Summary of Plug Power Business Update Call Company Overview - **Company**: Plug Power (NasdaqCM:PLUG) - **Event**: Business Update Call for the 2026 Extraordinary General Meeting - **Date**: February 2, 2026 Key Points Industry and Market Context - The U.S. hydrogen economy is perceived to be improving, with significant legislative support such as the fuel cell tax credit included in a bill passed in July 2025, which is expected to enhance business opportunities for Plug Power [25][26] - The company is optimistic about the future of hydrogen, emphasizing its importance for energy independence in both Europe and the U.S. [39] Financial and Operational Updates - Plug Power has made significant strides in reducing cash burn, with a reported 50% reduction in cash usage last year [46] - The company aims to achieve EBITDA break-even by the end of 2026, focusing on both reducing expenses and growing sales [46] - A recent convert deal has reduced the interest rate on debt from approximately 13%-14% to 7% [45] Shareholder Proposals and Voting - Proposal 2 involves increasing the number of authorized shares, which is critical for meeting contractual obligations related to a $370 million warrant sale and a long-term convert deal [19][20] - If Proposal 2 fails, a reverse stock split will be necessary, with potential ratios discussed being 1:5 or 1:10 [35][37] - The company is actively engaging with institutional shareholders to secure votes, with over 150 million shares recalled for voting [23][24] - As of the call, approximately 52% of shares had voted, with about 40 million more votes needed to pass Proposal 2 [32] Challenges Faced - European and Asian shareholders face difficulties in voting due to broker-related issues, which the company is attempting to address [12][14] - The company is working to simplify the voting process for these shareholders to ensure their participation [12][13] Future Projects and Developments - Plug Power is involved in several large-scale projects, including a $10 billion project in Uzbekistan, with expectations for the first Final Investment Decision (FID) in the first half of 2026 [17][18] - The company is exploring synergies between hydrogen production and data centers, aiming to leverage its position as a major user of liquid hydrogen [56] Conclusion - Plug Power is focused on innovation and maintaining its competitive edge in the hydrogen market, with a strong belief in the long-term viability of hydrogen as a key energy source [39][41] - The company encourages shareholders to vote in favor of Proposal 2 to avoid the need for a reverse stock split and to support the company's growth initiatives [67]

Market Sentiment - The market sentiment is currently weak, with significant divergence observed across sectors, particularly in precious metals and lithium, which are experiencing strong gains, while coal and chemical sectors are facing sharp declines [1]. Key Highlights - Lithium carbonate prices surged by 8.88%, with the main contract reaching 129,980 yuan/ton, driven by strong supply-demand dynamics [10][25]. - Domestic soda ash inventory increased to 1.5084 million tons, up by 10,010 tons or 7.11% from the previous period [4][19]. - The price of platinum and palladium saw significant fluctuations, with platinum rising by 6.48% and palladium by 8.88% after an initial spike of over 11% [10][26]. Sector Performance - The new energy sector showed a positive performance with a 2.4% increase, while coal and polyester chains declined by 2.9% and 1.7% respectively [5][21]. Fund Flows - The top five positions with increased holdings included soda ash (2605) with +101.2,焦煤 (焦煤2605) with +53.4, and rebar (螺纹钢2605) with +43.0 [6][22]. Commodity Insights - The supply of lithium is expected to tighten due to regulatory issues affecting domestic mining operations, with a projected monthly reduction of 0.8-1 million tons from key suppliers [10][25]. - The oil market is under pressure due to concerns over oversupply, with SC crude oil prices dropping to 421.7 yuan/barrel, marking a 3.39% decline [12][27].

Group 1: Market Reactions to Geopolitical Events - The domestic futures market experienced significant volatility, with palladium, lithium carbonate, and platinum rising over 6%, while crude oil, coking coal, and soda ash fell over 2% due to a geopolitical event involving Venezuela [1][10] - A sudden military action by the U.S. against Venezuela led to a surge in safe-haven buying in the precious metals market, with palladium futures rising over 8% and platinum futures increasing over 6% [3][15] - Analysts noted that the rebound in platinum and palladium was primarily driven by geopolitical risks rather than significant changes in their fundamental demand [3][15] Group 2: Lithium Carbonate Market Dynamics - Lithium carbonate futures surged over 7%, driven by clear domestic policy support and tightening supply conditions [5][18] - The Chinese government extended the subsidy for replacing old cars with new ones, enhancing demand expectations for the lithium battery industry [6][18] - The average price of battery-grade lithium carbonate reached 119,500 yuan per ton, indicating a strong bullish sentiment due to supply constraints [6][18] Group 3: Crude Oil Market Analysis - Despite the geopolitical event involving Venezuela, domestic crude oil futures fell over 3%, highlighting complex market dynamics [5][17] - Concerns about global economic growth and risk appetite were cited as primary factors suppressing crude oil demand expectations [5][17] - The long-term supply-demand outlook for crude oil remains unchanged, with no significant supply disruptions expected [5][17] Group 4: Macro Economic Indicators - China's official manufacturing PMI rose to 50.1 in December, indicating a return to expansion and providing fundamental support for the market [7][19] - The positive macroeconomic sentiment contributed to a strong performance in stock index futures, with the CSI 500 index rising 3.11% [7][19] - Improved macroeconomic conditions also positively impacted basic metals, with aluminum, copper, and zinc futures all rising over 2% [7][20] Group 5: Future Market Outlook - The market is expected to continue operating under the dual themes of external risk disturbances and internal industrial transformations in 2026 [10][21] - Investors are advised to focus on structural opportunities amidst market differentiation and competition, with ongoing volatility in precious metals and the need for further data to validate the performance of the new energy sector [10][22]

Group 1 - The domestic precious metals market showed a strong performance on January 5, with platinum futures experiencing significant fluctuations, opening at 612.00 CNY per gram and reaching a high of 612.00 CNY, while the lowest point was 566.40 CNY, marking an increase of approximately 6.77% [1] - Analysts from various institutions suggest that the platinum market is currently in a bullish trend, supported by expectations of monetary easing from the Federal Reserve, a structural supply-demand deficit, and long-term demand growth in the hydrogen economy [2] - The recent surge in platinum prices is largely attributed to the significant rise in silver prices, as both platinum and silver share financial and industrial characteristics, indicating that platinum price movements may closely follow silver trends [2] Group 2 - There are indications that the precious metals market may be nearing a temporary peak, with expectations that platinum will transition from a unilateral rise to a wide-ranging fluctuation, making trading operations challenging regardless of market direction [2] - In a complex environment characterized by geopolitical risks and concerns over global economic growth, platinum and palladium are expected to primarily follow the overall sentiment of gold and the broader commodity market, leading to wide fluctuations [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The sharp correction in gold and silver prices this week has weakened the overall sentiment in the precious metals market. The main platinum and palladium contracts on the Guangzhou Futures Exchange have turned from strong to weak, with two consecutive daily limit - down moves. This correction is a phased cooling of the over - heated previous market. In the short term, the platinum and palladium markets may enter a high - level consolidation phase. However, the accumulated squeeze - out pressure is difficult to resolve quickly, and the tight spot market may support price rebounds. [7] - In the long - term, platinum may see price support from the Fed's easing expectations, the continuation of the supply - demand structural deficit, and the expansion of long - term demand expectations in the hydrogen economy. Palladium's demand is expected to weaken due to over - concentration in the automotive catalyst field and the continuous popularization of new energy vehicles, and its market is shifting from supply shortage to surplus. But the bullish sentiment driven by interest - rate cut expectations may support the price, and its current low price may make it a cost - effective choice again. [7] - For price ranges, the resistance level for London platinum is $2300 per ounce, and the support level is $1800 per ounce. For London palladium, the resistance level is $1700 per ounce, and the support level is $1400 per ounce. [7] 3. Summary by Directory 3.1 Week - on - Week Summary - The sharp correction in gold and silver prices has weakened the sentiment in the precious metals market. The main platinum and palladium contracts on the Guangzhou Futures Exchange have turned weak, and this correction is a cooling of the over - heated market. In the short term, the market may consolidate, but the tight spot market may lead to price rebounds. [7] - Platinum has long - term price support factors, while palladium's demand is expected to weaken, but interest - rate cut expectations may support its price. [7] 3.2 Futures and Spot Markets - The sentiment in the precious metals market has weakened, and platinum and palladium prices have significantly corrected from their highs this week. As of December 31, 2025, the main palladium contract 2606 on the Guangzhou Futures Exchange was at 425.20 yuan per gram, down 17.54% week - on - week, and the main platinum contract 2606 was at 527.25 yuan per gram, down 25.24% week - on - week. [8][12] - As of December 16, 2025, the net long positions of NYMEX platinum and palladium showed a large divergence. The net long position of NYMEX platinum was 28,564 contracts, up 12.82% month - on - month, and that of NYMEX palladium was - 2340 contracts, down 36.05% month - on - month. [13][17] - The basis of the main NYMEX platinum and palladium contracts has weakened this week. [18] - As of December 24, 2025, NYMEX platinum inventory was 645,466.92 ounces, up 3.32% month - on - month, and NYMEX palladium inventory was 195,833.87 ounces, up 4.81% month - on - month. [26] - The price ratio of NYMEX platinum to gold has rebounded recently. [27] - The rolling correlation coefficient between platinum and gold prices has increased. [31] - The positive correlation between platinum prices and NYMEX platinum inventory and the US dollar index has weakened marginally. [35] 3.3 Industry Supply - Demand Situation - As of November 2025, both the import and export volumes of platinum decreased. [39] - The demand for platinum in automotive exhaust catalysts has weakened marginally. [45] - The total global demand for platinum and palladium is showing a moderate downward trend. [50] - The global supply of platinum and palladium has declined. [55] 3.4 Macroeconomic and Options - As of Wednesday, the US dollar index and the 10 - year US Treasury yield have risen slightly. [58]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The sharp correction in the external silver price has weakened the sentiment in the precious metals market, and the main platinum and palladium contracts on the Guangzhou Futures Exchange closed at the daily limit again today. The current pullback is a phased cooling of the previous "overheated" market, and the platinum and palladium markets may enter a high-level volatile consolidation phase in the short term. However, the accumulated squeeze pressure is difficult to resolve quickly, and the tight spot situation may still support the prices to have pulse-like rebounds. In the long term, platinum prices may be supported by the Fed's easing expectations, the continuation of the supply-demand structural deficit, and the expansion of medium- and long-term demand expectations in the hydrogen economy. The demand for palladium in the automotive catalyst field is expected to weaken due to over - concentration and the popularization of new energy vehicles, and its supply - demand pattern is expected to be loose. But the bullish sentiment driven by interest - rate cut expectations may support the price, and the current low price of palladium may make it a cost - advantageous choice again. Also, the recent parabolic rise in platinum and palladium prices may increase the risk of a high - level decline, and short - term technical correction pressure should be guarded against [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main platinum contract was 589.85 yuan/gram, a decrease of 88.10 yuan; the closing price of the main palladium contract was 447.45 yuan/gram, a decrease of 66.85 yuan. The trading volume of the main platinum contract was 10387.00 lots, a decrease of 277.00 lots; the trading volume of the main palladium contract was 3179.00 lots, an increase of 90.00 lots [2] 3.2 Spot Market - The spot price of platinum (Pt9995) on the Shanghai Gold Exchange was 565.12 yuan/gram, a decrease of 72.03 yuan; the average spot price of palladium in the Yangtze River was 408.00 yuan/gram, a decrease of 80.00 yuan. The basis of the main platinum contract was - 24.73 yuan/gram, an increase of 16.07 yuan; the basis of the main palladium contract was - 39.45 yuan/gram, a decrease of 13.15 yuan [2] 3.3 Supply - Demand Situation - The total annual supply of platinum in 2025 is expected to be 220.40 tons, a decrease of 0.80 tons; the total annual supply of palladium in 2025 is expected to be 293.00 tons, a decrease of 5.00 tons. The total annual demand for platinum in 2025 is expected to be 261.60 tons, an increase of 25.60 tons; the total annual demand for palladium in 2025 is expected to be 287.00 tons, a decrease of 27.00 tons [2] 3.4 Macro Data - The U.S. dollar index was 98.03, an increase of 0.12; the 10 - year U.S. Treasury real yield was 1.91%, unchanged; the VIX volatility index was 13.60, an increase of 0.13 [2] 3.5 Industry News - U.S. President Trump met with Ukrainian President Zelensky, with both saying the talks "made great progress" but without major announcements. The Bank of Japan's December policy meeting minutes showed that many members thought Japan's real interest rates were still extremely low, hinting at future interest - rate hikes. According to the CME "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in January next year is 16.1%, and the probability of keeping interest rates unchanged is 83.9%. By March next year, the probability of a cumulative 25 - basis - point rate cut is 45.4%, the probability of keeping interest rates unchanged is 47.7%, and the probability of a cumulative 50 - basis - point rate cut is 6.9% [2] 3.6 Key Points to Watch - The U.S. FHFA house price index year - on - year (%) on December 30, 2025, 22:00, and the U.S. Markit manufacturing PMI on January 1, 2026, 21:45 [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The parabolic rise in the prices of platinum and palladium recently may intensify the risk of a high - level decline. Short - term technical correction pressure should be guarded against [2] - In the short term, the platinum and palladium market may enter a high - level volatile consolidation phase, but the previous squeeze - out pressure is difficult to resolve quickly, and the tight spot situation may support the price for a pulse - like rebound [2] - In the long term, the price of platinum may be supported by the Fed's easing expectations, the continued supply - demand structural deficit, and the expansion of medium - to - long - term demand expectations in the hydrogen energy economy. The demand for palladium is expected to weaken due to over - concentration in the automotive catalyst field and the continuous popularization of new energy vehicles, but the bullish sentiment driven by the interest rate cut expectation may give some support to the price [2] 3. Summary by Relevant Catalogs 3.1. Futures Market - The closing price of the platinum main contract (daily, yuan/gram) decreased by 70.45 to 634.35, and the closing price of the palladium main contract (daily, yuan/gram) decreased by 54.90 to 494.10 [2] - The main contract position of platinum (daily, lots) decreased by 277 to 10387, and that of palladium (daily, lots) increased by 90 to 3179 [2] 3.2. Spot Market - The spot price of platinum (Pt9995) on the Shanghai Gold Exchange decreased by 25 to 637.15, and the average spot price of Yangtze River palladium increased by 60 to 488 [2] - The basis of the platinum main contract (daily, yuan/gram) increased by 45.45 to 2.80, and the basis of the palladium main contract (daily, yuan/gram) increased by 114.90 to - 6.10 [2] - The non - commercial long positions of platinum in CFTC (weekly, contracts) decreased by 243 to 9966, and those of palladium (weekly, contracts) decreased by 342 [2] 3.3. Supply and Demand Situation - The total supply of platinum (annual, tons) is expected to decrease by 0.80 in 2025, and the total supply of palladium (annual, tons) is expected to decrease by 5 to 220.40 in 2025 [2] - The total demand for platinum (annual, tons) is expected to increase by 25.60 in 2025, and the total demand for palladium (annual, tons) is expected to decrease by 27 to 261.60 in 2025 [2] 3.4. Macroeconomic Data - The US dollar index increased by 0.12 to 98.03, and the real yield of the 10 - year US Treasury bond remained unchanged at 1.91% [2] - The VIX volatility index increased by 0.13 to 13.60 [2] 3.5. Industry News - The probability that the Fed will cut interest rates by 25 basis points in January next year is 18.8%, and the probability of maintaining the interest rate unchanged is 81.2%. By March next year, the probability of a cumulative 25 - basis - point interest rate cut is 46.9%, the probability of maintaining the interest rate unchanged is 44.7%, and the probability of a cumulative 50 - basis - point interest rate cut is 8.5% [2] - Affected by the long - position profit - taking, the main contracts of platinum and palladium on the Guangzhou Futures Exchange tumbled in the afternoon and hit the daily limit [2] 3.6. Key Points to Follow - On December 30, 2025, at 22:00, the year - on - year US FHFA housing price index; on January 1, 2026, at 21:45, the US Markit manufacturing PMI [2]

Core Viewpoint - Palladium futures experienced a sharp decline, hitting the limit down at 494.10 yuan, a drop of 10.00% [1] Group 1: Market Analysis - Guosen Futures predicts that platinum and palladium may continue to operate in a volatile but strong manner in the future, supported by ongoing geopolitical tensions and market sentiment [2] - Ruida Futures warns of potential technical pullback pressure on platinum and palladium prices in the short term, noting a divergence in their price movements [2] - The ongoing conflict between Russia and Ukraine, along with other regional risk events, provides a continuous risk premium and uncertainty support for the entire precious metals sector, including platinum group metals [2] Group 2: Price Dynamics - Platinum prices are expected to find short-term support around 650 yuan per gram and resistance near 750 yuan per gram, while palladium support is noted at 500 yuan per gram and resistance at 600 yuan per gram [2] - Recent strong performance in platinum prices is driven by tight physical inventory and cross-regional arbitrage trading, while palladium has shown weakness due to concentrated demand in automotive catalysts and the rise of electric vehicles [2] - The disparity in domestic and international prices has stimulated arbitrage motives, pushing up spot prices and amplifying futures price volatility [2] Group 3: Future Outlook - The long-term outlook for platinum remains positive due to expectations of structural supply-demand deficits and expanding demand in the hydrogen economy, while palladium's market is shifting from a supply shortage to an oversupply situation [2] - Despite the weakening demand expectations for palladium, the prevailing sentiment driven by interest rate cuts may provide some support for its prices, making it a cost-effective choice at current low levels [2] - The recent parabolic rise in platinum and palladium prices may increase the risk of a high-level pullback, necessitating caution against technical correction pressures in the short term [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In 2025, the precious metals market witnessed a spectacular bull market driven by multiple factors such as the evolution of the global monetary system, geopolitical risks, and supply - demand imbalances. In 2026, the precious metals market will be jointly driven by macro - financial attributes and industrial supply - demand fundamentals, with significant differentiation among varieties [4][97]. - The safe - haven attribute of precious metals is shifting from the traditional model to hedging against sovereign credit risks. The currency attribute is affected by factors like inflation, employment, and central bank monetary policies. The commodity attribute is characterized by structural changes in supply and demand for different precious metals [19][27][68]. 3. Summary by Directory 3.1 Market Review - In 2025, all four major precious metals (gold, silver, platinum, and palladium) soared. Gold continued its bull market, silver and platinum doubled in value, and the precious metals sector became the most outstanding asset class. The market's rise was phased, with gold leading in Q1, silver emerging in Q2, and platinum and palladium surging in Q3 and Q4 [4]. - Gold reached a record high of over $4500 per ounce, with a nearly 70% annual increase. Silver was the star performer, rising over 140%. Platinum and palladium also had significant gains, with platinum up about 160% and palladium over 100% [8][10][14][17]. 3.2 Evolution Logic of the Safe - Haven Attribute - The safe - haven function of precious metals is shifting from traditional geopolitical and economic recession hedging to hedging against the sustainability of sovereign currency credit, especially the US dollar. This is due to the weakening of the US dollar credit and the multi - polarization reconstruction of the global monetary system [19]. - Different precious metals show different safe - haven attributes. Gold is most directly related to sovereign credit concerns, while silver reflects both safe - haven sentiment and industrial cycle changes, and platinum and palladium are more closely related to specific industry trends [21]. - The US debt situation, policy uncertainty, and the potential for a significant correction in the US stock market may increase the safe - haven value of precious metals. However, if geopolitical tensions ease or AI technology boosts productivity, the safe - haven attribute may weaken [23][25][26]. 3.3 Evolution Logic of the Currency Attribute - In 2026, global inflation is expected to continue its moderate decline, but there are significant regional differences. US inflation remains sticky, with a complex "U - shaped" or wave - like downward trend, while the eurozone's inflation problem is basically resolved [27][33][36]. - The US employment market is expected to remain weak in 2026, with low job growth and a rising unemployment rate. This will put pressure on the Fed's decision - making [41][42]. - The Fed is expected to cut interest rates in 2026, but the pace will be extremely slow, and the first cut may be later than market expectations. The difference in interest - rate cut expectations between the Fed and non - US central banks will affect the US dollar index and precious metals prices [52][59][60]. 3.4 Evolution Logic of the Commodity Attribute - In 2026, gold demand is expected to be driven by strategic allocation, with official and institutional investors playing a key role. Supply is facing long - term structural constraints, such as limited growth in mining and reduced elasticity in recycling [68][70]. - The silver market has been in a supply shortage for five consecutive years, and the gap is expected to widen in 2026. Supply growth is highly inelastic, while demand is driven by industrial needs and investment [73][74][75]. - The platinum market is expected to reach a tight balance in 2026, but the underlying support is fragile. Any unexpected supply disruption or demand surge may break the balance [79]. - The palladium market is expected to shift from a supply shortage to a surplus in 2026, driven by the decline in automotive demand due to electrification and a marginal increase in supply [80][81]. 3.5 Dynamic Combination Analysis of Fundamental and Technical Aspects - London gold has been in a long - term upward trend. It is expected to continue rising until the Fed hints at the end of interest - rate cuts in mid - 2026. Attention should be paid to the pressure at $4830 - 5000 and the support at $4000 [84][85]. - London silver is expected to have high volatility. It is recommended to focus on the pressure at $100 - 120 and the support at $58 [88][89]. - London platinum has entered a new cycle. Pay attention to the pressure at $3000 - 3300 and the support at $1760 [91]. - London palladium is in a long - term re - balancing phase. Focus on the pressure at $2080 - 2480 and the support at $1480 [95]. 3.6 Future Market Direction from the Perspective of Long - Short Game - In 2026, the precious metals market will continue to be strong, but there will be significant differentiation among varieties. Gold will be the most stable, silver will have high price elasticity, platinum has great potential, and palladium is expected to be the weakest [97]. 3.7 Overview of the Domestic Precious Metals Industry Chain - In the first three quarters of 2025, domestic gold production increased, with both domestic and imported raw materials contributing. Gold consumption decreased, but there were differences among different product categories. China has been increasing its gold reserves for strategic reasons [98][100][102]. - Major domestic gold enterprises have different production plans and characteristics. For example, Zijin Mining is the largest producer with a high proportion of overseas output, and Shandong Gold has rich resource reserves in the Jiaodong gold belt [103].

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - This week, the platinum and palladium markets showed a generally strong trend, with their prices gradually diverging. Platinum demonstrated greater resilience, while palladium repeatedly rose and then fell during the session, confirming the market's expectation of "strong platinum and weak palladium." - In the future, platinum may continue to be supported by the Fed's easing expectations, the continuation of the supply - demand structural deficit, and the expansion of medium - and long - term demand expectations in the hydrogen economy. Palladium's demand is expected to weaken due to over - concentration in the automotive catalyst field and the popularization of new energy vehicles, but the bullish sentiment driven by interest rate cut expectations may provide some support [7]. - The recent parabolic rise in platinum and palladium prices may increase the risk of a high - level decline, and short - term technical correction pressure should be guarded against. 3. Summary by Directory 3.1 Weekly Highlights - Platinum's price elasticity has significantly increased due to the shortage of physical inventory and cross - regional arbitrage trading. The London platinum lease rate has continued to rise, and palladium ETF holdings have increased, exacerbating the supply - demand contradiction. - The high domestic - foreign price difference has stimulated arbitrage motives, pushing up the spot price and amplifying the futures price elasticity. - Next week, the upper resistance level for London platinum spot is $2500 per ounce, and the lower support level is $2000 per ounce. For London palladium spot, the upper resistance level is $1800 per ounce, and the lower support level is $1500 per ounce [7]. 3.2 Futures and Spot Markets - This week, the platinum and palladium markets on the Guangzhou Futures Exchange continued their strong upward trend, with their prices continuing to diverge. - As of December 26, 2025, the main 2606 contract of palladium on the Guangzhou Futures Exchange was at 515.65 yuan per gram, up 7.38% for the week, and the main 2606 contract of platinum was at 705.30 yuan per gram, up 32.19% for the week [8][10]. - As of December 16, 2025, the net long positions of NYMEX platinum and palladium showed a large divergence. The net long position of NYMEX platinum was 28,564 contracts, a 12.82% increase from the previous period, while the net long position of NYMEX palladium was - 2340 contracts, a 36.05% decrease from the previous period [16]. - This week, the basis of NYMEX platinum and palladium main contracts weakened, and their inventories increased. As of December 24, 2025, NYMEX platinum inventory was 645,466.92 ounces, a 3.32% increase from the previous period, and NYMEX palladium inventory was 195,833.87 ounces, a 4.81% increase from the previous period [17][25]. - This week, the price ratio of NYMEX platinum to COMEX gold increased, and the rolling correlation coefficient between platinum and gold prices also increased. Recently, the positive correlation between platinum prices and NYMEX platinum inventory and the US dollar index has weakened marginally [26][30][34]. 3.3 Industry Supply and Demand - As of November 2025, the import and export volumes of platinum both decreased. - The demand for platinum in automobile exhaust catalysts has marginally weakened. The total global demand for platinum and palladium has shown a moderate downward trend, and the global supply of platinum and palladium has declined [38][43][53]. 3.4 Macroeconomic Data - This week, the US dollar index weakened, and the 10 - year US Treasury yield increased slightly [57].