格隆汇1月9日｜广期所：经研究决定，自2026年1月13日结算时起，铂、钯期货合约涨跌停板幅度调整 为16%，交易保证金标准调整为18%。如遇上述涨跌停板幅度、交易保证金标准与现行执行的涨跌停板 幅度、交易保证金标准不同时，则按两者中幅度大、标准高的执行。 ...

如遇上述涨跌停板幅度、交易保证金标准与现行执行的涨跌停板幅度、交易保证金标准不同时，则按两 者中幅度大、标准高的执行。 特此通知。 广期所公告〔2026〕2号 各会员单位： 经研究决定，自2026年1月13日结算时起，铂、钯期货合约涨跌停板幅度调整为16%，交易保证金标准 调整为18%。 广州期货交易所 2026年1月9日 来源：广州期货交易所 ...

Report Summary 1. Hot News - The National Conference on Industry and Information Technology has planned ten key tasks for 2026, including rectifying "involution - style" competition, supporting AI research, and launching the "Broadband Upgrade" project [2] - US President Trump and Ukrainian President Zelensky met to discuss a proposed Russia - Ukraine "peace plan", with a potential strong US - Ukraine security agreement under negotiation [2] - The State Administration for Market Regulation has provided compliance guidance on regulating price competition in the photovoltaic industry [2] - The Guangzhou Futures Exchange has adjusted the price limit and margin standards for certain futures contracts during the 2026 New Year's Day holiday [2] - The dates for the 2026 National Two Sessions have been set, with the Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference starting on March 4 and the Fourth Session of the 14th National People's Congress starting on March 5 [3] 2. Plate Performance - **Key Focus**: Urea, Shanghai copper, Shanghai silver, crude oil, and lithium carbonate [4] - **Night - session Performance**: Different commodity futures sectors showed varying degrees of increase, with the precious metals sector having a 34.79% increase, followed by the non - ferrous metals sector at 25.43%, and the coal, coke, steel, and ore sector at 9.89% [4] 3. Plate Position - The chart shows the position changes of commodity futures sectors in the past five days, but specific data is not clearly presented in text [5] 4. Performance of Major Asset Classes - **Equity**: Most major stock indices showed positive daily, monthly, and annual returns, with the CSI 500 having a relatively high annual increase of 30.27% [6] - **Fixed - income**: Treasury futures generally had small daily increases but negative annual returns [6] - **Commodity**: There were significant differences in performance. For example, the London spot gold had an annual increase of 72.72%, while the CRB commodity index had an annual decrease of 20.88% [6] - **Others**: The US dollar index had a negative annual return of - 9.63%, and the CBOE volatility index also showed a significant annual decline [6]

Core Viewpoint - The announcement from the exchange indicates adjustments to the price limits and margin standards for various futures contracts, effective from December 30, 2025, and January 5, 2026, reflecting changes in trading conditions for industrial silicon, polysilicon, lithium carbonate, platinum, and palladium futures [1]. Group 1: Futures Contract Adjustments - Industrial silicon futures contract price limits and margin standards will remain unchanged [1] - Polysilicon futures contract price limits will remain unchanged, while the speculative trading margin and hedging margin will be adjusted to 15% [1] - Lithium carbonate futures contract price limit will be adjusted to 10%, with speculative trading margin set to 12% and hedging margin to 11% [1] - Platinum and palladium futures contract price limits will be adjusted to 13%, with both speculative trading margin and hedging margin set to 15% [1] Group 2: Trading Resumption - Trading will resume on January 5, 2026, with the price limits and margin standards for industrial silicon futures remaining unchanged if there are no unilateral price limits on the contract with the largest open interest [1] - For polysilicon, platinum, and palladium futures, the price limits and margin standards will maintain the holiday period standards [1] - The price limits and margin standards for lithium carbonate futures will revert to pre-adjustment levels [1]

Core Viewpoint - The Guangzhou Futures Exchange announced adjustments to the price limit and margin standards for various futures contracts, effective around the New Year 2026, aimed at managing market risks and ensuring stability in trading [1] Group 1: Adjustments to Futures Contracts - From December 30, 2025, the price limit and margin standards for industrial silicon futures will remain unchanged [1] - For polysilicon futures, the price limit will remain unchanged, while the speculative trading margin and hedging margin will be adjusted to 15% [1] - The price limit for lithium carbonate futures will be adjusted to 10%, with the speculative trading margin set at 12% and the hedging margin at 11% [1] - The price limits for platinum and palladium futures will be adjusted to 13%, with both speculative and hedging margins set at 15% [1] Group 2: Resumption of Trading - Trading will resume on January 5, 2026, with the price limit and margin standards for industrial silicon futures remaining unchanged if there are no continuous quotes on the first trading day after the price limit is reached [1] - The price limits and margin standards for polysilicon, platinum, and palladium futures will remain at the holiday period standards [1] - The price limit and margin standards for lithium carbonate futures will revert to pre-adjustment levels [1]

Core Viewpoint - The Guangzhou Futures Exchange has announced adjustments to the price limit and margin standards for various futures contracts, effective from December 30, 2025, and January 5, 2026, in accordance with its risk management regulations [1] Group 1: Adjustments to Futures Contracts - The price limit and margin standards for industrial silicon futures will remain unchanged [1] - For polysilicon futures, the price limit will remain unchanged, while the speculative trading margin and hedging margin will be adjusted to 15% [1] - The price limit for lithium carbonate futures will be adjusted to 10%, with the speculative trading margin set at 12% and the hedging margin at 11% [1] - The price limits for platinum and palladium futures will be adjusted to 13%, with both speculative and hedging margins set at 15% [1] Group 2: Resumption of Trading - Trading will resume on January 5, 2026, with the price limits and margin standards for industrial silicon futures remaining unchanged [1] - The price limits and margin standards for polysilicon, platinum, and palladium futures will maintain the holiday period standards [1] - The price limits and margin standards for lithium carbonate futures will revert to pre-adjustment levels [1]

Report Summary 1. Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - Platinum and palladium prices hit the daily limit across all contracts on the Guangzhou Futures Exchange on December 22, 2025, driven by domestic long - term funds. The prices have significant increases, and they are natural multi - allocation varieties under the influence of fundamentals and the macro - level [2]. - In the super bull cycle of precious metals, the high - to - low shift of funds gives platinum and palladium higher premiums. Their investment and consumption have great growth potential, and the price logic affects the supply - demand expectations of the fundamentals [3]. - The supply side is brittle, and the large - scale application prospects of hydrogen energy boost consumption expectations. There will be supply shortages for platinum and palladium in 2026 [4]. - The current precious metal and non - ferrous metal market is a re - balance of "money" and "resources". Platinum and palladium, with high import dependence in China, are suitable for multi - allocation [6]. - The large price difference between domestic and foreign platinum and palladium will attract arbitrage trading, and the price difference is expected to converge [7]. - In the long - term, platinum and palladium follow the super bull cycle of precious metals. In 2026, platinum is more likely to break through historical highs. In the short - term, they may achieve most of the annual increase, and the mid - term strategy is to allocate more on dips [8]. 3. Summary by Directory I. Higher Premiums for Platinum and Palladium due to High - to - Low Fund Shift in the Precious Metal Super Bull Cycle - In the context of the global situation, precious metals have allocation value. Gold and silver price increases provide higher premium space for platinum and palladium. The investment and consumption of platinum and palladium have great growth potential, and price and supply - demand expectations interact [3]. II. Brittle Supply Side and Boosted Consumption Expectations from Hydrogen Energy Application - The "15th Five - Year Plan" promotes the development of hydrogen energy. The supply of platinum and palladium is highly concentrated. It is expected that in 2026, platinum will face a supply shortage of about 23 tons, and palladium will have a supply shortage of about 3 tons [4]. III. Re - balance of "Money" and "Resources" - The current market is a re - balance of "money" and "resources". China has a high import dependence on platinum and palladium, so they are suitable for multi - allocation [6]. IV. Convergence of Domestic and Foreign Price Differences - Due to the high import dependence of platinum and palladium in China and relatively easy import procedures, the large price difference between domestic and foreign markets will attract arbitrage trading. Import merchants and speculative funds can lock in profits through cross - market arbitrage [7]. V. Market Outlook - Platinum and palladium prices on the Guangzhou Futures Exchange have reached new highs. Platinum is more likely to break through historical highs in 2026. They follow the precious metal bull cycle. In the short - term, they may achieve most of the annual increase, and the mid - term strategy is to allocate more on dips, while being vigilant against the "long - killing - long" market [8].

Core Insights - The launch of platinum and palladium futures and options contracts by the Guangzhou Futures Exchange on November 27 and 28, 2025, respectively, fills a gap in China's derivatives market for these metals and establishes an efficient pricing mechanism for domestic platinum and palladium [1][4] - The initial trading day saw palladium prices rise by 1.53% and platinum by 6.25%, indicating strong market participation and trading volume [1] - The demand for platinum and palladium in the automotive catalytic sector is significant, with platinum accounting for 40% and palladium for 80% of the demand in 2024 [1] Industry Impact - The introduction of these contracts aligns with China's industrial strategy and is expected to accelerate the development of the domestic supply chain [4] - The new products provide effective risk management and hedging tools for market participants, enhancing the capital market's focus on the investment attributes and price volatility of palladium and platinum [4] - The low abundance of platinum and palladium in the earth's crust, primarily concentrated in South Africa, Russia, and North America, highlights China's high dependency on imports, particularly from South Africa and Russia [1]

Core Viewpoint - The development of green finance is essential for supporting the green transformation of the real economy and achieving high-quality financial development, with China's futures market increasingly contributing to this effort through a diversified range of green futures products [1][2]. Group 1: Green Futures Market Development - China's futures market has established a diversified system of green futures, including new energy metal futures, clean energy futures, and recycled metal futures, with products like lithium carbonate and polysilicon listed by mid-November 2025 [1][2]. - The green futures market has shown stable operation, with significant price increases in the second half of the year, such as polysilicon rising by 60.2% and lithium carbonate by 40.1% [2]. - Daily trading volume and open interest for green futures have increased significantly, with average daily transactions reaching 2.489 million contracts, a 126.2% increase from the first half of the year [2]. Group 2: Regulatory Support and Industry Engagement - The China Securities Regulatory Commission has issued guidelines to promote the development of carbon futures and support financial institutions in participating in carbon trading, aligning with the green development policy [2]. - Futures exchanges in China are actively developing green products to provide price signals and hedging tools for enterprises, with the Shanghai Futures Exchange launching the first recycled metal futures product, casting aluminum alloy futures [3]. Group 3: Future Product Development and Market Expansion - The Guangzhou Futures Exchange is accelerating the development of green products, including corrugated paper futures, focusing on recycling waste paper to support carbon neutrality and green development goals [4]. - The Guangzhou Futures Exchange plans to list platinum and palladium futures on November 27, 2025, which are critical for green industries such as automotive emissions control and renewable energy [5]. - The exchange aims to enhance its product system, improve market services, and promote high-level openness to meet the green transformation needs during the 14th Five-Year Plan period and beyond [5].

1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the content. 2. Core View of the Report The report comprehensively interprets the platinum - palladium futures and options contracts of the Guangzhou Futures Exchange, including details of the contracts, risk control systems, delivery notes, and information on delivery warehouses, factories, and brands, aiming to help investors understand and participate in platinum - palladium futures and options trading [13][15][21]. 3. Summary According to the Directory 3.1 Futures and Options Contracts - **Platinum (Palladium) Futures Contracts**: The trading of platinum (palladium) futures contracts starts on November 27, 2025. The first - listed contracts are PT(PD)2606, PT(PD)2608, and PT(PD)2610. Supported trading instructions include limit orders, market orders, etc. On the first listing day, the trading margin is 9% of the contract value, and the daily price limit is 14% of the listing benchmark price. The trading fee is 0.01% of the transaction amount, and intraday closing fees are waived [13][14]. - **Platinum (Palladium) Options Contracts**: The trading of platinum (palladium) options contracts begins on November 28, 2025. The first - listed contracts are based on PT(PD)2606, PT(PD)2608, and PT(PD)2610 futures contracts. Only limit orders and limit stop - loss (profit) orders are provided at the initial stage. The trading fee is 2 yuan per lot, and intraday closing fees are waived [15][16]. 3.2 Risk Control System - **Three - Stage Gradient Margin**: For platinum and palladium, from contract listing to the 10th trading day before the month before the delivery month, the margin is 5%; from the 10th trading day to the last trading day of the month before the delivery month, it is 10%; in the delivery month, it is 20% [26]. - **Position Limits**: For platinum and palladium futures, three - stage position limits are set. For example, in general months, if N>12000 lots for platinum, the limit for non - futures company members, etc., is 5%×N lots; if N≤12000 lots, it is 600 lots. For options, the position limit for non - futures company members, etc., is 600 lots for relevant combinations [30][34]. - **Large - Position Reporting**: The large - position reporting standard for non - futures company members, etc., for platinum and palladium futures and options contracts is 80% of the position limit set by the exchange [31][35]. 3.3 Delivery Notes - **Delivery Costs**: Assuming 400 yuan per gram, the estimated cost for holding 1 gram for 2 months is about 1.55 yuan, including fees such as handling fees, storage fees, and delivery fees. The delivery fee and standard warehouse receipt transfer payment service fee are temporarily exempted [39][40]. - **Delivery Methods and Time**: There are rolling delivery (from the first trading day to the day before the last trading day of the delivery month) and one - time delivery (after the close of the last trading day of the contract). The exchange starts handling delivery business on May 1, 2026 [41][42]. - **Quality Requirements**: There are differences in the chemical composition requirements for domestic and imported platinum and palladium. For example, the platinum content (mass fraction) of domestic and imported platinum should be ≥99.95% [44][45]. - **Delivery Procedures**: Members need to pay a delivery forecast deposit when applying for delivery forecast. There are specific regulations for goods storage, inspection, and handling of disputes over delivery quality and quantity [48]. 3.4 Delivery Warehouses, Factories, and Brands - **Registered Brands**: There are many domestic and foreign registered brands for platinum and lithium futures, such as "Guiyan" of Guiyan Resources (Yimen) Co., Ltd. for platinum, and relevant information about these brands, including production enterprises, addresses, and contact information, is provided [56][60]. - **Designated Delivery Factories and Warehouses**: There are specific lists of designated delivery factories and warehouses for platinum and palladium futures, including information such as regions, names, and contact details. All are benchmark warehouses with a premium and discount standard of 0 yuan per kilogram [68][72]. - **Quality Inspection Institutions and Fees**: There are several designated quality inspection institutions for platinum and palladium futures, and the maximum price limits for inspection fees for different items are specified, such as 4000 yuan per single - piece for impurity element content inspection [75][78].