估值紧跟黄金警惕价格波动性 铂钯两个贵金属家族的成员，27日起正式登陆广期所。在近几年黄金、白银价格大幅飙升和氢能等产业 发展提升铂钯需求的背景下，铂钯期货的上市，是否又会带来新一轮投资机会？ 根据广期所公布的铂、钯期货合约挂牌基准价，首批挂牌的铂期货2606、2608、2610合约基准价均为 405元／克，钯期货2606、2608、2610合约基准价均为365元／克。 在分析机构看来，在黄金白银保持强势的背景下，铂钯在金融属性带动下或跟随金银延续强势，且铂钯 供应集中、资金规模小的特点可能放大价格波动性。但中长期铂钯估价仍以工业属性驱动为主，随着供 应压力缓和或面临回落压力。 在业内资深分析人士看来，本次铂、钯期货挂牌基准价整体略高于市场此前预期，但与国内现货市场价 格结构基本吻合，整体定价较为合理。但与金银相比，铂、钯在贵金属板块中的总体规模相对较小，且 又是兼具工业属性和金融属性的稀有贵金属，加上供需相对集中，导致价格波动性明显较大。尤其是持 续面临供应收紧压力的铂金。 正信期货研报指出，铂的供需都较为集中，供给主要分布于南非、俄罗斯等国。需求集中于汽车尾气净 化催化剂、珠宝、玻璃等行业。铂虽然也是贵金 ...

Core Viewpoint - The article discusses the upcoming launch of platinum and palladium futures on the Shanghai Futures Exchange, providing an overview of the platinum and palladium industry, including their properties, applications, and market dynamics [4][12]. Group 1: Platinum and Palladium Overview - Platinum and palladium are part of the platinum group metals, with low abundance in the Earth's crust, primarily found in South Africa, Russia, and Zimbabwe [4][5]. - Both metals exhibit excellent catalytic properties due to their unique electronic structures, which allow them to lower activation energy in chemical reactions [4][9]. - Common forms of platinum and palladium in circulation include metal ingots and sheets, with a purity requirement of at least 99.95% for trading [12][13]. Group 2: Industry Chain Structure - The platinum and palladium industry chain consists of three main segments: upstream exploration and mining, midstream refining and processing, and downstream applications and recycling [14][16]. - The demand for palladium is heavily concentrated in the automotive sector, while platinum has a more diversified demand across various industries, including automotive, jewelry, and investment [16]. Group 3: Demand Dynamics - The automotive industry is the largest consumer of both metals, with projections indicating that by 2025, automotive demand will account for 41% of platinum and 82% of palladium consumption [16]. - In the jewelry sector, platinum is favored for its durability and aesthetic qualities, contributing significantly to its demand, while palladium's jewelry consumption is minimal [16]. - Industrial applications for platinum are broader due to its superior stability, with approximately 28% of platinum demand coming from this sector, compared to only 16% for palladium [16].