1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since 2025, the global precious metals market has strengthened, with gold, silver, and platinum - group metals rising significantly. Platinum is expected to continue its strong upward trend driven by multiple factors such as tight supply - demand balance, weakening US dollar, inflow of speculative funds, and macro - policy uncertainties [4][6][73]. - The launch of Chinese platinum futures will provide more efficient risk - management tools for industrial chain enterprises, create more asset - allocation options for investors, and enhance China's pricing power in the global platinum market [6][76]. 3. Summary by Relevant Catalogs 3.1 2025 Precious Metals Sector Market Review - The global precious metals market has strengthened under the impetus of multiple factors. Gold, as a core safe - haven asset, reached a record high of $3,518.5 per ounce on September 1, with a cumulative increase of over 35% based on the annual peak. The main driving factors include geopolitical tensions, central bank gold purchases, and expectations of Fed rate cuts [4][9]. - Silver and platinum showed stronger growth, with platinum rising 66%, palladium 51%, and silver 42% based on the annual peak. The precious metals market presented a pattern of "gold leading the rise, platinum, palladium, and silver following, and sector rotation" [4][10]. 3.2 2025 Platinum Fundamental Market Analysis 3.2.1 2025 Platinum Supply Shows a Tightening Trend - **Primary Platinum Mine Supply**: The global platinum mine supply is highly concentrated, with 77% of the reserves in South Africa in 2024. Supply is vulnerable to disruptions. In 2025, global platinum mine supply is expected to decline by 6% to 543,000 ounces due to various factors such as South Africa's power shortages and North America's production cuts [14][24]. - **Recycled Platinum Supply**: In 2024, global recycled platinum increased slightly but remained at a historical low. In 2025, it is expected to grow by 3% to 157,000 ounces, but the increase is insufficient to offset the decline in primary supply [28][29]. - **China's Platinum Dilemma**: China has a high dependence on imports for platinum supply. In 2024, imports accounted for 85.7% of the total supply, mainly from South Africa. Supply faces external risks such as geopolitical changes and policy adjustments [35][36]. 3.2.2 Global Platinum Demand: Overall Decline in Total Demand, Expected to Drop 4% in 2025 - **Automotive Industry Demand**: The automotive industry is the largest demand area for platinum. In 2025, global automotive catalyst demand for platinum is expected to decrease by 2% to 305,200 ounces. The growth in some markets cannot offset the decline caused by the electrification of vehicles and the delay of emission standards [47]. - **Other Industrial Demand**: In 2025, global industrial platinum demand is expected to drop to 211,000 ounces, the lowest in six years, mainly due to the weakening of the glass and chemical industries [51]. - **Platinum Jewelry Demand**: In 2025, global jewelry platinum demand is expected to increase by 5% to 211,400 ounces, reaching a seven - year high. China's market shows significant growth [54]. - **Platinum Investment Demand**: In 2025, global physical platinum bar and coin investment demand is expected to increase by 30% to 25,200 ounces, with China as the core driving force [55]. 3.3 2025 Platinum Price Driving Factor Deduction - **Commodity Attribute**: The platinum market has been in a supply shortage for three consecutive years. In 2025, the shortage is expected to be 966,000 ounces, providing a solid foundation for price increases [59]. - **Financial Attribute**: The US dollar's weakness is a key factor driving up platinum prices. The US dollar has been under pressure this year, and the negative correlation between the US dollar index and platinum prices is expected to support platinum prices [62]. - **Investment Attribute**: Platinum has strong speculative attributes. After gold reached a high valuation, speculative funds flowed into platinum, leading to significant price increases [66]. - **Other Major Impacts**: Uncertainty in US tariff policies can cause significant fluctuations in the precious metals market. If the policy extends to platinum bars, it may have a similar or stronger impact on platinum prices [70][72].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In 2025, Guangzhou Futures Exchange released a public consultation announcement on platinum and palladium futures and options contracts and related rules, indicating the upcoming official listing of these varieties, which is a significant step in the diversification and internationalization of China's futures market [1]. - The long - term price trend of platinum and gold was highly correlated before 2015, but they diverged after 2015. Gold entered a bull market due to factors like quantitative easing, central bank purchases, and geopolitical conflicts, while platinum was suppressed by weak demand and high inventory [4]. - In the short - term, platinum prices first rose due to the proposed copper tariff by the Trump administration, increased investment demand, and supply disruptions in South Africa, then回调 in July due to the removal of tariff risks and profit - taking [10][11]. - Despite short - term回调 pressure, the platinum market is expected to have a supply - demand gap until 2029, and its price center may gradually move up with the growth of the hydrogen energy sector [13]. 3. Summary by Directory I. Platinum Spot Price 1. Long - term Trend - Before 2015, platinum's price trend was highly correlated with gold. After 2015, gold entered a bull market due to factors such as quantitative easing, central bank purchases, and geopolitical conflicts, while platinum faced weak demand due to global economic slowdown and high ground inventory, and its price fluctuated around the cost [4]. 2. Recent Trend - In Q1 2025, the platinum market continued to fluctuate. In May, the news of a proposed 50% tariff on copper by the Trump administration led to a surge in short - term demand, increased investment demand as a substitute for gold, and supply disruptions in South Africa, pushing up the price. In July, after the US announced a tariff exemption for refined copper imports, the price回调 due to reduced hoarding and profit - taking [10][11]. II. Platinum Group Metals Introduction - Platinum group metals (PGMs) include platinum, palladium, rhodium, iridium, osmium, and ruthenium. They have unique physical and chemical properties such as high melting and boiling points, electro - thermal stability, chemical inertness, corrosion resistance, oxidation resistance, and excellent catalytic performance, and are widely used in modern industry as catalysts [17][18]. III. Platinum Industry Chain Structure - The upstream of the platinum industry involves exploration, mining, and preliminary processing of platinum mines, mainly located in South Africa, Russia, and Zimbabwe. The mid - stream focuses on refining and processing platinum into industrial and commercial products. The downstream includes end - use and consumer markets such as automotive, chemical, electronics, and investment [22][25].