证券日报网讯12月19日，豫光金铅（600531）在互动平台回答投资者提问时表示，公司在冶炼环节会产 出海绵钯副产品，该产品由公司销售部门统一负责销售，旗下豫光金店不开展此项产品的对外零售业 务。 ...

Report Overview - The Guangzhou Futures Exchange issued a public consultation announcement on platinum, palladium futures and options contracts and related rules on July 31, 2025, indicating the upcoming official listing of these products, which further improves the precious metal derivatives system and provides new risk management tools and investment opportunities for investors [1] - This report focuses on the metallic properties of platinum group metals and analyzes the historical price trends of palladium [1] Palladium Spot Price Trends Long - term Trends - From 2006 to 2015, palladium prices moved in sync with gold and silver, benefiting from global liquidity expansion and increased risk - aversion demand. After the 2008 financial crisis, all three metals rebounded strongly [5] - After 2015, palladium developed an independent trend. Driven by the explosion in automotive catalyst demand and supply shortages in South Africa, its price reached a historical peak of $3,433.00 per ounce around 2021, outperforming gold and silver [5] - Since 2022, palladium prices have declined due to the acceleration of the new - energy transition and the slowdown of the global economy, while gold and silver prices have remained relatively stable supported by central bank gold purchases and risk - aversion demand [5] Recent Trends - From 2023 - 2025, the palladium market showed unique characteristics, with more volatile price movements compared to other precious metals, influenced by both industrial and financial attributes [10] - In early 2025, the market was in a volatile pattern. In May, the expected copper tariff in the US led to preventive purchases of palladium due to its co - application with copper in the automotive and industrial sectors, and geopolitical uncertainties also redirected some funds to palladium [10] - The supply side has been tight, with production in Russia and South Africa constrained by geopolitical factors and infrastructure issues. The demand side has seen a structural change, with traditional automotive catalyst demand under long - term pressure from new - energy substitution, but emerging applications in the electronics and hydrogen industries providing new growth points [10][12] - As policy expectations changed, the palladium price corrected. In the long run, the market remains in a tight balance, with the development of the hydrogen industry providing support, and the market is in a transition period from traditional to emerging demand, characterized by high volatility and unique allocation value [12] Introduction to Platinum Group Metals - Platinum group metals (PGMs) include platinum (Pt), palladium (Pd), rhodium (Rh), iridium (Ir), osmium (Os), and ruthenium (Ru). They are important among precious metals and have irreplaceable industrial value in fields such as catalysis, electronics, aerospace, and hydrogen energy [14] - PGMs have unique physical and chemical properties: high melting and boiling points, electrical and thermal stability, chemical inertness, corrosion resistance, oxidation resistance, and excellent catalytic performance [16] - Due to these properties, PGMs and their alloys are indispensable catalyst materials in modern industries, playing a key role in automotive exhaust purification, petrochemical hydrocracking, and fine - chemical organic synthesis [17] Palladium Industry Chain Structure Upstream - The upstream of the palladium industry includes exploration, mining, and rough refining. Global palladium resources are highly concentrated in Russia and South Africa, which together contribute over 80% of global production. The main task is to extract palladium concentrates from copper - nickel symbiotic ores. China is at a disadvantage in this segment and mostly relies on imports [20] Mid - stream - The mid - stream focuses on purification and standardized product production. Palladium is purified to ≥99.95% purity through techniques such as solvent extraction and ion exchange, and is converted into palladium ingots (used for investment reserves) and sponge palladium (the core raw material for automotive catalysts). Chinese companies like Zijin Mining and Yunnan Precious Metals Group participate in global competition through overseas resource deployment and technological upgrades [20] Downstream - The downstream is mainly dominated by automotive catalysts, especially in gasoline vehicle exhaust purification. Other applications include electronics, chemical manufacturing, medical consumption, and the investment market. Recycling is a key supplementary link, with over 70% of recycled palladium coming from scrapped automotive catalysts, and the global recycling supply accounting for 32.5%. China is upgrading its recycling system through the "trade - in" policy [23]

Core Viewpoint - The article discusses the upcoming launch of platinum and palladium futures on the Shanghai Futures Exchange, providing an overview of the platinum and palladium industry, including their properties, applications, and market dynamics [4][12]. Group 1: Platinum and Palladium Overview - Platinum and palladium are part of the platinum group metals, with low abundance in the Earth's crust, primarily found in South Africa, Russia, and Zimbabwe [4][5]. - Both metals exhibit excellent catalytic properties due to their unique electronic structures, which allow them to lower activation energy in chemical reactions [4][9]. - Common forms of platinum and palladium in circulation include metal ingots and sheets, with a purity requirement of at least 99.95% for trading [12][13]. Group 2: Industry Chain Structure - The platinum and palladium industry chain consists of three main segments: upstream exploration and mining, midstream refining and processing, and downstream applications and recycling [14][16]. - The demand for palladium is heavily concentrated in the automotive sector, while platinum has a more diversified demand across various industries, including automotive, jewelry, and investment [16]. Group 3: Demand Dynamics - The automotive industry is the largest consumer of both metals, with projections indicating that by 2025, automotive demand will account for 41% of platinum and 82% of palladium consumption [16]. - In the jewelry sector, platinum is favored for its durability and aesthetic qualities, contributing significantly to its demand, while palladium's jewelry consumption is minimal [16]. - Industrial applications for platinum are broader due to its superior stability, with approximately 28% of platinum demand coming from this sector, compared to only 16% for palladium [16].

Group 1: Company Overview - North Copper Industry Co., Ltd. specializes in the mining, beneficiation, smelting, and processing of copper metals, covering the entire copper industry chain [2] - Main products include cathode copper, gold ingots, silver ingots, copper alloy strips, and rolled copper foil, with by-products such as sulfuric acid, sponge gold, and sponge palladium [2] - Cathode copper production capacity is 320,000 tons/year, sulfuric acid capacity is 1.22 million tons/year, copper alloy strip capacity is 25,000 tons/year, and rolled copper foil capacity is 5,000 tons/year [2] Group 2: Financial Performance - In 2024, the company's operating revenue was 24.107 billion yuan, with a net profit attributable to shareholders of 613 million yuan [3] - In Q1 2025, the operating revenue reached 6.838 billion yuan, and the net profit attributable to shareholders was 371 million yuan [3] - The increase in Q1 2025 performance was driven by market price influences and improved gross margins for main products, including cathode copper and precious metals [3] Group 3: Production and Supply Chain - The company produces approximately 44,000 tons of copper concentrate from its own mines and sources an additional 7,000-8,000 tons from its controlling shareholder, Zhongtiaoshan Group [3] - Remaining copper concentrate is sourced from imports and domestic purchases [3] - There are currently no plans for expanding smelting capacity [3] Group 4: Project Development - The copper strip and foil project has completed its first phase and is in trial production, with a customer certification cycle ranging from 2 months to over 1 year depending on application and product requirements [3]