Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - On March 24, platinum and palladium prices rebounded slightly. PT2606 closed up 3.61% to 487.40 yuan/gram, and PD2606 closed up 4.89% to 359.50 yuan/gram. The suspension of US strikes on Iranian energy infrastructure and the establishment of a dialogue channel between the US and Iran through a third - party led to a marginal expansion of market panic, driving the rebound of platinum and palladium. However, the expectation of liquidity tightening still dominates, with the US dollar and US Treasury bonds at high levels, limiting the upward space of platinum and palladium. Fundamentally, platinum has a tight supply - demand situation supported by investment and industrial demand, while palladium is severely restricted by the electrification of automobiles. The "platinum tight, palladium loose" pattern is expected to continue. In the short term, platinum and palladium are likely to maintain a range - bound shock. After the geopolitical situation in the Middle East becomes clear, one can choose the opportunity to go long on platinum at low prices, or continue to hold the [long platinum, short palladium] strategy [5] 3. Summary by Relevant Catalogs 3.1 Domestic Price - Platinum futures main contract closing price: 487.4, previous value 457.75, up 6.48% - Spot platinum (99.95%): 474, previous value 471, up 0.64% - Platinum basis (spot - futures): - 13.4, previous value 13.25, down 201.13% - Palladium futures main contract closing price: 359.5, previous value 327.85, up 9.65% - Spot palladium (99.95%): 351.5, previous value 347, up 1.30% - Palladium basis (spot - futures): - 8, previous value 19.15, down 141.78% [5] 3.2 International Price (15:00) - London spot platinum: 1884.09, previous value 1783.657, up 5.63% - London spot palladium: 1426.243, previous value 1358.745, up 4.97% - NYMEX platinum: 1871.6, previous value 1767.7, up 5.88% - NYMEX palladium: 1423.5, previous value 1349.0, up 5.52% [5] 3.3 Internal - External 15:00 Spread (yuan/gram,含税) - Dollar/yuan central parity rate: 6.8943, previous value 6.9041, down 0.14% - Platinum - London platinum: 15.49, previous value 10.36, up 49.52% - Guangzhou platinum - NYMEX platinum: 18.62, previous value 14.36, up 29.63% - Guangzhou palladium - London palladium: 2.27, previous value - 12.96, up 117.48% - Guangzhou palladium - NYMEX palladium: 2.95, previous value - 10.52, up 128.08% [5] 3.4 Platinum - Palladium Price Ratio - Guangzhou Futures Exchange platinum/palladium price ratio: 1.3558, previous value 1.3962, down 0.0404 - London spot platinum/palladium price ratio: 1.3210, previous value 1.3127, up 0.0083 [5] 3.5 Inventory (Troy Ounces) - NYMEX platinum inventory: 579274, previous value 579274, up 0.00% - NYMEX palladium inventory: 248374, previous value 248374, up 0.00% [5] 3.6 Position - NYMEX total platinum position: 67292, previous value 68758, down 2.13% - NYMEX non - commercial net long platinum position: 16898, previous value 14690, up 15.03% - NYMEX total palladium position: 15556, previous value 15679, down 0.78% - NYMEX non - commercial net long palladium position: - 185, previous value - 156, up 18.59% [5]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - On March 12, platinum and palladium prices generally oscillated downward. The PT2606 contract closed down 0.94% to 564.65 yuan/gram, and the PD2606 contract closed down 2.08% to 416.6 yuan/gram. Although multiple parties have jointly signaled a cooling of the conflict and introduced possible measures to stabilize oil prices, the issue of the Hormuz Strait remains unresolved, and oil prices are running at a high level. Therefore, short - term oil price fluctuations will continue to affect the price trends of platinum and palladium. Fundamentally, the WPIC expects the global platinum market to experience a supply shortage for the fourth consecutive year. The imbalance in the supply - demand structure may continue to provide support for the downside of platinum prices, but the narrowing gap in 2026 may limit its upward price space. The global palladium market may still have a surplus, with a weaker fundamental situation than platinum, and its overall performance may continue to be weaker than platinum. In summary, in the short term, platinum and palladium are likely to maintain an oscillating trend. After the geopolitical situation in the Middle East becomes clear, one can choose the opportunity to go long on platinum at a low price, or continue to hold the "long platinum, short palladium" strategy [3] 3. Summary According to Relevant Catalogs 3.1 Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 564.65, previous value 565.55, down 0.16% [3] - Platinum (99.95%) spot price: 549, down 1.52% [3] - Platinum basis (spot - futures): - 15.65, previous value - 8.05, up 94.41% [3] - Palladium futures main contract closing price: 416.6, previous value 424.25, down 1.80% [3] - Palladium (99.95%) spot price: 411, previous value 420, down 2.14% [3] - Palladium basis (spot - futures): - 5.6, previous value - 4.25, up 31.76% [3] 3.2 International Prices (15:00, dollars/ounce) - London spot platinum: 2171.358, previous value 2192.154, down 0.95% [3] - London spot palladium: 1649.252, previous value 1666.179, down 1.02% [3] - NYMEX platinum: 2170, previous value 2188.5, down 0.85% [3] - NYMEX palladium: 1657.5, previous value 1683, down 1.52% [3] 3.3 Internal - External 15:00 Spread (yuan/gram,含税) - Dollar/yuan central parity rate: 6.8959, previous value 6.8917, up 0.06% [3] - Guangzhou platinum - London platinum: 20.66, previous value 16.68, up 23.83% [3] - Guangzhou platinum - NYMEX platinum: 21.00, previous value 17.60, up 19.32% [3] - Guangzhou palladium - London palladium: 3.41, previous value 7.08, down 51.77% [3] - Guangzhou palladium - NYMEX palladium: 1.35, previous value 2.86, down 53.00% [3] 3.4 Platinum - Palladium Price Ratio - Guangzhou Futures Exchange platinum/palladium price ratio: 1.3554, previous value 1.3331, change 0.0223 [3] - London spot platinum/palladium price ratio: 1.3166, previous value 1.3157, change 0.0009 [3] 3.5 Inventory (ounce) - NYMEX platinum inventory: 204678, no change [3] - NYMEX palladium inventory: 582441, no change [3] 3.6 Position - NYMEX total platinum position: 70154, previous value 72351, down 3.04% [3] - NYMEX non - commercial net long platinum position: 13832, previous value 13240, up 4.47% [3] - NYMEX total palladium position: 16093, previous value 16423, down 2.01% [3] - NYMEX non - commercial net long palladium position: 161, previous value 664, down 75.75% [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On March 2, platinum and palladium prices retreated from highs and remained high. The PT2606 contract closed up 2.06% to CNY 626.5 per gram, and the PD2606 contract closed up 1.0% to CNY 463.65 per gram [4]. - Geopolitical tensions in the Middle East over the weekend drove up precious - metal prices, providing support for platinum and palladium. However, the risk - asset decline, rising oil prices, and a stronger US dollar due to the US - Iran conflict may put some pressure on platinum and palladium prices. Fundamentals show a supply gap and tight spot market, but Trump's new tariff exemption for key minerals creates a mixed fundamental situation [4]. - In the short term, platinum and palladium are expected to remain strong but volatile. Investors are advised to buy on dips [4]. 3. Summary by Relevant Catalogs Domestic Price - Platinum futures主力 closing price: CNY 626.5, up 0.44% from the previous value [4]. - Spot platinum (99.95%): CNY 603, down 0.99% [4]. - Platinum basis (spot - futures): - CNY 23.5, up 59.32% [4]. - Palladium futures主力 closing price: CNY 463.65, down 0.26% [4]. - Spot palladium (99.95%): CNY 455, unchanged [4]. - Palladium basis (spot - futures): - CNY 8.65, down 12.18% [4]. International Price (15:00) - London spot platinum: USD 2389.7, down 0.31% [4]. - London spot palladium: USD 1823.741, down 0.83% [4]. - NYMEX platinum: USD 2402.5, down 0.34% [4]. - NYMEX palladium: USD 1864, down 0.32% [4]. Internal - External Price Difference (15:00, CNY/g) - USD/CNY central parity rate: 6.9236, up 0.01% [4]. - Guangzhou platinum - London platinum: CNY 25.40, up 21.75% [4]. - Guangzhou platinum - NYMEX platinum: CNY 22.18, up 27.01% [4]. - Guangzhou palladium - London palladium: CNY 4.91, up 111.04% [4]. - Guangzhou palladium - NYMEX palladium: - CNY 5.21, down 4.66% [4]. Platinum - Palladium Price Ratio - Guangzhou Futures Exchange platinum/palladium price ratio: 1.3512, up 0.0094 [4]. - London spot platinum/palladium price ratio: 1.3103, up 0.0069 [4]. Inventory (Troy Ounces) - NYMEX platinum inventory: 202181, up 8.54% [4]. - NYMEX palladium inventory: 588066, up 1.79% [4]. Position - NYMEX total platinum position: 72351, up 4.42% [4]. - NYMEX non - commercial net long platinum position: 13240, up 7.23% [4]. - NYMEX total palladium position: 16423, down 2.18% [4]. - NYMEX non - commercial net long palladium position: 664, up 34.96% [4].

Group 1: Investment Rating - No relevant information provided Group 2: Core Viewpoints - On February 11th, platinum and palladium prices generally showed a strong trend. In the short - term, prices are expected to continue a wide - range fluctuation pattern, and investors are advised to hold light positions during the holiday. In the long - term, due to different supply - demand prospects, it is recommended to allocate platinum unilaterally at low prices or focus on the [long platinum, short palladium] arbitrage strategy [5] Group 3: Summary by Directory Domestic Prices (Yuan/gram) - Platinum futures主力收盘价 rose 2.54% to 551.15 yuan/gram, platinum spot (99.95%) rose 1.48% to 548 yuan/gram, and platinum basis (spot - futures) dropped 226.00% to - 3.15 yuan/gram [5] - Palladium futures主力收盘价 rose 2.34% to 439.1 yuan/gram, palladium spot (99.95%) rose 0.69% to 436.5 yuan/gram, and palladium basis (spot - futures) dropped 158.43% to - 2.6 yuan/gram [5] International Prices (15:00, US dollars) - London spot platinum rose 2.32% to 2119.1 US dollars, London spot palladium rose 1.61% to 1743.165 US dollars [5] - NYMEX platinum rose 2.44% to 2130 US dollars, NYMEX palladium rose 1.85% to 1758.5 US dollars [5] 15:00 Internal and External Price Differences (Yuan/gram, Tax - included) - The difference between Guangzhou platinum and London platinum rose 11.37% to 16.56 yuan/gram, and the difference between Guangzhou platinum and NYMEX platinum rose 7.90% to 13.81 yuan/gram [5] - The difference between Guangzhou palladium and London palladium dropped 83.12% to - 0.65 yuan/gram, and the difference between Guangzhou palladium and NYMEX palladium dropped 31.76% to - 4.52 yuan/gram [5] Platinum - Palladium Price Ratio - The price ratio of platinum to palladium on the Guangzhou Futures Exchange increased by 0.0024 to 1.2552, and the London spot platinum - to - palladium price ratio increased by 0.0084 to 1.2157 [5] Inventory (Troy Ounces) - NYMEX platinum inventory dropped 2.10% to 186,863 ounces, and NYMEX palladium inventory remained unchanged at 583,369 ounces [5] Positions - NYMEX total platinum positions dropped 7.37% to 73,590, and non - commercial net long platinum positions dropped 5.86% to 13,106 [5] - NYMEX total palladium positions dropped 9.51% to 17,304, and non - commercial net long palladium positions rose 65.64% to 1,133 [5]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - On January 21st, platinum and palladium prices fluctuated widely and declined in the late session; the PT2606 contract closed up 2.4% to 628.5 yuan/gram, and the PD2606 contract closed up 0.21% to 485.5 yuan/gram [5] - Geopolitical and economic tensions between the US and Europe due to the Greenland crisis have increased market uncertainty, raising safe - haven demand and supporting platinum and palladium prices; the US decision to暂缓 import tariffs on key minerals eases tariff risks for platinum and palladium [5] - If tariff risks decline in the future, platinum and palladium inventories may shift from the US to non - US regions, potentially alleviating the tight spot supply situation and suppressing the short - term upward space of platinum and palladium prices [5] - In the short term, platinum and palladium are expected to maintain a wide - range oscillation pattern; it is recommended to follow changes in New York inventories [5] - In the long term, with a supply - demand gap for platinum and a tendency towards supply surplus for palladium, the strategy can be to allocate platinum at low prices or choose the "long platinum, short palladium" arbitrage strategy [5] Group 3: Summary by Relevant Catalogs Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 628.5, up 1.48% from the previous value of 619.35 [5] - Spot platinum (99.95%): 622, up 5.07% from the previous value of 592 [5] - Platinum basis (spot - futures): - 6.5, down 76.23% from the previous value of - 27.35 [5] - Palladium futures main contract closing price: 485.8, down 0.86% from the previous value of 490 [5] - Spot palladium (99.95%): 472, up 3.62% from the previous value of 455.5 [5] - Palladium basis (spot - futures): - 13.8, down 60.00% from the previous value of - 34.5 [5] International Prices (15:00, USD) - London spot platinum: 2434.88, up 2.27% from the previous value of 2380.82 [5] - London spot palladium: 1851.746, up 0.23% from the previous value of 1847.466 [5] - NYMEX platinum: 2437.9, up 2.38% from the previous value of 2381.2 [5] - NYMEX palladium: 1889.5, up 0.40% from the previous value of 1882 [5] Other Indicators - USD/CNY central parity rate: 7.0014, up 0.01% from the previous value of 7.0006 [5] - Domestic - international price differences (yuan/gram, tax - included): - Guangdong platinum - London platinum: 9.16, down 33.78% from the previous value of 13.83 [5] - Guangdong platinum - NYMEX platinum: 8.39, down 38.90% from the previous value of 13.73 [5] - Guangdong palladium - London palladium: 14.78, down 26.54% from the previous value of 20.13 [5] - Guangdong palladium - NYMEX palladium: 5.18, down 54.33% from the previous value of 11.34 [5] - Platinum - palladium price ratios: - Guangzhou Futures Exchange platinum/palladium ratio: 1.2937, with an increase of 0.0298 from the previous value of 1.2640 [5] - London spot platinum/palladium ratio: 1.3149, with an increase of 0.0262 from the previous value of 1.2887 [5] Inventory and Position Data - NYMEX platinum inventory: 664393, unchanged from the previous value [5] - NYMEX palladium inventory: 216664, up 4.66% from the previous value of 207020 [5] - NYMEX total platinum position: 78337, down 0.90% from the previous value of 79050 [5] - NYMEX non - commercial net long platinum position: 17594, down 2.85% from the previous value of 18110 [5] - NYMEX total palladium position: 19483, up 0.69% from the previous value of 19349 [5] - NYMEX non - commercial net long palladium position: 1225, up 111.57% from the previous value of 579 [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On January 9th, the prices of platinum and palladium generally declined. The PT2606 contract closed down 6.72% to 575 yuan/gram, and the PD2606 contract closed down 3.57% to 460.7 yuan/gram. As the Bloomberg Commodity Index (BCOM) officially entered the adjustment period, the market worried that this might bring significant selling pressure to the precious metals market. Silver, with a large adjustment weight, was greatly impacted and tumbled, and platinum and palladium were also affected by market sentiment and weakened. In the short - term, platinum and palladium may maintain a narrow - range oscillation pattern. In the long - term, given the supply - demand gap of platinum and the pattern tending towards a looser supply, the strategy can be to allocate platinum on dips or focus on the [long platinum, short palladium] arbitrage strategy [6]. 3. Summary by Related Catalogs Price Changes - **Domestic Prices**: The platinum futures' main closing price was 575 yuan/gram, down 3.93% from the previous value; the domestic platinum price was 584 yuan/gram, down 5.04%. The platinum basis (spot - futures) was 9 yuan/gram, down 45.45%. The lithium futures' main closing price was 460.7 yuan/gram, down 3.20%, and the spot lithium price was 455 yuan/gram, down 1.09%. The lithium basis was - 5.7 yuan/gram, down 64.26% [4]. - **International Prices**: The London spot platinum price was 2213.21 US dollars/ounce, down 2.66%; the London spot palladium price was 1727.258 US dollars/ounce, down 0.45%. NYMEX platinum was 2203.7 US dollars/ounce, down 3.16%, and NYMEX palladium was 1767 US dollars/ounce, down 1.67% [4]. - **Internal - External 15 - point Spread**: The US dollar/Chinese yuan central parity rate was 7.0197, up 0.01%. The spread between Guangdong platinum and London platinum was 10.57 yuan/gram, down 43.56%; the spread between Guangdong platinum and NYMEX platinum was 12.99 yuan/gram, down 28.66% [4]. Ratio and Inventory - **Ratio**: The ratio of platinum to palladium in the Guangzhou Futures Exchange was 1.2575, a change of - 0.0094; the ratio of London spot platinum to palladium was 1.2813, a change of - 0.0291 [5]. - **Inventory**: NYMEX platinum inventory was 645366 troy ounces, with no change; NYMEX palladium inventory was 211306 troy ounces, with no change. Note that due to inconsistent closing times, some platinum and palladium inventory and position data were lagged [5][6]. Position - **Platinum Position**: NYMEX total platinum position decreased by 8.30% to 90330; non - commercial net long position of platinum decreased by 6.73% to 18042 [5]. - **Palladium Position**: NYMEX total palladium position decreased by 9.32% to 22709; non - commercial net long position of palladium decreased by 568.03% to - 571 [5].