铂金的供给 铂金供给来源分为矿产铂金和回收铂金两大来源，分别占比约70%和30%。此外，因铂金生产主要集中 在几大生产商手中，它们对铂金库存的年度调节也会对当年铂金供给产生一定影响。 1、矿产铂金的供给 数据来源：WPIC世界铂金投资协会，兴业期货 铂金的需求 铂金下游需求分四大领域，具体为汽车催化剂、首饰、工业及投资（铂金条/币的投资，交易所ETF持 仓及交易所库存）需求 2025年全球铂金总需求（预） 矿产铂金主产区集中在南非、津巴布韦、俄罗斯和北美，其他地区产量很少，其中又以南非占比最大， 其占矿产铂金产量的比例约为70%。 2025年全球铂金矿产供应（预） 数据来源：WPIC世界铂金投资协会，兴业期货 全球主要铂金生产商包括南非的英美铂业（Anglo American Platinum）、英帕拉铂业（Implats）、诺瑟 姆铂业（Northam Platinum） ，俄罗斯的诺里尔斯克镍业（Norilsk Nickel），津巴布韦的津巴布韦铂业 （Zimplats）以及北美的斯班静水（Sibanye-Stillwater）。 回收铂金的供给。 回收铂金主要来源为汽车催化剂、首饰及工业回收。 2025 ...

价格在高位得到支撑 铂族金属周报 2025/11/22 0755-23375141 zhongjunxuan@wkqh.cn 从业资格号：F03112694 交易咨询号：Z0022090 钟俊轩（宏观金融组） CONTENTS 目录 02 市场回顾 05 月差及跨市场价差 01 周度评估及行情展望 03 库存及ETF持仓变动 04 供给和需求 01 周度评估及行情展望 周度评估及行情展望 | 铂族金属重点数据汇总 | | 单位 | 2025-11-21 | | 2025-11-14 | | 周度变化 | | 周度涨跌幅度 | | 月度涨跌幅度 | | 进一年历史分位数 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 铂 金 | | CFTC报告区间为 | 2025-10-07 | | 2025-09-30 | | | | | | | | | | | | 收盘价(活跃合约) | 成交量(五日均值) | 美元/盎司 手 | 1523 25392 | 4 ...

Core Viewpoint - Coeur Mining (CDE.US) is acquiring New Gold (NGD.US) in an all-stock deal valued at approximately $7 billion, creating a new giant in the North American precious metals sector with a combined market capitalization of about $20 billion [1] Group 1: Acquisition Details - The acquisition will allow Coeur Mining to operate in Canada for the first time, as New Gold has two gold production sites in Canada: Rainy River and New Afton [1] - Following the merger, the new entity is expected to produce approximately 900,000 ounces of gold and 20 million ounces of silver annually by 2026, positioning it among the largest in North America [1] Group 2: Market Reactions - Coeur Mining's stock price fell over 8% to $15.63, while New Gold's stock price increased nearly 3% to $7.58 following the announcement of the acquisition [1]

Core Viewpoint - Shengda Resources (000603) reported strong financial performance in Q3 2025, with revenue of 1.652 billion yuan, a year-on-year increase of 18.29%, and a net profit attributable to shareholders of 331 million yuan, up 71.51% year-on-year, driven by stable mining production, successful technological upgrades, and rising silver prices [1] Company Performance - The company's silver production capacity is accelerating, with a total identified silver metal volume of approximately 12,000 tons and control over seven mining resources, placing it in a leading position among domestic peers [2] - In H1 2025, the company's silver metal production increased by 34.97% year-on-year due to the implementation of core mining technological upgrades [2] - The Jinshan Mining project, one of the largest independent silver mines in China, has completed its 480,000 tons/year ore selection technological upgrade, enhancing recovery rates and reducing unit costs, thus optimizing profitability alongside production growth [2] Growth Potential - Shengda Resources is expanding its gold business through strategic acquisitions, with the Caiyuzi Copper-Gold Mine expected to contribute significantly to gold revenue growth [4] - The Caiyuzi Copper-Gold Mine has a production capacity of 396,000 tons/year and identified gold resources of approximately 17 tons, with a favorable geological setting for further exploration [4][5] - The mine has entered a trial operation phase as of September 2025, with full production expected by 2026, potentially yielding 1-1.5 tons of gold annually, enhancing profit margins due to low production costs [5] Industry Context - The recent surge in precious metal prices is attributed to multiple factors, including supply-demand fundamentals, market risk aversion, and macroeconomic monetary policies [6] - Investment institutions remain optimistic about further price increases in precious metals, driven by concerns over "stagflation" risks in the U.S. economy and expectations of interest rate cuts by the Federal Reserve [7]

Group 1 - US stock index futures rose as investors bet on a Federal Reserve rate cut ahead of key inflation data release on October 24 [1] - S&P 500 futures increased by 0.3%, with technology stocks leading the gains, potentially marking the second consecutive week of over 1% increase for the index [1] - Nasdaq 100 futures rose by 0.5%, while Dow futures were up by 0.1% [1] Group 2 - Intel's stock surged in pre-market trading following the company's optimistic revenue forecast [1] - Ford's shares increased after the company announced it would largely recover next year from setbacks caused by a devastating fire at a key supplier [1] - Newmont Corp.'s stock price fell after the precious metals miner's performance guidance disappointed investors [1] Group 3 - The money market has priced in a Federal Reserve rate cut next week, and US Treasury bonds are expected to achieve their best monthly performance since February [1] - Investors may overlook signs of persistent inflation in the Consumer Price Index report on October 24 due to a data vacuum caused by the recent US government shutdown [1] - Michael Brown, a senior research strategist at Pepperstone Group Ltd., indicated that regardless of data performance, it would not prevent the Federal Open Market Committee from implementing a 25 basis point rate cut in the upcoming meetings [1]

Group 1: Global Mining Development Trends - The "Global Mining Development Report 2025" was released, showcasing global mining trends since 2024, emphasizing high-quality development in the mining sector [1] - In the first half of 2025, global trade volumes were reported as follows: gold at 3053.8 tons, silver at 17,000 tons, and platinum at 476.8 tons [5] Group 2: Coal Trade Insights - Global coal trade volume reached 35.99 exajoules last year, marking a 1.3% year-on-year increase, matching the historical high from 2018 [3] - China remains the largest coal importer, accounting for 32.3% of total trade volume, with a significant 14.0% increase in imports [3] Group 3: Oil Trade Dynamics - Last year, global crude oil trade volume was 2.16 billion tons, a slight decrease of 0.2% year-on-year [2] - China maintained its position as the largest crude oil importer, despite a 0.19 million ton decrease in imports [2] Group 4: Precious Metals Trade - Global gold trade volume fell to 5871.4 tons, a significant decline of 45.9% year-on-year, with China being the largest importer at 44.4% of total imports [4] - Silver trade volume increased by 2.6% to 39,000 tons, with China also leading in both exports and imports [4] Group 5: Strategic Emerging Minerals - Production of strategic emerging minerals like lithium, cobalt, and nickel saw significant growth in 2024, with lithium carbonate production reaching 701,000 tons, a 35.4% increase [6] - However, exploration and drilling activities for these minerals have decreased, with a 3.3% drop in exploration investment [7]

Group 1 - International gold and silver prices reached historical highs on October 17, with London gold peaking at $4,380.79 per ounce and London silver at $54.468 per ounce, but both experienced significant pullbacks [1] - The surge in precious metal prices in October is driven by multiple factors, including expectations of interest rate cuts by the Federal Reserve, which weakened the dollar and lowered real interest rates, enhancing gold's appeal as a non-yielding asset [2] - Geopolitical risks and high levels of uncertainty have elevated safe-haven demand, providing crucial support for gold prices [2] Group 2 - The lack of supply elasticity in precious metals is a significant factor, as mining investments are capital-intensive and have long lead times, making it difficult to increase production in the short term [2] - Severe shortages of silver in overseas markets and the inversion of futures prices in New York and London have contributed to rising silver prices [2] - Concerns over sovereign debt levels and potential currency devaluation have prompted investors to allocate more to precious metals as a hedge against depreciation [2] Group 3 - In response to the volatility in gold and silver prices, the Shanghai Futures Exchange and the Shanghai Gold Exchange implemented risk control measures and issued warnings to investors [3] - The Shanghai Futures Exchange announced adjustments to trading limits and margin requirements for gold and silver futures to mitigate risks associated with high volatility [3] - Analysts recommend cautious participation in the precious metals market, emphasizing the importance of risk control and avoiding impulsive buying [3][4] Group 4 - Despite the long-term bullish outlook for precious metals, short-term volatility risks have significantly increased [4] - Technical analysis suggests that if New York gold effectively breaks through the $4,200 level, the next resistance could be around $4,400, while a new support level is forming near $3,950 [4] - Investors are advised to maintain light positions and take advantage of price pullbacks for gradual accumulation, while strictly managing risk to avoid chasing prices [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall strength of the precious metals sector drove the price increase of platinum group metals this month. The prices of platinum group metals have reached relatively high levels, and there is a risk of short - term correction. However, in the context of the significant impact on the US dollar credit and the continuous interest - rate cut cycle of the Federal Reserve, the precious metals sector still has room for strong performance. It is recommended to wait for the full correction of platinum and palladium prices and then look for opportunities to go long, with a focus on platinum with more obvious financial attributes [9]. - NYMEX platinum prices are expected to enter a consolidation range after rising to around the 1730 resistance level and then falling back. NYMEX palladium prices are also expected to enter a consolidation range after falling back from the 1531 resistance level, and its technical chart is significantly weaker than that of platinum [12][15]. 3. Summary According to the Directory 3.1 Monthly Assessment and Market Outlook - **Price and Position Data**: From September 16 to September 23, NYMEX platinum's closing price (active contract) increased by 1.10% to $1662.9 per ounce, the five - day average trading volume decreased by 14.06% to 30119 lots, the position of the main contract increased by 0.22% to 83205 lots, and the management fund's net long position increased by 3638 lots to 18285 lots. NYMEX palladium's closing price (active contract) increased by 14.04% to $1462 per ounce, the five - day average trading volume increased by 41.07% to 9817 lots, the position of the main contract decreased by 1.78% to 21486 lots, and the management fund's net short position decreased by 15 lots to 5176 lots [9]. - **Technical Analysis**: NYMEX platinum's weekly line recorded 7 consecutive positive lines and then broke through upwards, but then fell back from around the 1730 resistance level. NYMEX palladium's main contract stabilized at the 1100 - dollar - per - ounce trend line after touching the rising trend line, and its technical chart is weaker than that of platinum. Both are expected to enter a consolidation range [12][15]. 3.2 Market Review - **Price and Position Changes**: NYMEX platinum's main contract price increased by 20.8% to $1662.9 per ounce, and the total position increased to 97978 lots. NYMEX palladium's main contract price increased by 25.01% to $1462 per ounce, and the total position increased to 20282 lots [21][24]. - **Domestic Price and Spread**: As of October 9, the spot price of platinum on the Shanghai Gold Exchange was 389.51 yuan per gram. The one - month implied lease rate of platinum rose to 12.94%, and that of palladium was 8.15%, both showing a significant rebound [27][31]. - **CFTC Net Position**: As of September 23, NYMEX platinum's management fund net long position increased by 3638 lots to 18285 lots, and NYMEX palladium's management fund net short position was 5176 lots [34][37]. 3.3 Inventory and ETF Holdings Changes - **ETF Holdings**: As of October 9, the total holdings of platinum ETFs were 75.86 tons, and the total holdings of palladium ETFs were 14.55 tons [48][51]. - **Inventory**: As of October 9, CME platinum inventory was 20.83 tons, and CME palladium inventory was 5509.32 kilograms, with the inventory level continuing to rise [55][60]. 3.4 Supply and Demand - **Supply**: In 2025, the total platinum output of the top 15 mines is expected to be 127.47 tons, a decrease of 1.9% compared to 2024. The total palladium output of the top 15 mines is expected to be 165.78 tons, a decrease of 0.86% compared to 2024 [66][69]. - **Demand**: China's platinum imports in August were 8.21 tons, showing a rebound compared to July. Palladium imports in August were 2.06 tons, showing a decline compared to July [72][75]. 3.5 Monthly Spread and Cross - Market Spread - **Monthly Spread**: The report provides multiple sets of data on the monthly spreads of NYMEX platinum and palladium, but no specific analysis of the spreads is given [91][99]. - **Cross - Market Spread**: The report shows the spread data between the London spot market and NYMEX for platinum and palladium, but no specific analysis is provided [106].

Core Viewpoint - Hecla Mining's stock price declined by 1.7% following the announcement of progress in its exploration project in Montana, which has received a favorable decision from the U.S. Forest Service [1] Group 1: Company Developments - Hecla Mining is making advancements in its exploration project in Montana, which is significant for its copper and silver resources [1] - The company is open to establishing strategic partnerships to further advance its exploration efforts [1]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.67% to below 27,000 points, the Hang Seng Tech Index down by 1.1%, and the Hang Seng China Enterprises Index decreasing by 0.88% [1][3]. Technology Sector Performance - Major tech stocks such as Xiaomi, Alibaba, and JD.com saw declines of 2.09%, 2.49%, and 2.14% respectively, while NetEase and Kuaishou also dropped by over 1% [3]. Notable Stock Movements - China Gas Holdings (08246.HK) experienced a significant increase, initially rising over 300% and closing up 113.51% at HKD 0.158 per share. This surge followed an announcement of a subscription agreement for 334 million shares at a price of HKD 0.075, representing a premium of approximately 1.35% over the previous closing price [3][4]. Precious Metals Sector - The precious metals sector showed strength, with Zijin Mining International (02259) rising by 8.24% to HKD 147.2, doubling its listing price of HKD 71.59. The current spot gold price reached USD 3,948.81 per ounce, up by 1.26% [6]. Semiconductor Sector - Semiconductor companies continued their upward trend, with SMIC (0981.HK) reaching a new high of HKD 92.1, marking a 0.17% increase. Huahong Semiconductor (1347.HK) also saw a rise of 4.57%, with a year-to-date increase of 331.6% [7]. IPO Activity - The Hong Kong IPO market remains robust, with 68 companies listed in the first three quarters, a year-on-year increase of 47.83%. The total fundraising amount reached HKD 182.397 billion, a significant increase of 222.16% compared to the previous year, marking the highest level since 2021 [7].