2025年11月27日，广州期货交易所（以下简称广期所）新能源金属品种板块迎来新成员--铂、钯期货和 期权，这是继工业硅、碳酸锂、多晶硅品种后，广期所上市的绿色新能源金属品种。上午9时，铂、钯 期货挂牌交易。中国证监会期货监管司一级巡视员程莘宣读中国证监会《关于同意广州期货交易所铂、 钯期货和期权注册的批复》，并与广州市政府党组成员、副市长赖志鸿，中国有色金属工业协会党委常 委、副会长兼秘书长段德炳，广东省委金融办二级巡视员张海涛，广州市地方金融管理局局长傅晓初， 广州市南沙区区委常委、常务副区长孙勇，广期所党委书记、董事长高卫兵等共同见证铂、钯期货挂牌 上市。广期所党委副书记、总经理邢向飞主持上市活动。 广期所成立以来，始终坚守服务实体经济的初心，以服务绿色发展为突破口，先后上市工业硅、碳酸 锂、多晶硅期货和期权，初步构建了新能源金属期货板块，为服务新能源产业、助力绿色低碳转型发展 做出了积极贡献。铂、钯期货和期权上市，广期所的新能源金属期货板块又添"新军"。铂、钯是汽车尾 气治理、风电及氢能等产业的关键原料，在绿色发展领域的应用分别约占60%和80%。近年来，在国内 外环境等多重因素影响下，铂、钯价格宽幅 ...

新华社广州11月27日电（记者刘羽佳、孟盈如）记者从广州期货交易所了解到，11月27日，铂、钯期货正式在广州期货交易所上市交易。铂、钯 期权将于11月28日起上市交易。 广期所信息显示，铂、钯期货合约交易单位均为1000克/手，最小变动价位均为0.05元/克。上市首日，铂、钯期货合约交易保证金水平为合约价值 的9%，涨跌停板幅度为挂牌基准价的14%。 业内人士认为，铂、钯是继工业硅、碳酸锂、多晶硅之后，广期所新能源金属板块上市的重要品种。随着更多新能源金属期货品种的上市，广期 所也将在服务实体经济、助力国家战略实施等方面发挥更加重要的作用。 【纠错】 【责任编辑:王頔】 铂粉、铂锭和钯粉、钯锭。新华社记者 孟盈如 摄 铂、钯期权合约分别以铂、钯期货合约为标的，交易单位分别为1手（1000克）铂、钯期货合约，最小变动价位均为0.05元/克，涨跌停板幅度均 与标的期货合约涨跌停板幅度相同，合约月份均与标的期货合约月份一致。 铂、钯均属于铂族金属，是汽车尾气治理等绿色产业的重要原料，我国约60%的铂和近80%的钯用于生产汽车尾气催化剂等绿色相关产业。 ...

Core Insights - The 2025 Sustainable Global Leaders Conference is being held from October 16 to 18 in Shanghai, focusing on sustainable development and green industries [1] - The Guangzhou Futures Exchange (GFEX) is prominently featured at the conference, showcasing its "New Energy Metals Futures Sector" [1][3] Group 1: Guangzhou Futures Exchange Overview - GFEX was established on April 19, 2021, and has developed four main categories of products focusing on green development, commodity indices, the Guangdong-Hong Kong-Macao Greater Bay Area, and international cooperation [3] - The exchange has launched futures and options for industrial silicon, lithium carbonate, and polysilicon, creating a preliminary framework for the new energy metals futures sector [4] Group 2: Market Impact and Innovations - The introduction of lithium carbonate futures has transformed the pricing model for lithium ore, shifting from historical price references to market-driven pricing, significantly reducing import costs for production companies [4] - GFEX has received accolades for its contracts, including the "Annual New Contract" award for lithium futures and options at the "2023 Annual Asian Capital Market Awards" [4] Group 3: Initiatives for Industry Support - GFEX has implemented five key measures to enhance market efficiency and support the new energy sector, including optimizing contracts, improving trading instructions, and reducing costs for industry clients [5] - The exchange has waived over 165 million yuan in fees for more than 800 enterprises, lowering transaction costs for industry participants [5] - GFEX launched the "Green Transition Support" initiative in September 2024, focusing on building industry bases, providing targeted training, and promoting typical cases of futures services for green development [5] Group 4: Conference Highlights - The new energy metals futures sector has garnered significant attention from conference attendees, highlighting GFEX's role in enhancing domestic pricing influence and providing effective risk management tools for the green transition [5] - The conference is co-hosted by the World Green Design Organization and Sina Group, with support from the Shanghai Huangpu District Government [6]

Core Viewpoint - Guangzhou Futures Exchange is seeking public opinions on the futures and options contracts for platinum and palladium, highlighting the urgent demand for hedging in the industry due to significant price fluctuations in recent years [1][3]. Group 1: Contract Details - The contracts for platinum and palladium will have trading codes PT and PD respectively, with a trading unit of 1000 grams per contract and a minimum price fluctuation of 0.05 yuan per gram [3][4]. - The price limit for both platinum and palladium contracts will be set at 4% of the previous trading day's settlement price, with a minimum trading margin of 5% of the contract value [3][5]. - The delivery method will be physical delivery, with a delivery unit of 1000 grams (net weight) and specific quality standards based on national and international benchmarks [3][4]. Group 2: Delivery and Trading Mechanisms - The delivery methods will include spot-to-futures, rolling delivery, and one-time delivery, with both warehouse and factory delivery options available [4]. - A brand delivery system will be implemented, requiring delivery items to be registered brands published by the exchange [4]. Group 3: Risk Control and Position Limits - The position limits for platinum contracts will vary based on the total open interest, with specific limits set for different trading volumes [5]. - For palladium contracts, similar position limits will apply, with adjustments made as the delivery month approaches [5]. Group 4: Options Design - The options contracts for platinum and palladium will be based on their respective futures contracts, with a trading unit of 1 contract (1000 grams) and similar price fluctuation limits [6]. - The exercise price will be designed to cover a range based on the previous trading day's settlement price, with a segmented approach to price intervals [6].

Report Overview - The report is based on the content of the new energy metal theme report meeting held by Antaike on April 29, 2025, focusing on the silicon-based spot and futures markets [1] Group 1: Guangzhou Futures Exchange - **Industrial Silicon Futures Market**: The market is advancing steadily with daily average trading volume reaching 237,700 lots and daily average open interest at 222,000 lots. The proportion of legal entity clients has reached 66%. The correlation between futures and spot prices is 0.99. Over 20,000 industrial clients and 105 production enterprises are involved in hedging, and 14 listed companies have announced industrial silicon hedging. China's influence on global new energy prices has increased [2] - **Polysilicon Futures Market**: After its listing, it has been operating stably with daily average trading volume of 43,100 lots and daily average open interest of 46,300 lots. In April 2025, the proportion of legal entity clients' open interest increased from 35% at the initial stage to 59%. Leading enterprises such as Tongwei Co., Ltd., JinkoSolar Holding Co., Ltd., Hongyuan Green Energy Co., Ltd., and TBEA Co., Ltd. have announced polysilicon futures hedging business [2] - **Polysilicon Futures Delivery Methods**: There are three methods: exchange for physicals, one - time delivery, and rolling delivery. For the PS2506 contract, the exchange - for - physicals period is from the contract listing date to May 28, the rolling delivery period is from June 3 to June 13, and the one - time delivery period is three trading days after June 16 [3] - **New Product Listing Plan**: The exchange will accelerate the listing of new energy metal futures such as manganese, nickel, lithium hydroxide, and photovoltaic modules, and plan strategically for carbon emission rights, electricity, green certificates, etc., and explore derivatives of wind, solar, hydro, and gas meteorological indices [3] Group 2: Antaike - **Q1 2025 Silicon Industry Characteristics**: Prices are at a low level with industrial silicon down 12% and polysilicon basically flat. Supply has decreased significantly, with industrial silicon down 1.1% and polysilicon down 44.7%. Domestic demand has continued to decline, with industrial silicon demand down 16.8% year - on - year and polysilicon demand down 44.6% year - on - year. In terms of imports and exports, industrial silicon exports are down 7.9% year - on - year, and polysilicon exports are less than imports. The industry is in full - scale loss and has broken through the strong support of cash cost. Inventories remain high, with 950,000 tons of industrial silicon and 400,000 tons of polysilicon [4] - **2025 Silicon Energy Industry Concerns**: The impact of industrial policies on the market, the commissioning of new projects in each link, the impact of the China - US tariff war on the industry, the impact of the futures market on the industry, and the supply - demand balance and inventory changes in each link [4] - **Silicon Industry Chain Situation**: Currently, supply in each link is sufficient, but demand growth is lower than expected. High inventories, falling prices, and losses in each link are present. The market supply - demand expectation is deteriorating, and the industry is looking forward to a turnaround [6] - **Impact of Industrial Policies on the PV Market**: Currently, demand has exploded, production capacity is tight, component prices have skyrocketed, and the entire industrial chain has seen price increases. In the short - term, demand will decrease, prices will fall, inventories will rise, leading to industry consolidation and highlighting the advantages of leading enterprises [6] - **Impact of US "Reciprocal Tariff" Policy on PV Industry**: In the short - term, it significantly impacts the PV industry. It suppresses US domestic PV installation demand, hits the Southeast Asian PV supply chain led by China, and North Africa and the Middle East will become new investment areas for PV exports to the US. In the long - term, it forces the industry to transform, and Chinese enterprises need to focus on optimizing overseas production capacity, independent technological innovation, and market diversification [6] - **China's Industrial Silicon Supply - Demand Outlook**: Antaike expects that in 2025, the total output of primary silicon and recycled silicon - supplemented industrial silicon may reach 4.6 million tons. The output of organic silicon will be about 2.5 million tons, and polysilicon output will be about 1.32 million tons. The total demand for industrial silicon will be about 3.85 million tons, including about 900,000 tons for aluminum alloy, about 1.25 million tons for organic silicon, about 1.6 million tons for polysilicon, and about 100,000 tons for other materials. Industrial silicon exports will be about 700,000 tons. The oversupply situation will continue [7]