黄金不仅输给了白银，还输给了它

Core Insights - The article highlights the rising importance of platinum in the hydrogen energy revolution, particularly in fuel cell technology and green hydrogen production [1][3][4]. Group 1: Platinum Market Dynamics - Platinum prices have surged nearly 100% this year, rising from approximately $900 to $1800 per ounce, making it the second-best performing precious metal after silver [3]. - The World Platinum Investment Council (WPIC) forecasts a supply deficit of 26.4 to 30 tons in the global platinum market by 2025, marking the third consecutive year of shortage [3][4]. - Approximately 70% of global platinum production comes from South Africa, which faces structural challenges such as unstable electricity supply and rising mining costs, limiting production capacity [4]. Group 2: Industrial Demand for Platinum - The automotive sector remains the largest industrial consumer of platinum, primarily for diesel vehicle emissions control [5]. - Recent changes proposed by the European Commission to relax carbon emission standards for new vehicles could provide additional support for platinum demand [5]. - Platinum is also a critical material in the hydrogen energy sector, with growing government commitments to net-zero emissions driving the development of hydrogen projects [5][6]. Group 3: Technological Developments and Market Sentiment - Efforts are underway in China, Japan, and Europe to reduce platinum usage in fuel cells or find alternatives, which presents a dual impact on demand [6]. - The current market pricing reflects optimism about industry expansion, with increased investment interest in platinum as a relatively undervalued asset compared to gold [6][7]. - The narrative surrounding platinum has shifted from being an auxiliary material for traditional combustion engines to becoming a core component of future energy infrastructure, positioning it as a "technology metal" and "energy metal" [7][8]. Group 4: Price Predictions and Future Outlook - Analysts have differing predictions for platinum prices in 2026, ranging from $1550 to $2300 per ounce, indicating uncertainty in future market conditions [8]. - The practical application of hydrogen technology, as evidenced by the use of Toyota's Mirai at the G20 summit, suggests that the revaluation of platinum's worth is underway [8].