Report Summary 1) Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2) Core Viewpoint of the Report The upcoming listing of platinum and palladium futures and options contracts on the Guangzhou Futures Exchange marks a significant step in the diversification and internationalization of China's futures market, improving the precious metal derivatives system and providing new investment opportunities. The report focuses on palladium production and supply, indicating that the overall supply shows a tightening trend, and the structural supply may support the medium - to - long - term price resilience [1][2]. 3) Summary by Relevant Catalogs I. Overall Situation of Palladium Production and Supply - Palladium is mainly in the form of palladium ingots and sponge palladium in the market. Palladium ingots are used for financial reserves and derivatives, while sponge palladium is widely used in industrial fields [2]. - Global palladium supply depends on mining and recycling. In 2024, the total supply was 294.3 tons, with 205.2 tons from mining and 91.5 tons from recycling. Russia and South Africa account for over 75% of mining supply. In 2025, the total supply is expected to reach 298.4 tons, a 1.4% increase year - on - year [2]. II. Mining Supply - Palladium is mainly a by - product of platinum and copper - nickel mining. Its extraction requires multiple processes. In 2024, global platinum and palladium production were about 170 tons and 190 tons respectively, with South Africa and Russia being the major producers [4]. - Global palladium mining supply fluctuates narrowly. Factors such as South Africa's power crisis, Russia's mining challenges, and declining ore grades limit supply. In 2025, the supply is expected to tighten slightly as producers cut capital expenditure and high - cost mines reduce production [5]. III. Recycling Supply - Recycled palladium accounts for 20% - 25% of the total supply. North America and Europe dominate the global recycling market, contributing about 65% in 2024. The industry is using advanced technologies to improve recovery rates [8]. - The supply of recycled palladium is driven by the vehicle报废周期. From 2024 - 2025, it is expected to recover moderately, reaching about 95 tons in 2025, mainly due to the normalization of scrapped vehicles in North America and Europe, but limited by recycling capacity and logistics efficiency [8].