企业风险管理添新工具 铂和钯同属铂族金属。铂族金属在地壳中含量稀少，提炼困难，却在现代工业体系中无处不在。钯是汽车"尾 气净化三元催化剂"不可替代的关键原料，铂则在石油化工、电子器件、玻璃制造、氢能等多个领域保持稳定 需求。可以说，从汽车到芯片，从玻纤到氢能，都闪烁着铂、钯的微光，将其称为"工业维生素"并不为过。 当前，全球铂、钯供给高度集中于南非和俄罗斯两国，受地缘政治、气候、运输等因素影响频繁，铂、钯价 格大幅波动。2024年，国际市场价格长期在每盎司900美元至1100美元之间剧烈波动。这种波动，对上下游企 业而言，犹如悬在头顶的一把"隐形之剑"。 中国作为铂、钯最大的需求国之一，进口依存度相对较高，形成"买全球、用国内"的格局。原材料价格一旦 大幅上行，成本受压；若剧烈下行，又可能扰乱已有长协合同、库存定价、回收体系。平安期货副总经理简 翔表示，铂、钯价格一旦剧烈波动，产业链的每一个环节都会被牵动。产业呼唤一个价格"稳压器"，期货市 场的作用由此凸显。 期货市场的风险管理功能如同"安全阀"。企业可以通过套期保值，在现货和期货两个市场上锁定成本或利 润，从而减少原料价格剧烈波动带来的不确定性。期权被称作 ...

Core Viewpoint - The announcement by the Guangzhou Futures Exchange regarding the public consultation on platinum and palladium futures and options indicates that these commodities are expected to be officially launched in China's futures market soon, marking a significant step towards the internationalization and diversification of the domestic futures market, while presenting new opportunities and challenges for market participants [1]. Group 1: Platinum Group Metals (PGMs) Overview - Platinum Group Metals (PGMs) include platinum (Pt), palladium (Pd), rhodium (Rh), iridium (Ir), osmium (Os), and ruthenium (Ru), which are known for their unique physical and chemical properties and extensive industrial applications [4][11]. - PGMs are characterized by high melting and boiling points, excellent electrical and thermal conductivity, and remarkable chemical stability, making them essential in various industrial processes [13][45]. - The supply of PGMs is highly concentrated, with South Africa being the dominant supplier, accounting for approximately 71% of platinum and 36% of palladium production globally [30][31]. Group 2: Industrial Applications - PGMs serve as critical catalyst materials in modern industrial processes, particularly in petroleum refining, chemical production, and organic synthesis, due to their high catalytic activity and stability [11][41]. - In the electronics sector, PGMs are utilized for their excellent conductivity and stability, playing vital roles in components such as multilayer ceramic capacitors and hard disk drives [48][55]. - The demand for PGMs is significantly driven by overlapping needs in the chemical and electronics industries, with specific metals like palladium and platinum being in high demand for various applications [37][39]. Group 3: Market Dynamics - The global supply of PGMs is influenced by mining and refining processes, with a notable portion of the demand being met through recycling of spent catalysts [16][45]. - The market for PGMs is characterized by a unique dynamic where supply and demand are highly elastic, influenced by industrial metabolism cycles, which can buffer and amplify price fluctuations [45]. - The anticipated decline in global PGM supply due to production cuts in South Africa may impact market prices and industry dynamics significantly [35].