Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The listing of platinum and palladium futures and options is expected to be imminent, which will bring positive impacts such as strengthening China's commodity pricing power, promoting the healthy development of the industry, helping enterprises manage price risks, and enhancing market transparency [3][4] - In the short - term, the global supply of platinum and palladium is tight. In the long - term, platinum's supply - demand fundamentals will gradually improve, while palladium will gradually become looser [5] - In the future, platinum is expected to fluctuate upward in the medium - to - long term, and for palladium, attention should be paid to the price decline risk caused by the relaxation of supply - demand. Suggested price ranges are 1500 - 1800 dollars per ounce for platinum and 1300 - 1600 dollars per ounce for palladium. Strategies include long platinum and long - platinum short - palladium cross - variety opportunities [6] Summary by Related Catalogs Latest Dynamics and Reasons - On November 7, 2025, the CSRC approved the registration of platinum and palladium futures and options at the Guangzhou Futures Exchange, and the listing time is expected to be approaching [3] - Positive impacts of the listing: strengthening China's commodity pricing power as China is a major consumer but lacks pricing influence; promoting industrial development and supply - chain stability by providing standardized contracts and price - discovery functions; helping enterprises manage price risks in the context of large price fluctuations; enhancing market transparency as derivatives are information - aggregation platforms [3][4] Fundamental Situation - Short - term: Supply is tight due to tariffs and sanctions on Russia. As of November 5, the 1 - month lease rate of platinum is around 2.7%, and that of palladium is around 1.0% [5] - Long - term: Supply from South Africa is restricted by power shortages, labor issues, etc. In Q2 2025, global platinum mine and refined production decreased by 7.8% and 4.1% year - on - year respectively; in the first half of 2025, global palladium mine and refined production decreased by 10.1% and 6.6% year - on - year respectively. Platinum demand is growing steadily, while palladium supply - demand is becoming looser [5] Summary and Strategy - Recently, precious metal prices have adjusted. Platinum remains firm due to trade restrictions, and palladium prices are supported by supply tightness in other regions. In the future, platinum is expected to fluctuate upward, and for palladium, attention should be paid to price decline risks [6] - Suggested price ranges: 1500 - 1800 dollars per ounce for platinum and 1300 - 1600 dollars per ounce for palladium. Strategies include long platinum and long - platinum short - palladium cross - variety opportunities [6]

Group 1 - The implementation of new national standards for commercial electric vehicle battery swapping and lithium-ion battery coding will support the healthy development of emerging industries and ensure consumer safety starting from November 1 [1] - The recommended national standard for electric vehicle battery swapping safety specifies safety requirements for N1, N2, and N3 class commercial electric vehicles, promoting the adoption of battery swapping models in the commercial vehicle sector [1] - The national standard for lithium-ion battery coding assigns a unique identity code to each new battery product, facilitating lifecycle management from production to recycling and enhancing product traceability and industry regulation [1] Group 2 - The recommended national standard for electric oil heaters outlines terminology, classification, requirements, inspection rules, and packaging for household and similar use electric oil heaters, providing a reliable technical basis for product testing and promoting technological advancement in this sector [1] - The recommended national standard for household and similar use plug sockets with USB power specifies safety and electromagnetic compatibility requirements, guiding consumers in the safe use of these products and enhancing the quality and competitiveness of the power socket industry [2] - The mandatory national standard for building waterproof coatings sets safety technical requirements regarding combustion performance, flash point, and harmful substance limits, contributing to construction quality and environmental safety while promoting green and high-quality industry development [2]

Group 1 - The implementation of new national standards starting from August 1 aims to optimize traditional industries, regulate emerging industries, and ensure consumer safety [1] - The mandatory national standard for lithium batteries used in energy storage systems (GB44240-2024) enhances safety requirements, reducing the likelihood of safety incidents [1] Group 2 - The recommended national standard for pet medical institutions (GB/T45295-2025) provides guidelines for facility configuration and service quality, promoting healthy development in the pet medical industry [2] - The recommended national standard for pet business environment cleaning and disinfection (GB/T45204-2025) outlines management and operational guidelines, improving cleanliness and service quality in pet-related establishments [2]

Core Viewpoint - Seventeen key automotive companies, including FAW, Dongfeng, GAC, and Seres, have committed to a payment term not exceeding 60 days, which is seen as a significant step towards promoting the healthy and sustainable development of the automotive industry [1] Group 1 - The commitment from automotive companies reflects a proactive response to national calls and demonstrates social responsibility and corporate accountability [1] - The initiative is expected to play a crucial role in building a collaborative and win-win development ecosystem between vehicle manufacturers and parts suppliers [1]