Core Viewpoint - The launch of platinum and palladium futures and options by the Guangzhou Futures Exchange in late 2025 will provide new opportunities for the clean energy transition in China, addressing the current reliance on foreign markets for price hedging and risk management [3][5][10]. Group 1: Market Context - Platinum and palladium are essential in various clean energy applications, including hydrogen energy catalysis and automotive exhaust purification, but their high prices and volatility pose risks to industry players [3][5]. - China’s domestic production of platinum and palladium is minimal, with only 4.9 tons expected in 2024, while imports are projected at 91.1 tons, accounting for 70.9% of domestic supply [5][6]. - The reliance on imports exposes Chinese companies to international price fluctuations and supply chain vulnerabilities, with over 85% dependency on foreign sources [6][11]. Group 2: Price Volatility and Risk Management - The price volatility of platinum and palladium has exceeded 20% annually over the past five years, with significant fluctuations recorded in both metals [6][10]. - The introduction of futures and options will enhance risk management capabilities for domestic companies, allowing them to hedge against price risks more effectively [10][11]. - The new contracts will be denominated in RMB, eliminating currency risk and aligning with domestic industry needs [11]. Group 3: Demand Growth and Industry Development - The demand for platinum and palladium is expected to rise significantly due to China's "dual carbon" goals, with projections indicating that platinum demand in the hydrogen economy could exceed 25 tons by 2039 [12][14]. - The futures and options market will facilitate the sharing of market information across the entire supply chain, from import to production and recycling, fostering collaborative development [14]. - The establishment of a complete industrial ecosystem through these financial instruments will enhance China's influence in the global clean energy transition [14].

钯期货合约上市有关事项 1 （来源：中信建投期货微资讯） 来源：中信建投期货微资讯 11月14日，广期所发布铂、钯期货和期权上市交易有关事项的通知。根据通知，铂、钯期货合约自2025 年11月27日起上市交易，铂、钯期权合约自2025年11月28日起上市交易。 铂、钯因在氢能、汽车尾气催化剂、新能源制造等领域作用突出，一直被视作战略性关键金属。随着全 球新能源产业加速扩张，两者的供应紧张与价格波动愈发受到市场关注，此次上市也因此备受产业链期 待。钯期货合约上市相关信息及交易规则小编已整理好，下滑了解。 标准化合约 | 合约标的物 | 铝 | | --- | --- | | 交易单位 | 1000 克/手 | | 报价单位 | 元(人民币) /克 | | 最小变动价位 | 0.05 元/克 | | 涨跌停板幅度 | 上一交易日结算价±4% | | 合约月份 | 2、4、6、8、10、12月 | | 交易时间 | 上午 9:00-11:30, 下午 13:30-15:00, 以及交易所规定的其他时间 | | 最后交易日 | 合约月份的第 10个交易日 | | 最后交割日 | 最后交易日后的第3个交易日 | | 交 ...