Report Industry Investment Rating - Not provided in the content Core View of the Report - The pattern of platinum being strong and palladium being weak is likely to continue. It is recommended to be cautious and observe the market, and long - term funds can consider buying platinum on dips in batches [2] Summary by Relevant Catalogs 1. Market Data - **Futures Market**: The closing price of the platinum main contract was 457.75 yuan/gram, down 58.80 yuan; the closing price of the palladium main contract was 327.85 yuan/gram, down 46.50 yuan. The platinum main contract's open interest was 10387.00 lots, down 277.00 lots; the palladium main contract's open interest was 3179.00 lots, up 90.00 lots [2] - **Spot Market**: The Shanghai Gold Exchange's platinum spot price (Pt9995) was 459.83 yuan/gram, down 49.05 yuan; the Yangtze River's average palladium spot price was 349.00 yuan/gram, unchanged. The platinum main contract's basis was 2.08 yuan/gram, up 9.75 yuan; the palladium main contract's basis was 21.15 yuan/gram, up 46.50 yuan [2] - **CFTC Non - commercial Long Positions**: Platinum's CFTC non - commercial long positions were 9966.00 contracts, down 243.00 contracts; palladium's were 3003.00 contracts, down 342.00 contracts [2] 2. Supply and Demand - **Supply**: The total supply of platinum in 2025 is expected to be 220.40 tons, down 0.80 tons; the total supply of palladium in 2025 is expected to be 293.00 tons, down 5.00 tons [2] - **Demand**: The total demand for platinum in 2025 is expected to be 261.60 tons, up 25.60 tons; the total demand for palladium in 2025 is expected to be 287.00 tons, down 27.00 tons [2] 3. Macroeconomic Data - The US dollar index was 99.51, up 0.28; the 10 - year US Treasury real yield was 2.01%, up 0.13%; the VIX volatility index was 26.78, up 2.72 [2] 4. Industry News - The US - Iran situation remains highly tense, oil prices are high, and concerns about re - inflation are rising. The US Federal Reserve maintains interest rates, but the dot - plot raises the core PCE inflation forecast and reduces the expectation of interest rate cuts. The European Central Bank may raise interest rates 2 - 3 times this year. The US is in preliminary consultations for a "peace talk" with Iran [2] 5. Key Events to Watch - March 24: US March S&P Global PMI preliminary value, US February new home sales annualized total, US March Richmond Fed manufacturing index - March 25: US February durable goods orders monthly rate - March 26: US Q4 2025 real GDP annualized quarterly rate final value, US initial jobless claims for the week ending March 21 - March 27: US February core PCE price index annual/ monthly rate, US February personal spending monthly rate, US March University of Michigan consumer confidence index final value [2]

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The platinum market is expected to face a shortage for the fourth consecutive year in 2026, with a narrowing gap compared to 2025, but the long - term tight situation remains unchanged. Analysts believe the long - term fundamentals of platinum (diversified demand) are stronger than those of palladium (highly dependent on fuel - vehicle catalysts), and the premium of platinum over palladium is expected to further expand. Platinum's demand has solid medium - term support, while palladium's fundamentals are more fragile. The market volatility may remain high, and platinum and palladium are likely to follow the fluctuations of gold and silver. It is recommended to adopt a trading strategy based on the concept of market oscillations [2]. Summary According to Relevant Catalogs 1. Market Data - **Futures Market**: The closing price of the platinum main contract was 552.70 yuan/gram, up 22.65 yuan; the closing price of the palladium main contract was 407.75 yuan/gram, up 9.15 yuan. The platinum main - contract position was 10,387 lots, down 277 lots; the palladium main - contract position was 3,179 lots, up 90 lots [2]. - **Spot Market**: The Shanghai Gold Exchange platinum spot price (Pt9995) was 548.93 yuan/gram, up 20.28 yuan; the Yangtze River palladium spot average price was 388.00 yuan/gram, up 19.00 yuan. The platinum main - contract basis was - 3.77 yuan/gram, down 2.37 yuan; the palladium main - contract basis was - 19.75 yuan/gram, up 9.85 yuan [2]. - **Supply and Demand**: The platinum CFTC non - commercial long position was 9,966 contracts, down 243 contracts; the palladium CFTC non - commercial long position was 3,003 contracts, down 342 contracts. The total annual supply of platinum in 2025 was expected to be 220.40 tons, down 0.80 tons; the total annual supply of palladium in 2025 was expected to be 293.00 tons, down 5.00 tons. The total annual demand for platinum in 2025 was expected to be 261.60 tons, up 25.60 tons; the total annual demand for palladium in 2025 was expected to be 287.00 tons, down 27.00 tons [2]. - **Macro Data**: The US dollar index was 99.81, down 0.69; the 10 - year US Treasury real yield was 1.87%, down 0.05%. The VIX volatility index was 23.51, down 3.68 [2]. 2. Industry News - US President Trump said that after attacking military targets on Iran's major oil - export hub, Kharg Island, attacking the island's oil infrastructure was still an option. He hoped that European countries, Japan, and South Korea would assist in ensuring the safety of navigation in the Strait of Hormuz, but German Chancellor Merz refused to participate in the escort. - Trump called on the Federal Reserve to hold a "special meeting" to cut interest rates and criticized Fed Chairman Powell, saying that rates should be cut "immediately." The US Department of Justice requested a federal judge to reconsider the decision to revoke the subpoena for Fed Chairman Powell. - According to the latest "Platinum Quarterly" released by WPIC in early March, the global platinum market is expected to face a shortage for the fourth consecutive year in 2026, with a gap of about 7 tons (about 240,000 ounces), narrowing from the extreme gap of 34 tons in 2025. - Bank of America significantly raised its average target price for platinum in 2026 from $1,825 to $2,450 and the palladium target price from $1,525 to $1,725. Analysts believe that the long - term fundamentals of platinum are stronger than those of palladium [2]. 3. Key Events to Watch - March 17, 22:00: US Conference Board Leading Index for February - March 18, 18:00: Eurozone CPI monthly and annual rates for February - March 18, 20:30: US PPI monthly and annual rates for February - March 18, 22:00: US factory orders monthly rate for February - March 19, 02:00: Federal Reserve March interest - rate meeting - March 19, 20:30: US initial jobless claims [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The February CPI in the US basically met market expectations, but the strengthening US dollar still exerted strong pressure on the precious metals market [2]. - In terms of fundamentals, the long - term supply shortage logic for platinum remains solid. In 2026, global platinum supply is expected to increase slightly, and total demand will rise to 237 tons, with a market shortage of about 7 tons for the fourth consecutive year, and the depletion of above - ground inventory supports platinum prices [2]. - Palladium has a weak medium - term fundamental outlook. It is highly dependent on gasoline vehicle catalysts and faces dual pressures from the increasing penetration of electric vehicles and the accelerating substitution of platinum [2]. - In the short term, if crude oil prices continue to rise, platinum and palladium may continue to be under pressure. In the medium term, there is still an expectation of interest rate cuts, and the subsequent trend of US inflation data needs to be observed. It is recommended to conduct light - position range - bound trading for now [2]. Summary by Relevant Catalogs Futures Market - The closing price of the platinum main contract was 564.65 yuan/gram, down 5.35 yuan; the closing price of the palladium main contract was 416.60 yuan/gram, down 8.85 yuan [2]. - The main contract position of platinum was 10,387 hands, down 277 hands; the main contract position of palladium was 3,179 hands, up 90 hands [2]. Spot Market - The spot price of platinum (Pt9995) on the Shanghai Gold Exchange was 553.23 yuan/gram, down 3.85 yuan; the average spot price of palladium in the Yangtze River was 388.00 yuan/gram, down 11.00 yuan [2]. - The basis of the platinum main contract was - 11.42 yuan/gram, up 1.50 yuan; the basis of the palladium main contract was - 28.60 yuan/gram, down 2.15 yuan [2]. Supply and Demand - The non - commercial long positions of platinum in CFTC (weekly) were 9,966 contracts, down 243 contracts; the non - commercial long positions of palladium in CFTC (weekly) were 3,003 contracts, down 342 contracts [2]. - The total supply of platinum in 2025 was expected to be 220.40 tons, down 0.80 tons; the total supply of palladium in 2025 was expected to be 293.00 tons, down 5.00 tons [2]. - The total demand for platinum in 2025 was expected to be 261.60 tons, up 25.60 tons; the total demand for palladium in 2025 was expected to be 287.00 tons, down 27.00 tons [2]. Macroeconomic Data - The US dollar index was 99.20, up 0.27; the 10 - year US Treasury real yield was 1.85%, up 0.03% [2]. - The VIX volatility index was 24.23, down 0.70 [2]. Industry News - US President Trump said that there were "almost no targets left to strike" in Iran, and the US military action against Iran was "coming to an end", but US and Israeli officials said they had not received internal instructions to stop the military action [2]. - The International Energy Agency (IEA) agreed to release 4 billion barrels of strategic oil reserves to deal with the risk of energy supply disruption caused by the Iran war, which was the largest coordinated release in the agency's history [2]. - The latest US inflation data showed that in February, the seasonally adjusted CPI rose 0.3% month - on - month and 2.4% year - on - year, and the core CPI rose 0.2% month - on - month and 2.5% year - on - year, all in line with market expectations. However, the February data did not reflect the impact of the soaring oil prices caused by the Iran situation, and more data were needed to determine when the Fed would cut interest rates again [2]. - The US Treasury data showed that the US government budget deficit in February 2026 was $308 billion. The budget deficit from the beginning of the current fiscal year to February had exceeded $1 trillion, but was far lower than the same period last year. The total budget deficit so far this fiscal year was $1.004 trillion, a decrease of about 12% compared with the same period in 2025 due to faster growth in government revenue than expenditure [2]. Key Points to Watch - On March 13 at 20:30, the US January core PCE price index; on March 13 at 22:00, the US January durable goods orders [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The platinum and palladium futures market showed a downward trend today. The platinum 2606 contract fell 1.43% to 549.35 yuan per gram, and the palladium 2606 contract fell 2.18% to 412.70 yuan per gram. The dollar has been running strongly recently, and the recent inflation expectations have suppressed the interest rate cut expectations, putting pressure on the precious metals market. Geopolitical tensions have led to high market risk aversion. Fundamentally, platinum inventory remains tight, and the supply side in South Africa is restricted by factors such as power, cost, mine aging, and insufficient capital expenditure. The strategic attractiveness of platinum as an asset has increased. In contrast, although palladium also benefits from geopolitical conflicts and Russian supply risks, its medium - term logic is weaker than that of platinum. Its demand is mainly concentrated in gasoline vehicle catalysts, with a relatively single structure, and it faces dual pressure from the increase in electric vehicle penetration and platinum substitution in the long - term. In the short - term, there are many macro - level disturbances, and high market volatility may continue. It is recommended to conduct light - position range - bound trading [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the platinum main contract was 549.35 yuan per gram, a decrease of 7.95 yuan; the closing price of the palladium main contract was 412.70 yuan per gram, a decrease of 9.20 yuan. The main contract position of platinum was 10,387 hands, a decrease of 277 hands; the main contract position of palladium was 3,179 hands, an increase of 90 hands [2]. 3.2 Spot Market - The spot price of platinum on the Shanghai Gold Exchange (Pt9995) was 538.93 yuan per gram, a decrease of 13.04 yuan; the average spot price of palladium in the Yangtze River was 384.00 yuan per gram, a decrease of 6.00 yuan. The basis of the platinum main contract was - 10.42 yuan per gram, a decrease of 5.09 yuan; the basis of the palladium main contract was - 28.70 yuan per gram, an increase of 3.20 yuan [2]. 3.3 Supply and Demand Situation - The CFTC non - commercial long positions of platinum were 9,966 contracts, a decrease of 243 contracts; the CFTC non - commercial long positions of palladium were 3,003 contracts, a decrease of 342 contracts. The total supply of platinum in 2025 is expected to be 220.40 tons, a decrease of 0.80 tons; the total supply of palladium in 2025 is expected to be 293.00 tons, a decrease of 5.00 tons. The total demand for platinum in 2025 is expected to be 261.60 tons, an increase of 25.60 tons; the total demand for palladium in 2025 is expected to be 287.00 tons, a decrease of 27.00 tons [2]. 3.4 Macro Data - The US dollar index was 98.95, a decrease of 0.08; the 10 - year US Treasury real yield was 1.80%, a decrease of 0.02%. The VIX volatility index increased by 5.74 to 29.49 [2]. 3.5 Industry News - Iran's clerical leadership announced the appointment of Mojtaba, the son of the late Supreme Leader Khamenei, as a counter - measure against US President Trump. Iranian President Pezeshkian called on the people to unite and defend the country, stating that Iran will not surrender unconditionally and will not attack neighboring countries unless attacked first. China's gold reserves at the end of February were reported at 74.22 million ounces (about 2,308.5 tons), an increase of 30,000 ounces (about 0.93 tons) from January, marking the 16th consecutive month of increase. The US non - farm payrolls in February decreased by 92,000, far lower than the expected increase of 55,000, with private - sector employment decreasing by 86,000 and government employment decreasing by 6,000. The non - farm payrolls in January were revised to an increase of 126,000, and those in December were revised to a decrease of 17,000 [2]. 3.6 Key Points of Attention - On March 9 at 23:00, the US February New York Fed inflation expectations; on March 10 at 18:00, the US February NFIB small business confidence index; on March 10 at 22:00, the US February existing home sales data; on March 11 at 20:30, the US February CPI monthly and annual rates; on March 13 at 20:30, the US January core PCE price index; on March 13 at 22:00, the US January durable goods orders [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint - The platinum and palladium markets rebounded during intraday trading today but fell sharply due to market sentiment. The prices of platinum and palladium have been following the trends of gold and silver recently, with macro - narratives driving price fluctuations. The market trading sentiment has improved, but the strengthening of the US dollar and US bond yields has created strong upward resistance. In the short term, due to many macro - level disturbances, high market volatility may continue, and the subsequent development of the US - Iran situation needs to be observed. It is recommended to conduct light - position range - bound trading [2]. 3. Summary by Directory 3.1 Futures Market - Platinum's main contract closing price (daily, yuan/gram) is 563.95, up 3.55; palladium's main contract closing price (daily, yuan/gram) is 428.00, down 3.95. - Platinum's main contract open interest (daily, lots) is 10387.00, down 277.00; palladium's main contract open interest (daily, lots) is 3179.00, up 90.00 [2]. 3.2 Spot Market - The Shanghai Gold Exchange's platinum spot price (Pt9995) is 554.25, up 2.57; the Yangtze River's average palladium spot price is 392.00, unchanged. - Platinum's main contract basis (daily, yuan/gram) is - 9.70, down 0.98; palladium's main contract basis (daily, yuan/gram) is - 36.00, up 3.95 [2]. 3.3 Supply - Demand Situation - Platinum's CFTC non - commercial long positions (weekly, contracts) are 9966.00, down 243.00; palladium's CFTC non - commercial long positions (weekly, contracts) are 3003.00, down 342.00. - The total supply of platinum in 2025 is expected to be 220.40 tons, down 0.80; the total supply of palladium in 2025 is expected to be 293.00 tons, down 5.00. - The total demand for platinum in 2025 is expected to be 261.60 tons, up 25.60; the total demand for palladium in 2025 is expected to be 287.00 tons, down 27.00 [2]. 3.4 Macro Data - The US dollar index is 98.80, down 0.47; the 10 - year US Treasury real yield is 1.80%, up 0.03. - The VIX volatility index is 21.15, down 2.42 [2]. 3.5 Industry News - The US Secretary of Defense said that the US - Iran conflict may last for 8 weeks or longer, and the US will control the rhythm and intensity of the operation. NATO's interception of Iranian missiles will not trigger the collective defense clause. - The US Treasury Secretary said that the tariff rate will soon return to the level before the Supreme Court rejected Trump's reciprocal tariffs and that the US may adopt a 15% global tariff rate this week. - US President Trump officially nominated Kevin Warsh as the next Fed Chairman. If confirmed by the Senate, Warsh will replace the current Fed Chairman Powell for a four - year term. - The US ADP employment in February increased by 63,000, the largest increase since November 2025, with an expected increase of 50,000. The previous value was revised from an increase of 22,000 to an increase of 11,000. The US ISM services PMI in February was 56.1, significantly rebounding from 53.8 in January, higher than the market expectation of 53.5 and reaching the fastest expansion rate since August 2022. - According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in March is 2.7%, and the probability of keeping interest rates unchanged is 97.3%. The probability of a cumulative 25 - basis - point rate cut by April is 12.5%, the probability of keeping interest rates unchanged is 87.3%, and the probability of a cumulative 50 - basis - point rate cut is 0.3%. The probability of a cumulative 25 - basis - point rate cut by June is 32.1% [2]. 3.6 Key Points to Watch - At 20:30 on March 5th, the US January trade balance data and the US February Challenger job - cut data will be released [2].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The platinum and palladium markets continued their weak trend due to profit - taking by long positions in the gold and silver markets and the strengthening of the US dollar. The market is highly volatile in the short term, and the subsequent development of the US - Iran situation needs to be observed. It is recommended to conduct light - position trading within a narrow range [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the platinum main contract was 563.50 yuan/gram, a decrease of 26.85 yuan; the closing price of the palladium main contract was 433.80 yuan/gram, a decrease of 12.40 yuan. The platinum main contract's open interest was 10387.00 lots, a decrease of 277.00 lots; the palladium main contract's open interest was 3179.00 lots, an increase of 90.00 lots [2] 3.2 Spot Market - The spot price of platinum (Pt9995) on the Shanghai Gold Exchange was 551.68 yuan/gram, a decrease of 19.22 yuan; the average spot price of palladium in the Yangtze River area was 392.00 yuan/gram, a decrease of 28.00 yuan. The basis of the platinum main contract was - 11.82 yuan/gram, an increase of 7.63 yuan; the basis of the palladium main contract was - 41.80 yuan/gram, a decrease of 15.60 yuan [2] 3.3 Supply - Demand Situation - The non - commercial long positions of platinum in CFTC (weekly) was 9966.00 contracts, a decrease of 243.00 contracts; the non - commercial long positions of palladium in CFTC (weekly) was 3003.00 contracts, a decrease of 342.00 contracts. The total supply of platinum in 2025 was expected to be 220.40 tons, a decrease of 0.80 tons; the total supply of palladium in 2025 was expected to be 293.00 tons, a decrease of 5.00 tons. The total demand for platinum in 2025 was expected to be 261.60 tons, an increase of 25.60 tons; the total demand for palladium in 2025 was expected to be 287.00 tons, a decrease of 27.00 tons [2] 3.4 Macro Data - The US dollar index was 99.27, an increase of 0.72; the 10 - year US Treasury real yield was 2.13%, an increase of 1.77 percentage points; the VIX volatility index was 1.77, an increase of 0.01 [2] 3.5 Industry News - Trump's tough stance on Iran led to a stock sell - off and rising energy prices, reigniting inflation concerns. The probability of the Fed's second interest rate cut this year dropped to 50%. The Middle East conflict continued to spread. The nominee for the Fed chair, Kevin Warsh, would slowly advance the Fed's balance - sheet reduction. Fed officials had different views on interest - rate cuts depending on inflation trends. The high - tension US - Iran geopolitical situation increased market risk aversion, tightened market liquidity, and put upward pressure on the US dollar and US Treasury yields, which affected the precious metals market [2] 3.6 Fundamental Analysis - On the supply side, power shortages and insufficient capital expenditure in South Africa restricted production growth, Russia faced sanctions risks, and North American mines cut production. On the demand side, the substitution of platinum for palladium might slow down due to platinum's price exceeding palladium's. China's platinum jewelry demand reached a seven - year high due to the high gold price substitution effect, and the hydrogen energy field provided long - term support for platinum demand [2] 3.7 Key Events to Watch - On March 4th, the US ADP private employment report at 21:15 and the US ISM non - manufacturing PMI at 23:00. On March 5th, the US January trade balance data at 20:30 and the US February Challenger job - cuts number at 20:30 [2]

Report Industry Investment Rating - No information provided Core View of the Report - In the short term, the concentrated release of market safe - haven buying demand may continue to push up the precious metals market. However, due to the market's prior pricing of potential conflicts, there may be a correction pressure after the action is implemented. The impact of the US - Iran war on the supply side of platinum and palladium may be limited. Operationally, it is recommended to focus on range - bound trading [2] Summary by Relevant Catalogs Futures Market - Platinum's main contract closing price is 626.50 yuan/gram, up 4.60 yuan; palladium's main contract closing price is 463.65 yuan/gram. Platinum's main contract position is 10387.00 hands, up 90.00 hands; palladium's main contract position is 3179.00 hands, and the position of platinum's main contract decreased by 277.00 hands [2] 现货市场 - The spot price of platinum on the Shanghai Gold Exchange (Pt9995) is 606.35 yuan/gram, down 3.64 yuan; the average spot price of Yangtze River palladium is 431.00 yuan/gram, up 6.00 yuan. The basis of platinum's main contract is - 20.15 yuan/gram, down 16.29 yuan; the basis of palladium's main contract is - 32.65 yuan/gram, up 1.40 yuan [2] Supply and Demand Situation - Platinum's CFTC non - commercial long positions are 9966.00 contracts, down 243.00 contracts; palladium's CFTC non - commercial long positions are 3003.00 contracts, down 342.00 contracts. The total supply of platinum in 2025 is expected to be 220.40 tons, down 0.80 tons; the total supply of palladium in 2025 is expected to be 293.00 tons, down 5.00 tons. The total demand for platinum in 2025 is expected to be 261.60 tons, up 25.60 tons; the total demand for palladium in 2025 is expected to be 287.00 tons, down 27.00 tons [2] Macro Data - The US dollar index is 97.64, down 0.15; the 10 - year US Treasury real yield is 1.72%, down 0.02%. The VIX volatility index is 19.86, up 1.23 [2] Industry News - On February 28 local time, the US and Israel launched an air strike on Iran. US President Trump said the attack aimed to destroy Iran's missile industry and navy, and prevent Iran from obtaining nuclear weapons. Israeli Prime Minister Netanyahu declared the goal was to overthrow the Iranian regime. Fed Governor Milan advocates early and significant interest - rate cuts, reiterating a need to cut rates by 100 basis points in 2026. The US January PPI rose 2.9% year - on - year, with an expected 2.6% and a previous value of 3%; it rose 0.5% month - on - month, with an expected 0.3%. According to CME "FedWatch", the probability of the Fed cutting rates by 25 basis points by March is 6.4%, and the probability of keeping rates unchanged is 93.6%. By April, the probability of a cumulative 25 - basis - point cut is 22.6%, the probability of keeping rates unchanged is 76.2%, and the probability of a cumulative 50 - basis - point cut is 1.2%. By June, the probability of a cumulative 25 - basis - point cut is 43.9% [2] Fundamental Analysis - Supply side: Power shortages and insufficient capital expenditure in South Africa restrict production growth, Russia faces sanctions risks, and North American mine production cuts further tighten supply. Demand side: Automobile catalysts are still the largest application area. The process of platinum replacing palladium may slow down recently due to the platinum price exceeding the palladium price. China's platinum jewelry demand has reached a seven - year high due to the substitution effect of high gold prices. The hydrogen energy field, although with a small base, is growing rapidly, providing long - term support for platinum. Investment demand: Platinum ETFs had net inflows in 2025, but some profit - taking occurred due to the February correction, while physical investment demand remained strong. Palladium investment demand is continuously weak, with limited marginal impact on prices [2] Key Focus - 23:00 on March 2, US ISM Manufacturing PMI; 00:30 on March 3, Atlanta Fed GDPNow economic growth forecast; 18:00 on March 3, Eurozone CPI year - on - year growth rate; 21:15 on March 4, US ADP private employment report; 20:30 on March 5, US January trade balance data [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The platinum and palladium prices on the Guangzhou Futures Exchange showed a divergent trend today. The macroeconomic situation shows that the US inflation and GDP data have weakened, but Fed officials have released cautious signals, weakening the market's bets on interest rate cuts this year. Tariffs and the geopolitical situation between the US and Iran have intensified again, leading to high market risk aversion. From a fundamental perspective, supply is constrained by various factors, and demand presents different characteristics for platinum and palladium. The report suggests temporary observation and provides price range expectations for London and Guangzhou Futures Exchange contracts [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Platinum's main contract closing price (daily, yuan/gram) increased by 11.55 to 589.50, and palladium's main contract closing price decreased by 10.35 to 446.55. The main contract positions of platinum decreased by 277 to 10387, and those of palladium increased by 90 to 3179 [2]. 3.2 Spot Market - The average spot price of Yangtze River palladium increased by 7.58 to 591.60, and the Shanghai Gold Exchange's platinum spot price (Pt9995) increased by 5 to 436.00. The basis of the platinum main contract decreased by 3.97 to 2.10, and the basis of the palladium main contract increased by 15.35 to -10.55 [2]. 3.3 Supply and Demand Situation - The non - commercial long positions of platinum in CFTC (weekly, contracts) decreased by 243 to 9966, and those of palladium decreased by 342 to 3003. The total supply of platinum in 2025 is expected to decrease by 0.80 to 220.40 tons, and that of palladium is expected to decrease by 5 to 293.00 tons. The total demand for platinum in 2025 is expected to increase by 25.60 to 261.60 tons, and that of palladium is expected to decrease by 27 to 287.00 tons [2]. 3.4 Macroeconomic Data - The US dollar index decreased by 0.24 to 97.66, the 10 - year US Treasury real yield decreased by 0.01 to 1.77%, and the VIX volatility index decreased by 1.62 to 17.93 [2]. 3.5 Industry News - Trump announced in his State of the Union address that he would impose tariffs through other legal means and replace personal income tax with tariff revenue. He also expressed a preference for diplomatic solutions to the Iranian nuclear issue. Fed Governor Cook said that AI may lead to an increase in unemployment, and the Fed may face a dilemma in monetary policy. Chicago Fed President Goolsbee said it is not suitable to cut interest rates further until there is more evidence of continuous decline in inflation. Japanese Prime Minister Takamichi Sanae expressed concerns about the Bank of Japan's further interest rate hikes [2]. 3.6 View Summary - In terms of investment, platinum ETFs had a net inflow in 2025 but had a correction in February, leading to some profit - taking, while physical investment demand remained strong. Palladium investment demand was continuously weak, with limited marginal impact on prices. The report suggests temporary observation. The resistance and support levels for London platinum are 2200 and 2000 US dollars respectively, and for London palladium are 1800 and 1600 US dollars respectively. The Guangzhou Futures Exchange's platinum 2606 contract may operate in the range of 460 - 650 yuan/gram, and the palladium 2606 contract may operate in the range of 400 - 500 yuan/gram [2]. 3.7 Key Points to Watch - On February 26 at 21:30, the US unemployment claims data for the week ending February 21; on February 27 at 21:30, the US January PPI monthly and annual rates [2].

1. Report's Investment Rating for the Industry - No information provided about the report's industry investment rating. 2. Core Viewpoints of the Report - Non - farm data exceeded expectations, weakening the expectation of interest rate cuts. London platinum and palladium oscillated weakly, and trading in the Asian session was light approaching holidays, with volatility lower than before. The market has increasing differences in interpreting non - farm data, and Fed officials still have differences in their statements. In the short term, the trend of platinum and palladium may follow that of gold and silver. If the slowdown in employment and inflation is further verified, platinum and palladium may have a phased catch - up opportunity. In the long - term, the industrial logic of platinum and palladium dominates the trading rhythm. The supply uncertainty in South Africa and Russia and the implementation of new automobile emission policies make platinum more resilient than palladium, and the "platinum - strong, palladium - weak" market may continue. The report also gives the resistance and support levels for London platinum and palladium and the expected operating ranges for the Guangzhou Futures Exchange's platinum 2606 and palladium 2606 contracts [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the platinum main contract was 544.90 yuan/gram, down 5.80 yuan; the closing price of the palladium main contract was 430.05 yuan/gram, down 6.45 yuan. The main contract holding volume of platinum was 10,387.00 lots, down 277.00 lots; the main contract holding volume of palladium was 3,179.00 lots, up 90.00 lots [2]. 3.2 Spot Market - The spot price of platinum (Pt9995) on the Shanghai Gold Exchange was 541.04 yuan/gram, down 4.34 yuan; the average spot price of palladium in the Yangtze River area was 410.00 yuan/gram, down 4.00 yuan. The basis of the platinum main contract was - 3.86 yuan/gram, up 1.46 yuan; the basis of the palladium main contract was - 20.05 yuan/gram, up 2.45 yuan [2]. 3.3 Supply - Demand Situation - The non - commercial long positions of platinum in the CFTC (weekly, contracts) were 9,966.00, down 243.00; the non - commercial long positions of palladium in the CFTC (weekly, contracts) were 3,003.00, down 342.00. The total supply of platinum in 2025 was expected to be 220.40 tons, down 0.80 tons; the total supply of palladium in 2025 was expected to be 293.00 tons, down 5.00 tons. The total demand for platinum in 2025 was expected to be 261.60 tons, up 25.60 tons; the total demand for palladium in 2025 was expected to be 287.00 tons, down 27.00 tons [2]. 3.4 Macroeconomic Data - The US dollar index was 96.93, up 0.07; the 10 - year US Treasury real yield was 1.86%, up 0.02%. The VIX volatility index was 17.65, down 0.14. The US seasonally adjusted non - farm payrolls increased by 130,000 in January, far exceeding the market expectation of 70,000. The unemployment rate was 4.3%, the lowest since August 2025, and hourly wages increased by 0.4% month - on - month, exceeding expectations. Fed officials have different views on interest rates, and traders postponed the bet on Fed rate cuts from June to July [2]. 3.5 Industry News - US President Trump said that reaching an agreement with Iran would be the "preferred" choice. According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in March was 5.9%, and the probability of keeping interest rates unchanged was 94.1%. The European Parliament voted to pass a financial assistance package for Ukraine, providing 90 billion euros in EU aid loans from 2026 to 2027, with 60 billion euros for Ukraine's defense needs [2]. 3.6 Key Areas of Concern - On March 12, at 21:30, the number of initial jobless claims in the US for the week ending February 7; at 23:00, the total number of existing home sales in the US in January; and at 21:30, the US CPI data for January [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The successful breakthrough in the first - round US - Iran nuclear talks has marginally warmed market sentiment. The rebound in risk appetite has pressured the US dollar to correct, leading to a collective rebound in the precious metals market. The price of the platinum main contract on the Guangzhou Futures Exchange has risen by over 10%. If the slowdown in employment and inflation is further verified, platinum and palladium may catch up in price with the boost of the financial attributes of gold and silver. In the short term, the trends of platinum and palladium may follow the rhythm of gold and silver, and high - volatility行情 may continue. In the medium - to - long term, the industrial logic of platinum and palladium still dominates the trading rhythm, and the supply - demand pattern differentiation may continue to drive the "platinum - strong, palladium - weak" market [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Platinum main contract closing price: 545.05 yuan/gram, up 52.15 yuan; palladium main contract closing price: 438.15 yuan/gram, up 30.90 yuan - Platinum main contract open interest: 10387.00 lots, down 277.00 lots; palladium main contract open interest: 3179.00 lots, up 90.00 lots [2] 3.2 Spot Market - Shanghai Gold Exchange platinum spot price (Pt9995): 543.99 yuan/gram, up 16.00 yuan; Yangtze River palladium spot average price: 428.00 yuan/gram, up 40.00 yuan - Platinum main contract basis: - 1.06 yuan/gram, down 36.15 yuan; palladium main contract basis: - 10.15 yuan/gram, up 9.10 yuan - Platinum CFTC non - commercial long positions (weekly): 9966.00 contracts, down 243.00 contracts; palladium CFTC non - commercial long positions (weekly): 3003.00 contracts, down 342.00 contracts [2] 3.3 Supply and Demand Situation - 2025 estimated total platinum supply: 220.40 tons, down 0.80 tons; 2025 estimated total palladium supply: 293.00 tons, down 5.00 tons - 2025 estimated total platinum demand: 261.60 tons, up 25.60 tons; 2025 estimated total palladium demand: 287.00 tons, down 27.00 tons [2] 3.4 Macroeconomic Data - US dollar index: 97.61, down 0.35; VIX volatility index: 17.76; 10 - year US Treasury real yield: 1.88%, down 0.01 percentage points [2] 3.5 Industry News - The US - Iran nuclear talks in Oman ended, and the two sides reached a consensus on continuing dialogue. - The Fed Vice - Chair Jefferson is "cautiously optimistic" about the US economic outlook. - The preliminary value of the University of Michigan Consumer Sentiment Index in February in the US reached 57.3, the highest in six months, and the 1 - year inflation expectation dropped to 3.5%, the lowest in a year. - The People's Bank of China's gold reserves have increased for 15 consecutive months, reaching 74.19 million ounces by the end of January 2026, an increase of 40,000 ounces month - on - month. - US President Trump signed an executive order threatening to impose tariffs on countries that purchase sanctioned Iranian goods and services. - The US and India reached a temporary trade agreement framework, with India canceling or reducing tariffs on US industrial products, food, and agricultural products, and the US reducing the so - called "reciprocal tariffs" on Indian goods from 25% to 18% [2] 3.6 Key Points of Concern - US January retail sales data on February 10 at 21:30 - US January non - farm payrolls data on February 11 at 21:30 - US January CPI data on February 13 at 21:30 [2]