Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Report's Core View - **Platinum**: Due to the warming of interest - rate cut expectations, it is recommended to pay attention to low - buying and long - selling opportunities for platinum. When the platinum - palladium ratio is at a low level, a rolling participation in the strategy of going long on platinum and short on palladium is suggested [4]. - **Palladium**: In the context of spot shortages and a favorable macro - environment, the price has strong bottom support. However, in the medium - to - long - term, it is still suppressed by its weak supply - demand fundamentals, and is expected to fluctuate widely [5]. 3. Summary by Metals Platinum - **Price**: On December 2, the closing price of the GFEX platinum main contract was 442.5 yuan/gram, with a decline of 2.57% [3]. - **Main Logic**: The platinum market was affected by the correction of gold and silver. Recently, weak US economic data and dovish remarks from Fed officials have increased the expectation of a December interest - rate cut and opened up room for rate cuts next year. In terms of supply, South Africa faces risks such as power supply and extreme weather. In terms of demand, the platinum market is in a structural expansion stage, with stable demand in the automotive catalyst field, the hydrogen energy industry as an important future growth point, and expanding jewelry and investment demand. The "interest - rate cut + soft landing" combination will further amplify the long - term price elasticity [4]. - **Outlook**: With a healthy supply - demand fundamental and positive macro - expectations, the platinum price is expected to fluctuate upward. It is recommended to pay attention to low - buying and long - selling opportunities for platinum and participate in the long - platinum and short - palladium strategy when the platinum - palladium ratio is low [4]. Palladium - **Price**: On December 2, the closing price of the palladium main contract was 374.25 yuan/gram, with a decline of 2.23% [3]. - **Main Logic**: The Russian geopolitical issue is a key factor affecting palladium supply. The US Department of Commerce is investigating the import of unforged palladium from Russia. Due to the expectation of sanctions on Russian palladium, a large amount of palladium has flowed into the US, resulting in a temporary supply shortage in other regions. In terms of demand, palladium faces significant structural pressure. Although the long - term supply - demand of palladium tends to be loose, the short - term spot shortage and the Fed's re - entry into the interest - rate cut cycle provide some support for the palladium price [5]. - **Outlook**: With spot shortages and a favorable macro - environment, the palladium price has strong bottom support. However, in the medium - to - long - term, it is still suppressed by its weak supply - demand fundamentals and is expected to fluctuate widely [5]. 4. Summary of Index Information - **Commodity Index**: On December 2, 2025, the comprehensive index was 2275.12 (-0.01%), the commodity 20 index was 2591.31 (-0.00%), and the industrial products index was 2228.52 (-0.03%). The PPI commodity index was 1360.85 (+0.06%) [33]. - **Non - ferrous Metals Index**: On December 2, 2025, the non - ferrous metals index was 2512.54, with a daily decline of 0.07%, a 5 - day increase of 1.84%, a 1 - month increase of 1.86%, and a year - to - date increase of 8.85% [33].