受欧盟逆转 2035 年燃油车禁令政策、供应持续紧缺，以及贵金属投资需求升温提振，铂金价格在 12 月 迎来近 40 年来最强劲月度涨幅。 作为全球第二大经济体、铂族金属最大消费国，中国高度依赖该类金属进口，此次上市的期货合约，也 是国内首个铂族金属价格对冲工具。 麦格理集团分析师表示：'若中国现货进口采购需求持续高企，铂族金属价格的关键考验，或将在美关 祱政策落地后到来。' 新浪合作大平台期货开户 安全快捷有保障 责任编辑：郭明煜 受欧盟逆转 2035 年燃油车禁令政策、供应持续紧缺，以及贵金属投资需求升温提振，铂金价格在 12 月 迎来近 40 年来最强劲月度涨幅。 铂金和钯金均用于生产汽车尾气净化催化剂，今年以来价格大幅飙升。尽管电动汽车崛起带来长期利 空，但美国关祱政策的不确定性，叠加黄金、白银价格大涨，对冲了这一不利因素。 三菱集团分析师表示，欧盟 12 月公布的新政'堪称铂族金属的强心剂，将延长其在汽车催化转化器中的 应用周期'。 '欧盟不仅无限期放宽燃油车禁令，还将持续收紧尾气排放标准，这势必要求汽车催化剂中铂族金属的 装载量进一步提升。' 伦敦证券交易所集团（LSEG）数据显示，铂金 12 月 ...

Core Insights - The article discusses the characteristics, supply chain, and demand dynamics of platinum and palladium, highlighting their importance in various industries, particularly in automotive catalytic converters and jewelry [7][8][10][13]. Group 1: Basic Concepts - Platinum (Pt) and palladium (Pd) are transition metals known for their high density, ductility, and low reactivity, with significant applications in catalysis [7][8]. - Platinum group metals (PGMs) include platinum, palladium, iridium, rhodium, osmium, and ruthenium, which are rare and primarily found in South Africa, Russia, and Zimbabwe [10]. Group 2: Industry Chain Overview - The platinum and palladium industry chain consists of upstream mining, midstream refining, and downstream applications, with mining primarily yielding palladium as a byproduct of nickel-copper ores [16]. - The supply of platinum and palladium is concentrated, with primary production accounting for approximately 70% and recycling for about 30% [16]. Group 3: Global Supply Situation - Global platinum and palladium production has been declining, with platinum production expected to be 170 tons and palladium at 190 tons in 2024, reflecting a compound annual growth rate (CAGR) of -0.9% and -1.3% respectively over the past decade [22]. - South Africa holds 77% of the world's platinum reserves, while China's reserves are minimal, leading to a significant reliance on imports to meet domestic demand [21]. Group 4: Demand Analysis - The demand for platinum is diversified across sectors, with automotive applications accounting for 37%, chemicals for 16%, jewelry for 24%, and investment for 8.5% [16]. - Palladium demand is heavily concentrated in the automotive sector, particularly for gasoline vehicle catalytic converters, which represent 82% of its total demand [16]. Group 5: Trade and Import/Export Dynamics - In 2024, global platinum imports are projected to be 700 tons, with India being the largest importer, followed by China [39]. - For palladium, global imports are expected to reach 453 tons, with Germany as the leading importer [40]. Group 6: Future Outlook - The article suggests that the supply of platinum and palladium may remain tight due to production challenges faced by major mining companies, exacerbated by extreme weather and infrastructure issues in South Africa [30]. - The demand for palladium is anticipated to decline slightly due to the increasing adoption of electric vehicles and the substitution of platinum for palladium in catalytic converters [62].

Core Viewpoint - Guizhou Yanfeng Platinum Industry Co., Ltd. (贵研铂业) is enhancing its competitiveness through strategic investments and a focus on high-quality development in the precious metals sector, with a total investment of 384 million yuan in a new industrial catalyst project [1][2]. Investment and Expansion - The company plans to invest 384 million yuan in a precious metal industrial catalyst project in Anning, Yunnan, to increase production capacity and strengthen its competitive position in the market [2]. - Guizhou Yanfeng Platinum has been expanding its asset scale, with total assets reaching 16.942 billion yuan as of March 2025, a year-on-year increase of 19.48% [1][7]. Financial Performance - In 2024, the company achieved a revenue of 47.504 billion yuan, a year-on-year growth of 5.36%, and a net profit of 579 million yuan, up 23.74%, marking the ninth consecutive year of double growth in revenue and profit [4][5]. - The company aims to reach a revenue target of 50 billion yuan in 2025 [7]. Business Segments - The precious metal secondary resource recycling segment showed significant growth in 2024, with platinum group metal recovery increasing by over 20%, gold recovery by over 200%, and silver recovery by over 10% [5]. - The precious metal new materials manufacturing segment also saw breakthroughs, with production of precursor products increasing by over 20% and automotive exhaust purification catalysts by 22% [5]. Research and Development - The company has a strong focus on R&D, with 615 R&D personnel accounting for 30.80% of the total workforce, and R&D expenses exceeding 300 million yuan annually from 2022 to 2024 [6][7]. - In the first quarter of 2025, R&D expenses grew by 12.83% year-on-year to 64.84 million yuan [7]. Strategic Initiatives - Guizhou Yanfeng Platinum is committed to the development of high-end materials and the circular economy, while also deepening its international presence to address challenges from price fluctuations and increased competition in the precious metals industry [7].