凤凰网财经讯 12月24日，市场震荡拉升，沪指高开高走，深成指、创业板指均涨近1%。 沪深两市成交额1.88万亿，较上一个交易日缩量196亿。盘面上，市场热点轮动较快，全市场超4100只个股上涨。 涨停表现 | 封板率 | 昨涨停今表现 | | --- | --- | | 78.00% | 2.61% | | 封板 76 触及 21 | 高开率 54% 获利率 | 截至收盘，沪指涨0.53%，深成指涨0.88%，创业板指涨0.77%。 从板块来看，商业航天概念持续爆发，20余只成分股涨停，神剑股份5连板，国机精工4天3板，上海港湾、九鼎新材、再升科技涨停。算力硬件概念拉升， 环旭电子6天3板，英唐智控20cm涨停。福建板块走强，安记食品7天4板，合兴包装3连板。PCB概念快速拉升，生益科技涨停创历史新高。下跌方面，贵金 属、保险、乳业等板块跌幅居前。其中乳业概念集体调整，庄园牧场跌停。 ...

12月18日，一批刚刚完成加工的订单在呼和浩特综合保税区内整装待发，运往区外。至此，2025年呼和 浩特综合保税区全年进出口额突破100亿元大关，历史性地迈入"百亿园区"行列，标志着其对外开放能 级实现了一次里程碑式的跨越。 （来源：内蒙古日报） 转自：内蒙古日报 呼和浩特综合保税区党工委委员、管委会副主任巴图巴雅尔介绍："我们始终依托 '区位+保税'的叠加优 势，对园区产业进行布局。贵金属加工已形成涵盖开采、精炼、贸易、回收的全链条闭环；绿色农畜产 品深加工、现代装备制造等领域同步发力，多个新项目落地后，预计年新增产值将超60亿元，进出口值 25亿元。" 创新始终是发展的关键词。2025年，园区在跨境电商领域动作频频：构建产业生态链、探索"保税展示 +跨境电商"新模式、打造"前店后仓"消费场景，并创新融合文旅与外贸，营造出富有吸引力的跨境消费 新体验。 以"百亿"为新起点，呼和浩特综合保税区将继续深化通道建设、做强特色产业、拓展数字贸易，全力推 动"通道经济"向"产业经济"转型升级。 □本报记者 怀特乌勒斯 摄影报道 站在"十四五"收官之年的节点，这片开放高地正焕发多元活力。保税物流、贵金属精深加工、二手车 ...

调研组强调，有关部门要充分认识贵金属产业在罗定市现代化产业体系中重要意义，切实发挥部门职能作用，凝聚合力，在政策引导、要素保障、市场准 入、风险监管等方面构建系统长效的支持机制。要精准聚焦、靶向发力，强化要素保障，集中优势资源培育扶持龙头企业，发挥示范引领和辐射带动作 用，促进贵金属产业链上下游紧密衔接、高效协同。企业要坚定发展信心，抢抓机遇、乘势而上，增强内生动力，着力在技术研发、产品创新、市场拓展 和品牌塑造等方面实现新突破，持续提升核心竞争力与行业话语权，真正把贵金属产业做优、做强、做大。 （罗定市人大常委会办公室） 为深入贯彻习近平总书记关于建设现代化产业体系的重要论述，助力市委加快建设具有罗定特色的现代化产业体系的决策部署落地落实落细。12月17日， 罗定市人大常委会组织部分常委会组成人员和人大代表开展打造百亿贵金属产业集群专题调研。罗定市人大常委会副主任蔡成家参加调研。 调研组一行先后前往广东金业贵金属有限公司、广东金正龙科技有限公司开展实地调研，详细了解贵金属产业集群在补链招商、拓展上下游产业、项目建 设进展等方面的情况。随后在座谈会上，听取了相关职能部门及有关企业对贵金属产业集群发展情况的汇报 ...

每经头条（nbdtoutiao）——海南封关政策红利全解析：零关税、低个税、投资准入放宽、跨境资金自 由、创业扶持…… （记者 曾健辉） 2024年1至12月份，华阳新材的营业收入构成为：贵金属加工占比83.91%，生物降解材料及制品占比 12.1%，其他业务占比3.99%。 截至发稿，华阳新材市值为30亿元。 每经AI快讯，华阳新材（SH 600281，收盘价：5.9元）12月18日晚间发布公告称，截至目前，公司实际 担保余额约3.3亿元，占公司最近一期经审计净资产的比例为540.74%，均为公司对全资子公司提供的担 保。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Platinum and palladium are important precious metals with high demand in various industries, and their supply is highly concentrated, with significant supply - side impacts on prices. The supply - side factors such as production cuts, accidents, and disruptions in recycling channels can cause obvious price fluctuations [15]. - The demand for platinum and palladium is mainly in automotive catalysts, industry, jewelry, and medical fields. In the context of carbon neutrality and carbon peaking, the hydrogen energy industry is expected to become a new growth point for platinum and palladium consumption [37][47]. - China's platinum - group metal resources are extremely scarce, with a high degree of import dependence. The importance of the recycling end is increasing, but the supply of waste materials is tight, and domestic recycling enterprises face fierce competition [32][82]. 3. Summary According to the Directory 3.1 Platinum and Palladium Species Overview - **Natural Attributes**: Platinum and palladium are silver - white metals, belonging to the platinum - group metals (PGMs). Platinum has a crustal content of 0.005 ppm, and palladium has 0.0006 ppm. Platinum has high melting point, good ductility, and stable chemical properties. Palladium can adsorb gases, is corrosion - resistant, and is mainly used in the catalyst field [6][7][8]. - **Resource Distribution and Classification**: Platinum - group metal resources are mainly distributed in South Africa, Russia, the United States, and other regions. The deposits can be divided into primary deposits and exogenous sand deposits, with magma - related processes being the main formation mechanism [10][13]. 3.2 Platinum - Group Metal Industry Chain - **Upstream**: The upstream of the platinum - group metal industry chain is dominated by a few mining and smelting integrated producers. The "oligopoly" structure makes the supply side dominant in price. The mining and extraction of platinum - group metals involve exploration, mining development, ore extraction, processing, and refining [15][16]. - **Supply and Recycling of Platinum - Group Materials**: The separation and purification processes of platinum - group metals vary according to the raw material components. The recycling of platinum - group metals is becoming increasingly important, but the supply of waste materials is tight [19][32]. - **Terminal Applications**: Platinum and palladium are mainly used in automotive catalysts, jewelry, industry, medical, and other fields. Automotive catalysts are the largest consumer area, with platinum's consumption structure being more diversified and over 80% of palladium used in automotive catalysts [37]. - **Investment Channels**: Platinum investment channels include physical investment (platinum bars and coins), platinum ETFs, futures, forwards, and stocks. Palladium investment demand is relatively small [49][50]. 3.3 Global Platinum Supply - Demand Pattern - **Supply**: South Africa, Zimbabwe, and Russia are the main suppliers of global platinum. In 2024, South Africa's platinum output accounted for 71% of the global total. The global platinum output decreased in 2024 due to various factors such as power outages and company restructurings [55]. - **Demand**: The main consumers of global platinum are China, Europe, North America, and Japan. In 2024, the global platinum demand decreased by 1.6% to 198 tons, with a supply gap of 1.98 tons [65]. 3.4 Global Palladium Supply - Demand Pattern - **Supply**: Russia, South Africa, Canada, and the United States are the main suppliers of global palladium. In 2024, Russia and South Africa's palladium output accounted for 43% and 41% of the global total respectively. The global palladium output increased slightly in 2024 [69][71]. - **Demand**: The main consumers of global palladium are China, the United States, Europe, and Japan. In 2024, the global palladium demand decreased by 4% to 254.2 tons, with a supply surplus of 2.4 tons [73][77]. 3.5 China's Platinum - Group Resource Pattern - **Resource Endowment**: China's platinum - group metal resources are extremely scarce, mainly distributed in Gansu, Yunnan, and other regions. In 2022, China's platinum - group metal reserves were 80.9 tons, and the resource reserves are decreasing [82]. - **Import Dependence**: China's platinum and palladium resources have a high degree of import dependence. In 2024, China imported 104.1 tons of platinum and 28.1 tons of palladium [86][88][92]. - **Domestic Demand**: In 2024, China consumed 64.4 tons of platinum and 68.9 tons of palladium. The demand for platinum in the automotive catalyst and chemical industries decreased, while the demand for palladium in the automotive catalyst field decreased significantly [97][101]. - **Import and Export and Taxes**: The import tariffs and value - added taxes of platinum and palladium vary according to the processing state. China's platinum is mainly imported from South Africa, and palladium is mainly imported from Russia and South Africa [110][111][114]. 3.6 Platinum and Palladium Price Review No detailed price review content is provided in the text, only a mention of historical price trends. 3.7 Guangzhou Futures Exchange Platinum and Palladium Futures - **Contract Text**: On November 7, 2025, the GZFE issued announcements on the palladium futures and palladium options contracts and related rules [126]. - **Risk Control System**: No detailed content is provided in the text. 3.8 Platinum and Palladium Options - **Option Contracts**: No detailed content is provided in the text. - **Risk Control System**: No detailed content is provided in the text. 3.9 Delivery Business - **Delivery Time**: No detailed content is provided in the text. - **Delivery Product Form and Premium/Discount**: No detailed content is provided in the text. - **Delivery Unit**: No detailed content is provided in the text. - **Delivery Handling Fee**: No detailed content is provided in the text. - **Warehousing and Out - of - Warehouse Fees**: No detailed content is provided in the text. - **Physical Delivery Method**: No detailed content is provided in the text. - **Delivery Quality Standard**: No detailed content is provided in the text. - **Warehouse Standard Warehouse Receipt Delivery**: No detailed content is provided in the text. - **Factory Warehouse Standard Warehouse Receipt Delivery**: No detailed content is provided in the text. 3.10 Platinum and Palladium Delivery Areas, Factories, and Warehouses - **Platinum Futures Delivery Area Factories**: No detailed content is provided in the text. - **Palladium Futures Delivery Area Factories**: No detailed content is provided in the text. - **Platinum and Palladium Futures Delivery Warehouses**: No detailed content is provided in the text. 3.11 Platinum and Palladium Designated Quality Inspection Institutions and Inspection Fees - **Platinum and Palladium Futures Quality Inspection Institution List**: No detailed content is provided in the text. - **Maximum Limit of Platinum Futures Inspection Fees**: No detailed content is provided in the text. - **Maximum Limit of Palladium Futures Inspection Fees**: No detailed content is provided in the text. 3.12 Platinum and Palladium Delivery Brands - **List of Registered Brands for Platinum Futures (Domestic)**: No detailed content is provided in the text. - **List of Registered Brands for Platinum Futures (Overseas)**: No detailed content is provided in the text. - **List of Registered Brands for Palladium Futures (Domestic)**: No detailed content is provided in the text. - **List of Registered Brands for Palladium Futures (Overseas)**: No detailed content is provided in the text.

Group 1 - The company Huayang New Materials (SH 600281) announced on November 19 that it plans to apply for a 50 million yuan working capital loan from Huaxia Bank, with a term of three years and an expected annual interest rate not exceeding 3.5% [1] - The loan will require the company to provide joint liability guarantees, with the current actual guarantee balance amounting to approximately 328 million yuan, which represents 537.38% of the company's most recent audited net assets [1] - For the year 2024, the revenue composition of Huayang New Materials is as follows: precious metal processing accounts for 83.91%, biodegradable materials and products account for 12.1%, and other businesses account for 3.99% [1] Group 2 - As of the time of reporting, the market capitalization of Huayang New Materials is 3.1 billion yuan [2]

Core Insights - The Lanzhou New Area Comprehensive Bonded Zone is making significant strides in the high-quality development of the precious metals industry, achieving a total import and export value of 1.5 billion yuan in precious metals this year [2][3] - The establishment of the precious metals import and export distribution center marks a new phase of orderly operation and steady development, injecting strong momentum into the precious metals industry layout in the northwest region [2] Policy and Collaboration - The Lanzhou New Area Comprehensive Bonded Zone Management Committee has actively constructed a multi-departmental collaborative mechanism to address the development bottlenecks in the precious metals industry [2] - Enhanced communication and collaboration with regulatory bodies such as customs, taxation, and foreign exchange have been established to create a cohesive policy environment for the precious metals processing industry [2] Industry Development - The successful launch of the first imported gold processing business in August signifies a breakthrough in the processing trade of precious metals within the bonded zone [2] - The precious metals import and export distribution center has officially commenced operations, providing a core platform for the normalization and scale expansion of business activities [2][3] Resource Integration - The bonded zone is strengthening deep cooperation with leading precious metals enterprises both within and outside Gansu Province, actively guiding trade resources to concentrate in the bonded zone [3] - By optimizing bonded warehousing service processes, the scale of gold and silver bonded warehousing business has been continuously expanded, enhancing the core functions of the distribution center in warehousing management and supply chain services [3]

Core Viewpoint - Guiyan Platinum Industry (600459.SH) plans to raise up to 1.291 billion yuan through a private placement of A-shares to fund technological innovation, industrial transformation, and working capital, despite facing challenges with profit growth and increasing debt levels [2][3][5]. Group 1: Business Strategy and Expansion - The company is focused on building a closed-loop industrial chain around three core areas: precious metal new material manufacturing, resource development and recycling, and supply services [3]. - The funds raised will be allocated to seven projects, including a 400 million yuan investment in a national key laboratory for precious metal functional materials and 84 million yuan for an AI laboratory for new materials [3][4]. - The necessity for expansion is driven by the rapid growth of emerging industries and supportive government policies for new material development [3][4]. Group 2: Financial Performance and Debt Levels - As of mid-2025, the company's total assets reached 19.795 billion yuan, a 36.10% increase from the beginning of the year, with liabilities amounting to 12 billion yuan and a debt-to-asset ratio of 61.01%, up 13.75% year-on-year [5]. - Short-term borrowings surged by 178.11% to 3.318 billion yuan, primarily to support the expanded production scale [5][6]. - The company has a history of relying on financing, with previous fundraising efforts totaling nearly 4.2 billion yuan, often used for debt repayment and working capital [5][6]. Group 3: Profitability Challenges - Despite a 20.91% increase in revenue to 29.554 billion yuan in the first half of 2025, net profit only grew by 2.30% to 325 million yuan, indicating a significant disparity between revenue growth and profit [8]. - The company's net profit margin declined from 1.3% to 1.1%, placing it at the bottom of the industry, while gross margin fell to 2.19%, down from 3.5% in previous periods [8][9]. - The low profitability is attributed to the low-margin nature of the precious metal processing industry and the company's heavy asset model, which incurs high upfront costs [8][9]. Group 4: Inventory and Cash Flow Concerns - The company's inventory skyrocketed by 70.67% to 7.391 billion yuan, constituting 37.34% of total assets, raising concerns about potential devaluation risks and cash flow pressures [9][10]. - Inventory turnover rates have been declining, indicating weakening inventory management, with the latest rate at 4.93 [10]. - The improvement in cash flow is not due to enhanced profitability but rather through aggressive collection efforts and extended payment terms, highlighting ongoing challenges in cash generation [9].

Core Viewpoint - The successful import of 47.6 kg of gold from Hong Kong to the Lanzhou New Area Comprehensive Bonded Zone marks the operational launch of the precious metals import and export distribution center, injecting new momentum into the development of the precious metals industry in the region [1] Group 1: Business Operations - The imported gold will be processed by Gansu Dongwu Precious Metals Co., Ltd, indicating a proactive exploration of precious metals processing [1] - The Lanzhou New Area Comprehensive Bonded Zone has achieved a breakthrough in bonded logistics for gold and silver, with over 500 million yuan in precious metals import and export value realized to date [1] Group 2: Government Support and Collaboration - The Comprehensive Bonded Zone Management Committee collaborated with regulatory departments to provide comprehensive support and "one-stop" foreign trade guidance for the successful execution of this business [1] - Key stakeholders, including Lanzhou Customs and the Lanzhou Municipal Bureau of Commerce, engaged in extensive research and meetings to streamline business processes and regulatory frameworks [1] Group 3: Future Plans - The Lanzhou New Area Comprehensive Bonded Zone Management Committee aims to strengthen investment attraction, extend the industrial chain, and enhance product added value, contributing to the dual improvement of the scale and quality of precious metals foreign trade [1]