1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - Platinum and palladium are important members of the platinum - group metals (PGMs), with high demand in practical applications. Their resource distribution is concentrated, and the supply chain has an "oligopoly" structure, which is easily affected by various factors [1][14]. - The platinum - group metal industry chain includes upstream mining, mid - stream processing and recycling, and downstream terminal applications and investment. Each link has its own characteristics and development trends [14]. - The demand for platinum and palladium in different terminal applications varies. For example, palladium is more common in gasoline engine exhaust treatment, while platinum is superior in diesel engine exhaust catalysts. The application of platinum and palladium in emerging industries such as hydrogen energy is expected to grow [41][48]. 3. Summary According to Relevant Catalogs 3.1 Platinum and Palladium Variety Overview 3.1.1 Natural Properties - Platinum (Pt) and palladium (Pd) are silver - white metals, belonging to the platinum - group metals (PGMs) along with ruthenium, rhodium, iridium, and osmium. Platinum has a crustal content of five - hundred - millionths, and palladium has a crustal content of one - hundred - millionth [1]. - Platinum has a high melting point, good ductility, excellent electrical and thermal conductivity, high density, and is chemically inert. It is mainly used in industrial catalysts, jewelry, electronics, etc. Palladium has a relatively lower melting point, can adsorb gases like hydrogen, is corrosion - resistant, and is mainly used in the catalyst field [2][4]. 3.1.2 Distribution and Classification of Platinum - Group Resources - Platinum - group metals exist in nature in the form of natural elements and complex ores. Platinum deposits are generally related to ultramafic rocks and can be formed through magma action, hydrothermal processes, and exogenous deposition [5]. - Platinum - group metal ores can be divided into primary deposits and exogenous sand deposits. The primary deposits can be further divided into vein platinum deposits mainly composed of platinum - group metals and copper - nickel - type deposits hosted in ultrabasic rocks [5]. - Global platinum - group metal resources are mainly concentrated in five regions: South Africa's Bushveld Complex, Russia's Norilsk - Talnakh region, the US's Stillwater Complex, Zimbabwe's Great Dyke, and Canada's Sudbury [11]. 3.2 Platinum - Group Metal Industry Chain 3.2.1 Upstream Mining - The platinum - group metal supply chain has an "oligopoly" structure. Most of the raw material supply and smelting are in the hands of a few integrated mining and smelting producers [14]. - In 2024, the global PGMs resource was estimated to exceed 100,000 tons, and the reserves exceeded 81,000 tons. South Africa's PGMs reserves were 63,000 tons, accounting for nearly 80% of the global total [21]. - The production of platinum and palladium mines is facing bottlenecks due to factors such as resource oligopoly, declining ore grades, rising mining costs, and strict environmental policies. In 2024, the global palladium mine production was 190 tons, a year - on - year decrease of 8.65%, and the platinum mine production was 170 tons, a year - on - year decrease of 5.02% [25]. 3.2.2 Platinum - Group Material Supply and Recycling - Global precious metal multinational groups such as Umicore, Johnson Matthey, Heraeus, and Tanaka dominate the platinum - group metal material processing and recycling fields [30]. - As high - grade resources become scarce, secondary resources of platinum - group metals are becoming increasingly important. However, domestic recycling enterprises face fierce competition, and the supply of secondary resources is becoming increasingly tight [30]. 3.2.3 Terminal Applications - **Automotive Exhaust Catalysts**: Palladium is more common in gasoline engine exhaust treatment, while platinum is superior in diesel engine exhaust catalysts. The choice of platinum - group metals in catalysts depends on catalytic effect, cost - effectiveness, availability, and exhaust emission standards [41]. - **Jewelry**: Platinum is more suitable for high - end jewelry markets due to its high density, good ductility, and chemical stability. Palladium has limited use in jewelry due to its hardness and tendency to darken [45]. - **Other Industrial Applications**: Platinum and palladium are widely used in chemical industry, glass manufacturing, electronics, medical, hydrogen energy, and other fields. Their application in emerging industries such as hydrogen energy is expected to grow [46][48]. 3.2.4 Investment Channels - Platinum can be invested in through physical products (platinum bars, platinum coins), financial products (platinum futures contracts, platinum ETFs), and platinum - related stocks. The investment demand for platinum is increasing, especially in the context of high gold prices [50].