在贵金属回收领域，钯金因其稀缺性和工业应用价值，成为市场关注的焦点。北京作为国内经济与文化中心，钯金回收服务需求旺盛，但服务质 量参差不齐。经过对市场口碑、技术实力、服务流程等多维度的综合评估，北京鑫皇家珠宝通州北苑地铁华联店凭借其专业性与可靠性脱颖而 出，成为****。 企业基本信息与定位 北京鑫皇家珠宝通州北苑地铁华联店是一家专注于贵金属回收与服务的综合性企业，其核心业务涵盖钯金、铂金、黄金等贵金属的回收、检测与 交易。门店位于通州北苑地铁华联商圈，依托核心地段的交通优势与商业流量，服务范围覆盖北京全域及周边地区。据统计，该门店年均接待客 户超5000人次，回收钯金总量达200公斤以上，占据区域市场份额的30%以上，成为华北地区钯金回收的重要节点。 企业实力与技术支撑 在价格透明度方面，门店采用"实时金价+合理溢价"的定价模式，溢价幅度控制在市场均价的5%以内。例如，若当日国际钯金价格为300元/克， 门店回收价可稳定在285-290元/克之间，较部分小作坊高出10%-15%。这一策略使其客户复购率达到65%，远超行业平均的40%。 核心优势与行业地位 门店的核心优势体现在三方面： 门店所属企业拥有独立的 ...

上述专家认为，短期来看，铂钯价格或面临进一步大幅波动风险，投资者需理性参与、做好相应风险管 理。 此前连续多日暴涨的铂和钯，最近几个交易日的价格"走下神坛"，并迎来连续两个跌停。 有专家在接受证券时报记者采访时认为，铂钯价格大幅下挫主要跟随贵金属板块整体回调，同时此前大 幅上涨叠加节前多头资金存在较强获利了结诉求，所以出现较为明显的下跌。 价格巨震。 铂和钯价格剧烈波动 华阳新材（600281）近期在上证e互动平台表示，公司铂族金属、钯金属的提纯技术可以达到海绵铂、 海绵钯的国家标准，处于行业内具备竞争力的梯队。 南方泵业（300145）在深交所互动易平台表示，子公司金泰莱的生产经营状况正常，金泰莱废旧贵金属 回收利用业务目前体量较小，相关金属价格上涨对公司整体业绩影响较小。南方泵业官网资料显示，公 司与国内外贵金属提取再生行业专业机构合作，取得了贵金属提取技术的重大突破，具备产业化生产条 件。为此，公司投资2.9亿元实施贵金属资源再生技改项目，从贵金属废催化剂中回收铂、钯、铑等贵 金属。 近期贵金属价格集体剧烈波动引起广泛关注。这其中，波动最为剧烈的贵金属品种可能要数铂和钯。 比如，12月30日，广期所铂期 ...

价格巨震。 此前连续多日暴涨的铂和钯，最近几个交易日的价格"走下神坛"，并迎来连续两个跌停。 有专家在接受证券时报记者采访时认为，铂钯价格大幅下挫主要跟随贵金属板块整体回调，同时此前大幅上涨叠加节前多头资金存在较强获 利了结诉求，所以出现较为明显的下跌。 上述专家认为，短期来看，铂钯价格或面临进一步大幅波动风险，投资者需理性参与、做好相应风险管理。 铂和钯价格剧烈波动 近期贵金属价格集体剧烈波动引起广泛关注。这其中，波动最为剧烈的贵金属品种可能要数铂和钯。 比如，12月30日，广期所铂期货主力合约再度跌停，跌幅高达13%，价格跌至589.85元/克；广期所钯期货主力合约也连续第二个交易日跌 停，跌幅亦高达13%，已跌至447.45元/克。 总的来看，在短短几个交易日的时间里，铂和钯期货自高位的最大调整幅度均已在两成左右，明显超过同期黄金和白银的调整幅度。 在此之前的一段时间，铂和钯可谓贵金属市场上的"当红炸子鸡"，其上涨势头一度盖过白银：其中，广期所铂期货主力合约从今年11月下旬 开始起涨，短短一个月最大涨幅超过70%；广期所钯期货主力合约从今年11月下旬也开始起涨，短短一个月最大涨幅接近60%。 中信期货有 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The listing of platinum and palladium futures and options meets the hard - demand of China's platinum and palladium industry, and is significant for the futures market to serve China's green development strategy and improve the global pricing mechanism of platinum and palladium [2]. - The price curves of platinum and palladium reflect the comprehensive game of automobile technology iteration, supply shocks, and macro - sentiment. The future price difference between them depends on fuel cell penetration, mine supply recovery speed, and the expansion rhythm of the recycling system [66][71]. - Gold acts as a "ballast stone" in asset allocation, while platinum is a high - elasticity gaming chip for the automotive industry and hydrogen economy [74]. Summary According to the Directory 1. Platinum and Palladium Concept and Industry Chain Overview - **Concept and Characteristics** - Platinum is a silver - white, high - density, ductile, and chemically stable precious metal with high melting and boiling points, excellent catalytic performance, and strong corrosion resistance. It is used in electronics, automotive catalysts, jewelry, etc. [6][10] - Palladium is also a platinum - group metal, with lower density than platinum, excellent ductility, and chemical stability. It has unique strong hydrogen - absorption ability and is mainly used in automotive catalysts (especially for gasoline vehicles), electronics, etc. [11][14] - **Industry Chain Characteristics** - Supply: Platinum has an Russia - South Africa duopoly supply pattern, while palladium is dominated by South Africa. Platinum mining has high costs due to deep - mining, while palladium is a by - product of nickel mining with lower costs [20]. - Demand: Platinum has rigid jewelry demand in the Asian market, so its demand elasticity is low. Palladium has no substitutes in automotive catalysts, so its demand elasticity is high [20]. - Pain Points: The industry chain faces problems such as single - origin supply risk, low demand elasticity for platinum in jewelry, and high demand elasticity and low secondary - supply recovery rate for palladium [20]. - **Industry Chain Structure** - Upstream: It is mainly the supply of primary minerals from South Africa, Russia, etc. The key challenges include high - cost mining, ESG risks, and geopolitical issues [23]. - Mid - stream: It involves refining and processing, using complex hydrometallurgy. Core participants include mining giants' refineries, professional refiners, traders, and banks [25]. - Downstream: It is the manufacturing and distribution of products, with applications in automotive catalysts, jewelry, MLCCs, etc. Key manufacturers come from different industries [27]. - Recycling: Secondary supply mainly comes from waste automotive catalysts, electronic waste, etc., accounting for about 25% of platinum supply and 30% of palladium supply [34]. 2. Platinum and Palladium Supply - Demand Conditions - **Supply - side Factors** - Mineral Supply: It is highly concentrated in South Africa and Russia. Supply is affected by factors such as the COVID - 19 pandemic, power crises, and geopolitical issues, leading to significant fluctuations [37]. - Recycling Supply: It accounts for an increasing proportion, buffering supply - side fluctuations. However, the recycling volume is affected by precious - metal price fluctuations [38]. - **Demand - side Factors** - Automotive Catalysts: Palladium is the core material for gasoline - vehicle exhaust catalysts, accounting for 84% of global palladium demand in 2023. Platinum is mainly used in diesel - vehicle catalysts, with a 45% demand share in 2023. There is a substitution effect between them, but short - term substitution is limited [42]. - Industrial and Investment Demand: China is the largest platinum - demand country, using it for jewelry, chemical catalysts, and the hydrogen - energy industry. Europe is the largest palladium - demand country, with strong demand in the automotive industry. Emerging fields such as hydrogen fuel cells and 5G electronics are long - term demand growth points [43]. - **Inventory - side Factors** - Global platinum and palladium reserves have shown a trend of "first decline, then rise, and then stability" in the past 30 years. The sharp increase in 2024 is due to resource re - evaluation and large - scale resource upgrades in South Africa and Zimbabwe [48]. - **Import - Export Factors** - China's platinum - group metal resources are scarce, and the industry depends on imports. Import and export are affected by geopolitical, policy, and production - capacity factors. China encourages recycling technology R & D and hydrogen - energy industry investment to reduce import risks [51]. - Seasonal Patterns: Platinum imports peak from November to January and in September - October, and are low in February. Palladium imports peak from December to February and may have small peaks in July - August [54]. 3. Platinum and Palladium Spot and Futures Market Prices - **Futures Market Prices** - From 2011 to 2025, the futures prices of platinum and palladium can be divided into three stages. The price difference between them is mainly affected by automotive technology changes, supply - demand imbalances, and economic expectations [66]. - **Spot Market Prices** - From 2007 to 2025, the spot prices of platinum and palladium can also be divided into three stages. The price difference is mainly due to the "technology change" in automotive catalysts and the development of the recycling system [70]. - **Platinum - Gold Price Comparison** - In terms of price, gold is rarely surpassed by platinum. In terms of trend rhythm, gold shows a "step - by - step slow - bull" trend, while platinum has large fluctuations. In terms of divergence, the gold - platinum price ratio has reached a historical extreme, reflecting the dual discount of platinum [73][74]. 4. Platinum and Palladium Futures and Options Introduction - **Futures Contracts** - Platinum and palladium futures contracts have a trading unit of 1000 grams/hand, a minimum price change of 0.05 yuan/gram, a daily price limit of 4%, and a minimum margin of 5%. They use physical delivery, and the delivery months are February, April, June, August, October, and December [78]. - **Options Contracts** - Platinum and palladium options contracts are based on their respective futures contracts. They have a trading unit of 1 hand (1000 grams) of the underlying futures contract, a minimum price change of 0.05 yuan/gram, and an American - style exercise method [100].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The platinum and palladium markets are characterized by high supply concentration and low elasticity, with significant influence from factors such as mine production, recycling, and demand in various sectors. The Chinese market has a high dependence on imports for platinum - palladium resources, and the recycling sector is becoming increasingly important. The development of platinum - palladium futures and options provides new investment opportunities [15][22][86] - The demand for platinum and palladium in the automotive catalyst sector is affected by factors such as the development of new - energy vehicles and emission standards. The potential for growth in the hydrogen energy sector offers new prospects for the consumption of platinum and palladium [37][47][77] 3. Summary by Directory 3.1 Platinum and Palladium Variety Overview - Platinum and palladium, along with rhodium, ruthenium, osmium, and iridium, form the platinum - group metals (PGMs), which are precious metals. Platinum and palladium have higher demand than other PGMs. Platinum has a crustal content of 0.005 ppm, and palladium has 0.0006 ppm [6] - Platinum (Pt) has a high melting point, good ductility, and excellent electrical and thermal conductivity. It is mainly used in industrial catalysts, jewelry, electronics, etc. Palladium (Pd) can adsorb gases, is corrosion - resistant, and is mainly used in the catalyst field [7][8] - Platinum - group metal deposits can be divided into primary and secondary sand deposits. The main formation causes include magmatic action, hydrothermal processes, and exogenous deposition [10] 3.2 Platinum - Group Metal Industry Chain - The supply chain of platinum - group metals has an "oligopoly" structure. Most raw material supply and smelting are in the hands of a few integrated mining and smelting producers. The separation and purification processes of platinum - group metals vary according to the raw material composition. The current mainstream purity of platinum and palladium in the spot market is not less than 99.95%, and the Guangzhou Futures Exchange requires the delivery purity to be no less than 99.95% [15][19] - The extraction of platinum - group metals involves steps such as exploration, mining development, ore extraction, processing, and refining. Recycling of platinum - group metals is highly valued due to their low crustal content [16][20] 3.3 Global Platinum Supply - Demand Pattern - The main platinum - supplying countries are South Africa, Zimbabwe, and Russia. In 2024, South Africa's platinum output accounted for 71% of the global total. The global platinum output declined in 2024, and it is expected to decline further in 2025 [55][57] - The main platinum - consuming regions are China, Europe, North America, and Japan. In 2024, the global platinum demand decreased by 1.6% to 198 tons, with a supply gap of 1.98 tons. The demand in the automotive industry, jewelry, and other sectors showed different trends [59][65] 3.4 Global Palladium Supply - Demand Pattern - The main palladium - supplying countries are Russia, South Africa, Canada, and the United States. In 2024, Russia and South Africa accounted for 43% and 41% of the global total respectively. The global palladium output increased by 0.7 tons to 25.6 tons in 2024, with a supply surplus of 2.4 tons [69][71][77] - The main palladium - consuming regions are China, the United States, Europe, and Japan. The demand for palladium in the automotive catalyst sector decreased due to factors such as the substitution of new - energy vehicles [73][77] 3.5 Chinese Platinum - Group Resource Pattern - China's platinum - group metal resources are extremely scarce, with most of the reserves in Gansu. In 2024, China produced 4.9 tons of platinum - palladium metals. The import dependence on platinum - palladium resources is high, and the recycling industry is facing challenges such as waste shortages [82][86] - In 2024, China imported 104.1 tons of platinum and 28.1 tons of palladium. The consumption of platinum and palladium in China showed different trends, with the consumption of palladium in the automotive catalyst sector declining significantly [88][92][100] 3.6 Platinum and Palladium Price Review - The historical price trends of platinum and palladium are influenced by factors such as supply - demand relationships, economic conditions, and geopolitical situations. The price difference between platinum and palladium and the ratio of gold to platinum also show certain patterns [116] 3.7 Draft of Platinum and Palladium Futures of Guangzhou Futures Exchange - The contract text, risk control system, and delivery business of platinum and palladium futures on the Guangzhou Futures Exchange are under development. The current global active platinum and palladium futures markets are mainly in COMEX [52] 3.8 Platinum and Palladium Options - The draft of platinum and palladium options includes the option contract solicitation draft and the risk control system [42]

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - Platinum and palladium are important members of the platinum - group metals (PGMs), with high demand in practical applications. Their resource distribution is concentrated, and the supply chain has an "oligopoly" structure, which is easily affected by various factors [1][14]. - The platinum - group metal industry chain includes upstream mining, mid - stream processing and recycling, and downstream terminal applications and investment. Each link has its own characteristics and development trends [14]. - The demand for platinum and palladium in different terminal applications varies. For example, palladium is more common in gasoline engine exhaust treatment, while platinum is superior in diesel engine exhaust catalysts. The application of platinum and palladium in emerging industries such as hydrogen energy is expected to grow [41][48]. 3. Summary According to Relevant Catalogs 3.1 Platinum and Palladium Variety Overview 3.1.1 Natural Properties - Platinum (Pt) and palladium (Pd) are silver - white metals, belonging to the platinum - group metals (PGMs) along with ruthenium, rhodium, iridium, and osmium. Platinum has a crustal content of five - hundred - millionths, and palladium has a crustal content of one - hundred - millionth [1]. - Platinum has a high melting point, good ductility, excellent electrical and thermal conductivity, high density, and is chemically inert. It is mainly used in industrial catalysts, jewelry, electronics, etc. Palladium has a relatively lower melting point, can adsorb gases like hydrogen, is corrosion - resistant, and is mainly used in the catalyst field [2][4]. 3.1.2 Distribution and Classification of Platinum - Group Resources - Platinum - group metals exist in nature in the form of natural elements and complex ores. Platinum deposits are generally related to ultramafic rocks and can be formed through magma action, hydrothermal processes, and exogenous deposition [5]. - Platinum - group metal ores can be divided into primary deposits and exogenous sand deposits. The primary deposits can be further divided into vein platinum deposits mainly composed of platinum - group metals and copper - nickel - type deposits hosted in ultrabasic rocks [5]. - Global platinum - group metal resources are mainly concentrated in five regions: South Africa's Bushveld Complex, Russia's Norilsk - Talnakh region, the US's Stillwater Complex, Zimbabwe's Great Dyke, and Canada's Sudbury [11]. 3.2 Platinum - Group Metal Industry Chain 3.2.1 Upstream Mining - The platinum - group metal supply chain has an "oligopoly" structure. Most of the raw material supply and smelting are in the hands of a few integrated mining and smelting producers [14]. - In 2024, the global PGMs resource was estimated to exceed 100,000 tons, and the reserves exceeded 81,000 tons. South Africa's PGMs reserves were 63,000 tons, accounting for nearly 80% of the global total [21]. - The production of platinum and palladium mines is facing bottlenecks due to factors such as resource oligopoly, declining ore grades, rising mining costs, and strict environmental policies. In 2024, the global palladium mine production was 190 tons, a year - on - year decrease of 8.65%, and the platinum mine production was 170 tons, a year - on - year decrease of 5.02% [25]. 3.2.2 Platinum - Group Material Supply and Recycling - Global precious metal multinational groups such as Umicore, Johnson Matthey, Heraeus, and Tanaka dominate the platinum - group metal material processing and recycling fields [30]. - As high - grade resources become scarce, secondary resources of platinum - group metals are becoming increasingly important. However, domestic recycling enterprises face fierce competition, and the supply of secondary resources is becoming increasingly tight [30]. 3.2.3 Terminal Applications - **Automotive Exhaust Catalysts**: Palladium is more common in gasoline engine exhaust treatment, while platinum is superior in diesel engine exhaust catalysts. The choice of platinum - group metals in catalysts depends on catalytic effect, cost - effectiveness, availability, and exhaust emission standards [41]. - **Jewelry**: Platinum is more suitable for high - end jewelry markets due to its high density, good ductility, and chemical stability. Palladium has limited use in jewelry due to its hardness and tendency to darken [45]. - **Other Industrial Applications**: Platinum and palladium are widely used in chemical industry, glass manufacturing, electronics, medical, hydrogen energy, and other fields. Their application in emerging industries such as hydrogen energy is expected to grow [46][48]. 3.2.4 Investment Channels - Platinum can be invested in through physical products (platinum bars, platinum coins), financial products (platinum futures contracts, platinum ETFs), and platinum - related stocks. The investment demand for platinum is increasing, especially in the context of high gold prices [50].