodity index was 2417.95, up 1.86%; the commodity 20 index was 2766.04, up 2.23%; the industrial products index was 2300.06, up 1.14%; the PPI commodity index was 1405.49, up 0.67% [49]. Non - ferrous Metals Index - On February 24, 2026, the non - ferrous metals index was 2695.65, with a daily increase of 0.95%, a 5 - day increase of 0.27%, a 1 - month decrease of 3.69%, and a year - to - date increase of 0.36% [50].