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]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - On February 2, platinum and palladium prices hit the daily limit down. The PT2606 contract fell 1694 to 552.1 yuan/gram, and the PD2606 contract fell 1696 to 413.7 yuan/gram [6]. - Macroscopically, the easing of US - Iran geopolitical tensions, strong US January ISM manufacturing index, and continued selling in the precious metals market exerted pressure on platinum and palladium. Fundamentally, Trump's 12 - billion - dollar key mineral strategic reserve talks and the EU's consideration of new sanctions on Russian platinum exports supported platinum and palladium, especially palladium [6]. - In the short term, platinum and palladium prices are expected to fluctuate widely, and palladium may perform stronger than platinum. In the long - term, platinum and palladium have different supply - demand prospects. Platinum still has a supply gap, while palladium tends to have a loose supply. It is recommended to allocate platinum at low levels unilaterally or continue to focus on the "long platinum, short palladium" arbitrage strategy [6]. 3. Summary by Relevant Catalogs Price Data - **Domestic Prices (yuan/gram)**: - Platinum futures主力 closing price: 413.7 (previous 464.05, - 10.85%) [4]. - Spot platinum (99.95%): 550.5 (previous 629.5, - 12.55%) [4]. - Platinum basis (spot - futures): 136.8 (previous 165.45, - 17.32%) [4]. - Palladium futures主力 closing price: 464.05 (previous 526.6, - 11.88%) [4]. - Spot palladium (99.95%): 432 (previous 476, - 9.24%) [4]. - Palladium basis (spot - futures): - 32.05 (previous - 50.6, - 36.66%) [4]. - **International Prices (15:00, dollars/ounce)**: - London spot platinum: 1934.9 (previous 2431.2, - 20.41%) [4]. - London spot palladium: 1612.038 (previous 1855.505, - 13.12%) [4]. - NYMEX platinum: 1919.7 (previous 2414.4, - 20.49%) [4]. - NYMEX palladium: 1572.5 (previous 1863.5, - 15.62%) [4]. - **Internal - External 15:00 Spread (yuan/gram)**: - Yuan - London platinum spread: - 76.22 (previous - 151.39, - 49.65%) [4]. - Guangzhou platinum - NYMEX platinum spread: - 72.38 (previous - 147.14, - 50.81%) [4]. - Guangzhou palladium - London palladium: 56.89 (previous 55.88, - 1.79%) [5]. - Guangzhou palladium - NYMEX palladium: 65.89 (previous 54.87, 20.08%) [5]. - **Ratio Data**: - Guangzhou Futures Exchange platinum/palladium ratio: 0.8915 (previous 0.8812, change 0.0103) [5]. - London spot platinum/palladium ratio: 1.2003 (previous 1.3103, - 0.1100) [5]. Inventory and Position Data - **Inventory (troy ounces)**: - NYMEX platinum inventory: 655182 (no change) [5]. - NYMEX palladium inventory: 224021 (no change) [5]. - **Position**: - NYMEX total position of platinum: 79009 (previous 79441, - 0.55%) [5]. - NYMEX non - commercial net long position of platinum: 13922 (previous 15124, - 7.95%) [5]. - NYMEX total position of palladium: 19167 (previous 19123, 0.23%) [5]. - NYMEX non - commercial net long position of palladium: 684 (previous 888, - 22.97%) [5].

投资咨询业务资格:证监许可【2012】31号 铂把数据日报 注:因收盎时间不一致,铂、肥库存及持仓数据部分滞后。 1月29日，铂、纽价格整体冲高，尾盘稍有回落:PT2606合约收跌1.94%至714.1元/克，PD2606合约收跌2.99%至526.6元/克。宏观 层面,国际秩序不确定性仍旧高企,尤其是美国对伊朗极限施压且伊朗表态亦较为强硬,使得伊朗地缘紧张局势持续升温,避险需求 和去美元化演潮加速驱动贵金属价格大幅走强，亦带动针、把价格偏强运行。基本面方面，暂未有较大变化，海外铂把现货相对紧缺 或可继续支撑价格维持高位;但美国决定暂缓对关键矿产加征进口关税,缓解铂、把的关税风险,未来需关注纽约库存是否流出,若 小结 确认,可能会对其上行空间构成压制。综上,预计铂、纽价格短期或高位运行,但波动幅度仍会较大。中长期来看,铂把供需前景存 在差异，铂供需缺口仍存、锂则趋于供应宽松，故策略上建议以单边逢低配置铂为主，或继续关注【多知空肥】套利策略。（仅供参 考) 本报告中的信息均源于公开可获得的资料，国贸期货力求准确可靠。但不对上述信息的准确性及完整性做任何保证。本报告不构成个人投资建议, 也未针对个别投资者持殊的投 ...