Report Summary 1. Report Industry Investment Rating - Not mentioned in the report 2. Core View - On March 25th, platinum and palladium prices continued to rebound. PT2606 closed up 5.63% to 505.85 yuan/gram, and PD2606 closed up 5.07% to 368.55 yuan/gram. Macroscopically, the establishment of a dialogue channel between the US and Iran through a third - party released a calming signal, oil prices continued to decline, and market sentiment recovery drove the rebound of platinum and palladium. However, Middle - East geopolitical risks have not been fundamentally eliminated, and there may be a risk of military escalation, and the expectation of tight liquidity still dominates, limiting the rebound space of platinum and palladium. Fundamentally, platinum supply is tight due to investment and industrial demand support, while palladium is severely restricted by the electrification transformation of the automotive industry. The "platinum - tight, palladium - loose" pattern is expected to continue. In the short term, platinum and palladium are likely to maintain a range - bound trend. After the Middle - East geopolitical situation becomes clear, investors can consider going long on platinum at low prices or continue to hold the "long platinum, short palladium" strategy [5] 3. Summary by Relevant Catalogs Price Data - **Domestic Prices (Yuan/gram)**: Platinum futures主力收盘价 was 505.85 (previous value 487.4, up 3.79%); spot platinum (99.95%) was 503 (previous value 474, up 6.12%); platinum basis (spot - futures) was - 2.85 (previous value - 13.4, down 78.73%); palladium futures主力收盘价 was 368.55 (previous value 359.5, up 2.52%); spot palladium (99.95%) was 364.5 (previous value 351.5, up 3.70%); palladium basis (spot - futures) was - 4.05 (previous value - 8, down 49.37%) [5] - **International Prices (15:00, US dollars/ounce)**: London spot platinum was 1962.3 (previous value 1884.09, up 4.15%); London spot palladium was 1466.675 (previous value 1426.243, up 2.83%); NYMEX platinum was 1951.3 (previous value 1871.6, up 4.26%); NYMEX palladium was 1462 (previous value 1423.5, up 2.70%) [5] - **Internal - External 15:00 Price Differences (Yuan/gram,含税)**: The US dollar/yuan central parity rate was 6.8911 (previous value 6.8943, down 0.05%); platinum - London platinum price difference was 14.58 (previous value 15.49, down 5.88%); Guangzhou platinum - NYMEX platinum price difference was 17.33 (previous value 18.62, down 6.91%); Guangzhou palladium - London palladium price difference was 1.36 (previous value 2.27, down 40.01%); Guangzhou palladium - NYMEX palladium price difference was 2.53 (previous value 2.95, down 14.33%) [5] - **Platinum - Palladium Price Ratios**: Guangzhou Futures Exchange platinum/palladium price ratio was 1.3725 (previous value 1.3558, change 0.0168); London spot platinum/palladium price ratio was 1.3379 (previous value 1.3210, change 0.0169) [5] Inventory and Position Data - **Inventory (Troy ounces)**: NYMEX platinum inventory was 579,274 (unchanged from the previous value); NYMEX palladium inventory was 248,374 (unchanged from the previous value) [5] - **Position**: NYMEX total platinum position was 67,292 (previous value 68,758, down 2.13%); NYMEX non - commercial net long position of platinum was 16,898 (previous value 14,690, up 15.03%); NYMEX total palladium position was 15,556 (previous value 15,679, down 0.78%); NYMEX non - commercial net long position of palladium was - 185 (previous value - 156, up 18.59%) [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - On March 11, platinum and palladium prices were generally weak and volatile. The PT2606 contract closed down 0.19% to 565.55 yuan/gram, and the PD2606 contract closed down 0.07% to 424.25 yuan/gram. - At the macro - level, multiple parties signaled a cooling of conflicts and introduced possible measures to stabilize oil prices, which eased inflation risks and supported the stabilization of platinum and palladium prices. However, due to the unresolved issue in the Strait of Hormuz, oil prices may fluctuate, so platinum and palladium prices are expected to remain volatile in the short term. - Fundamentally, the WPIC expects the global platinum market to face a supply shortage for the fourth consecutive year. The imbalance between supply and demand may support the platinum price, but the narrowing deficit in 2026 may limit its upside. The global palladium market may still have a surplus, with a weaker fundamental situation than platinum. - In summary, platinum and palladium are expected to remain volatile in the short term. After the geopolitical situation in the Middle East becomes clear, investors can consider going long on platinum on dips or continue to hold the [long platinum, short palladium] strategy [6]. 3. Summary of Relevant Catalogs Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 565.55, up 0.53% from the previous value [4]. - Platinum (99.95%) spot price: 557.5, up 0.63% [4]. - Platinum basis (spot - futures): - 8.05, down 5.85% [4]. - Palladium futures main contract closing price: 424.25, up 0.17% [4]. - Palladium (99.95%) spot price: 420, down 0.59% [4]. - Palladium basis (spot - futures): - 4.25, up 304.76% [4]. International Prices (15:00, dollars/ounce) - London spot platinum: 2192.154, up 3.78% [4]. - London spot palladium: 1666.179, up 3.77% [4]. - NYMEX platinum: 2188.5, up 2.55% [4]. - NYMEX palladium: 1683, up 3.00% [4]. Internal - External 15:00 Price Differences (yuan/gram) - Difference between Guangzhou platinum and London platinum: 16.68, down 49.72% [4]. - Difference between Guangzhou platinum and NYMEX platinum: 17.60, down 36.56% [4]. - Difference between Guangzhou palladium and London palladium: 7.08, down 66.53% [5]. - Difference between Guangzhou palladium and NYMEX palladium: 2.86, down 79.61% [5]. Ratios - Platinum - palladium ratio in Guangzhou Futures Exchange: 1.3331, up 0.0049 [5]. - London spot platinum - palladium ratio: 1.3157, up 0.0002 [5]. Inventories (troy ounces) - NYMEX platinum inventory: 205098, unchanged [5]. - NYMEX palladium inventory: 582441, down 0.17% [5]. Positions - NYMEX total platinum position: 72351, down 3.04% [5]. - NYMEX non - commercial net long platinum position: 13832, up 4.47% [5]. - NYMEX total palladium position: 16423, down 2.01% [5]. - NYMEX non - commercial net long palladium position: 161, down 75.75% [5].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On March 3, the prices of platinum and palladium dropped significantly. The PT2606 contract closed down 8.44% to 580.3 yuan/gram, and the PD2606 contract closed down 6.16% to 433.9 yuan/gram. With the marginal decrease of the impact of geopolitical conflicts, the risk aversion sentiment subsided. However, the persistence of geopolitical conflicts and the fermentation of the Hormuz Strait issue led to a continuous sharp rise in energy prices, reigniting market inflation concerns and economic recession concerns, causing a sharp decline in global stock markets and a sudden increase in liquidity risks. The increase in inflation risk also weakened the Fed's rate - cut expectation, and the US dollar index and US bond yields strengthened significantly, suppressing the prices of platinum and palladium. Fundamentally, there is still a supply gap for palladium, but attention should be paid to Trump's new tariff policy exemption for key minerals. In the short term, platinum and palladium are expected to maintain a wide - range shock. After the market sentiment is digested, opportunities can be sought to go long at low prices [7] Group 3: Summary of Relevant Catalogs Domestic Prices - Platinum futures main contract closing price: 570.3 yuan/gram, down 8.97% from the previous value [4] - Platinum (99.95%) spot price: 285 yuan/gram, down 2.99% from the previous value [4] - Platinum basis (spot - futures): 14.7 yuan/gram, down 162.55% from the previous value [4] - Palladium futures main contract closing price: 433.9 yuan/gram, down 6.42% from the previous value [4] - Palladium (99.95%) spot price: 450.5 yuan/gram, down 0.99% from the previous value [4] - Palladium basis (spot - futures): 16.6 yuan/gram, down 291.91% from the previous value [4] International Prices - London spot platinum price: 2201.5 US dollars/ounce, down 7.88% from the previous value [4] - London spot palladium price: 1736.416 US dollars/ounce, down 4.79% from the previous value [4] - NYMEX platinum price: 2203.2 US dollars/ounce, down 8.30% from the previous value [4] - NYMEX palladium price: 1747.5 US dollars/ounce, down 6.25% from the previous value [4] Internal - External 15 - point Data - US dollar/Chinese yuan central parity rate: 6.9088, down 0.21% from the previous value [4] - Spread between Guangzhou platinum and London platinum: 17.73 yuan/gram, down 30.22% from the previous value [4] - Spread between Guangzhou platinum and NYMEX platinum: 17.30 yuan/gram, down 22.02% from the previous value [4] - Spread between Guangzhou palladium and London palladium: - 1.94 yuan/gram, down 139.46% from the previous value [5] - Spread between Guangzhou palladium and NYMEX palladium: - 5.21 yuan/gram, down 9.47% from the previous value [5] Price Ratios - Guangzhou Futures Exchange platinum/palladium price ratio: 1.3144, down 0.0369 from the previous value [5] - London spot platinum/palladium price ratio: 1.2678, down 0.0425 from the previous value [5] Inventories - NYMEX platinum inventory: 202181 troy ounces, up 8.54% from the previous value [5] - NYMEX palladium inventory: 588066 troy ounces, up 1.79% from the previous value [5] Positions - NYMEX total platinum position: 72351, up 4.42% from the previous value [5] - NYMEX non - commercial net long platinum position: 12347, up 7.23% from the previous value [5] - NYMEX total palladium position: 16789, down 2.18% from the previous value [5] - NYMEX non - commercial net long palladium position: 492, up 34.96% from the previous value [5]

Market Overview - The A-share market experienced continued fluctuations, with Wind All A index down by 0.23% and a trading volume of 3.26 trillion yuan, while the food and beverage sector led the gains [9] - The CSI 1000 index fell by 0.8%, the CSI 500 index decreased by 0.97%, the CSI 300 index rose by 0.76%, and the SSE 50 index increased by 1.65% [9] Economic Policies - Recent economic adjustment policies have been introduced, providing fundamental support for the indices, including the establishment of a national-level merger fund and the regulation of local economic promotion behaviors [9] - The National Development and Reform Commission announced plans to advance significant high-tech industry projects during the 14th Five-Year Plan period [9] Monetary Policy - The central bank lowered the interest rates of various structural monetary policy tools by 25 basis points, aimed at supporting specific financing needs in sectors like technological innovation and carbon reduction [9] - This rate cut is expected to guide funds into relevant sectors, enhancing their valuations and reducing financing costs in the long term [9] Market Sentiment - The recent adjustment in the margin requirement for financing securities from 80% to 100% has increased risk-averse sentiment among investors, leading to a high-level fluctuation mode in the market [9] - The current bull market is driven by breakthroughs in technology sectors and geopolitical uncertainties, with a low risk of significant index declines in the medium to long term [9] Bond Market - The bond futures market saw slight increases, with the 30-year main contract up by 0.07% and the 10-year main contract up by 0.06% [10] - The central bank conducted a 7-day reverse repurchase operation of 354 billion yuan at an interest rate of 1.4%, maintaining a stable liquidity environment [10][11] Precious Metals - Gold prices reached a peak of 5,594 USD/ounce before a rapid decline, indicating high market bullish sentiment but also the risk of profit-taking [11] - The gold-silver ratio is around 46.2, with significant volatility expected in silver prices, while platinum and palladium are experiencing high-level fluctuations [11]

Market Overview - The A-share market continued to fluctuate, with Wind All A index rising by 0.11% and a trading volume of 2.99 trillion yuan, driven mainly by the non-ferrous metals sector [2] - The recent economic adjustment policies have provided fundamental support for the indices, with the National Development and Reform Commission announcing plans for a national-level merger fund and measures to regulate local economic promotion behaviors [2] - The People's Bank of China (PBOC) has lowered the interest rates of various structural monetary policy tools by 25 basis points, which is expected to guide funds into specific sectors such as technology innovation and carbon reduction [2] Bond Market - The bond futures market saw slight increases, with the 30-year, 10-year, 5-year, and 2-year contracts rising by 0.07%, 0.05%, 0.06%, and 0.01% respectively [9] - The PBOC conducted a 7-day reverse repurchase operation of 377.5 billion yuan at a rate of 1.4%, maintaining the previous rate [9] - The bond market is expected to remain strong, but the momentum may be insufficient due to ongoing fiscal policies aimed at stabilizing growth [9] Precious Metals - Gold prices surged, breaking through $5,400 per ounce and reaching a new high of over $5,500 per ounce, reflecting strong market sentiment [10] - The gold-silver ratio has risen to approximately 46.7, while the price difference between platinum and palladium has narrowed to around $660 per ounce [10] - Factors contributing to gold's strong performance include ongoing government shutdown threats in the U.S., potential changes in the Federal Reserve leadership, and geopolitical tensions in Iran [10]

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core View of the Report - On January 12, platinum and palladium prices generally rose. The PT2606 contract closed up 4.65% to 622.8 yuan/gram, and the PD2606 contract closed up 3.59% to 505.1 yuan/gram. Macro - level factors such as geopolitical tensions, a criminal investigation into Fed Chairman Powell weakening Fed independence, and lower - than - expected US non - farm payrolls in December boosted platinum and palladium prices. The upcoming release of the US 232 investigation results, with market expectations of possible import tariffs on platinum and palladium (especially palladium), also supported the prices. - In the short term, platinum and palladium are expected to maintain a moderately strong trading range. It is recommended to closely monitor the results of the US 232 investigation. - In the long - term, with a supply - demand gap for platinum and a trend towards supply loosening for palladium, the strategy can be to allocate platinum at low prices or choose the [long platinum, short palladium] arbitrage strategy [6]. 3. Summary by Relevant Catalog Domestic Prices (yuan/gram) - **Platinum**: The platinum futures main contract closing price was 622.8 yuan/gram (previous value 599.8 yuan/gram, up 3.83%), the spot platinum (99.95%) price was 611 yuan/gram (previous value 580 yuan/gram, up 5.34%), and the basis (spot - futures) was - 11.8 yuan/gram (previous value - 19.8 yuan/gram, down 40.40%) [4]. - **Palladium**: The palladium futures main contract closing price was 505.1 yuan/gram (previous value 499.05 yuan/gram, up 1.21%), the spot palladium (99.95%) price was 477.5 yuan/gram (previous value 455 yuan/gram, up 4.95%), and the basis (spot - futures) was - 27.6 yuan/gram (previous value - 44.05 yuan/gram, down 37.34%) [4]. International Prices (15:00, dollars/ounce) - **Platinum**: London spot platinum was 2349.286 dollars/ounce (previous value 2279 dollars/ounce, up 3.08%), NYMEX platinum was 2376 dollars/ounce (previous value 2289.5 dollars/ounce, up 3.78%) [4]. - **Palladium**: London spot palladium was 1872.791 dollars/ounce (previous value 1851.135 dollars/ounce, up 1.17%), NYMEX palladium was 1935 dollars/ounce (previous value 1916.5 dollars/ounce, up 0.97%) [4]. Internal - External 15:00 Price Differences (yuan/gram) - **Platinum**: The price difference between domestic platinum and London platinum was 24.43 yuan/gram (previous value 19.16 yuan/gram, up 27.47%), and the price difference between domestic platinum and NYMEX platinum was 17.62 yuan/gram (previous value 16.49 yuan/gram, up 6.88%) [4]. - **Palladium**: The price difference between domestic palladium and London palladium was 27.42 yuan/gram (previous value 28.09 yuan/gram, down 2.44%), and the price difference between domestic palladium and NYMEX palladium was 12.25 yuan/gram (previous value 10.77 yuan/gram, up 13.72%) [5]. Ratios - The ratio of platinum to palladium on the Guangzhou Futures Exchange was 1.2330 (previous value 1.2019, an increase of 0.0311), and the ratio of London spot platinum to palladium was 1.2544 (previous value 1.2311, an increase of 0.0233) [5]. Inventory (troy ounces) - NYMEX platinum inventory was 624755 troy ounces (previous value 625015 troy ounces, down 0.04%), and NYMEX palladium inventory was 211306 troy ounces (previous value 211306 troy ounces, unchanged) [5]. Positions - NYMEX total platinum position was 82836 (previous value 79050, down 4.57%), non - commercial net long platinum position was 18110 (previous value 18042, up 0.38%). NYMEX total palladium position was 19349 (previous value 20593, down 6.04%), non - commercial net long palladium position was - 571 (previous value 284, down 201.40%) [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On January 8, 2026, platinum and palladium prices generally opened high and closed low. The PT2606 contract rose 2.47% to 598.5 yuan/gram, and the PD2006 contract rose 1.71% to 475.95 yuan/gram. Affected by geopolitical risk premiums, market funds favored mineral resources, boosting recent platinum and palladium prices. However, due to the rapid electrification of market sectors and concerns that BCOM's adjustment of the weight index may lead to selling pressure, funds took early profits, causing platinum and palladium prices to decline and the upward trend to slow. In the short term, platinum and palladium may maintain a wide - range oscillation pattern. In the long - term, with platinum supply and demand still in a certain situation and palladium tending to a loose supply pattern, the strategy could be to allocate platinum at low prices or focus on the [long platinum, short palladium] arbitrage strategy [6]. 3. Summary According to Relevant Catalogs Domestic Prices - Platinum futures' main contract closing price was 598.5 yuan/gram, down 2.97% from the previous value; spot platinum (99.95%) was 615 yuan/gram, up 2.50%; the basis (spot - futures) was 16.5 yuan/gram, down 198.21% [4]. - Palladium futures' main contract closing price was 475.95 yuan/gram, up 0.86%; spot palladium (99.95%) was 460 yuan/gram, up 3.37%; the basis (spot - futures) was - 15.95 yuan/gram, down 40.71% [4]. International Prices (15:00) - London spot platinum was 2273.7 dollars/ounce, down 1.94%; London spot palladium was 1735.067 dollars/ounce, down 0.40%; NYMEX platinum was 2275.7 dollars/ounce, down 2.23%; NYMEX palladium was 1797 dollars/ounce, up 0.31% [4]. Internal - External 15:00 Price Differences - The dollar/yuan central parity rate was 7.0187, up 0.02%. The price difference between Guangdong platinum and London platinum was 18.73 yuan/gram, down 26.99%; the price difference between Guangdong platinum and NYMEX platinum was 18.22 yuan/gram, down 22.16%. The price difference between Guangdong palladium and London palladium was 27.77 yuan/gram, down 20.72%; the price difference between Guangdong palladium and NYMEX palladium was 17.73 yuan/gram, up 16.85% [4][5]. Price Ratios - The ratio of Guangdong Futures Exchange platinum to palladium was 1.2575, down 0.0496; the ratio of London spot platinum to palladium was 1.3104, down 0.0206 [5]. Inventories - NYMEX platinum inventory was 645366 troy ounces, with a 0.00% change; NYMEX palladium inventory was 211306 troy ounces, with a 0.00% change [5]. Positions - NYMEX total platinum position was 90330, down 8.30%; non - commercial net long position of platinum was 18042, down 6.73%. NYMEX total palladium position was 22709, down 9.32%; non - commercial net long position of palladium was - 571, down 568.03% [5].

Group 1 - The core point of the articles highlights a significant decline in international precious metal prices, with COMEX gold futures dropping by 4.45% to around $4300 per ounce, and COMEX silver futures falling by 7.2% to $71.64 per ounce, alongside substantial declines in spot silver, palladium, and platinum prices [1][2] - The recent downturn in precious metals is attributed to the Chicago Mercantile Exchange's announcement of margin adjustments aimed at addressing market volatility, with gold futures margin increased by 10%, silver by approximately 13.6%, and platinum by about 23% [1] - Historical precedents indicate that margin increases have previously been used to cool down the market, with a notable instance in 2011 when silver prices fell nearly 30% following multiple margin hikes [1] Group 2 - The margin adjustments by the CME are a response to the irrational surge in precious metal prices, which have risen significantly due to factors such as Federal Reserve interest rate cuts, a weakening dollar, and increased gold purchases by central banks [2] - In the past month, silver and platinum have seen price increases exceeding 40%, with silver's year-to-date increase reaching 140%, surpassing gold's performance [2] - The demand for silver is driven by its dual role as both a safe-haven asset and an industrial metal, particularly due to the rapid growth of the renewable energy sector, leading to a supply-demand imbalance and a decline in global inventories to a ten-year low [2]

Group 1: Metal Market Overview - The silver price surged to $76 per ounce, increasing nearly 6% in a single day and expanding its year-to-date gain to over 160% [2] - Platinum prices continued to rise, exceeding 10% in intraday trading, reaching a historical high, while palladium also saw similar gains [2] - COMEX gold futures rose by 1.31% to $4,562 per ounce, with a weekly increase of 3.98%, while spot gold increased by 1.12% to $4,531.1 per ounce, marking a weekly rise of 4.44% [3] Group 2: Geopolitical Factors and Market Drivers - The rise in precious and base metal prices is supported by four main factors: increased geopolitical uncertainty leading to heightened safe-haven demand, a temporary weakening of the dollar, rising demand due to advancements in AI and global energy transition, and ongoing supply constraints in metals like copper, silver, and platinum [6] - Notable geopolitical events include Saudi Arabia's airstrikes in Yemen and Ukraine's potential peace negotiations with Russia, which contribute to market volatility [6] Group 3: Silver Market Insights - Analyst Peter Krauth suggests that despite short-term pullback risks, silver prices could reach $300 per ounce during an upcoming "frenzy phase," with current factors supporting a prolonged price increase [7] Group 4: Aluminum Market Developments - The National Development and Reform Commission's article on optimizing traditional industries positively impacted the aluminum market, with aluminum oxide futures rising by 5.6% to a near three-week high [12] - Current supply-demand mismatches in the aluminum oxide industry are highlighted, with production capacity growth lagging behind smelting capacity growth, leading to persistent market pressures [13] - Analysts express caution regarding the sustainability of the recent price increases, noting that the underlying fundamentals remain bearish despite the positive sentiment driven by policy announcements [15][16]

Core Viewpoint - The prices of platinum and palladium futures have surged, driven by macroeconomic liquidity and tightening supply in the physical market, with platinum futures reaching 568.45 CNY per gram and palladium futures at 508.45 CNY per gram, marking increases of 6.99% and 7% respectively [1] Group 1: Macroeconomic Factors - The Federal Reserve's policy expectations and geopolitical uncertainties are key supports for the price increases of platinum and palladium [1] - The U.S. labor market shows signs of downward risk, with the unemployment rate rising to 4.6%, the highest since 2021, which may further support the Fed's easing measures [2] - Inflation is gradually receding, with the core CPI falling to 2.6%, the lowest since March 2021, indicating a potential slowdown in consumer spending [2] Group 2: Supply and Demand Dynamics - Platinum supply is expected to remain tight, with a projected supply gap of 46.4 tons by 2025, providing upward momentum for prices [3] - The palladium market has shifted to a state of oversupply, with expectations of a further increase in surplus to approximately 16.9 tons by 2026, which may exert downward pressure on prices [3] - The demand for platinum is supported by its applications in hydrogen energy and stable industrial uses, despite structural impacts from electric vehicle developments [3] Group 3: Market Sentiment and Future Outlook - The current price increases of platinum and palladium reflect strong macroeconomic expectations, but there is a risk of rapid corrections if market sentiment shifts [3][4] - The ongoing adjustments in the EU regarding the ban on fuel vehicles may improve future demand expectations for platinum and palladium [2] - In the absence of clear negative factors, precious metals are expected to maintain strength in the short term, although their volatility remains relatively low [3]