11月27日，广州期货交易所新能源金属品种板块迎来新成员——铂、钯期货和期权，这是继工业硅、碳 酸锂、多晶硅品种后，广期所上市的绿色新能源金属品种。 广期所党委副书记、总经理邢向飞主持上市活动。广期所成立以来，以服务绿色发展为突破口，先后上 市工业硅、碳酸锂、多晶硅期货和期权，初步构建了新能源金属期货板块，为服务新能源产业、助力绿 色低碳转型发展做出了积极贡献。 中国有色金属工业协会党委常委、副会长兼秘书长段德炳表示，铂、钯作为铂族金属中具有广泛应用、 战略作用突出、市场体量较大的典型品种，在汽车尾气治理、发展风电、支撑氢能等绿色清洁能源产业 中发挥着关键作用。铂、钯期货和期权的上市交易，有利于铂族金属产业链上下游企业防控风险、稳定 经营、妥善应对市场频繁波动带来的冲击，也有利于提高资源市场化配置效率，同时还将更好地促进价 格发现功能发挥"风向标"作用，规范铂、钯产品定价体系，有效提升我国铂族金属产业的国际影响力和 定价话语权。 广期所党委书记、董事长高卫兵表示，广期所将深入贯彻落实党的二十届四中全会精神和证监会部署， 始终立足服务实体经济的根本宗旨，继续坚持以服务绿色发展为抓手，根据产业实际，不断加大市场培 ...

Core Viewpoint - The launch of platinum and palladium futures and options on the Guangzhou Futures Exchange marks a significant addition to the green energy metal sector, providing essential risk management tools for the clean energy industry [1][2]. Group 1: Market Impact - The introduction of platinum and palladium futures and options fills a gap in domestic risk management tools, offering transparent price references and hedging options for industry chain enterprises [2]. - The volatility in platinum and palladium prices has heightened the demand for risk management solutions, making the launch of these futures and options timely and necessary [2][3]. Group 2: Industry Significance - Platinum and palladium are crucial in various applications within the green energy sector, including automotive emissions control, wind power development, and hydrogen energy support [2]. - The new financial instruments are expected to enhance the market efficiency of resource allocation and foster a better environment for industry development, contributing to high-quality growth in the sector [2]. Group 3: Initial Performance - On the first trading day, platinum futures recorded a trading volume of 66,700 contracts and a turnover of 29.231 billion yuan, while palladium futures had a trading volume of 34,200 contracts and a turnover of 13.049 billion yuan, indicating strong market participation [4]. - The positive performance on the first day is attributed to favorable international macroeconomic conditions and the high gold-to-platinum ratio, which supports platinum's valuation [4]. Group 4: Risk Management Strategies - The first off-exchange platinum option was executed by Zheshang Futures, which designed a "buy platinum call option" strategy to help a client hedge against rising procurement costs while retaining potential profit from price declines [5].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The listing of platinum and palladium futures and options is expected to be imminent, which will bring positive impacts such as strengthening China's commodity pricing power, promoting the healthy development of the industry, helping enterprises manage price risks, and enhancing market transparency [3][4] - In the short - term, the global supply of platinum and palladium is tight. In the long - term, platinum's supply - demand fundamentals will gradually improve, while palladium will gradually become looser [5] - In the future, platinum is expected to fluctuate upward in the medium - to - long term, and for palladium, attention should be paid to the price decline risk caused by the relaxation of supply - demand. Suggested price ranges are 1500 - 1800 dollars per ounce for platinum and 1300 - 1600 dollars per ounce for palladium. Strategies include long platinum and long - platinum short - palladium cross - variety opportunities [6] Summary by Related Catalogs Latest Dynamics and Reasons - On November 7, 2025, the CSRC approved the registration of platinum and palladium futures and options at the Guangzhou Futures Exchange, and the listing time is expected to be approaching [3] - Positive impacts of the listing: strengthening China's commodity pricing power as China is a major consumer but lacks pricing influence; promoting industrial development and supply - chain stability by providing standardized contracts and price - discovery functions; helping enterprises manage price risks in the context of large price fluctuations; enhancing market transparency as derivatives are information - aggregation platforms [3][4] Fundamental Situation - Short - term: Supply is tight due to tariffs and sanctions on Russia. As of November 5, the 1 - month lease rate of platinum is around 2.7%, and that of palladium is around 1.0% [5] - Long - term: Supply from South Africa is restricted by power shortages, labor issues, etc. In Q2 2025, global platinum mine and refined production decreased by 7.8% and 4.1% year - on - year respectively; in the first half of 2025, global palladium mine and refined production decreased by 10.1% and 6.6% year - on - year respectively. Platinum demand is growing steadily, while palladium supply - demand is becoming looser [5] Summary and Strategy - Recently, precious metal prices have adjusted. Platinum remains firm due to trade restrictions, and palladium prices are supported by supply tightness in other regions. In the future, platinum is expected to fluctuate upward, and for palladium, attention should be paid to price decline risks [6] - Suggested price ranges: 1500 - 1800 dollars per ounce for platinum and 1300 - 1600 dollars per ounce for palladium. Strategies include long platinum and long - platinum short - palladium cross - variety opportunities [6]

Core Viewpoint - The approval of platinum and palladium futures and options by the Guangzhou Futures Exchange marks a significant step in the development of the green industry in China, providing essential risk management tools for related sectors [1][4]. Group 1: Market Context - Platinum and palladium are crucial for catalytic reactions and are widely used in automotive emissions control, wind power, and hydrogen energy, making them vital to China's green industry [3]. - China is the largest consumer of platinum and palladium globally, accounting for over 20% of global consumption, with approximately 60% of platinum and nearly 80% of palladium used in green-related industries [3]. Group 2: Price Volatility and Risk Management - The price volatility of platinum and palladium is among the highest in the metals sector, with annual price fluctuations exceeding 20% in recent years, creating significant operational pressure on downstream industries [2][5]. - The average daily volatility for palladium and platinum over the past decade has been 1.58% and 1.22%, respectively, indicating their sensitivity to supply disruptions and capital flows [5]. Group 3: Historical Price Trends - Historical trends show that palladium experienced bull markets from 1997-2001 and 2017-2023, while platinum had a bull market from 2002-2008, influenced by supply-demand dynamics and macroeconomic conditions [6]. - The price movements of platinum and palladium are primarily driven by supply-demand balance, with macroeconomic fluctuations adding momentum to price trends [6][7]. Group 4: Future Implications - The launch of platinum and palladium futures and options is expected to enhance the pricing influence of China in the global market, which is currently dominated by foreign exchanges [7]. - The introduction of these financial instruments will provide more flexible pricing and risk management options for industry participants, aiding in better decision-making amid market uncertainties [6][8].

Core Viewpoint - The China Securities Regulatory Commission has approved the registration of platinum and palladium futures and options on the Guangzhou Futures Exchange, which is expected to enhance risk management tools for related industries and promote green development [1][2]. Group 1: Market Dynamics - Platinum and palladium are crucial raw materials for green industries, including automotive exhaust treatment and renewable energy sectors like wind and hydrogen [1][2]. - Platinum futures prices have surged approximately 75% year-to-date, significantly outpacing the 45% increase in COMEX gold futures [1]. - In Q1 of this year, China's platinum investment demand skyrocketed, with a 140% year-on-year increase in demand for investment platinum bars under 500 grams, reaching a historic high of 1 ton [1]. Group 2: Industrial Usage - Approximately 60% of platinum and 80% of palladium in China are utilized in the production of automotive catalytic converters and other green-related industries [2]. - The volatility of platinum and palladium prices has exceeded 20 percentage points annually over the past five years, leading to a heightened demand from industry chain enterprises for futures to manage pricing and risk [2]. Group 3: Global Market Outlook - The global platinum market is expected to face a shortage of 26.4 tons by 2025, with total demand projected to decline by 4% to 244.8 tons [2]. - Industrial demand is anticipated to be the largest drag on total platinum demand by 2025, while jewelry demand is expected to grow by 11% and investment demand by 2% [2]. Group 4: Central Bank Interest - Platinum is emerging as a focus for central bank reserve asset diversification amid increasing geopolitical uncertainties and challenges to the dollar credit system [3]. - The listing of platinum and palladium futures is expected to enable Chinese industries to participate more actively in global pricing, enhancing the international influence of China's platinum and palladium prices [3].

Core Viewpoint - The approval of platinum and palladium futures and options by the China Securities Regulatory Commission marks a significant expansion of the Guangzhou Futures Exchange's (GFEX) green metal derivatives segment, enhancing risk management tools for the industry and supporting the development of green industries [1][2][3]. Group 1: Industry Significance - Platinum and palladium are essential raw materials for green industries, particularly in automotive exhaust treatment, wind power, and hydrogen energy sectors [1][2]. - In 2024, approximately 60% of platinum and nearly 80% of palladium in China will be used for automotive exhaust catalysts and related green applications [2]. - The healthy development of the platinum and palladium industry is crucial for promoting green development, especially under the "dual carbon" goals [2]. Group 2: Market Dynamics - The global platinum and palladium resources are predominantly concentrated in South Africa and Russia, which together hold over 90% of the world's reserves [4]. - Price volatility for platinum and palladium has been significant, with fluctuations exceeding 20% for platinum and 40% for palladium from 2020 to 2024, posing risks across the industry chain [4][5]. Group 3: Risk Management Tools - The introduction of platinum and palladium futures and options is expected to provide essential risk management tools for enterprises, allowing them to hedge against price fluctuations and reduce operational risks [1][5][7]. - The futures market will facilitate a more refined price management approach for companies, enhancing their ability to engage in hedging and risk mitigation strategies [6][7]. Group 4: Pricing Mechanism - The establishment of a domestic pricing mechanism for platinum and palladium through futures will help create a "China price," enabling Chinese enterprises to gain pricing power in international trade [6]. - The futures market will provide a transparent and continuous pricing signal, aiding enterprises in trade activities and spot pricing [6].

Core Viewpoint - Guangzhou Futures Exchange has launched futures and options for platinum and palladium, marking an expansion in the new energy metals sector and aligning with the green development strategy [1][2][3]. Group 1: Launch of Platinum and Palladium Futures - The China Securities Regulatory Commission approved the registration of platinum and palladium futures and options on November 7 [2]. - The Guangzhou Futures Exchange has released contracts and rules for these futures and options, seeking to gather input on registered brands, designated delivery warehouses, and quality inspection agencies [2][3]. Group 2: Importance of Platinum and Palladium - Platinum and palladium are crucial raw materials for green industries, particularly in automotive exhaust treatment, with approximately 60% of platinum and nearly 80% of palladium used in catalytic converters in China [3]. - These metals are also key components in the wind power and hydrogen energy sectors, representing significant new energy metals [3]. Group 3: Market Dynamics and Demand - China is the largest consumer of platinum and palladium globally, accounting for over 20% of total consumption [4]. - The prices of platinum and palladium have experienced significant volatility, with annual price fluctuations exceeding 20% over the past five years, leading to increased demand from industry players for futures to manage pricing and risk [4]. - The introduction of platinum and palladium futures is expected to enhance China's participation in global pricing and improve the reflection of domestic supply and demand in market prices, thereby increasing the international influence of China's platinum and palladium prices [4].

Core Insights - The launch of platinum and palladium futures and options by the Guangzhou Futures Exchange aims to enhance China's pricing influence in the global platinum and palladium markets [1][3] - Platinum and palladium are crucial for green industries, particularly in automotive emissions control and renewable energy sectors [1][2] Group 1: Market Dynamics - Platinum futures prices have surged approximately 75% year-to-date, significantly outpacing the 45% increase in COMEX gold futures [1] - In Q1 of this year, China's platinum investment demand skyrocketed, with a 140% year-on-year increase in demand for investment platinum bars under 500 grams, reaching a historic high of 1 ton [1] - The World Platinum Investment Council (WPIC) indicates that the global platinum market is expected to face a shortage of 26.4 tons by 2025, despite a projected 4% decline in total demand [2] Group 2: Industrial Applications - Approximately 60% of platinum and 80% of palladium in China are utilized in the production of automotive catalytic converters and other green-related industries [2] - The volatility in platinum and palladium prices, with annual fluctuations exceeding 20% over the past five years, has heightened the demand for futures contracts among industry players for risk management [2] Group 3: Central Bank Interest - Platinum is emerging as a focal point for central bank reserve diversification, as geopolitical uncertainties and challenges to the dollar credit system prompt countries to evaluate alternative precious metal assets [3] - The introduction of platinum and palladium futures is expected to enable Chinese industries to participate more actively in global pricing, thereby enhancing the international influence of China's platinum and palladium prices [3]

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]