黄金平替，比黄金涨得还猛

Core Viewpoint - Platinum has experienced a significant price surge, outperforming gold and silver, driven by supply-demand imbalances and heightened investment interest [3][6][29]. Group 1: Price Surge and Market Dynamics - As of July 18, platinum prices exceeded $1480.00 per ounce, marking a year-to-date increase of over 57%, making it the best-performing asset class globally [3]. - The surge in platinum prices is attributed to a decline in supply, particularly from South Africa, the largest platinum producer, due to seasonal mining challenges [6][9]. - Demand for platinum is rising, especially in the automotive sector, where it accounts for over 48% of total demand, primarily for catalytic converters [7][14]. Group 2: Impact on Companies - Companies like Mingpai Jewelry, a leading platinum jewelry manufacturer, have seen stock prices soar, with a reported increase of over 21% in late May [9]. - Haotong Technology, a recycling leader, reported a 129.46% year-on-year revenue growth in Q1, benefiting from the rising platinum prices and expanding recovery capacity [11][13]. - The overall market for platinum-related companies is thriving, with significant stock price increases observed in response to the price surge [9][11]. Group 3: Future Demand and Industry Trends - Despite the rise of electric vehicles, the demand for platinum in traditional fuel vehicles remains strong, with projections indicating continued growth in the automotive sector until 2030 [17][19]. - The increasing regulatory standards for emissions are expected to drive up the demand for platinum in catalytic converters, as new vehicles are required to meet stricter pollution controls [24][29]. - The shift towards hybrid vehicles, which require more platinum than traditional fuel vehicles, is also contributing to the growing demand [21][22]. Group 4: Investment Considerations - Investors are increasingly viewing platinum as an alternative to gold, especially in light of its recent performance and the potential for continued price increases due to supply constraints [30][31]. - Investment strategies should focus on physical platinum or ETFs, with a recommendation for a cautious approach to avoid high-leverage investments [31][32]. - The development of new technologies aimed at reducing platinum usage in fuel cells poses a potential risk to future demand, necessitating careful monitoring by investors [33].