2026 年 01 月 08 日 商 品 研 究 产 业 服 务 研 究 所 | | | 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 铂钯基本面数据 | | | 昨日收盘价 | | 涨幅 | | | --- | --- | --- | --- | --- | --- | | | 铂金期货2606 | 598. 50 | | -2.97% | | | | 金交所铂金 | 605. 53 | | 0. 00% | | | | 纽约铂主连(前日) | 2290. 40 | | -6.74% | | | | 伦敦现货铂金(前日) | 2289. 70 | | -4. 58% | | | | 锂金期货2606 | 475. 95 | | 0. 86% | | | 价格 | 人民币现货包金 | 434. 00 | | 3. 09% | | | | 纽约肥主连(前日) | 1.817.00 | | -3.96% | | | | 伦敦现货锂金(前日) | 1,767.50 | | -3. 39% | | | | | 昨日成交 | 较前日变动 | 昨日持仓 ...

Market Overview - The A-share market experienced a slight increase, with sectors such as oil and petrochemicals, automobiles, and non-ferrous metals leading the gains, while the consumer sector saw a pullback. The Wind All A index rose by 0.13% with a trading volume of 2.16 trillion yuan [2][9] - The A500 ETF saw significant subscriptions in December, with net subscriptions reaching 110 billion yuan, of which nearly 102 billion yuan was for the A500 ETF. The A500 index has a high correlation with the CSI 300 index, exceeding 0.98, with a slight difference in growth-oriented stocks [2][10] Bond Market - On Tuesday, the bond futures market showed mixed results, with the 30-year main contract rising by 0.17% while the 10-year and 5-year contracts fell slightly. The People's Bank of China conducted a 3.125 billion yuan reverse repurchase operation with a bid rate of 1.4% [3][11] - The central economic work conference indicated a continuation of moderately loose monetary policy for the next year, emphasizing the importance of promoting stable economic growth and reasonable price recovery [3][11] Precious Metals - Overnight, London spot gold rose by 0.13% to $4,337 per ounce, while silver increased by 5.58% to $76.18 per ounce. Platinum rose by 3.79%, and palladium saw a slight decline of 0.59%. The gold-silver ratio fell to around 57.7 [5][12] - The Federal Reserve's meeting minutes indicated that most participants believe further rate cuts may be appropriate if inflation decreases as expected, with a majority supporting a rate cut in December [5][12]

商 品 研 究 2025 年 12 月 29 日 铂：多头情绪仍然饱满 钯： 震荡上行 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 请务必阅读正文之后的免责条款部分 1 【基本面跟踪】 铂钯基本面数据 | 昨日收盘价 | | | | | 涨幅 | | --- | --- | --- | --- | --- | --- | | 705. 30 | 铂金期货2606 | | | | 2. 67% | | 662. 15 | 金交所铂金 | | | | 11. 99% | | 2513. 90 | 纽约铂主连(前日) | | | | 10. 60% | | 2459. 50 | 伦敦现货铂金(前日) | | | | 9.17% | | 515. 65 | 纪金期货2606 | | | | -2.53% | | 429.00 | 人民币现货纪金 价格 | | | | 3.13% | | 2, 060. 50 | 纽约兜主连(前日) | | | | 13. 15% | | 1.925.00 | 伦敦现货锂金(前日) | | | | 11. 69% | | 昨日成交 ...

商 品 研 究 2025 年 12 月 26 日 铂：多头情绪占优 请务必阅读正文之后的免责条款部分 1 钯： 震荡上行 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 铂钯基本面数据 | | | 昨日收盘价 | | 涨幅 | | | --- | --- | --- | --- | --- | --- | | | 铂金期货2606 | 686. 95 | | 4. 46% | | | | 金交所铂金 | 591. 25 | | -2.59% | | | | 纽约铂主连(前日) | 2272. 90 | | l | | | | 伦敦现货铂金(前日) | 2253.00 | | l | | | | 纪金期货2606 | 529. 05 | | -8. 54% | | | 价格 | 人民币现货包金 | 416. 00 | | -9.37% | | | | 纽约肥主连(前日) | 1,821.00 | | l | | | | 伦敦现货纪金(前日) | 1.723.50 | | ー | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变 ...

2025 年 12 月 25 日 铂：外盘休市，警惕回调 钯： 投资情绪转向，料下行幅度较大 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 铂钯基本面数据 | | | 昨日收盘价 | | 涨幅 | | | --- | --- | --- | --- | --- | --- | | | 铂金期货2606 | 657. 65 | | 6. 08% | | | | 金交所铂金 | 606. 99 | | 8.08% | | | | 纽约铂主连 | 2272. 90 | | -2. 03% | | | | 伦敦现货铂金 | 2253. 00 | | -1.40% | | | | 锂金期货2606 | 578. 45 | | 8. 62% | | | | 人民币现货贸金 | 459.00 | | 5.03% | | | 价格 | 纽约锂主连 | 1.821.00 | | -7.28% | | | | 伦敦现货纪金 | 1.723.50 | | -7.24% | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | | 广铂(千 ...

Economic Growth - The U.S. economy is projected to grow at an annualized rate of 4.3% in Q3 2025, up from 3.8% in Q2 2025, driven by increased personal consumption expenditures, which account for about 70% of the economy [1] - Personal consumption expenditures grew by 3.5% in the quarter, while government consumption and investment increased by 2.2% [1] - Exports rose by 8.8%, but non-residential fixed investment only grew by 2.8%, significantly lower than the previous quarter's growth of 7.3% [1] Precious Metals Market - The international precious metals market showed strong performance, with spot gold and silver reaching historical highs [1] - COMEX gold futures closed at $4,515 per ounce, with a daily increase of 1.02% [1] - Spot silver surged over 2%, breaking the $70 per ounce mark for the first time, while platinum prices also hit a record, surpassing $2,300 per ounce [1] Oil Market - International oil prices have been rising for several consecutive trading days, influenced by the market's assessment of the impact of recent U.S. actions against Venezuelan oil tankers on supply [1] Stock Market Performance - On December 23, all three major U.S. stock indices recorded gains, with the Dow Jones Industrial Average up by 0.16%, the Nasdaq Composite up by 0.57%, and the S&P 500 up by 0.46%, all reaching historical closing highs [1] - Major technology stocks generally experienced an upward trend [1]

每经AI快讯，12月23日，伦敦现货铂金最新报2268美元/盎司，日内涨6.8%。 每经AI快讯，12月23日，伦敦现货铂金最新报2268美元/盎司，日内涨6.8%。 ...

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - Platinum shows a narrow - range oscillation, and palladium shows a sideways consolidation [2]. 3. Summary by Directory Platinum and Palladium Fundamental Data - **Price**: The closing prices of platinum and palladium - related products had different changes. For example, the platinum futures 2606 closed at 440.55 with a - 0.44% change, and the New York platinum main - continuous closed at 1683.50 with a 1.81% change. The palladium futures 2606 closed at 381.50 with a 1.94% change [3]. - **Trading Volume and Open Interest**: The trading volumes and open interests of platinum and palladium also changed. For instance, the trading volume of Guangbo platinum was 19,006, a decrease of 3,565 compared to the previous day, and its open interest was 12,674, an increase of 409 [3]. - **ETF Holdings**: The platinum ETF holdings (ounces) (previous day) were 3,121,942, an increase of 19,383, and the palladium ETF holdings (ounces) (previous day) were 1,077,501, a decrease of 7 [3]. - **Inventory**: The NYMEX platinum inventory (ounces) (previous day) was 615,297, a decrease of 1,031, while the NYMEX palladium inventory (ounces) (previous day) was 172,604, with no change [3]. - **Price Spreads**: Various price spreads had different changes. For example, the PT9995 to PT2606 price spread was - 8.33, an increase of 3.23 compared to the previous day [3]. - **Exchange Rates**: The US dollar index was 98.87, a - 0.09% change, and the US dollar to RMB (CNY spot) was 7.07, a - 0.07% change [3]. Macro and Industry News - The US ADP employment in November decreased by 32,000, the lowest since March 2023, while the market expected an increase of 10,000 [6]. - The Kremlin stated that it was incorrect to say that Russian President Putin rejected the US proposal on Ukraine, and it was just a preliminary exchange of opinions [6]. - US media reported that US Treasury Secretary Bessent might concurrently serve as the director of the National Economic Council [6]. - US Treasury Secretary Bessent said that there was weakness in some areas of the economy and interest rate cuts were needed [6]. - US media reported that Trump's assistant would meet with senior Ukrainian negotiators in Miami on Thursday [6]. - The EU will fully ban the import of Russian natural gas in the autumn of 2027 [6]. Trend Intensity - The platinum trend intensity is 0, and the palladium trend intensity is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [5].

商 品 研 究 2025 年 12 月 03 日 铂：窄幅震荡 钯：NYMEX 对伦敦价差拉开，有上行可能 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 铂钯基本面数据 | | | 昨日收盘价 | | 涨幅 | | --- | --- | --- | --- | --- | | | 铂金期货2606 | 442. 50 | | -2.02% | | | 金交所铂金 | 430. 94 | | -2. 50% | | | 纽约铂主连 | 1653. 60 | | -1.05% | | | 伦敦现货铂金 | 1640. 50 | | -1.36% | | | 铝金期货2606 | 374. 25 | | -2. 12% | | | 人民币现货把金 | 350.00 | | -4. 37% | | 价格 | 纽约肥主连 | 1.516.00 | | 4. 31% | | | 伦敦现货包金 | 1. 424. 81 | | -1.61% | | | | 昨日成交 | 较前日变动 | 昨日持仓 较前日变动 | | | 广铂 | 22, 571 | -2 ...

钯：缓慢追涨 商 品 研 究 2025 年 12 月 1 日 铂：受白银引领上行 【基本面跟踪】 铂钯基本面数据 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com | | | 昨日收盘价 | | 涨幅 | | | --- | --- | --- | --- | --- | --- | | | 铂金期货2606 | 435. 55 | | 1.22% | | | | 金交所铂金 | 432. 36 | | 0.72% | | | | 纽约铂主连 | 1683. 70 | | 3. 43% | | | | 伦敦现货铂金 | 1668. 50 | | 3.72% | | | | 纪金期货2606 | 371.55 | | 0. 26% | | | | 人民币现货纪金 | 353.00 | | 1. 15% | | | 价格 | 纽约锂主连 | 1. 460. 00 | | 1.47% | | | | 伦敦现货纪金 | 1,448.16 | | 1. 18% | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | | 广铂 | 24, 649 ...