Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The upcoming listing of platinum and palladium futures and options contracts on the Guangzhou Futures Exchange will further diversify and internationalize China's futures market, and provide new risk management tools and investment opportunities for investors [1] - In 2025, the total global platinum supply is expected to decrease by 4% year - on - year to 218 tons, mainly due to a 6% decline in mineral supply, while the increase in recycled supply is limited [3] - The global platinum mineral supply has been contracting since 2016, mainly affected by power shortages, maintenance delays, rising costs, and reduced capital expenditure. The current price - cost inversion has further constrained supply [9][10] - The recycling supply of platinum is an important supplement, but it has shown price rigidity in the short - to - medium term, and its volume is mainly driven by vehicle scrapping cycles [15] 3. Summary by Directory I. Overall Situation of Platinum Production and Supply - Platinum exists in the market mainly as platinum ingots (purity usually 99.95%, used for investment and reserves) and sponge platinum (used in industries). The global platinum supply comes from mining and recycling, and has been relatively stable in recent years [2] - In 2024, the global total platinum supply was 730,000 ounces (about 227 tons), a 2.4% year - on - year increase. It is predicted that in 2025, the total supply will drop to 218 tons (about 700,000 ounces), with a 6% decline in mineral supply and a slight increase in recycling supply [2][3] II. Mineral Supply - Platinum is often a by - product in mining, and its refining process is complex. Global platinum reserves are highly concentrated, with South Africa accounting for 88.73% [5] - The top four mining oligarchs controlled 88% of the global platinum production in 2024, forming a global monopoly system [6] - The global platinum mineral supply has been contracting since 2016, mainly due to power shortages, maintenance delays, rising costs, and reduced capital expenditure. The price - cost inversion has further constrained supply [9][10] - Key platinum mines include the Bushveld Complex in South Africa, the Great Dyke in Zimbabwe, the Norilsk Nickel Mine in Russia, and the Stillwater and East Boulder Mines in the US [12][13] III. Recycling Supply - Recycled platinum accounts for 20% - 30% of the total global supply, with North America and Europe leading the market. The industry is developing more advanced recycling technologies [15] - The supply of recycled platinum has shown price rigidity in the short - to - medium term, and its volume is mainly driven by vehicle scrapping cycles. It has declined since 2020 [15]