Group 1: Precious Metals Prices - International platinum prices surged, with London gold rising 0.29% to $3759.895 per ounce, London silver increasing 2.46% to $45.994 per ounce, marking a new high since May 2011, international palladium up 1.7% to $1305.3 per ounce, and international platinum up 3.61% to $1611.52 per ounce [1] Group 2: U.S. Economic Indicators - The U.S. core PCE price index for August showed a year-on-year increase of 2.9%, consistent with previous values, while the overall PCE price index rose 0.3% month-on-month, with a year-on-year increase of 2.7% compared to 2.6% previously [2][4] - Personal income in August grew by $95.7 billion, a month-on-month increase of 0.4%, while personal consumption expenditure rose by $129.2 billion, a month-on-month increase of 0.6%, both exceeding prior expectations by 0.1 percentage points [4] Group 3: Consumer Confidence - The consumer confidence index in the U.S. fell to 55.1 in September, a decrease of about 5% from August, with the current economic conditions index dropping from 61.7 to 60.4, and the consumer expectations index falling from 55.9 to 51.7 [5] - Nearly 70% of U.S. consumers expect inflation to exceed income growth in the coming year, while about 65% anticipate an increase in unemployment rates [5] Group 4: Federal Reserve's Monetary Policy - Federal Reserve Vice Chair Michelle Bowman emphasized the need for decisive and preemptive interest rate cuts to address worsening labor market issues [7][8] - Recent data indicates a significant increase in labor market vulnerability, prompting calls for immediate action to prevent further deterioration [8] - The uncertainty surrounding the Federal Reserve's interest rate cuts has increased, with strong economic data complicating the outlook for potential rate reductions [10] Group 5: Gold Price Forecasts - Several institutions have raised their gold price forecasts, with JPMorgan predicting spot gold prices could exceed $4000 per ounce by Q1 2026, and Goldman Sachs maintaining a target of $3700 per ounce by the end of 2025 [11] - The potential impact of U.S. government shutdown risks and ongoing global central bank gold purchases are expected to support gold's long-term investment appeal [11]

谈到铂金价格上涨的原因，世界铂金投资协会（WPIC）中国市场研究负责人张文斌指出，这背后是供 应受限、全球首饰需求强劲、投资兴趣浓厚、连续三年供应短缺状态、地上存量快速消耗及市场紧张持 续等六大核心逻辑支撑。 中经记者 郝亚娟 夏欣 上海 北京报道 连日来，铂金延续涨势。截至北京时间9月24日14:30，现货铂金XPT最高触及1489.22美元/盎司。据 《中国经营报》记者测算，截至目前，今年铂金价格上涨超60%。 展望后市，广发期货高级黄金投资分析师叶倩宁认为，受美联储降息影响，四季度金融商品市场可能再 次迎来宏观冲击，贵金属整体将维持高位震荡，波动率价格中枢再次上升。铂金的市场紧缺程度最为持 久，供应压力持续存在，给后期的铂金价格提供了更加丰富的想象空间。 供应短缺、投资需求大增 ETF资金回流推动价格上涨 复盘2000—2025年期间，铂金经历四阶段结构性演变。 兴业研究方面指出，第一阶段，2000—2008年结构性牛市。价格从450美元/盎司涨至2273美元/盎司 （涨幅4倍），主要基于柴油车渗透率提升（欧盟占比从32.8%升至53.6%）和南非供给受限（2008年产 量骤降24吨至146吨）驱动。 ...

Group 1 - The company primarily produces cathode copper, with by-products including gold, silver, and industrial sulfuric acid [2] - The company also recovers rare metals such as molybdenum, selenium, tellurium, platinum, palladium, and rhenium [2] - The high-quality cathode copper and the recovered precious and rare metals are essential materials for downstream industries such as telecommunications, new energy batteries, and electronic components [2]

因此为进一步完善公司黄金产业链，拓展公司黄金业务，取得向上海黄金交易所递金业务资质，实现公 司贵金属产业链闭环，公司下属子公司老凤祥首饰研究所拟与具有专业技术优势和市场规模的翠绿股 份、上海鑫派共同投资组建老凤祥精材公司，在上海市金山区建设一座符合国家环保标准和上海黄金交 易所认证标准的现代化精炼厂及配套检测实验室，并开展相关业务。老凤祥精材公司主要生产符合上海 黄金交易所认证标准、符合其递金业务资质的金锭并开展相关的贵金属配套检测业务，后续拟逐步拓展 至铂、钯、铑、银、钛等贵金属领域的精炼业务，形成新产能，进入工业产业新领域。 老凤祥（600612）(600612.SH)发布公告，据公司总体发展战略要求，拟由老凤祥首饰研究所申请成为 上海黄金交易所认定的精炼企业，开展旧金回收、精炼等业务。根据上海黄金交易所2025年7月10日最 新发布的《上海黄金交易所认定精炼企业管理办法》规定：精炼企业的注册资本和净资产均不低于 5,000万元人民币，同时精炼企业需要有符合上海黄金交易所认证标准、符合其递金业务资质的金锭精 炼厂。 通过上述项目，公司拟在上海市域内建成贵稀金属研发与生产加工基地，持续推动新材料、新工艺突 ...

Core Insights - The Chinese futures market is experiencing robust growth with an increasing variety of products and a more comprehensive system, covering major sectors of the national economy and making progress in areas like international openness and national development [1][3][4] - There is a need for further improvement in areas such as green products, technology-related derivatives, and foreign exchange futures compared to mature overseas markets [1][7] Product Innovation - As of September 12, 2025, there are 157 listed futures and options in China, covering various sectors including agriculture, metals, energy, chemicals, construction materials, shipping, and finance [1] - Recent innovations include the launch of the world's first cultural paper financial derivative, the futures and options for coated printing paper, and the first recycled commodity futures and options for casting aluminum alloy [1][2] - The China Securities Regulatory Commission has approved several new products, including monthly average price futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene, marking a significant expansion in the domestic commodity futures market [2] Strategic Development - The introduction of strategic futures products enhances the market's ability to serve national development strategies, helping enterprises hedge market risks and stabilize operations [3][4] - The futures market is increasingly integrated into national development goals, contributing to food security and rural revitalization through innovative models like "insurance + futures" [3][4] Market Structure and Internationalization - The structure of the futures market is becoming more diverse, effectively meeting the personalized needs of various enterprises, especially in the context of complex macro trade situations [4][6] - The number of futures and options available to qualified foreign investors has expanded to over 90, indicating a growing internationalization of the market [3][6] Policy and Regulatory Support - The rapid development of the futures market is supported by strong policy backing and precise guidance, with the State Council's 2024 opinions providing a framework for high-quality development [6][7] - The market's depth and breadth are continuously improving, with increasing recognition among enterprises of the importance of using futures tools for risk management [6] Future Directions - There is a call for the introduction of futures products that align with high-quality economic transformation, particularly in green energy, carbon emissions, and digital economy sectors [9][10] - The market is expected to play a crucial role in managing financial risks and supporting the internationalization of the RMB, with hopes for the quick launch of RMB foreign exchange futures [10]

Core Insights - The Chinese futures market is experiencing robust growth, with an increasing variety of products and a more comprehensive system, covering major sectors of the national economy [1][2] - There is a need for further development in areas such as green products, technology-related derivatives, and foreign exchange futures compared to mature overseas markets [1][6] - The introduction of innovative futures products is essential for supporting high-quality economic transformation and stabilizing industrial chains [1][3] Product Innovation - As of September 12, 2025, there are 157 listed futures and options products in China, spanning agriculture, metals, energy, chemicals, construction materials, shipping, and finance [1] - Recent innovations include the launch of the world's first cultural paper financial derivatives and the first futures and options for recycled aluminum alloy [1][2] - The China Securities Regulatory Commission has approved several new products, including monthly average price futures for various plastics, indicating a growing diversity in the futures market [2] Strategic Development - The launch of strategic futures products enhances the market's ability to support national development strategies, helping enterprises hedge market risks and stabilize operations [3][4] - The futures market is increasingly integrated into national development goals, contributing to food security and rural revitalization through innovative models like "insurance + futures" [3][4] - The market's openness has expanded, with over 90 futures and options products available for qualified foreign investors [3] Policy and Regulatory Support - The rapid development of the futures market is supported by strong policy backing and collaboration among various stakeholders [4][6] - The State Council's guidelines emphasize the core functions of the futures market in serving the real economy and national strategies, providing a framework for innovation [4][6] - The recognition of the importance of futures tools for risk management among enterprises is growing, laying a solid foundation for further innovation [4] Internationalization and Global Trends - The internationalization of the futures market is progressing, with an increasing number of products covering energy, metals, and agriculture [6] - The cancellation of foreign ownership limits for futures companies has allowed for greater foreign investment [6] - Observing global trends, there is a push for the development of green and technology-related futures products in China, inspired by successful models in overseas markets [7][8] Future Directions - Recommendations for future product development include focusing on green electricity futures, carbon emission rights futures, and derivatives related to new energy and high-value products [8][9] - The need for a more diverse range of risk management tools is emphasized, particularly in light of the evolving macroeconomic landscape [4][6] - The importance of balancing innovation with regulatory oversight is highlighted, ensuring that the futures market can effectively manage risks while fostering growth [9]

Group 1: Military Industry New Materials - The price of electrolytic cobalt is 263,000 CNY/ton, unchanged from the previous week, with a cobalt price ratio of 0.86, down 0.5% [4] - Carbon fiber price is 83.8 CNY/kg, unchanged from the previous week, with a gross profit of -8.59 CNY/kg [4] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate at China's port is 726 USD/ton, down 9.81% [5] - The prices of battery-grade lithium hydroxide, industrial-grade lithium hydroxide, and electric carbon are 78,900 CNY/ton, 77,000 CNY/ton, and 76,200 CNY/ton, down 4.2%, 4.35%, and 1.1% respectively [5] - The price of sulfuric cobalt is 53,200 CNY/ton, up 0.19% [5] - The prices of lithium iron phosphate and 523-type cathode materials are 34,300 CNY/ton and 113,300 CNY/ton, unchanged and down 0.4% respectively [5] - The price of neodymium oxide is 579.72 CNY/kg, down 2.9% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 6.20 USD/kg, unchanged from the previous week [6] - The price of EVA is 10,800 CNY/ton, up 2.9%, remaining at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/sqm, unchanged [6] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand remaining unchanged [7] - The uranium price for June 2025 is 59.58 USD/lb, up 4.0% [7] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 213,000 CNY/ton, up 0.47% [9] - The price of lithium cobalt oxide is 175.0 CNY/kg, unchanged [9] - The prices of silicon carbide, high-purity gallium, crude indium, and refined indium are 5,300.00 CNY/ton, 1,755.00 CNY/kg, 2,445.00 CNY/kg, and 2,545.00 CNY/kg respectively, with high-purity gallium remaining unchanged and crude and refined indium down 1.2% [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 326.00 CNY/g, 1,815.00 CNY/g, and 1,195.00 CNY/g respectively, with rhodium down 1.1% [10]

Core Insights - Yunnan Copper reported a net profit attributable to shareholders of 1.317 billion yuan in the first half of 2025, representing a year-on-year increase of 24.32% [1] - The rise in precious metal prices positively impacted the company's performance, although the low self-sufficiency in copper concentrate limited the overall growth from rising copper and precious metal prices [1] - The copper smelting processing fees have remained low this year, creating pressure on companies primarily engaged in smelting within the copper industry [1] Company Strategy - The company is strategically focusing on "digital transformation, expanding resources, refining mining, optimizing smelting, solidifying recycling (copper), and fine-tuning rare and scattered (metals)" [1] - There is an emphasis on increasing the extraction of urban mines and rare metals, as well as enhancing the contribution of by-products such as sulfuric acid, selenium, tellurium, platinum, palladium, and rhenium to profits [1] - The company plans to increase the procurement of urban mines and collaborate effectively to ensure raw material supply, thereby enhancing its overall competitiveness and mitigating challenges posed by low processing fees [1]

Report Summary 1) Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2) Core Viewpoint of the Report The report focuses on the consumption demand of palladium. It points out that the demand structure of palladium shows significant overlap in core industrial fields but is highly concentrated in the automotive catalytic conversion. The total global demand for palladium has been stable but is expected to decline slightly in 2025. The price fluctuation of palladium is deeply bound to the automotive industry chain, and its demand in different fields has different trends and influencing factors. In the future, the market should focus on the expansion rhythm of traditional high - palladium - consuming fields, investment trends in emerging markets, and technology iteration trends [3][4][25]. 3) Summary by Relevant Catalogs Overall Situation of Palladium Demand - The demand for platinum - group metals (PGMs) in core industrial areas shows significant overlap, and the price formation has strong consistency. Palladium demand is highly concentrated in automotive catalysts, and its price is closely related to the automotive industry chain. The total global demand for palladium has remained stable at about 300 tons per year but is expected to decline slightly in 2025 [2][3][4]. - The consumption of palladium is diversified, mainly supported by the automotive, chemical, electrical and electronic, investment, dental and biomedical, pollution control and other fields. According to the WPIC forecast, the total demand for palladium will decline slightly in 2025 and will continue to decline slightly from 2025 - 2028 (compound annual growth rate of - 1%) [6][7]. Demand in Different Fields Automotive Field - The automotive industry is the most important demand side for palladium, accounting for 75% - 85% of global total demand in the past five years. Although facing challenges such as electrification and platinum substitution, the increase in palladium loading per gasoline vehicle has supported demand rigidity. In 2024, automotive palladium demand decreased by 5% to 258.6 tons, and it is predicted to decline by another 5% to about 246.5 tons in 2025 [14]. Chemical Field - The chemical field is a secondary demand side for palladium, accounting for 10% - 12% of total demand in the past five years. In 2024, the global demand was 17 tons. In 2025, affected by PTA over - capacity and refinery load reduction, the demand is expected to decline by 3% to 16.6 tons [19][22]. Electrical and Electronic Field - Palladium is mainly used in electrodes of MLCC, anti - corrosion coatings of electronic connectors, etc. in the electrical and electronic field. With the development of 5G, AI, and new consumer electronics, the demand for palladium in this field is showing a steady upward trend [23]. Jewelry Field - Palladium jewelry accounts for less than 1% of total demand. In 2024, global palladium jewelry demand decreased by 4% to 2.6 tons. In 2025, it is expected to decline by 3% - 5% due to price fluctuations and low consumer awareness [26]. Investment Field - Palladium investment includes physical investment and ETF investment, which is a core amplifier of short - term price fluctuations. In 2024, the net investment volume was 7.1 tons. In 2025, investment demand is expected to face challenges and is difficult to form a trend - supporting effect on prices [29][30][33].

Report Summary 1) Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2) Core Viewpoint of the Report The upcoming listing of platinum and palladium futures and options contracts on the Guangzhou Futures Exchange marks a significant step in the diversification and internationalization of China's futures market, improving the precious metal derivatives system and providing new investment opportunities. The report focuses on palladium production and supply, indicating that the overall supply shows a tightening trend, and the structural supply may support the medium - to - long - term price resilience [1][2]. 3) Summary by Relevant Catalogs I. Overall Situation of Palladium Production and Supply - Palladium is mainly in the form of palladium ingots and sponge palladium in the market. Palladium ingots are used for financial reserves and derivatives, while sponge palladium is widely used in industrial fields [2]. - Global palladium supply depends on mining and recycling. In 2024, the total supply was 294.3 tons, with 205.2 tons from mining and 91.5 tons from recycling. Russia and South Africa account for over 75% of mining supply. In 2025, the total supply is expected to reach 298.4 tons, a 1.4% increase year - on - year [2]. II. Mining Supply - Palladium is mainly a by - product of platinum and copper - nickel mining. Its extraction requires multiple processes. In 2024, global platinum and palladium production were about 170 tons and 190 tons respectively, with South Africa and Russia being the major producers [4]. - Global palladium mining supply fluctuates narrowly. Factors such as South Africa's power crisis, Russia's mining challenges, and declining ore grades limit supply. In 2025, the supply is expected to tighten slightly as producers cut capital expenditure and high - cost mines reduce production [5]. III. Recycling Supply - Recycled palladium accounts for 20% - 25% of the total supply. North America and Europe dominate the global recycling market, contributing about 65% in 2024. The industry is using advanced technologies to improve recovery rates [8]. - The supply of recycled palladium is driven by the vehicle报废周期. From 2024 - 2025, it is expected to recover moderately, reaching about 95 tons in 2025, mainly due to the normalization of scrapped vehicles in North America and Europe, but limited by recycling capacity and logistics efficiency [8].