铂观点：宏观⽀撑叠加现货供应趋紧，铂价延续上⾏ 投资咨询业务资格：证监许可【2012】669号 中信期货研究（有⾊每⽇报告） 2025-12-19 广期所实施铂钯交易限额，警惕价格大 幅波动风险 12⽉18⽇，GFEX铂主⼒合约收盘价为542.60元/克，涨幅5.32%；钯主 ⼒合约收盘价为476.60元/克，涨幅6.99%。 主要逻辑：根据《广州期货交易所风险管理办法》，经研究决定，自 2025年12月23日交易时起，非期货公司会员或者客户在铂期货PT2606、PT 2608、PT2610、PT2612合约上单日开仓量分别不得超过500手，非期货公 司会员或者客户在钯期货PD2606、PD2608、PD2610、PD2612合约上单日开 仓量分别不得超过500手。短期价格快速拉涨，盘面情绪较热，市场需重 点警惕价格大幅波动风险。展望未来，供给方面，南非作为全球铂族金属 的主要供应国，未来仍存在电力供应以及极端天气风险。需求方面，铂金 市场整体处于结构性扩张阶段，汽车催化剂领域需求保持相对稳定，氢能 产业为未来重要增长点，首饰和投资需求扩张，同时"降息+软着陆"组 合将进一步放大远期价格弹性。综合来看，在供需 ...

Core Viewpoint - Zhengzhou Commodity Exchange announced the implementation of trading limits on caustic soda futures contract 2601, effective from September 1, 2025, during the night trading session [1] Group 1: Trading Limits - The maximum number of contracts that non-futures company members or clients can open in a single day for caustic soda futures 2601 is set at 10,000 contracts [1] - The daily opening trading quantity refers to the total of both buy and sell opening positions in a single futures contract [1] - The limit applies to actual control relationship account groups, which will be executed according to individual clients [1] Group 2: Regulatory Measures - For the first instance of exceeding the trading limit, Zhengzhou Commodity Exchange will impose a regulatory measure of suspending opening positions for no less than 5 trading days [1] - If a non-futures company member or client exceeds the trading limit a second time, the suspension of opening positions will be for no less than 1 month [1] - In cases of severe violations, actions will be taken according to the relevant provisions of the Zhengzhou Commodity Exchange's violation handling measures [1]

Group 1 - The Guangzhou Futures Exchange has announced the implementation of trading limits for polysilicon futures and adjustments to the trading limits for industrial silicon futures SI2509 contract [1] - Starting from July 21, 2025, non-futures company members or clients will have a daily opening position limit of 10,000 lots for polysilicon futures and 5,000 lots for industrial silicon futures SI2509 contract [1] - The daily opening position limit refers to the total number of buy and sell opening positions in a single contract for non-futures company members or clients, while hedging and market-making transactions are exempt from these limits [1]