在能源转型与全球碳中和目标持续推进的背景下，硅、锂、铂钯等材料作为新能源发 电、新能源汽车、新一代信息技术、高端装备制造等战略性新兴产业的基石，是我国把握新 发展机遇、构建新发展格局、实现高质量发展的关键所在。为深入贯彻落实国家"双碳"战略 部署，进一步推动新质生产力在新能源、新材料产业的深度融合与协同创新，助力构建绿色 现代化产业体系，中国有色金属工业协会定于 12 月 11 日 -12 日 在 广东省广州市 召开 2025 中国新能源·新材料产业大会 。 会议主题 创新驱动·融合发展——构建新能源材料产业新生态 时间地点 报到时间：2025年12月11日 会议时间：2025年12月11-12日 会议地点：广东 · 广州南沙国际会展中心 会议酒店： 南沙岭南东方酒店 主办单位 中国有色金属工业协会 特邀协办 南沙期金产业园投资有限公司 中国 有色金属工业 协会硅业分会 中国有色金属工业协会锂业分会 中国有色金属工业协会铂族金属分 会 中国有色金属工业协会镍钴分会 承办单位 协办单位 中信期货有限公司 华泰期货有限公司 广发期货有限公司 支持单位 北京安泰科信息科技股份有限公司 初 初步日程 2025年12月 ...

期市有风险，投资需谨慎 此报告版权属于国投期货有限公司 0 各项声明请参见报告尾页 | 1 、铂、钯品种概况 2 | | --- | | 1.1 铂、钯的自然属性 2 | | 1.2 铂族资源的分布与分类 3 | | 2 、铂族金属产业链 6 | | 2.1 上游矿山资源集中度高 7 | | 2.2 铂族材料供应与回收 11 | | 2.3 终端应用 13 | | 2.4 投资渠道 16 | | 3 、全球铂金供需格局 18 | | 3.1 全球铂金供应集中度高、弹性差 18 | | 3.2 铂金全球平衡 19 | | 4 、全球钯金供需格局 21 | | 4.1 钯金供应集中度高、弹性差 21 | | 4.2 钯金全球平衡 22 | | 5 、中国铂族资源格局 24 | | 5.1 我国铂族资源极度匮乏、分布集中 24 | | 5.2 我国铂族资源对外进口依赖度高 24 | | 5.3 我国铂族金属需求 27 | | 5.4 铂、钯进出口及税费 29 | | 6 、铂、钯价格回顾 32 | | 7 、广州期货交易所铂、钯期货 34 | | 7.1 合约文本 34 | | 7.2 期货风控制度 34 | | ...

公司长期专注于铂、钯、铑、银等贵金属二次资源综合利用及相关产品的研发、生产、销售及服务，本 次成为铂、钯期货指定交割厂库，有利于公司将现货市场、期货市场、交割厂库三者有机结合，进一步 增强公司的抗风险能力和市场竞争力，对扩大公司市场影响力和提高公司盈利水平产生积极作用。 浩通科技（301026）(301026.SZ)发布公告，广州期货交易所于2025年11月21日发布《关于铂期货交割 业务有关事项的通知》(广期所发〔2025〕375号)、《关于钯期货交割业务有关事项的通知》(广期所发 〔2025〕376号)，经查询确认，公司获批成为广州期货交易所铂、钯期货指定交割厂库。 ...

Core Viewpoint - Platinum plays a significant role in the hydrogen energy sector, primarily as a catalyst in fuel cells, making it a core material in hydrogen technology [1] Company Overview - The company, Haotong Technology (301026.SZ), specializes in precious metal recovery, extracting platinum, palladium, rhodium, and silver from secondary resources such as spent catalysts [1] - The company's main business does not involve research or application of related products in the hydrogen energy field [1]

期货研究报告 | 商品研究 铂钯金属产业链全景图：从供 需格局到战略展望 2025年11月24日 2025年11月24日 平衡及展望 04 01 铂钯概述 • 物理及化学性质 • 产业链 • 期货合约 概述：铂、钯物理及化学性质 期货研究报告 | xx研究 • 研究员-郑浩霆 • zhenghaoting@cmschina.com.cn • 联系电话： 13528869613 • 执业资格号：Z0021223 目录 contents 铂钯概述 01 供应 02 需求 03 铂：铂（Platinum，化学符号Pt） 钯：钯（Palladium，化学符号Pd） 物理特性 银白色金属，具有明亮的光泽，延展性和可塑性 极佳。密度高达21.45 g/cm³（20℃），是密度最 大的金属之一。熔点1768.3℃，沸点3825℃，耐 高温性能优异。莫氏硬度 4-4.5（较软，但高于 黄金），可通过冷加工提高硬度。延展性极好， 1克铂可拉成约2公里长的细丝。导电性和导热性 良好，但不及银和铜。 化学特性 化学性质极其稳定，耐酸、碱和氧化剂。不溶于 盐酸、硝酸，但可溶于王水（盐酸与硝酸混合 物）。高温下可被熔融碱金属、氰化物等 ...

上周五，纽约联储主席威廉姆斯表示，鉴于劳动力市场逐渐放缓，短期内仍有降低借贷成本的空间，不 过其他官员的态度则更为谨慎。在威廉姆斯发表此番言论后，黄金价格一度回升至4100美元，随后走 低，最终回落至4050美元附近。 智通财经APP获悉，周一亚洲早盘，黄金价格保持稳定。市场正在评估美联储在年底前再次降息的可能 性。截至发稿，现货黄金价格在4050美元/盎司附近波动，此前在周五下跌了 0.3%。美元现货指数上涨 了 0.1%。银、铂和钯的价格也都小幅上涨。 美国政府停摆导致经济数据的发布被推迟，而这些数据通常是市场用来评估降息可能性的重要依据。定 于本周二公布的美国 9 月零售销售和生产者价格数据，以及定于周三公布的失业金申请数据，将为经济 状况提供一个急需的温度检测。期货交易员预计美联储下个月降息25个基点的可能性略高于69%。 自 10 月 20 日金价飙升至每盎司 4380 美元的纪录高位以来，黄金市场一直处于盘整阶段。今年迄今， 金价仍上涨了约 55%，这得益于贸易和地缘政治的不确定性加剧，以及对许多政府财政状况恶化状况 的担忧。 ...

Core Viewpoint - Company announces a new strategic plan called "One Body, Two Wings" aimed at enhancing its market position and contributing to national supply chain security [1] Group 1: Strategic Focus - "One Body" refers to the company being a leading enterprise with rich metal resources [1] - "Two Wings" focuses on the development of copper, lead, and zinc smelting and deep processing industries, as well as rare and precious metals and new materials [1] Group 2: Development Approach - The company emphasizes both "external development" and "internal development" to drive growth [1] - A dual approach of "focusing on core business + capital operation" is adopted to optimize product structure and enhance the industrial chain layout [1] Group 3: Value Management - The company has established a value management system to enhance investor returns and protect the rights of stakeholders [1] - Efforts will be made to improve investor relations management and promote high-quality development to achieve shareholder value returns [1]

Core Viewpoint - Yunnan Copper announced its strategic focus on "digital transformation, resource expansion, mining optimization, smelting improvement, recycling, and refining of rare metals" to enhance its competitive edge and ensure high-quality development [2] Group 1: Strategic Focus - The company is increasing its efforts in urban mining and the extraction of rare metals [2] - By 2025, the company aims to focus on extreme operational efficiency, targeting a further reduction in main product costs compared to 2024 levels [2] - The company has achieved a competitive cost structure for its main products through years of cost reduction and efficiency improvements [2] Group 2: Profit Contribution and Supply Chain - The company is enhancing the profit contribution from by-products such as sulfuric acid, selenium, tellurium, platinum, palladium, and rhenium to improve overall competitiveness [2] - Increased procurement of urban mining materials is being prioritized to ensure raw material supply and mitigate challenges posed by processing fees [2]

Group 1: Production and Resource Management - The production situation of the major shareholder's Peru Copper is normal, with a signed equity custody agreement to avoid competition and protect shareholder interests [2] - The company is focusing on resource replacement and increasing reserves, with significant investments in geological research and exploration activities [3] - The company is in the process of acquiring 40% of Liangshan Mining from Yunnan Copper Group, which will enhance resource reserves [3] Group 2: Cost Management and Competitive Advantage - The new Southwest Copper project utilizes advanced smelting technology to reduce production costs and enhance competitiveness [4] - The company has a competitive advantage in smelting processing costs due to ongoing cost reduction and quality improvement measures [4] - The company maintains stable long-term relationships with suppliers to ensure a steady supply of raw materials [5] Group 3: Strategic Response to Market Changes - The company is implementing a strategic layout focusing on digital transformation, resource expansion, and cost reduction, aiming for further cost decreases in 2024 [6] - The company is increasing the procurement of urban mining resources to mitigate the impact of declining processing fees [7] - Sulfur production and sales have seen significant price increases this year, contributing positively to the company's performance [7]

Core Insights - The approval of platinum and palladium futures and options by the China Securities Regulatory Commission marks a significant step in the development of China's platinum group metals derivatives market, providing authoritative price signals and risk management tools for the green low-carbon industry [1] - Platinum and palladium are essential materials for various green industries, including automotive catalytic converters, hydrogen energy, and chemical applications, highlighting their strategic importance in the context of China's carbon neutrality goals [1][2] Supply and Dependency - China's dependence on imports for platinum and palladium remains significant, with 56% and 29% of its supply coming from abroad, primarily from South Africa and Russia [2][3] - The domestic supply of platinum and palladium is limited, with only a few small-scale mines in regions like Yunnan, Sichuan, and Qinghai, which poses challenges for developing a competitive mining sector [2] Recycling and Sustainability - The recycling system in China plays a crucial role in supplementing limited primary resources, with recycled platinum and palladium accounting for approximately 96% of total production in 2024 [3] - The foreign dependency for platinum has decreased from 61% in 2020 to 56% in 2024, while palladium's dependency has dropped from 43% to 29%, indicating improved supply security [3] Consumption Trends - China is the largest consumer of platinum and palladium globally, with consumption shares of 26% and 23% respectively in 2024, driven by applications in clean transportation and low-carbon industries [4][5] - The consumption structure for platinum is shifting, with a decline in jewelry usage from 42% in 2020 to 21% in 2024, while the automotive sector's share has increased from 10% to 28% during the same period [5][6] Industrial Applications - The demand for platinum and palladium is transitioning from being predominantly driven by the automotive sector to a more diversified industrial application, reflecting the broader green transition [6][7] - The growth of plug-in hybrid vehicles is expected to support platinum demand, countering declines in traditional fuel vehicle sales, with platinum consumption in automotive catalytic converters reaching 28% in 2023 [6][7] Future Outlook - As China's dual carbon goals advance, the applications of platinum and palladium in green industries are expected to expand, further solidifying their role as critical resources for high-quality economic development [7]