Core Insights - The launch of platinum and palladium futures and options contracts by the Guangzhou Futures Exchange on November 27 and 28, 2025, respectively, fills a gap in China's derivatives market for these metals and establishes an efficient pricing mechanism for domestic platinum and palladium [1][4] - The initial trading day saw palladium prices rise by 1.53% and platinum by 6.25%, indicating strong market participation and trading volume [1] - The demand for platinum and palladium in the automotive catalytic sector is significant, with platinum accounting for 40% and palladium for 80% of the demand in 2024 [1] Industry Impact - The introduction of these contracts aligns with China's industrial strategy and is expected to accelerate the development of the domestic supply chain [4] - The new products provide effective risk management and hedging tools for market participants, enhancing the capital market's focus on the investment attributes and price volatility of palladium and platinum [4] - The low abundance of platinum and palladium in the earth's crust, primarily concentrated in South Africa, Russia, and North America, highlights China's high dependency on imports, particularly from South Africa and Russia [1]

Core Insights - The listing of platinum and palladium futures on the Guangzhou Futures Exchange has garnered significant market attention, with a total trading volume of 422.8 billion yuan on the first day [1][2] - The supply of platinum and palladium ores remains tight, which is expected to support future price increases for these metals [2] - The introduction of platinum and palladium futures is anticipated to enhance the pricing system for these products and increase China's influence in the platinum group metals industry [2] Trading Performance - On the first day of trading, platinum futures had a trading volume of 66,700 contracts, with an open interest of 7,600 contracts and a total trading value of 292.31 billion yuan [1] - Palladium futures recorded a trading volume of 34,200 contracts, with an open interest of 2,700 contracts and a total trading value of 130.49 billion yuan [1] - The closing price for the main platinum contract was 430.3 yuan per gram, reflecting a 6.25% increase, while the main palladium contract closed at 370.6 yuan per gram, with a 1.53% increase [1] Future Developments - Options contracts for platinum and palladium are set to be listed on November 28, with trading hours aligned with those of the platinum futures contracts [3]

1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the content. 2. Core View of the Report The report comprehensively interprets the platinum - palladium futures and options contracts of the Guangzhou Futures Exchange, including details of the contracts, risk control systems, delivery notes, and information on delivery warehouses, factories, and brands, aiming to help investors understand and participate in platinum - palladium futures and options trading [13][15][21]. 3. Summary According to the Directory 3.1 Futures and Options Contracts - **Platinum (Palladium) Futures Contracts**: The trading of platinum (palladium) futures contracts starts on November 27, 2025. The first - listed contracts are PT(PD)2606, PT(PD)2608, and PT(PD)2610. Supported trading instructions include limit orders, market orders, etc. On the first listing day, the trading margin is 9% of the contract value, and the daily price limit is 14% of the listing benchmark price. The trading fee is 0.01% of the transaction amount, and intraday closing fees are waived [13][14]. - **Platinum (Palladium) Options Contracts**: The trading of platinum (palladium) options contracts begins on November 28, 2025. The first - listed contracts are based on PT(PD)2606, PT(PD)2608, and PT(PD)2610 futures contracts. Only limit orders and limit stop - loss (profit) orders are provided at the initial stage. The trading fee is 2 yuan per lot, and intraday closing fees are waived [15][16]. 3.2 Risk Control System - **Three - Stage Gradient Margin**: For platinum and palladium, from contract listing to the 10th trading day before the month before the delivery month, the margin is 5%; from the 10th trading day to the last trading day of the month before the delivery month, it is 10%; in the delivery month, it is 20% [26]. - **Position Limits**: For platinum and palladium futures, three - stage position limits are set. For example, in general months, if N>12000 lots for platinum, the limit for non - futures company members, etc., is 5%×N lots; if N≤12000 lots, it is 600 lots. For options, the position limit for non - futures company members, etc., is 600 lots for relevant combinations [30][34]. - **Large - Position Reporting**: The large - position reporting standard for non - futures company members, etc., for platinum and palladium futures and options contracts is 80% of the position limit set by the exchange [31][35]. 3.3 Delivery Notes - **Delivery Costs**: Assuming 400 yuan per gram, the estimated cost for holding 1 gram for 2 months is about 1.55 yuan, including fees such as handling fees, storage fees, and delivery fees. The delivery fee and standard warehouse receipt transfer payment service fee are temporarily exempted [39][40]. - **Delivery Methods and Time**: There are rolling delivery (from the first trading day to the day before the last trading day of the delivery month) and one - time delivery (after the close of the last trading day of the contract). The exchange starts handling delivery business on May 1, 2026 [41][42]. - **Quality Requirements**: There are differences in the chemical composition requirements for domestic and imported platinum and palladium. For example, the platinum content (mass fraction) of domestic and imported platinum should be ≥99.95% [44][45]. - **Delivery Procedures**: Members need to pay a delivery forecast deposit when applying for delivery forecast. There are specific regulations for goods storage, inspection, and handling of disputes over delivery quality and quantity [48]. 3.4 Delivery Warehouses, Factories, and Brands - **Registered Brands**: There are many domestic and foreign registered brands for platinum and lithium futures, such as "Guiyan" of Guiyan Resources (Yimen) Co., Ltd. for platinum, and relevant information about these brands, including production enterprises, addresses, and contact information, is provided [56][60]. - **Designated Delivery Factories and Warehouses**: There are specific lists of designated delivery factories and warehouses for platinum and palladium futures, including information such as regions, names, and contact details. All are benchmark warehouses with a premium and discount standard of 0 yuan per kilogram [68][72]. - **Quality Inspection Institutions and Fees**: There are several designated quality inspection institutions for platinum and palladium futures, and the maximum price limits for inspection fees for different items are specified, such as 4000 yuan per single - piece for impurity element content inspection [75][78].

Core Viewpoint - The launch of platinum and palladium futures and options by the Guangzhou Futures Exchange in late 2025 will provide new opportunities for the clean energy transition in China, addressing the current reliance on foreign markets for price hedging and risk management [3][5][10]. Group 1: Market Context - Platinum and palladium are essential in various clean energy applications, including hydrogen energy catalysis and automotive exhaust purification, but their high prices and volatility pose risks to industry players [3][5]. - China’s domestic production of platinum and palladium is minimal, with only 4.9 tons expected in 2024, while imports are projected at 91.1 tons, accounting for 70.9% of domestic supply [5][6]. - The reliance on imports exposes Chinese companies to international price fluctuations and supply chain vulnerabilities, with over 85% dependency on foreign sources [6][11]. Group 2: Price Volatility and Risk Management - The price volatility of platinum and palladium has exceeded 20% annually over the past five years, with significant fluctuations recorded in both metals [6][10]. - The introduction of futures and options will enhance risk management capabilities for domestic companies, allowing them to hedge against price risks more effectively [10][11]. - The new contracts will be denominated in RMB, eliminating currency risk and aligning with domestic industry needs [11]. Group 3: Demand Growth and Industry Development - The demand for platinum and palladium is expected to rise significantly due to China's "dual carbon" goals, with projections indicating that platinum demand in the hydrogen economy could exceed 25 tons by 2039 [12][14]. - The futures and options market will facilitate the sharing of market information across the entire supply chain, from import to production and recycling, fostering collaborative development [14]. - The establishment of a complete industrial ecosystem through these financial instruments will enhance China's influence in the global clean energy transition [14].

Core Viewpoint - The Guangzhou Futures Exchange announced the listing of platinum and palladium futures and options, set to begin trading on November 27 and 28, 2025, respectively, in response to the growing demand and supply concerns in the global new energy industry [3][4]. Group 1: Listing Information - Palladium futures will be listed on November 27, 2025, with trading hours from 9:00 to 11:30 and 13:30 to 15:00 on weekdays [5]. - The first batch of palladium futures contracts includes PD2606, PD2608, and PD2610 [5]. - The trading unit for palladium futures is 1000 grams per contract, with a minimum price fluctuation of 0.05 yuan per gram [8]. Group 2: Trading Rules - The price limit for the first trading day is set at 14% of the listing benchmark price, which will adjust to 7% based on the previous day's settlement price if there are transactions [5]. - The minimum trading margin is 5% of the contract value, and the delivery method is physical delivery [4][8]. - The last trading day is the 10th trading day of the contract month, and the last delivery day is the third trading day after the last trading day [8]. Group 3: Fees and Charges - A daily declaration fee for palladium futures will be charged based on the number of transactions, with specific rates depending on the volume of information [6][7]. - The fee structure includes no charge for up to 4000 transactions, with incremental fees for higher volumes [6]. Group 4: Additional Trading Information - The contract months for palladium futures are February, April, June, August, October, and December [8]. - The maximum order size is 1000 contracts, while the minimum is 1 contract [8]. - The settlement price for futures contracts will be based on the weighted average price of transactions during the delivery month [10].