1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Platinum shows a strong upward trend, while palladium starts to diverge from platinum with a slower upward pace. Both are considered relatively strong [3]. - The price range is expected to be 650 - 800 yuan/gram for the main platinum contract and 480 - 600 yuan/gram for the main palladium contract [4]. - This week, the prices of platinum and palladium on the Guangzhou Futures Exchange showed positive weekly performance, but a divergence was observed. The weekly increase of platinum was over 25%, while palladium increased by only 3.4% after reaching a high and then falling. The overseas platinum and palladium prices had a greater upward rebound after a slight retreat before Christmas. Platinum hit a new high for the year, and palladium approached its previous high, getting close to the key level of $2,000 per ounce [5]. 3. Summary by Relevant Catalogs 3.1 Trading Aspects (Price, Spread, Funds, and Positions) - **Trading Volume and Open Interest**: As of the close on Friday, the total open interest of platinum on the Guangzhou Futures Exchange was 52,265 lots, with a trading volume of 573,824 lots this week. The total open interest of palladium was 30,775 lots, with a trading volume of 576,328 lots [8]. - **Inter - market and Spot - Futures Arbitrage**: The cross - market and spot - futures arbitrage windows for platinum and palladium continued to expand this week, and the Guangzhou Futures Exchange introduced policies to prevent overheating risks [5]. - **Overseas Spot - Futures Spread**: For platinum, the spread between London spot platinum and the main New York platinum contract converged to an average of -$30 per ounce, and the spread between New York continuous platinum and the main contract was slightly at a discount of -$20 per ounce. For palladium, the spread between London spot palladium and the main New York palladium contract was at a further discount of -$120 per ounce, and the spread between New York continuous palladium and the main contract also remained negative, converging to -$35 per ounce [13][16]. - **Spot - Futures Positive Arbitrage**: For platinum, the cost of buying spot and selling the 2606 contract was 10.4 yuan/gram, with a spread of 43.2 yuan/gram, leaving a profit margin of 32.8 yuan/gram. For palladium, the cost was 7.6 yuan/gram, the spread was 30.9 yuan/gram, with a profit margin of 23.3 yuan/gram [17][19]. - **Near - Far Month Cross - Month Positive Arbitrage**: For platinum, the cost of buying the 2606 contract and selling the 2610 contract was 8.6 yuan/gram, with a spread of only 2.6 yuan/gram, so the arbitrage window was not yet open. For palladium, the cost was 6.4 yuan/gram, the spread was 6.4 yuan/gram, and the arbitrage window was also not open [21][23]. - **Import Parity Calculation**: For platinum, the cost of buying London platinum forward and selling the 2606 contract was 69.5 yuan/gram, with a spread of 190.1 yuan/gram, leaving a profit margin of 120.6 yuan/gram. For palladium, the cost was 53.8 yuan/gram, the spread was 118.2 yuan/gram, and the profit margin was 64.4 yuan/gram [25][27]. - **Recycling Spread**: As the absolute prices of platinum and palladium rose, the recycling discount of platinum deepened to -119 yuan/gram, while that of palladium remained at around -60 yuan/gram [29]. - **ETF Holdings**: This week, platinum ETF holdings increased by 1.67 tons (about 538,000 ounces), and palladium ETF holdings increased by 0.47 tons (about 151,000 ounces). The growth rate of platinum ETF holdings showed an upward trend, while that of palladium slowed down [31]. 3.2 Fundamental Aspects (Inventory and Import - Export Data) - **Forward Discount Rate**: In the past month, both the overseas forward markets of platinum and palladium were in a discount structure. This week, the platinum discount remained at a high level, with discounts for all tenors above an annualized rate of 10%. The discount of palladium decreased, with all tenors falling within an annualized rate of 3% [37]. - **Inventory and Registered Warehouse Receipt Ratio**: This week, the NYMEX platinum inventory slightly increased to 646,895.5 ounces (about 20.12 tons), and the ratio of registered warehouse receipts decreased to 48%. The NYMEX palladium inventory slightly increased to 198,039.61 ounces (about 6.16 tons), and the ratio of registered warehouse receipts rose above 71% [38][41]. - **China's Import - Export Data**: Since September 2025, the export volume of platinum has surged, the import volume and net inflow have diverged, and the cumulative net inflow since January 2020 has been 557.17 tons. In November, the import volume decreased to 4.58 tons, and the net inflow rate also slowed down to 3.34 tons. December data has not been released. Since 2020, palladium has had almost no export volume, being in a state of pure import, and the cumulative net inflow has been 162 tons. In November, the import volume increased to 3.02 tons, with a net inflow of 3.02 tons. December data has not been released [48]. - **London Fixing Supply - Demand Balance**: For London platinum, the supply - demand balance value fell into the negative range only on one day this week, and the absolute value was not large. For London palladium, the value fell into the negative range on two days, and the absolute value was also not large [50][52].

苯乙烯期货合约月份连续。 2、根据合约到期日选择：期货合约有特定的到期日，投资者需要根据自己的投资周期选择合适的到期 日。短期投资者可能选择近月合约，而长期投资者则可能选择远月合约。 3、根据市场预期选择：投资者可以根据对市场走势的预期选择合约。例如，如果预期价格上涨，可以 选择多头合约；如果预期价格下跌，可以选择空头合约。 这种设计使得苯乙烯期货在交易和套期保值时具有较好的流动性和连续性，方便市场参与者进行跨月套 利和长期布局。 交易苯乙烯期货如何选择合约？ 1、根据合约流动性选择：流动性是选择合约时的重要考虑因素。高流动性的合约通常具有较低的买卖 价差和较小的滑点，交易成本较低。投资者可以通过查看成交量和未平仓合约数来评估合约的流动性。 大连商品交易所规定，苯乙烯期货的合约月份覆盖全年12个月，即1月、2月、3月、4月、5月、6月、7 月、8月、9月、10月、11月、12月，投资者可以在任何时间找到对应的连续月份合约进行交易。 ...