Report Summary 1. Report Industry Investment Rating No investment rating was provided in the report. 2. Core Viewpoints The report provides a detailed interpretation of the draft contracts for platinum and palladium futures on the Guangzhou Futures Exchange (GFEX), covering contract specifications, trading rules, margin systems, position limits, delivery methods, and quality standards. It highlights the innovative features of the GFEX's contract design, such as the inclusion of sponge and powder forms in delivery and the introduction of the factory warehouse system, which aim to better serve industrial enterprises and enhance the function of futures in serving the real economy [3][11]. 3. Summary by Related Catalogs Contract Specifications - **Trading Variety**: Platinum and palladium [3] - **Trading Unit**: 1,000 grams per lot [3] - **Delivery Unit**: 1,000 grams [3] - **Quotation Unit**: Yuan (Renminbi) per gram [3] - **Minimum Price Fluctuation**: 0.05 yuan per gram [3] - **Daily Price Limit**: 4% for general months and 6% for delivery months (subject to exchange announcements) [3][4][5] - **Contract Delivery Months**: February, April, June, August, October, and December [3] - **Trading Hours**: Monday to Friday, 9:00 - 11:30 AM and 13:30 - 15:00 PM, plus other trading hours specified by the exchange [3] - **Last Trading Day**: The 10th trading day of the contract month [3] - **Last Delivery Day**: The third trading day after the last trading day [3] - **Delivery Grade**: As specified in the "Detailed Rules for Platinum and Palladium Futures and Options Business of the Guangzhou Futures Exchange" [3] - **Delivery Location**: Designated delivery warehouses by the exchange [3] - **Minimum Trading Margin**: 5% of the contract value [3] - **Delivery Method**: Physical delivery [3] - **Trading Codes**: Platinum - PT; Palladium - PD [3] - **Listing Exchange**: Guangzhou Futures Exchange [3] Margin System - **Three - stage Gradient Margin**: 5% from contract listing to the 10th trading day before the month preceding the delivery month, 10% from the 10th trading day to the last trading day of the month preceding the delivery month, and 20% in the delivery month [6][7] Position Limits - **Three - stage Position Limits**: Different limits are set for general months, the period starting from the 15th trading day of the month preceding the delivery month, and the delivery month. For example, for non - futures company members, etc., in general months, if N > 6000 lots, it's 10%×N lots; if N ≤ 6000 lots, it's 600 lots [8][9][10] Delivery - **Delivery Forms**: In addition to ingots, sponge and powder forms of platinum and palladium are included in delivery. Sponge can be delivered through the factory warehouse system [11] - **Delivery Quality Standards**: The purity of platinum and palladium delivery items should be no less than 99.95%. Different impurity element requirements are set for domestic and imported products, as well as for different forms [16][17][18] - **Delivery Methods**: Rolling delivery and one - time delivery are available [21] Options - **Contract Specifications**: Similar to futures contracts in terms of trading unit, quotation unit, etc. The last trading day is the 5th trading day of the month preceding the delivery month of the underlying futures contract [25] - **Strike Price**: Covers a range of 1.5 times the daily price limit of the previous trading day's settlement price of the underlying futures contract, with different strike price intervals for different price ranges [27] - **Exercise Style**: American style [27] - **Position Limits**: Non - futures company members, etc., have a limit of 600 lots for the sum of long call and short put positions, and long put and short call positions in a certain month's option contracts [29]