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]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - On February 6, platinum and palladium prices generally declined. The PT2606 contract closed down 7.81% to 50 yuan/gram, and the PD2606 contract closed down 6.12% to 410.5 yuan/gram. In the macro - level, the US dollar index declined, the selling pressure on technology stocks eased, the three major US stock indexes, Bitcoin, and precious metals all rebounded, while platinum and palladium trended down. Fundamentally, Western countries' plans for critical minerals will support platinum and palladium prices in the long - term. It is expected that platinum and palladium prices may fluctuate widely in the short - term. In the medium - to long - term, the supply and demand prospects of platinum and palladium differ. Platinum demand is still strong, while palladium supply tends to be loose. The strategy suggests unilateral low - buying of platinum or continuing to focus on the [long platinum, short palladium] arbitrage strategy [6] Group 3: Summary by Relevant Catalogs Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 506, previous value 540.3, down 6.35% [4] - Platinum spot (99.95%): 513, previous value 525, down 2.29% [4] - Platinum basis (spot - futures): 7, previous value - 15.3, down 145.75% [4] - Palladium futures main contract closing price: 410.5, previous value 442.7, down 7.27% [4] - Palladium spot (99.95%): 418, previous value 435, down 3.91% [4] - Palladium basis (spot - futures): 7.5, previous value - 7.7, down 197.40% [4] International Prices (15:00, US dollars/ounce) - London spot platinum: 1961, previous value 2090.3, down 6.19% [4] - London spot palladium: 1627.606, previous value 1724.399, down 5.61% [4] - NYMEX platinum: 1943.9, previous value 2074.6, down 6.30% [4] - NYMEX palladium: 1620.5, previous value 1722.5, down 5.92% [4] Internal - External 15:00 Price Differences (yuan/gram) - US dollar/renminbi central parity rate: 6.959, previous value 6.957, up 0.03% [4] - Guangzhou platinum - London platinum: 10.21, previous value 11.98, down 14.71% [4] - Guangzhou platinum - NYMEX platinum: 14.54, previous value 15.94, down 8.82% [4] - Guangzhou palladium - London palladium: - 1.00, previous value 6.86, down 114.52% [5] - Guangzhou palladium - NYMEX palladium: 0.80, previous value 7.34, down 89.09% [5] Ratios - Guangzhou Futures Exchange platinum/palladium ratio: 0.0122, previous value 1.2326, change 1.2205 [5] - London spot platinum/palladium ratio: 1.2048, previous value 1.2122, down 0.0074 [5] Inventories (troy ounces) - NYMEX platinum inventory: 190874, previous value 190874, change 0.00% [5] - NYMEX palladium inventory: 646441, previous value 662619, down 2.44% [5] Positions - NYMEX total platinum position: 73590, previous value 79441, down 7.37% [5] - NYMEX non - commercial net long platinum position: 13106, previous value 13922, down 5.86% [5] - NYMEX total palladium position: 17304, previous value 19123, down 9.51% [5] - NYMEX non - commercial net long palladium position: 1133, previous value 684, up 65.64% [5]

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]