Group 1: Investment Rating - No relevant information provided Group 2: Core Viewpoints - On February 11th, platinum and palladium prices generally showed a strong trend. In the short - term, prices are expected to continue a wide - range fluctuation pattern, and investors are advised to hold light positions during the holiday. In the long - term, due to different supply - demand prospects, it is recommended to allocate platinum unilaterally at low prices or focus on the [long platinum, short palladium] arbitrage strategy [5] Group 3: Summary by Directory Domestic Prices (Yuan/gram) - Platinum futures主力收盘价 rose 2.54% to 551.15 yuan/gram, platinum spot (99.95%) rose 1.48% to 548 yuan/gram, and platinum basis (spot - futures) dropped 226.00% to - 3.15 yuan/gram [5] - Palladium futures主力收盘价 rose 2.34% to 439.1 yuan/gram, palladium spot (99.95%) rose 0.69% to 436.5 yuan/gram, and palladium basis (spot - futures) dropped 158.43% to - 2.6 yuan/gram [5] International Prices (15:00, US dollars) - London spot platinum rose 2.32% to 2119.1 US dollars, London spot palladium rose 1.61% to 1743.165 US dollars [5] - NYMEX platinum rose 2.44% to 2130 US dollars, NYMEX palladium rose 1.85% to 1758.5 US dollars [5] 15:00 Internal and External Price Differences (Yuan/gram, Tax - included) - The difference between Guangzhou platinum and London platinum rose 11.37% to 16.56 yuan/gram, and the difference between Guangzhou platinum and NYMEX platinum rose 7.90% to 13.81 yuan/gram [5] - The difference between Guangzhou palladium and London palladium dropped 83.12% to - 0.65 yuan/gram, and the difference between Guangzhou palladium and NYMEX palladium dropped 31.76% to - 4.52 yuan/gram [5] Platinum - Palladium Price Ratio - The price ratio of platinum to palladium on the Guangzhou Futures Exchange increased by 0.0024 to 1.2552, and the London spot platinum - to - palladium price ratio increased by 0.0084 to 1.2157 [5] Inventory (Troy Ounces) - NYMEX platinum inventory dropped 2.10% to 186,863 ounces, and NYMEX palladium inventory remained unchanged at 583,369 ounces [5] Positions - NYMEX total platinum positions dropped 7.37% to 73,590, and non - commercial net long platinum positions dropped 5.86% to 13,106 [5] - NYMEX total palladium positions dropped 9.51% to 17,304, and non - commercial net long palladium positions rose 65.64% to 1,133 [5]

注:因收器时间不一致,铂、肥库存及持仓数据部分滞后。 2月6日，铂、密价格整体下跌：PT2606合约收跌7.81%至50元/克:PD2606合约收跌6.12%至410.5元/克。宏观层面，美元指数下 晚,科技股抛压暂缓，美股三大指数。比特币、金银全线反弹,铂把亦整体走眠。基本面上,西方国家关于关键矿产的计划价会从长 小结 期角度支持铭把价格。综上、预计短期内的、纽价格或宽幅波动格局。中长期来看，铭把保需前景存在差异，好快需敏口仍存、把则 趋于供应宽松,故策略上建议以单边递低配置铂为主,或继续关注【多铂空兜】套利策略。（仅供参考） 投资咨询业务资格:证监许可【2012】31号 铂把数据日报 国贸期货研究院 贵金属与新能源研究中心 投资咨询号: Z0013700 从业资格号:F3023916 2026/2/9 | | | | 白素姚 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标名称 现货:铂(99.95%) | 现值 | 前值 | 涨跌幅 | 800 | 主要图表 -期货收益价(活跃合约):铂 | -- 期货收 ...

Group 1: Key Issues in Mineral Investment - Capital markets are inefficient in promoting critical mineral investments due to various risks, leading to significant discrepancies between mineral economics and general economics[1] - Key investment challenges include geopolitical risks, innovation risks, and supply-demand imbalances, with lithium, nickel, and cobalt prices dropping by 85%, 80%, and 60% respectively over the past three years[14] - The average global construction time for a mine is 18 years, while in the U.S., it takes 29 years due to lengthy approval processes[17] Group 2: U.S. Critical Mineral Strategy - The U.S. government has initiated several executive orders and legislation to address vulnerabilities in the critical mineral supply chain, including the Inflation Reduction Act and the Infrastructure Investment and Jobs Act, which provide billions in funding[16] - Supply-side solutions include price floors and government purchases, with a recent agreement setting a price floor of $110 for NdPr, significantly above the market price of $54[17] - Demand-side measures aim to promote the procurement of minerals from the U.S. or allied countries, ensuring sustainable domestic demand across various industries[19] Group 3: Focus on Rare Earth Elements - The tightening of rare earth export controls has accelerated efforts by the U.S. and allies to diversify and decentralize the global rare earth supply chain through joint procurement and increased mining projects[20] - Research is ongoing to find low-cost alternatives to rare earth magnets using metal alloys like iron, cobalt, and nickel[20]

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The Stibnite project is a key asset for the U.S. antimony supply chain, with a significant reliance on imports from China, which accounts for 63% of U.S. antimony needs. The project is expected to alleviate this dependency and enhance supply chain security for critical industries [2][4] - The Stibnite project has a proven antimony metal resource of 67,000 tons and is projected to start production in 2028, with a peak annual output of 13,000 tons, potentially meeting 35% of U.S. demand [2][3] - The project has received substantial financial backing from the U.S. Department of Defense, totaling over $80 million, and is expected to secure further government support and orders from domestic industries [3][4] Summary by Sections Industry Overview - The U.S. Department of Defense has committed to purchasing $400 million in preferred stock from MP Materials and providing a $150 million loan to ensure a stable supply of rare earth products for the next decade [1] Project Details - The Stibnite project is the only scalable antimony mine in the U.S., with a strategic significance due to its resource endowment and expected production capabilities [2][3] - The project also includes 149.8 tons of by-product gold, providing additional cash flow to support its economic viability [2] Financial Support and Progress - The Stibnite project has completed equity financing, raising $474 million, which strengthens its financial foundation for development and operations [3] - The project has been included in the first batch of critical mineral production projects by the U.S. government, indicating its priority status [3]