Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On January 9th, the prices of platinum and palladium generally declined. The PT2606 contract closed down 6.72% to 575 yuan/gram, and the PD2606 contract closed down 3.57% to 460.7 yuan/gram. As the Bloomberg Commodity Index (BCOM) officially entered the adjustment period, the market worried that this might bring significant selling pressure to the precious metals market. Silver, with a large adjustment weight, was greatly impacted and tumbled, and platinum and palladium were also affected by market sentiment and weakened. In the short - term, platinum and palladium may maintain a narrow - range oscillation pattern. In the long - term, given the supply - demand gap of platinum and the pattern tending towards a looser supply, the strategy can be to allocate platinum on dips or focus on the [long platinum, short palladium] arbitrage strategy [6]. 3. Summary by Related Catalogs Price Changes - **Domestic Prices**: The platinum futures' main closing price was 575 yuan/gram, down 3.93% from the previous value; the domestic platinum price was 584 yuan/gram, down 5.04%. The platinum basis (spot - futures) was 9 yuan/gram, down 45.45%. The lithium futures' main closing price was 460.7 yuan/gram, down 3.20%, and the spot lithium price was 455 yuan/gram, down 1.09%. The lithium basis was - 5.7 yuan/gram, down 64.26% [4]. - **International Prices**: The London spot platinum price was 2213.21 US dollars/ounce, down 2.66%; the London spot palladium price was 1727.258 US dollars/ounce, down 0.45%. NYMEX platinum was 2203.7 US dollars/ounce, down 3.16%, and NYMEX palladium was 1767 US dollars/ounce, down 1.67% [4]. - **Internal - External 15 - point Spread**: The US dollar/Chinese yuan central parity rate was 7.0197, up 0.01%. The spread between Guangdong platinum and London platinum was 10.57 yuan/gram, down 43.56%; the spread between Guangdong platinum and NYMEX platinum was 12.99 yuan/gram, down 28.66% [4]. Ratio and Inventory - **Ratio**: The ratio of platinum to palladium in the Guangzhou Futures Exchange was 1.2575, a change of - 0.0094; the ratio of London spot platinum to palladium was 1.2813, a change of - 0.0291 [5]. - **Inventory**: NYMEX platinum inventory was 645366 troy ounces, with no change; NYMEX palladium inventory was 211306 troy ounces, with no change. Note that due to inconsistent closing times, some platinum and palladium inventory and position data were lagged [5][6]. Position - **Platinum Position**: NYMEX total platinum position decreased by 8.30% to 90330; non - commercial net long position of platinum decreased by 6.73% to 18042 [5]. - **Palladium Position**: NYMEX total palladium position decreased by 9.32% to 22709; non - commercial net long position of palladium decreased by 568.03% to - 571 [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On January 8, 2026, platinum and palladium prices generally opened high and closed low. The PT2606 contract rose 2.47% to 598.5 yuan/gram, and the PD2006 contract rose 1.71% to 475.95 yuan/gram. Affected by geopolitical risk premiums, market funds favored mineral resources, boosting recent platinum and palladium prices. However, due to the rapid electrification of market sectors and concerns that BCOM's adjustment of the weight index may lead to selling pressure, funds took early profits, causing platinum and palladium prices to decline and the upward trend to slow. In the short term, platinum and palladium may maintain a wide - range oscillation pattern. In the long - term, with platinum supply and demand still in a certain situation and palladium tending to a loose supply pattern, the strategy could be to allocate platinum at low prices or focus on the [long platinum, short palladium] arbitrage strategy [6]. 3. Summary According to Relevant Catalogs Domestic Prices - Platinum futures' main contract closing price was 598.5 yuan/gram, down 2.97% from the previous value; spot platinum (99.95%) was 615 yuan/gram, up 2.50%; the basis (spot - futures) was 16.5 yuan/gram, down 198.21% [4]. - Palladium futures' main contract closing price was 475.95 yuan/gram, up 0.86%; spot palladium (99.95%) was 460 yuan/gram, up 3.37%; the basis (spot - futures) was - 15.95 yuan/gram, down 40.71% [4]. International Prices (15:00) - London spot platinum was 2273.7 dollars/ounce, down 1.94%; London spot palladium was 1735.067 dollars/ounce, down 0.40%; NYMEX platinum was 2275.7 dollars/ounce, down 2.23%; NYMEX palladium was 1797 dollars/ounce, up 0.31% [4]. Internal - External 15:00 Price Differences - The dollar/yuan central parity rate was 7.0187, up 0.02%. The price difference between Guangdong platinum and London platinum was 18.73 yuan/gram, down 26.99%; the price difference between Guangdong platinum and NYMEX platinum was 18.22 yuan/gram, down 22.16%. The price difference between Guangdong palladium and London palladium was 27.77 yuan/gram, down 20.72%; the price difference between Guangdong palladium and NYMEX palladium was 17.73 yuan/gram, up 16.85% [4][5]. Price Ratios - The ratio of Guangdong Futures Exchange platinum to palladium was 1.2575, down 0.0496; the ratio of London spot platinum to palladium was 1.3104, down 0.0206 [5]. Inventories - NYMEX platinum inventory was 645366 troy ounces, with a 0.00% change; NYMEX palladium inventory was 211306 troy ounces, with a 0.00% change [5]. Positions - NYMEX total platinum position was 90330, down 8.30%; non - commercial net long position of platinum was 18042, down 6.73%. NYMEX total palladium position was 22709, down 9.32%; non - commercial net long position of palladium was - 571, down 568.03% [5].

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - On January 6, platinum and palladium futures prices generally rose. The PT2606 contract closed up 6.02% to 616.8 yuan/gram, and the PD2606 contract closed up 5.16% to 471.9 yuan/gram. Affected by geopolitical risks, precious metal prices collectively rose, driving platinum and palladium prices to strengthen significantly. Due to market concerns about the spillover of the Venezuelan situation to South America, mineral resources were favored by funds, which also boosted platinum and palladium prices. [5] - Recently, the premium of domestic platinum and palladium futures prices over spot prices and the external premium have continued to narrow, indicating that platinum and palladium prices are returning to a relatively reasonable range. [5] - Looking ahead, under the macro - favorable conditions and relatively stable performance of gold and silver, platinum and palladium are expected to continue to fluctuate strongly. However, in the short - term, the volatility of platinum and palladium may still remain at a relatively high level, and investors are advised to control their positions. In the long - term, with the supply gap of platinum still existing and the supply of palladium tending to be loose, the strategy can focus on buying platinum at low prices or adopting a [long platinum, short palladium] arbitrage strategy. [5] Group 3: Summary by Relevant Catalog Domestic Prices (yuan/gram) - Platinum futures main contract closing price: The current value is 616.8, the previous value is 583.95, with a rise of 5.63%. [5] - Spot: Gold Exchange - Pt9995 closing price: The current value is 605.53, the previous value is 573.65, with a rise of 5.56%. [5] - Spot platinum (99.95%): The current value is 600, the previous value is 566, with a rise of 6.01%. [5] - Platinum basis (spot - futures): The current value is - 16.8, the previous value is - 17.95, with a decline of 6.41%. [5] - Palladium futures main contract closing price: The current value is 471.9, the previous value is 452.85, with a rise of 4.21%. [5] - Spot palladium (99.95%): The current value is 445, the previous value is 436, with a rise of 2.06%. [5] - Palladium basis (spot - futures): The current value is - 26.9, the previous value is - 16.85, with a rise of 59.64%. [5] International Prices (15:00, US dollars/ounce) - London spot platinum: The current value is 2318.782, the previous value is 2211.121, with a rise of 4.87%. [5] - London spot palladium: The current value is 1742.095, the previous value is 1671.588, with a rise of 4.22%. [5] - NYMEX platinum: The current value is 2327.6, the previous value is 2218, with a rise of 4.94%. [5] - NYMEX palladium: The current value is 1791.5, the previous value is 1719.5, with a rise of 4.19%. [5] Internal - External 15:00 - US dollar/Chinese yuan central parity rate: The current value is 7.0173, the previous value is 7.023, with a decline of 0.08%. [5] Price Spreads (yuan/gram) - Guangdong platinum - London platinum: The current value is 25.65, the previous value is 19.79, with a rise of 29.62%. [5] - Guangdong platinum - NYMEX platinum: The current value is 23.40, the previous value is 18.03, with a rise of 29.77%. [5] - Guangdong palladium - London palladium: The current value is 27.77, the previous value is 26.35, with a rise of 5.39%. [5] - Guangdong palladium - NYMEX palladium: The current value is 15.17, the previous value is 14.12, with a rise of 7.44%. [5] Platinum - Palladium Price Ratio - Guangzhou Futures Exchange platinum/palladium price ratio: The current value is 1.3071, the previous value is 1.2895, with a change of 0.0176. [5] - London spot platinum/palladium price ratio: The current value is 1.3310, the previous value is 1.3228, with a change of 0.0083. [5] Inventory (ounces) - NYMEX platinum inventory: The current value is 652841, the previous value is 652841, with a change of 0.00%. [5] - NYMEX palladium inventory: The current value is 210029, the previous value is 650012 (data may be lagged), with a change of 0.00%. [5] Positions - NYMEX total platinum position: The current value is 82836, the previous value is 90330, with a decline of 8.30%. [5] - NYMEX non - commercial net long platinum position: The current value is 18042, the previous value is 19343, with a decline of 6.73%. [5] - NYMEX total palladium position: The current value is 20593, the previous value is 22709, with a decline of 9.32%. [5] - NYMEX non - commercial net long palladium position: The current value is - 571, the previous value is 122, with a decline of 568.03%. [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On January 5th, the prices of platinum and palladium rose overall. The PT2606 contract closed up 6.48% to 583.95 yuan/gram, and the PD2606 contract closed up 8.88% to 452.85 yuan/gram. Driven by the significant increase in platinum and palladium prices in the overseas market during the New Year's Day holiday, domestic platinum and palladium prices opened sharply higher and maintained a strong trend. Recently, with the ebb of market sentiment, the premium of domestic platinum and palladium futures over spot and overseas markets has been narrowing, indicating that prices are returning to a more reasonable range. Looking ahead, platinum and palladium are expected to continue a strong and volatile pattern, but short - term volatility may remain relatively high. In the long - term, considering the supply - demand gap of platinum and the relatively loose supply of palladium, it is advisable to allocate platinum at low levels or adopt a "long platinum, short palladium" arbitrage strategy [4][6]. 3. Summary by Relevant Catalog Domestic Price (yuan/gram) - Platinum futures主力收盘价 increased from 527.25 to 583.95, a rise of 10.75%. - Spot: Jinjiaosuo - Pt9995收盘价 rose from 511.5 to 573.65, an increase of 12.15%. - Spot: Platinum (99.95%) increased from 532 to 566, a rise of 6.39%. - Platinum: Basis (spot - futures) decreased from 4.75 to - 17.95, a drop of - 477.89%. - Palladium futures主力收盘价 increased from 425.2 to 452.85, a rise of 6.50%. - Spot: Palladium (99.95%) rose from 412 to 436, an increase of 5.83%. - Palladium: Basis (spot - futures) increased from - 13.2 to - 16.85, a rise of 27.65% [4]. International 15 - point Price (US dollars/ounce) - London spot platinum increased from 1947.6 to 2211.121, a rise of 13.53%. - London spot palladium rose from 1538.22 to 1671.588, an increase of 8.67%. - NYMEX platinum increased from 1970.9 to 2218, a rise of 12.54%. - NYMEX palladium rose from 1583 to 1719.5, an increase of 8.62% [4]. Internal - External 15 - point Spread (yuan) - The dollar/yuan central parity rate decreased from 7.0288 to 7.023, a drop of - 0.08%. - The spread between Guangzhou platinum and London platinum decreased from 29.91 to 19.79, a drop of - 33.85%. - The spread between Guangzhou platinum and NYMEX platinum decreased from 18.03 to 23.96, a drop of - 24.75% (including tax). - The spread between Guangzhou palladium and London palladium decreased from 32.40 to 26.35, a drop of - 18.69%. - The spread between Guangzhou palladium and NYMEX palladium decreased from 14.12 to 20.97, a drop of - 32.64% [4][5]. Price Ratio - The price ratio of Guangzhou Futures Exchange platinum/palladium increased from 1.2400 to 1.2895, an increase of 0.0495. - The price ratio of London spot platinum/palladium increased from 1.2661 to 1.3228, an increase of 0.0566 [5]. Inventory (Troy Ounces) - NYMEX platinum inventory remained unchanged at 652841, a change of 0.00%. - NYMEX palladium inventory remained unchanged at 210029, a change of 0.00% [5]. Position - NYMEX total platinum position decreased from 97095 to 90330, a drop of - 6.97%. - NYMEX non - commercial net long position of platinum decreased from 23293 to 19343, a drop of - 16.96%. - NYMEX total palladium position increased from 22061 to 22709, a rise of 2.94%. - NYMEX non - commercial net long position of palladium decreased from 122 to 978, a drop of - 87.53% [5].

Group 1: Report Core View - The overall prices of platinum and palladium futures fell on December 31. The PT2606 contract dropped 12.04% to 527.25 yuan/gram, and the PD2606 contract dropped 5.26% to 425.2 yuan/gram. During the New Year's holiday, the prices of platinum and palladium in the overseas market rose significantly. It is expected that the domestic platinum and palladium prices will open higher on Monday. After recent adjustments, the basis of platinum and palladium has improved, and the internal and external price differences have narrowed but not returned to a reasonable level. In the short term, the spot prices of platinum and palladium are expected to gradually shift to range - bound fluctuations. In the long - term, with a supply gap in platinum and a supply - loose pattern in palladium, platinum can still be bought at low prices or use the [long platinum, short palladium] arbitrage strategy [6] Group 2: Price and Fluctuation Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 527.25, previous value 589.85, down 10.61% [4] - Spot: Shanghai Gold Exchange - Pt9995 closing price: 511.5, previous value 565.12, down 9.49% [4] - Spot: Platinum (99.95%): 532, previous value 558, down 4.66% [4] - Platinum basis (spot - futures): 4.75, previous value - 31.85, down 114.91% [4] - Palladium futures main contract closing price: 425.2, previous value 447.45, down 4.97% [4] - Spot: Palladium (99.95%): 412, previous value 424, down 2.83% [4] - Palladium basis (spot - futures): - 13.2, previous value - 23.45, down 43.71% [4] International 15 - Point Prices (USD/oz) - London spot platinum: 1947.6, previous value 2156.1, down 9.67% [4] - London spot palladium: 1538.22, previous value 1603.79, down 4.09% [4] - NYMEX platinum: 1970.9, previous value 2181.3, down 9.65% [4] - NYMEX palladium: 1583, previous value 1668.5, down 5.12% [4] Group 3: Price Difference and Ratio Internal and External 15 - Point Price Differences (yuan) - Guangzhou platinum - London platinum: 29.91, previous value 38.80, down 22.91% [4] - Guangzhou platinum - NYMEX platinum: 23.96, previous value 32.36, down 25.95% [5] - Guangzhou palladium - London palladium: 32.40, previous value 37.56, down 13.73% [5] - Guangzhou palladium - NYMEX palladium: 20.97, previous value 21.02, down 0.25% [5] Price Ratios - Guangzhou Futures Exchange platinum/palladium ratio: 1.2400, previous value 1.3182, down 0.0782 [5] - London spot platinum/palladium ratio: 1.2661, previous value 1.3444, down 0.0782 [5] Group 4: Inventory and Position Data Inventory (Troy Ounces) - NYMEX platinum inventory: 652841, previous value 652841, no change [5] - NYMEX palladium inventory: 210029, previous value 210029, no change [5] Position - NYMEX total position: platinum 90330, previous value 97095, down 6.97% [5] - NYMEX non - commercial net long position: platinum 23293, previous value 19343, down 16.96% [5] - NYMEX total position: palladium 22709, previous value 22061, up 2.94% [5] - NYMEX non - commercial net long position: palladium 978, previous value 122, down 87.53% [5]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - On December 30, platinum and palladium futures prices both hit the daily limit down for the second consecutive trading day. The PT2606 contract closed down 13% to 589.85 yuan/gram, and the PD2606 contract closed down 13% to 447.45 yuan/gram. Recently, the fundamentals of platinum and palladium have not changed significantly, but the previous rapid rise in futures prices led to a large deviation between the spot and futures prices and a significant premium over the external market, resulting in high risks in the platinum and palladium markets. Coupled with multiple rounds of risk - control measures introduced by the exchange, the profit - taking pressure and the return of the spot - futures spread caused the prices to drop significantly. After the recent sharp price adjustment, the deviation between the spot and futures prices of platinum and palladium has improved, and the premium over the external market has also narrowed. Although it has not returned to a reasonable level, the space for further decline is expected to be relatively limited, and the prices are expected to gradually shift to range - bound trading. In the long - term, with a supply - demand gap in platinum and a tendency towards a supply - loose pattern in palladium, investors can go long on dips or mainly adopt the [long platinum, short palladium] arbitrage strategy [6] Group 3: Summary According to the Directory (Data Summary) Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 589.85, previous value 634.35, down 7.02% [4] - Spot: Shanghai Gold Exchange - Pt9995 closing price: 565.12, previous value 637.15, down 11.31% [4] - Spot: Platinum (99.95%): 228, previous value 652, down 14.42% [4] - Platinum basis (spot - futures): - 31.85, previous value 17.65, down 280.45% [4] - Palladium futures main contract closing price: 447.45, previous value 494.1, down 9.44% [4] - Spot: Palladium (99.95%): 424, previous value 463.5, down 8.52% [4] - Palladium basis (spot - futures): - 23.45, previous value - 30.6, down 23.37% [4] International 15 - Point Prices (US dollars/ounce) - London spot platinum: 2156.1, previous value 2320.6, down 7.09% [4] - London spot palladium: 1603.79, previous value 1691.204, down 5.17% [4] - NYMEX platinum: 2181.3, previous value 2339, down 6.74% [4] - NYMEX palladium: 1668.5, previous value 1811.5, down 7.89% [4] Internal - External 15 - Point Price Spreads - US dollar/Chinese yuan central parity: 7.0348, previous value 7.0331, up 0.02% [4] - Guangzhou platinum - London platinum spread: 38.80, previous value 41.40, down 6.28% [4] - Guangzhou platinum - NYMEX platinum spread: 32.36, previous value 36.70, down 11.83% (tax - included) [5] - Guangzhou palladium - London palladium spread: 37.56, previous value 61.97, down 39.39% [5] - Guangzhou palladium - NYMEX palladium spread: 21.02, previous value 31.24, down 32.70% [5] Price Ratios - Guangzhou Futures Exchange platinum/palladium ratio: 1.3182, previous value 1.2838, up 0.0344 [5] - London spot platinum/palladium ratio: 1.3722, previous value 1.3444, down 0.0278 [5] Inventories (Troy Ounces) - NYMEX platinum inventory: 646795, previous value 646896, down 0.02% [5] - NYMEX palladium inventory: 210029, previous value 198040, up 6.05% [5] Positions - NYMEX total platinum position: 97095, previous value 90356, up 7.46% [5] - NYMEX non - commercial net long platinum position: 23293, previous value 19890, up 17.11% [5] - NYMEX total palladium position: 22061, previous value 20773, up 6.20% [5] - NYMEX non - commercial net long palladium position: 978, previous value - 18, up 5533.33% [5]

Group 1 - The main contract for palladium futures experienced a rapid increase, reaching a peak of 486.95 yuan, with a current price of 480.80 yuan, reflecting a rise of 1.80% [1] Group 2 - Zhengxin Futures suggests considering a long platinum and short palladium arbitrage strategy due to the current market conditions, including a higher-than-expected U.S. unemployment rate and lower-than-expected CPI, which may lead to a potential interest rate cut in January [2] - New Lake Futures advises against holding a heavy position in palladium, citing ongoing supply shortages and geopolitical risks, particularly with Russia supplying over 40% of global palladium [3] - Hualian Futures recommends holding long positions in palladium (PD2606), noting that while demand from the automotive sector is under pressure due to the rise of new energy vehicles in China, the macroeconomic environment and ongoing interest rate cuts by the Federal Reserve may support palladium prices [4]