Core Viewpoint - The China Securities Regulatory Commission has approved the registration of platinum and palladium futures and options on the Guangzhou Futures Exchange, which is expected to enhance risk management tools for related industries and promote green development [1][2]. Group 1: Market Dynamics - Platinum and palladium are crucial raw materials for green industries, including automotive exhaust treatment and renewable energy sectors like wind and hydrogen [1][2]. - Platinum futures prices have surged approximately 75% year-to-date, significantly outpacing the 45% increase in COMEX gold futures [1]. - In Q1 of this year, China's platinum investment demand skyrocketed, with a 140% year-on-year increase in demand for investment platinum bars under 500 grams, reaching a historic high of 1 ton [1]. Group 2: Industrial Usage - Approximately 60% of platinum and 80% of palladium in China are utilized in the production of automotive catalytic converters and other green-related industries [2]. - The volatility of platinum and palladium prices has exceeded 20 percentage points annually over the past five years, leading to a heightened demand from industry chain enterprises for futures to manage pricing and risk [2]. Group 3: Global Market Outlook - The global platinum market is expected to face a shortage of 26.4 tons by 2025, with total demand projected to decline by 4% to 244.8 tons [2]. - Industrial demand is anticipated to be the largest drag on total platinum demand by 2025, while jewelry demand is expected to grow by 11% and investment demand by 2% [2]. Group 4: Central Bank Interest - Platinum is emerging as a focus for central bank reserve asset diversification amid increasing geopolitical uncertainties and challenges to the dollar credit system [3]. - The listing of platinum and palladium futures is expected to enable Chinese industries to participate more actively in global pricing, enhancing the international influence of China's platinum and palladium prices [3].

铂、钯期货和期权即将上市，提升我国在全球铂、钯市场中的定价影响力。 在工业用途方面，广期所数据统计，国内约60%的铂和80%的钯用于生产汽车尾气催化剂等绿色相关产 业。广期所相关负责人称，在"双碳"目标推动下，汽车尾气治理已成为我国减排的重要抓手之一，风 电、氢能等清洁能源也迎来快速发展。 但是铂、钯价格波动幅度较大，近五年的年度价格波动幅度均超过20个百分点。在此背景下，相关产业 链企业对上市铂和钯期货、利用期货工具定价和管理风险的诉求越发强烈。铂、钯期货和期权的上市增 加相关企业风险管理工具，也有助于促进绿色发展。 全球范围内，铂金市场持续处于严重短缺状态，根据世界铂金投资协会（WPIC）最新统计，2025年全 球铂金市场预计将出现26.4吨的短缺，不过总需求预期也同比下降4%至244.8吨。 其中，工业领域需求成为2025年铂金总需求的最大拖累，但首饰领域需求预计同比增长11%，投资领域 需求2025年预计同比增长2%。其中，中国市场对铂金条币的需求逆势大增。 此外，铂金也正成为央行储备资产多元化的新焦点，邓伟斌称，在全球地缘政治不确定性加剧、美元信 用体系面临挑战的背景下，各国央行持续加大黄金储备力度 ...

Group 1 - Platinum is becoming a new focus for central bank reserve asset diversification amid increasing geopolitical uncertainties and challenges to the dollar credit system [1] - As of now, platinum futures prices have increased by over 50% this year, significantly outpacing the 33% rise in COMEX gold futures [1] - The World Platinum Investment Council (WPIC) projects a 10% year-on-year increase in global platinum demand, reaching 70.7 tons by Q1 2025 [1] Group 2 - There has been a noticeable increase in discussions regarding central banks purchasing platinum as a reserve asset, although no official announcements have been made yet [2] - The approval from the International Monetary Fund (IMF) is not seen as a barrier; the inclusion of platinum in central bank reserves could reshape the global precious metals market and provide a new path for de-dollarization [2] - The Guangzhou Futures Exchange is progressing towards the listing of platinum futures, addressing the lack of effective domestic price hedging mechanisms for related enterprises and traders [2]