Report Summary 1. Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - Platinum and palladium prices hit the daily limit across all contracts on the Guangzhou Futures Exchange on December 22, 2025, driven by domestic long - term funds. The prices have significant increases, and they are natural multi - allocation varieties under the influence of fundamentals and the macro - level [2]. - In the super bull cycle of precious metals, the high - to - low shift of funds gives platinum and palladium higher premiums. Their investment and consumption have great growth potential, and the price logic affects the supply - demand expectations of the fundamentals [3]. - The supply side is brittle, and the large - scale application prospects of hydrogen energy boost consumption expectations. There will be supply shortages for platinum and palladium in 2026 [4]. - The current precious metal and non - ferrous metal market is a re - balance of "money" and "resources". Platinum and palladium, with high import dependence in China, are suitable for multi - allocation [6]. - The large price difference between domestic and foreign platinum and palladium will attract arbitrage trading, and the price difference is expected to converge [7]. - In the long - term, platinum and palladium follow the super bull cycle of precious metals. In 2026, platinum is more likely to break through historical highs. In the short - term, they may achieve most of the annual increase, and the mid - term strategy is to allocate more on dips [8]. 3. Summary by Directory I. Higher Premiums for Platinum and Palladium due to High - to - Low Fund Shift in the Precious Metal Super Bull Cycle - In the context of the global situation, precious metals have allocation value. Gold and silver price increases provide higher premium space for platinum and palladium. The investment and consumption of platinum and palladium have great growth potential, and price and supply - demand expectations interact [3]. II. Brittle Supply Side and Boosted Consumption Expectations from Hydrogen Energy Application - The "15th Five - Year Plan" promotes the development of hydrogen energy. The supply of platinum and palladium is highly concentrated. It is expected that in 2026, platinum will face a supply shortage of about 23 tons, and palladium will have a supply shortage of about 3 tons [4]. III. Re - balance of "Money" and "Resources" - The current market is a re - balance of "money" and "resources". China has a high import dependence on platinum and palladium, so they are suitable for multi - allocation [6]. IV. Convergence of Domestic and Foreign Price Differences - Due to the high import dependence of platinum and palladium in China and relatively easy import procedures, the large price difference between domestic and foreign markets will attract arbitrage trading. Import merchants and speculative funds can lock in profits through cross - market arbitrage [7]. V. Market Outlook - Platinum and palladium prices on the Guangzhou Futures Exchange have reached new highs. Platinum is more likely to break through historical highs in 2026. They follow the precious metal bull cycle. In the short - term, they may achieve most of the annual increase, and the mid - term strategy is to allocate more on dips, while being vigilant against the "long - killing - long" market [8].

Report Summary 1) Report Industry Investment Rating No information provided 2) Core Viewpoints - On December 15, 2025, the platinum futures on the Guangzhou Futures Exchange hit a record high since listing and recorded the first daily limit. Platinum, with industrial and financial attributes, follows the logic of a precious - metal super - bull cycle. [2] - Platinum and palladium are still favored by long - position funds in the context of strong gold and silver prices. With the synchronous easing of the Sino - US monetary cycles, they have more macro - premiums. In the long - and medium - term, the rhythm of multi - allocation for platinum and palladium is clear. [3] 3) Summary by Related Content Event - On December 15, 2025, the platinum futures on the Guangzhou Futures Exchange reached a new high since listing and recorded the first daily limit. [2] Analysis of the First Daily - limit Logic - In the precious - metal super - bull cycle, funds shift from high - valued to low - valued varieties. Since November 2025, silver has led the precious - metal sector with a 29.3% increase. On December 15, 14.12 billion yuan of funds flowed out of Shanghai silver futures, while 6.84 billion yuan flowed into Guangzhou platinum futures, with an increase of 7055 lots. [2] - The supply of platinum is highly brittle, and the prospect of large - scale hydrogen energy applications boosts consumption expectations. Although the current platinum consumption in hydrogen energy accounts for less than 1% of the total, once the demand side breaks through, platinum's scarcity will increase. [2] - There is a re - balance between "money" and "resources". In the context of Western anti - globalization, countries scramble for key resources. China's dependence on platinum imports exceeds 80%, so platinum is a natural multi - allocation variety. [3] - The Guangzhou Futures Exchange's platinum futures have prominent independent pricing ability. On December 15, 2025, the Guangzhou platinum futures hit the daily limit, while the NYMEX platinum main contract rose less than 2.5% and the London platinum spot price declined slightly, indicating that it is mainly driven by domestic funds. [3] Outlook for the Future - Platinum and palladium prices are at record highs and generally follow the precious - metal super - bull cycle. They are still favored by long - position funds due to their relatively low valuations. The synchronous easing of the Sino - US monetary cycles provides more macro - premiums. The development of commercial space and hydrogen energy sectors gives room for imagination in platinum and palladium consumption. With strong supply constraints, the long - and medium - term multi - allocation rhythm is clear. [3]