不过，业内人士也承认，铂金要成为真正的央行储备资产，仍面临流动性不足和供应规模小等障碍。目 前，全球央行储备资产中，铂金尚未被国际货币基金组织（IMF）列为官方储备资产类别。 "我们尚未看到任何央行正式宣布购入铂金作为储备，但市场讨论的频率明显上升。" 邓伟斌会上透 露，IMF的批准实际上不是障碍，一旦有央行将铂金纳入储备体系，不仅将重塑全球贵金属市场格局， 也可能为美元主导的国际货币体系提供新的"去美元化"路径。与此同时，铂金价格或迎来结构性重估。 此外，国内市场方面，广州期货交易所（下称广期所）铂金期货上市渐进。"长期以来，由于缺乏有效 的国内价格对冲机制，与铂、钯相关的企业和交易者在面临市场价格波动时往往缺乏有效的风险管理工 具。"上述业内人士提到。 今年8月，广期所已完成了就铂、钯期货和期权合约及相关规则公开征求意见工作。广期所相关负责人 表示，下一步广期所将梳理、研究各方意见和建议，进一步完善合约和规则，确保合约贴近产业实际， 尽快推动铂、钯品种的上市。 美元信用受质疑、金价高企，这些因素促使全球央行探索铂金作为储备资产新选项 铂金（Platinum）正成为央行储备资产多元化的新焦点。 9月19日， ...

Core Viewpoint - The Guangzhou Futures Exchange is seeking public opinions to refine the futures and options contracts for platinum and palladium, aiming for smooth market operation and functionality post-launch [1] Group 1: Contract Specifications - The trading codes for platinum and palladium futures are PT and PD, respectively, with a trading unit of 1000 grams per contract and a minimum price fluctuation of 0.05 yuan per gram [1] - The price limit for daily trading is set at 4% of the previous trading day's settlement price, with a minimum margin requirement of 5% of the contract value [1] - The contract months are scheduled for February, April, June, August, October, and December, with the last trading day being the 10th trading day of the contract month and the last delivery day being the third trading day after the last trading day [1] Group 2: Delivery Standards - The delivery quality standards for platinum and palladium are based on current national and international standards, including indicators for main component content and impurity levels [2] - The delivery method will include physical delivery, with only domestic platinum and palladium ingots eligible for registration [2] - A brand delivery system will be implemented, requiring delivery items to be from registered brands published by the exchange [2] Group 3: Risk Control and Position Limits - The price limit and minimum margin for platinum and palladium futures are set at 4% and 5%, respectively [3] - Position limits vary based on the open interest of the contracts, with specific limits for both platinum and palladium depending on the number of open positions [3] - The position limits will decrease as the delivery month approaches, with specific limits set for the delivery month [3] Group 4: Options Design - The options contracts for platinum and palladium will be based on their respective futures contracts, with a trading unit of 1 contract (1000 grams) [4] - The minimum price fluctuation and price limits for options will align with those of the underlying futures contracts [4] - The exercise price will vary based on the previous trading day's settlement price, with a segmented exercise price interval design [4] Group 5: Future Steps - The Guangzhou Futures Exchange plans to carefully analyze feedback and suggestions to enhance the contracts and rules, ensuring they align with industry needs and expedite the launch of platinum and palladium products [5]

Report Summary 1. Report Industry Investment Rating No investment rating was provided in the report. 2. Core Viewpoints The report provides a detailed interpretation of the draft contracts for platinum and palladium futures on the Guangzhou Futures Exchange (GFEX), covering contract specifications, trading rules, margin systems, position limits, delivery methods, and quality standards. It highlights the innovative features of the GFEX's contract design, such as the inclusion of sponge and powder forms in delivery and the introduction of the factory warehouse system, which aim to better serve industrial enterprises and enhance the function of futures in serving the real economy [3][11]. 3. Summary by Related Catalogs Contract Specifications - **Trading Variety**: Platinum and palladium [3] - **Trading Unit**: 1,000 grams per lot [3] - **Delivery Unit**: 1,000 grams [3] - **Quotation Unit**: Yuan (Renminbi) per gram [3] - **Minimum Price Fluctuation**: 0.05 yuan per gram [3] - **Daily Price Limit**: 4% for general months and 6% for delivery months (subject to exchange announcements) [3][4][5] - **Contract Delivery Months**: February, April, June, August, October, and December [3] - **Trading Hours**: Monday to Friday, 9:00 - 11:30 AM and 13:30 - 15:00 PM, plus other trading hours specified by the exchange [3] - **Last Trading Day**: The 10th trading day of the contract month [3] - **Last Delivery Day**: The third trading day after the last trading day [3] - **Delivery Grade**: As specified in the "Detailed Rules for Platinum and Palladium Futures and Options Business of the Guangzhou Futures Exchange" [3] - **Delivery Location**: Designated delivery warehouses by the exchange [3] - **Minimum Trading Margin**: 5% of the contract value [3] - **Delivery Method**: Physical delivery [3] - **Trading Codes**: Platinum - PT; Palladium - PD [3] - **Listing Exchange**: Guangzhou Futures Exchange [3] Margin System - **Three - stage Gradient Margin**: 5% from contract listing to the 10th trading day before the month preceding the delivery month, 10% from the 10th trading day to the last trading day of the month preceding the delivery month, and 20% in the delivery month [6][7] Position Limits - **Three - stage Position Limits**: Different limits are set for general months, the period starting from the 15th trading day of the month preceding the delivery month, and the delivery month. For example, for non - futures company members, etc., in general months, if N > 6000 lots, it's 10%×N lots; if N ≤ 6000 lots, it's 600 lots [8][9][10] Delivery - **Delivery Forms**: In addition to ingots, sponge and powder forms of platinum and palladium are included in delivery. Sponge can be delivered through the factory warehouse system [11] - **Delivery Quality Standards**: The purity of platinum and palladium delivery items should be no less than 99.95%. Different impurity element requirements are set for domestic and imported products, as well as for different forms [16][17][18] - **Delivery Methods**: Rolling delivery and one - time delivery are available [21] Options - **Contract Specifications**: Similar to futures contracts in terms of trading unit, quotation unit, etc. The last trading day is the 5th trading day of the month preceding the delivery month of the underlying futures contract [25] - **Strike Price**: Covers a range of 1.5 times the daily price limit of the previous trading day's settlement price of the underlying futures contract, with different strike price intervals for different price ranges [27] - **Exercise Style**: American style [27] - **Position Limits**: Non - futures company members, etc., have a limit of 600 lots for the sum of long call and short put positions, and long put and short call positions in a certain month's option contracts [29]

Core Viewpoint - Guangzhou Futures Exchange is seeking public opinions on the futures and options contracts for platinum and palladium, highlighting the urgent demand for hedging in the industry due to significant price fluctuations in recent years [1][3]. Group 1: Contract Details - The contracts for platinum and palladium will have trading codes PT and PD respectively, with a trading unit of 1000 grams per contract and a minimum price fluctuation of 0.05 yuan per gram [3][4]. - The price limit for both platinum and palladium contracts will be set at 4% of the previous trading day's settlement price, with a minimum trading margin of 5% of the contract value [3][5]. - The delivery method will be physical delivery, with a delivery unit of 1000 grams (net weight) and specific quality standards based on national and international benchmarks [3][4]. Group 2: Delivery and Trading Mechanisms - The delivery methods will include spot-to-futures, rolling delivery, and one-time delivery, with both warehouse and factory delivery options available [4]. - A brand delivery system will be implemented, requiring delivery items to be registered brands published by the exchange [4]. Group 3: Risk Control and Position Limits - The position limits for platinum contracts will vary based on the total open interest, with specific limits set for different trading volumes [5]. - For palladium contracts, similar position limits will apply, with adjustments made as the delivery month approaches [5]. Group 4: Options Design - The options contracts for platinum and palladium will be based on their respective futures contracts, with a trading unit of 1 contract (1000 grams) and similar price fluctuation limits [6]. - The exercise price will be designed to cover a range based on the previous trading day's settlement price, with a segmented approach to price intervals [6].

1. Report Industry Investment Rating - Platinum: Volatile; Palladium: Volatile [6] 2. Core Viewpoints of the Report - The release of the solicitation draft for platinum and palladium futures contracts by the Guangzhou Futures Exchange indicates the approaching listing of these futures, which fills the gap in risk management tools for new energy metals in China [10]. - The platinum and palladium futures contracts have unique features such as relatively high contract values and entry thresholds, special contract month arrangements, and trading time settings that may affect price continuity and arbitrage efficiency. The innovative design of the delivery system also has implications for the participation of industrial enterprises [4][41]. 3. Summary by Relevant Catalogs 3.1 Event Overview - On July 31, 2025, the Guangzhou Futures Exchange released the solicitation drafts for platinum and palladium futures contracts and related option and business rule documents, aiming to promote green - low - carbon development [10]. 3.2 Platinum and Palladium Industry Chain Overview - Platinum and palladium belong to the platinum - group metals, with stable physical and chemical properties. Their industry chain consists of upstream mining, mid - stream processing, and downstream applications. The global resource endowment is extremely uneven, with South Africa and Russia being major resource - rich regions. China's proven reserves are less than 1% of the global total. The mid - stream processing includes primary and recycling methods, and the downstream demand is mainly concentrated in the automotive exhaust catalyst field (37% for platinum and 82% for palladium), followed by jewelry, industrial, and investment demands [11]. 3.3 Key Parameter Interpretation of Platinum and Palladium Futures Contracts - **Contract Basics**: The trading codes for platinum and palladium futures are PT and PD respectively, with a trading unit of 1000 grams per lot, a minimum price change of 0.05 yuan per gram, a daily price limit of ±4% (±6% in the delivery month), and a minimum trading margin of 5%. The contract months follow an even - month continuous double - month pattern (2, 4, 6, 8, 10, 12), and the trading time is from 9:00 - 11:30 am and 13:30 - 15:00 pm, with no night trading for now [1][15][16]. - **Margin**: Based on the current price, the minimum margin for one lot of platinum/palladium futures is about 1.5 - 1.6 million yuan. The expected combined margin rate of the exchange and futures companies is about 15%, resulting in a trading margin of about 4.75 million yuan for one lot of platinum futures and 4.5 million yuan for one lot of palladium futures. The trading margin adopts a three - stage ladder - type management system [22]. - **Position Limit System**: Platinum and palladium futures use a three - stage dynamic position limit system. In normal months, different position limits are set according to the unilateral position of the contract. As the delivery month approaches, the position limits are gradually reduced, and individual customers are not allowed to hold positions in the delivery month [24]. - **Delivery Matters**: The futures adopt physical delivery with a delivery unit of 1000g (net weight). The benchmark delivery items are platinum/palladium ingots, sponge platinum/palladium, and platinum/palladium powder with a main component content of not less than 99.95%. There is a single - quality standard with no alternative delivery items and no clear regional premium or discount. The delivery system combines warehouse and factory warehouse delivery, and only domestic platinum and palladium ingots can be registered as warehouse standard warehouse receipts, while powder - form metals and imported products can only be registered as factory warehouse receipts. The warehouse receipts are valid for 12 months and are uniformly cancelled after the last trading day of August each year [26][28][30]. - **Delivery Area Speculation**: Considering factors such as industry agglomeration, logistics convenience, and import dependence, potential delivery areas include industrial - intensive regions like Yunnan, Xinjiang, Gansu, and Sichuan, as well as Shanghai, Tianjin, and Guangdong [3][31]. 3.4 Platinum and Palladium Option Contracts - The Guangzhou Futures Exchange also launched platinum and palladium option contracts. The options use the American exercise method, with a trading unit of one lot of platinum/palladium futures contracts, a minimum price change of 0.05 yuan per gram, and a price limit consistent with the underlying futures contracts. The contract months are the same as those of the underlying futures contracts, and the exercise price range is set to cover the price range within 1.5 times the daily price limit of the previous trading day's settlement price of the underlying futures contract. A segmented exercise price interval design is adopted [38]. 3.5 Characteristics Interpretation of Platinum and Palladium Futures Contracts - **Contract Value and Threshold**: The high contract value of platinum and palladium futures creates an entry barrier for investors. Insufficient liquidity at the initial listing stage may affect price continuity [4][41]. - **Contract Months and Liquidity Distribution**: The lack of continuous - month contracts may lead to a relatively steep B/C structure in the forward curve, and enterprises may face higher basis risks [4][41]. - **Trading Time and Linkage with Overseas Markets**: The absence of night trading in domestic platinum and palladium futures, compared with the 23 - hour continuous trading of Nymex platinum and palladium futures, may affect price continuity, arbitrage efficiency, and create time - difference arbitrage opportunities [4][41]. - **Innovation and Limitations of Delivery Rules**: The inclusion of sponge - form metals in the delivery system is innovative, but the restriction on registering warehouse standard warehouse receipts only for domestic ingots reflects the policy orientation of supporting domestic smelting industries and ensuring supply - chain security [42].

Core Viewpoint - The Guangzhou Futures Exchange has announced a public consultation regarding the futures and options contracts for platinum and palladium, which will provide effective risk management tools for related industries and promote high-quality development of the industrial chain [1][6]. Group 1: Announcement Details - The consultation includes multiple documents such as the draft contracts for platinum and palladium futures and options, as well as business rules [3]. - Platinum futures contract code is PT, and palladium futures contract code is PD, with a trading unit of 1000 grams per contract and a minimum price fluctuation of 0.05 yuan per gram [3]. - The contracts will have a price limit of 4% based on the previous trading day's settlement price and a minimum margin of 5% of the contract value [3][4]. Group 2: Delivery and Trading Rules - The delivery method for platinum and palladium futures will include physical delivery, with a delivery unit of 1000 grams [3]. - A brand delivery system will be implemented, requiring delivery goods to be registered brands published by the exchange [4]. - Position limits will be set based on the trading volume, with specific limits for both platinum and palladium contracts [4]. Group 3: Market Context and Demand - Platinum and palladium are crucial raw materials for green industries, including automotive catalytic converters and hydrogen energy [7]. - The demand for hedging tools has increased due to heightened price volatility in the market, with platinum prices rising over 50% this year and palladium prices increasing over 30% [6][8]. - The supply of platinum and palladium is stable globally, but is influenced by factors such as power shortages in South Africa and geopolitical issues in Russia [8].

Core Viewpoint - The Guangzhou Futures Exchange (GFE) is seeking public opinion on the upcoming launch of platinum and palladium futures and options contracts, addressing the urgent hedging needs of industry players due to significant price volatility in recent years [1][2][6]. Group 1: Futures and Options Launch - GFE has announced the public consultation for platinum and palladium futures and options contracts, with a deadline for feedback set for August 7, 2025 [5]. - Platinum and palladium futures will have no alternative delivery products and will implement a brand delivery system, requiring delivery products to be registered brands published by the exchange [4][11]. - The trading codes for platinum and palladium futures are "PT" and "PD," respectively, with a contract size of 1000 grams per lot and a minimum price fluctuation of 0.05 yuan per gram [13]. Group 2: Market Context and Demand - Platinum and palladium are crucial raw materials in the new energy sector, particularly in fiberglass and hydrogen energy applications, and are considered scarce resources globally [6]. - The demand for hedging in the industry has become urgent due to significant fluctuations in the spot prices of platinum and palladium in recent years [6]. - GFE has previously launched futures for industrial silicon, polysilicon, and lithium carbonate, indicating a focus on supporting green and low-carbon development [7][10]. Group 3: Delivery and Trading Rules - The delivery method for platinum and palladium futures will follow established practices in the futures market, including physical delivery and various delivery options [13]. - The quality standards for delivery will be based on national and international standards, with specific indicators for purity and impurity levels [13]. - The holding limits for positions will vary based on the trading volume, with specific limits set for both platinum and palladium contracts [14].

Core Viewpoint - The announcement by Guangzhou Futures Exchange regarding the solicitation of opinions for platinum and palladium futures and options contracts aims to provide effective risk management tools for related industries, promoting high-quality development of the industrial chain [2][10]. Summary by Sections Announcement Details - The solicitation includes multiple documents such as the draft contracts for platinum and palladium futures and options, along with business rules [3]. - The trading codes for platinum and palladium futures are PT and PD, respectively, with a trading unit of 1000 grams per contract and a minimum price fluctuation of 0.05 yuan per gram [3]. Contract Specifications - The contract months are set for February, April, June, August, October, and December, with the last trading day being the 10th trading day of the contract month and the last delivery day being the third trading day after the last trading day [4]. - The delivery method is physical delivery, with a delivery unit of 1000 grams (net weight) [4]. Delivery and Risk Control - The delivery methods for platinum and palladium futures will follow established practices in the futures market, including spot-to-futures, rolling delivery, and one-time delivery [5]. - A brand delivery system will be implemented, requiring registered brands for delivery products, with specific procedures for inventory management [5]. Position Limits - For platinum contracts, if the open interest is less than or equal to 6000 lots, the position limit for a single client is 600 lots; if greater, the limit is 10% of the open interest [6]. - For palladium contracts, if the open interest is less than or equal to 3000 lots, the position limit is 300 lots; if greater, the limit is also 10% of the open interest [6]. Market Context - The demand for platinum and palladium is increasing due to their roles in green industries, particularly in automotive catalytic converters and new energy sectors [7]. - The supply-demand relationship for platinum and palladium is tightening, leading to increased price volatility and a growing need for hedging tools [8]. Price Trends - Year-to-date, platinum prices have shown a significant upward trend, surpassing $1400 per ounce, marking a rise of over 50% this year, while palladium prices have increased by over 30% [9]. - The global supply of platinum has remained stable at around 220-230 tons, while palladium supply is around 280-300 tons, with supply constraints influenced by geopolitical issues and energy shortages [9]. Future Developments - The Guangzhou Futures Exchange plans to refine the contracts and rules based on feedback to ensure they align with industry needs and expedite the launch of platinum and palladium products [9].

Core Viewpoint - Guangzhou Futures Exchange is steadily advancing the research and development of platinum and palladium futures and options, aiming to better meet market participants' needs through public consultation on contract drafts and related rules [1] Group 1: Regulatory Framework - The development is in accordance with the "Futures and Derivatives Law of the People's Republic of China," the "Regulations on Futures Trading," and relevant provisions from the China Securities Regulatory Commission [1] Group 2: Contract Development - The exchange has prepared draft contracts for platinum and palladium futures and options, including business rules for both metals [1] - Specific documents include the draft contracts for platinum futures, platinum options, palladium futures, and palladium options, along with their respective business rules [1] Group 3: Public Consultation - The exchange is seeking public feedback on the aforementioned contracts and rules to ensure their design is more reasonable and aligned with market demands [1]

广期所就铂、钯期货和期权规则征求意见 智通财经7月31日电，广州期货交易所7月31日发布公告，就铂、钯期货和期权合约及相关规则公开征求 意见。广期所相关负责人表示，下一步广期所将认真梳理、研究各方意见和建议，按照相关法律法规及 广期所业务规则规定，进一步完善合约和规则，确保合约贴近产业实际，尽快推动铂、钯品种的上市， 推进期货市场服务铂、钯产业高质量发展。 ...