Group 1: Industry Investment Rating - Not provided in the report Group 2: Core View - The sentiment for platinum bulls remains strong, and palladium is expected to move upward in a volatile manner [1] Group 3: Summary Based on Related Catalogs 1. Fundamental Tracking - **Price and Increase**: Platinum futures 2606 closed at 705.30 with a 2.67% increase; gold exchange platinum at 662.15 with an 11.99% increase; New York platinum main - continuous (previous day) at 2513.90 with a 10.60% increase; London spot platinum (previous day) at 2459.50 with a 9.17% increase. Palladium futures 2606 closed at 515.65 with a - 2.53% change; RMB spot palladium at 429.00 with a 3.13% increase; New York palladium main - continuous (previous day) at 2060.50 with a 13.15% increase; London spot palladium (previous day) at 1925.00 with an 11.69% increase [1] - **Trading Volume and Position**: Guangdong platinum trading volume was 109,875 kg, a decrease of 117,791 kg from the previous day, and the position was 52,265 kg, an increase of 3,533 kg. NYMEX platinum trading volume was 83,211 kg, an increase of 236 kg, and the position was 103,710 kg, an increase of 75,569 kg. Guangdong palladium trading volume was 162,756 kg, an increase of 62,463 kg, and the position was 30,775 kg, an increase of 6,913 kg. NYMEX palladium trading volume was 46,864 kg, a decrease of 1,260 kg, and the position was 68,275 kg, an increase of 283 kg [1] - **ETF Position**: ETE platinum ETF position (previous day) was 3,275,432 ounces, an increase of 294 ounces. Palladium ETF position (previous day) was 1,143,186 ounces, an increase of 1,475 ounces [1] - **Inventory**: Guangdong platinum inventory was 1 kg (no change). NYMEX platinum inventory (previous day) was 646,896 ounces, an increase of 1,429 ounces. Guangdong palladium inventory was 1 kg (no change). NYMEX palladium inventory (previous day) was 198,040 ounces, an increase of 2,206 ounces [1] - **Price Spread**: PT9995 vs PT2606 price spread was - 43.15, an increase of 52.55 from the previous day. Guangdong platinum 2606 contract vs 2610 contract price spread was - 2.55, an increase of 0.85. The cost of buying Guangdong platinum 2606 and selling 2610 inter - period arbitrage was 8.64, an increase of 0.22. The price spread between the gold exchange platinum and London platinum was 108.10, an increase of 25.03. The price spread between RMB spot palladium and PD2606 was - 86.65, an increase of 26.40. Guangdong palladium 2606 contract vs 2610 contract price spread was - 6.35, a decrease of 0.40. The cost of buying Guangdong palladium 2606 and selling 2610 inter - period arbitrage was 6.39, a decrease of 0.16. The price spread between RMB spot palladium and London palladium was - 2, a decrease of 31.89 [1] - **Exchange Rate**: The US dollar index was 98.03 with a 0.13% increase; the US dollar to RMB (CNY spot) exchange rate was 7.01 with a - 0.01% change; the US dollar to offshore RMB (CNH spot) exchange rate was 7.00 with a 0.08% increase; the US dollar to RMB (6M forward) exchange rate was 6.93 with a 0.06% increase [1] 2. Macro and Industry News - As of December 27, the scale of Chinese ETFs reached 6.03 trillion yuan, breaking through the 6 - trillion - yuan mark for the first time in history [3] - From December 27 to 28, the National Fiscal Work Conference was held in Beijing [3] - Cambodia said it had reached a consensus with Thailand on the draft joint statement of the Cambodia - Thailand Border Commission meeting [3] 3. Trend Intensity - Platinum trend intensity is 1, and palladium trend intensity is 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [3] 4. Other News - The Russian Ministry of Defense reported that the Russian army had attacked energy facilities used by the Ukrainian defense department, missile engine component production workshops, and Ukrainian attack drone assembly bases, and also attacked 148 temporary deployment points of the Ukrainian armed forces [4] - On December 28, Ukrainian President Zelensky arrived in Florida, USA, to hold talks with Trump [4]

Core Insights - The total scale of ETFs in the domestic market reached a historic high of 4.3 trillion, with stock ETFs accounting for over 70% of this total [1] Group 1: ETF Scale and Composition - The scale of stock ETFs reached 3.03 trillion, representing more than 70% of the total ETF market [1] - The Huatai-PB CSI 300 ETF leads with a scale of 374.7 billion, maintaining a significant lead [1] - There are six ETFs with a scale exceeding 100 billion, including four beyond the CSI 300, as well as the Huaxia SSE 50 ETF and the Southern CSI 500 ETF [1] Group 2: Net Inflows - Total net inflows into ETFs amounted to 297.4 billion this year [1] - Bond ETFs saw the highest net inflow of 175.784 billion, ranking first [1] - Commodity ETFs, represented by gold, had a net inflow of 62.9 billion, placing second, while stock ETFs experienced a net inflow of 62 billion [1] Group 3: QDII-ETF Performance - QDII-ETFs recorded a net outflow of approximately 7 billion, marking it as the only ETF type with a net outflow in the first half of the year [1]