1. Report Industry Investment Rating - No information provided 2. Core Views - On December 16, 2025, the closing price of the GFEX platinum main contract was 485.75 yuan/gram, with a daily increase of 2.46%; the closing price of the palladium main contract was 423.85 yuan/gram, with a daily increase of 4.73% [1] - The macro - support and tight spot supply drive the platinum price to oscillate upward. The platinum market is in a structural expansion stage, and the "interest rate cut + soft landing" combination will increase the long - term price elasticity. It is recommended to focus on low - absorption long opportunities for platinum and the long - platinum short - palladium strategy when the platinum - palladium ratio is low [2] - The shortage of palladium spot supports the price, and it may run strongly in the short term. Although the long - term supply and demand of palladium tend to be loose, the short - term spot shortage makes the price firm. It is recommended to focus on the low - absorption long strategy in the short term, but it is expected to oscillate widely in the medium and long term [3] 3. Summary by Related Catalogs Platinum - **Main Logic**: The November non - farm employment population in the US increased by 64,000, higher than the expected 50,000, but the unemployment rate was 4.6%, higher than the expected 4.5%. The market's expectation of a Fed interest rate cut in January next year has slightly increased, which supports precious metal prices. South Africa, the main supplier of platinum - group metals, faces risks such as power supply and extreme weather. The platinum market is in a structural expansion stage, with stable demand in the automotive catalyst field, the hydrogen energy industry as an important growth point, and expanding demand in jewelry and investment [2] - **Outlook**: With a healthy supply - demand fundamental and positive macro - expectations, the platinum price is expected to oscillate strongly. It is recommended to focus on low - absorption long opportunities for platinum and the long - platinum short - palladium strategy when the platinum - palladium ratio is low [2] Palladium - **Main Logic**: The geopolitical issue in Russia is a key factor affecting supply. The US Department of Commerce is investigating the import of unforged palladium from Russia, and the report has not been released, leading to a temporary tightening of palladium supply in other regions. Palladium demand shows significant structural pressure. Although the long - term supply and demand of palladium tend to be loose, the short - term spot shortage makes the price firm, and the Fed's re - entry into the interest rate - cut cycle provides some support for the palladium price [3] - **Outlook**: With spot shortages and a favorable macro - environment, the palladium price has strong bottom support. It is recommended to focus on the low - absorption long strategy in the short term, but it is expected to oscillate widely in the medium and long term due to the weak supply - demand fundamental [3] Commodity Index - On December 16, 2025, the decline rates of the commodity index, commodity 20 index, industrial product index, and PPI commodity index were 0.38%, 0.37%, 0.21%, and 0.20% respectively. The decline rate of the non - ferrous metal index was 0.79%, the decline rate in the past 5 days was 0.48%, the increase rate in the past month was 3.20%, and the increase rate since the beginning of the year was 9.71% [44][47]