1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the supply of platinum and palladium is expected to decline, with platinum's mineral supply dropping by 4% to 529.5 million ounces and palladium's by 5% to 616.5 million ounces. However, the global palladium recycling volume is expected to rise to 270.5 million ounces [21][24]. - The demand for platinum is expected to slightly increase to 720.5 million ounces in 2025, while the demand for palladium is expected to decline to 862.5 million ounces, mainly due to the decline in automotive industry demand [41]. - In 2025, the supply - demand pattern of platinum and palladium is expected to show a differentiated trend, mainly due to the relative low price of platinum compared to palladium and the impact of the Russia - Ukraine conflict on palladium circulation [48]. 3. Summary by Relevant Catalogs 3.1 Platinum and Palladium Industry Chain Introduction - Platinum group metals include six elements: ruthenium (Ru), rhodium (Rh), palladium (Pd), osmium (Os), iridium (Ir), and platinum (Pt). Platinum and palladium are important industrial precious metals with wide applications in industry and jewelry [3][5]. - The mining and purification of platinum and palladium are complex. They are often symbiotic with copper - nickel sulfides and chromite, and the average grade of primary ore is only 2 - 10 g/t. Recycling accounts for about 30% of platinum supply and 20% of palladium supply. After refining, they are mainly used in automotive exhaust catalysts, as well as in chemical, electronic, glass, petroleum, medical, and other fields [12]. 3.2 Platinum and Palladium Supply Situation 3.2.1 Reserve Distribution and Major Production Enterprises - In 2024, the total proven reserves of platinum - group metals globally exceeded 81,000 tons, concentrated in southern Africa, North America, and the Far East of Europe. China's reserves are less than 1% of the global total [18]. - The top 10 global suppliers of platinum and palladium are mainly concentrated in South Africa, Russia, and North America [18]. 3.2.2 Platinum Supply - In 2025, the platinum mineral supply is expected to decline by 4% to 529.5 million ounces, with South Africa's supply expected to decrease by 170,000 ounces. The recycling supply in 2025 is expected to slightly recover [21]. 3.2.3 Palladium Supply - In 2025, the palladium mineral supply is expected to decline by 5% to 616.5 million ounces, mainly affected by the production decline in South Africa and North America. The global palladium recycling volume is expected to rise to 270.5 million ounces [24]. 3.2.4 Introduction of Major Supply Enterprises - Anglo American Platinum Ltd. is the world's largest platinum producer, with 80% of its assets in South Africa's Bushveld Complex. In 2025, its production is expected to be 3.8 million ounces, accounting for 30% of the global supply [29]. - OJSC MMC Norilsk Nickel is a leading global mining and metallurgy group. Its palladium production accounts for nearly 40% of the global total. In the first three quarters of 2024, its palladium production was 2.156 million ounces and platinum production was 521,000 ounces [29]. - Impala Platinum Holdings Ltd is a major global producer of platinum - group metals, with mines in South Africa, Zimbabwe, and Canada. In 2024, its total production of platinum - group metals was 3.65 million ounces, accounting for over 30% of the global supply [30]. - Stillwater Mining Co. is a leading global producer of platinum - group metals. In 2023, its annual production of platinum and palladium was about 408,000 ounces, accounting for about 7% of the global supply [30]. 3.3 Platinum and Palladium Downstream Applications 3.3.1 Automotive Catalysts - Platinum, palladium, and rhodium are key components of automotive catalysts. In the long - term, the demand for platinum and palladium in automotive catalysts is not optimistic due to the development of new energy vehicles. In the short - term, the sales increase of second - hand gasoline vehicles may boost the demand. In 2024, the demand for platinum and palladium in automotive catalysts accounted for 48% and 83% respectively [33]. 3.3.2 Jewelry - Platinum is regarded as a high - end jewelry representative, while palladium is rarely used in jewelry due to its discoloration. In the future, the application of platinum and palladium in jewelry faces a downward risk. In 2024, the demand for platinum and palladium in jewelry accounted for 19% and 1% respectively [34]. 3.3.3 Industry - Platinum's industrial demand is concentrated in glass manufacturing, chemical catalysis, and electronics. Palladium's industrial use is mainly in the chemical and electronic industries. In 2024, the demand for platinum and palladium in industry accounted for 32% and 15% respectively [35]. 3.3.4 Hydrogen Energy - Platinum - group metals play a crucial role in hydrogen energy development. The development of hydrogen energy is in its infancy, and the demand for platinum and palladium may increase in the future. In 2024, the demand for platinum and palladium in hydrogen energy accounted for 1% and 0.3% respectively [38]. 3.4 Price and Futures 3.4.1 Global Platinum and Palladium Supply - Demand Balance - In 2020, the prices of platinum and palladium rose significantly due to the shutdown of mining and smelting in South Africa. In 2021, the supply surplus intensified. In 2025, the supply - demand pattern of platinum and palladium is expected to show a differentiated trend [48]. 3.4.2 Global Platinum and Palladium Futures Market - The Guangzhou Futures Exchange is expected to launch platinum and palladium futures contracts this year. The London Platinum and Palladium Market (LPPM) is the most important global spot trading market, and the New York Mercantile Exchange (NYMEX) is the largest global platinum futures trading market [56][60].

根据公告，征求市场意见的内容包括《广州期货交易所铂期货合约（征求意见稿）》《广州期货交 易所铂期权合约（征求意见稿）》《广州期货交易所铂期货、期权业务细则（征求意见稿）》《广州期 货交易所钯期货合约（征求意见稿）》《广州期货交易所钯期权合约（征求意见稿）》《广州期货交易 所钯期货、期权业务细则（征求意见稿）》等文件，截止日期为2025年8月7日。 上述文件显示，铂期货合约交易代码为PT，钯期货合约交易代码为PD，铂、钯期货合约交易单位 均为1000克/手，最小变动价位均为0.05元/克，合约涨跌停板幅度均为上一交易日结算价的4%，最低交 易保证金均为合约价值的5%。合约月份均为2、4、6、8、10、12月，最后交易日和最后交割日分别为 合约月份的第10个交易日和最后交易日后的第3个交易日。交割方式均为实物交割，交割单位均为1000 克（净重）。 为充分听取市场各方意见，进一步完善铂、钯期货和期权合约及相关规则，确保铂、钯期货和期权 合约上市后平稳运行、逐步发挥功能，7月31日，广州期货交易所发布公告，就铂、钯期货和期权合约 及相关规则公开征求意见。 风控制度方面，铂、钯期货一般月份涨跌停板幅度和最低交易保证金 ...

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 - The Guangzhou Futures Exchange has announced that the trading limits for platinum and palladium futures 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 [1] Group 1 - The trading unit for both platinum and palladium futures contracts is established at 1000 grams per contract, with a minimum price fluctuation of 0.05 yuan per gram [1] - The exchange will implement a brand delivery system, requiring that the deliverable goods be registered brands published by the exchange [1] - The exchange plans to refine and improve the contracts and rules based on feedback and suggestions, ensuring that the contracts align with industry realities and promote the high-quality development of the platinum and palladium industries [1]

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]