近日，证监会同意广州期货交易所铂、钯期货和期权注册。这预示着又将有4个期货及期权品种推出， 全市场品种数量将增至164个。 受访业内人士认为，铂、钯作为重要的铂族金属，在新能源领域扮演着不可替代的角色。该类期货和期 权工具的推出，将为相关产业提供良好的风险管理工具，对服务实体企业意义重大。 在国元期货研究咨询部贵金属高级分析师范芮看来，近年来，海外宏观市场动荡加剧，贵金属价格波动 较大，铂、钯等相关生产企业对风险管理的需求不断增强，实体企业可借助对应的期货和期权工具做好 价格风险管理，平稳企业财务表现。 新品种的推出对于期货公司来说也是服务实体经济、增加业务收入的重要机会。"对期货公司来说，期 货和期权新品种的上市兼具机遇和挑战。"范芮表示，期货公司应积极配合做好宣传及推广工作，提前 布局相关品种的研究和调研工作，深入一线与实体企业广泛交流并探讨潜在合作机遇，让市场和客户协 同发展。 铂、钯期货和期权的上市，也有望催生更多业务模式，极大丰富市场交易策略。在朱绍军看来，期货公 司需要组建"期货+现货"的专业性服务团队，为产业链企业及个人投资者提供精准的风险管理和资产管 理服务。同时，各业务部门应紧密合作，为涉境 ...

早盘速递 2025/11/10 3. 当地时间11月7日，美国参议院以53票对43票的结果，未能通过推进《特定联邦雇员拨款法案》的动议，未达到通过所需的 60票门槛。政府"停摆"暂难解除。 4. 据海关总署公告， 基于对美方整改措施的评估结果，依据我国相关法律法规和国际植物检疫措施标准，海关总署决定废止 海关总署2025年第30号公告（关于暂停美国CHS Inc.等3家企业大豆输华资质的公告），自2025年11月10日起恢复CHS Inc.等3 家企业大豆输华资质。 5. 近日，证监会同意广州期货交易所铂、钯期货和期权注册。证监会将督促广州期货交易所做好各项准备工作，确保铂、钯 期货和期权的平稳推出和稳健运行。 板块表现 重点关注 纸浆、原油、焦煤、沪铜、沪金 夜盘表现 -2.00 -1.50 -1.00 -0.50 0.00 0.50 1.00 板块涨跌幅（%） -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% -2.50% -2.00% -1.50% -1.00% -0.50% 0.00% 0.50% 1.00% 商品期货主力合约夜盘涨跌幅 涨跌幅 增仓比率（右轴） 非金属建材, ...

人民财讯11月10日电，【摘要】国办印发《关于加快场景培育和开放推动新场景大规模应用的实施意 见》。商务部：《关于加强相关两用物项对美国出口管制的公告》第二款暂停实施。商务部回应安世半 导体问题：中方同意荷方派员来华磋商的请求。《碳达峰碳中和的中国行动》白皮书：非化石能源消费 比重由2020年的16.0%增至2024年的19.8%。国家能源局：加快发展矿区光伏风电产业，积极推动矿区 用能清洁替代。国家外汇管理局：10月末我国外汇储备规模为33433亿美元。证监会同意铂、钯期货和 期权注册。财政部：继续实施好提振消费专项行动，对重点领域的个人消费贷款和相关行业经营主体贷 款给予财政贴息。国家统计局：2025年10月份居民消费价格同比上涨0.2%。 （原标题：【早知道】财政部：继续实施好提振消费专项行动；证监会同意铂、钯期货和期权注册） ...

Group 1 - The China Securities Regulatory Commission (CSRC) has approved the registration of platinum and palladium futures and options at the Guangzhou Futures Exchange [1] - The CSRC will supervise the Guangzhou Futures Exchange to ensure the smooth launch and stable operation of platinum and palladium futures and options [1]

Core Viewpoint - The China Securities Regulatory Commission has approved the registration of platinum and palladium futures and options on the Guangzhou Futures Exchange, marking the addition of two new members to the exchange's new energy metal sector, which already includes industrial silicon, lithium carbonate, and polysilicon [1][3]. Group 1: Market Dynamics - Platinum and palladium prices have experienced significant volatility in recent years, leading companies to eagerly anticipate the launch of related futures products to mitigate price fluctuation risks [2]. - The strategic value of platinum group metals is increasingly recognized as global energy transitions and technological revolutions progress, with China being the largest consumer of platinum and palladium, accounting for 26% and 23% of global consumption, respectively, in 2024 [3]. Group 2: Demand and Supply - China's consumption of platinum and palladium is rising, driven by the growth of green industries under the "dual carbon" strategy, with 56% of platinum and nearly 80% of palladium used in automotive catalytic converters and green energy sectors [4]. - The global distribution of platinum group metals is highly imbalanced, with South Africa and Russia holding over 90% of the world's reserves, while China's reserves are limited and declining [3]. Group 3: Industry Applications - The primary application of platinum and palladium remains in the automotive sector, where they are used in catalytic converters to reduce harmful emissions [4]. - The demand for platinum in the hydrogen energy sector is expected to grow significantly, with projections indicating that by 2029, platinum demand could reach approximately 14 tons due to the expansion of hydrogen fuel cell vehicles and related infrastructure [5]. Group 4: Price Volatility and Risk Management - The past three years have seen significant disruptions in global platinum supply, leading to substantial price fluctuations, with annual price volatility exceeding 20% in recent years [6]. - The introduction of domestic platinum and palladium futures is anticipated to enhance risk management for companies, reducing reliance on foreign exchanges and associated costs [7][8]. Group 5: Future Outlook - The listing of platinum and palladium futures is expected to promote industry integration and support the green transition, particularly in the hydrogen energy sector [9]. - The futures market will provide effective risk management tools for the industry, allowing for better pricing strategies and potentially leading to a more standardized and scalable development of the industry [9].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the registration of platinum and palladium futures and options at the Guangzhou Futures Exchange, indicating a significant development in the commodities trading market [2] Group 1 - The CSRC will supervise the Guangzhou Futures Exchange to ensure the smooth launch and stable operation of platinum and palladium futures and options [2]

Core Viewpoint - The Guangzhou Futures Exchange is seeking public opinions to refine the futures and options contracts for platinum and palladium, aiming for smooth market operation and functionality post-launch [1] Group 1: Contract Specifications - 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 [1] - The price limit for daily trading is set at 4% of the previous trading day's settlement price, with a minimum margin requirement of 5% of the contract value [1] - The contract months are scheduled 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 [1] Group 2: Delivery Standards - The delivery quality standards for platinum and palladium are based on current national and international standards, including indicators for main component content and impurity levels [2] - The delivery method will include physical delivery, with only domestic platinum and palladium ingots eligible for registration [2] - A brand delivery system will be implemented, requiring delivery items to be from registered brands published by the exchange [2] Group 3: Risk Control and Position Limits - The price limit and minimum margin for platinum and palladium futures are set at 4% and 5%, respectively [3] - Position limits vary based on the open interest of the contracts, with specific limits for both platinum and palladium depending on the number of open positions [3] - The position limits will decrease as the delivery month approaches, with specific limits set for the delivery month [3] 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) [4] - The minimum price fluctuation and price limits for options will align with those of the underlying futures contracts [4] - The exercise price will vary based on the previous trading day's settlement price, with a segmented exercise price interval design [4] Group 5: Future Steps - The Guangzhou Futures Exchange plans to carefully analyze feedback and suggestions to enhance the contracts and rules, ensuring they align with industry needs and expedite the launch of platinum and palladium products [5]

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].