Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View - On March 27, the prices of platinum and palladium opened low and moved high but maintained a volatile trend due to the lack of significant positive drivers. PT2606 closed down 0.02% to 493.05 yuan/gram, and PD2606 closed down 0.01% to 358.20 yuan/gram. Geopolitical risks may continue to escalate, and the high oil price may support the real - interest rate at a high level, while the weakening of the US stock market and the decline of the US bond yield support the prices. The decline of the 1 - month palladium lease rate indicates a short - term relief of the palladium shortage, which may limit its upward drive. It is expected that platinum and palladium will probably maintain a range - bound trend in the short term. After the Middle - East geopolitical situation becomes relatively clear, investors can consider buying platinum unilaterally at low prices or continue to hold the [long platinum, short palladium] strategy [6]. 3. Summary by Relevant Catalogs Domestic Prices (yuan/gram) - Platinum futures主力收盘价 rose 1.16% to 493.05 from 487.4; spot platinum (99.95%) fell 2.26% to 475 from 486; platinum basis (spot - futures) increased 1189.29% to - 18.05 from - 1.4. - Lithium futures主力收盘价 rose 1.37% to 358.2 from 353.35; spot lithium (99.95%) fell 1.13% to 348.5 from 352.5; lithium basis (spot - futures) increased 1041.18% to - 9.7 from - 0.85 [4]. International Prices (15:00, dollars/ounce) - London spot platinum rose 0.03% to 1892.8 from 1892.3; London spot palladium fell 0.06% to 1401.427 from 1402.207. - NYMEX platinum rose 0.98% to 1894.5 from 1876.1; NYMEX palladium rose 0.29% to 1406.5 from 1402.5 [4]. Internal - External 15:00 Spread (yuan/gram) - The dollar/yuan mid - price rose 0.12% to 6.9141 from 6.9056. - The spread of domestic platinum - London platinum increased 39.04% to 17.59 from 12.65; the spread of domestic platinum - NYMEX platinum increased 2.68% to 17.17 from 16.72 [4]. Ratios - The ratio of Guangzhou Futures Exchange platinum to lithium changed - 0.0029 to 1.3794 from 1.3765; the ratio of London spot platinum to lithium changed 0.0011 to 1.3495 from 1.3506 [5]. Inventory (Troy Ounces) - NYMEX platinum inventory fell 0.81% to 554241 from 558768; NYMEX palladium inventory remained unchanged at 248374 [5]. Positions - NYMEX total platinum position fell 8.65% to 61473 from 67292; NYMEX non - commercial net long position of platinum fell 4.14% to 16198 from 16898. - NYMEX total palladium position rose 3.13% to 15556 from 15069; NYMEX non - commercial net long position of palladium increased 571.35% to - 185 from - 1242 [5].

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - On January 6, platinum and palladium futures prices generally rose. The PT2606 contract closed up 6.02% to 616.8 yuan/gram, and the PD2606 contract closed up 5.16% to 471.9 yuan/gram. Affected by geopolitical risks, precious metal prices collectively rose, driving platinum and palladium prices to strengthen significantly. Due to market concerns about the spillover of the Venezuelan situation to South America, mineral resources were favored by funds, which also boosted platinum and palladium prices. [5] - Recently, the premium of domestic platinum and palladium futures prices over spot prices and the external premium have continued to narrow, indicating that platinum and palladium prices are returning to a relatively reasonable range. [5] - Looking ahead, under the macro - favorable conditions and relatively stable performance of gold and silver, platinum and palladium are expected to continue to fluctuate strongly. However, in the short - term, the volatility of platinum and palladium may still remain at a relatively high level, and investors are advised to control their positions. In the long - term, with the supply gap of platinum still existing and the supply of palladium tending to be loose, the strategy can focus on buying platinum at low prices or adopting a [long platinum, short palladium] arbitrage strategy. [5] Group 3: Summary by Relevant Catalog Domestic Prices (yuan/gram) - Platinum futures main contract closing price: The current value is 616.8, the previous value is 583.95, with a rise of 5.63%. [5] - Spot: Gold Exchange - Pt9995 closing price: The current value is 605.53, the previous value is 573.65, with a rise of 5.56%. [5] - Spot platinum (99.95%): The current value is 600, the previous value is 566, with a rise of 6.01%. [5] - Platinum basis (spot - futures): The current value is - 16.8, the previous value is - 17.95, with a decline of 6.41%. [5] - Palladium futures main contract closing price: The current value is 471.9, the previous value is 452.85, with a rise of 4.21%. [5] - Spot palladium (99.95%): The current value is 445, the previous value is 436, with a rise of 2.06%. [5] - Palladium basis (spot - futures): The current value is - 26.9, the previous value is - 16.85, with a rise of 59.64%. [5] International Prices (15:00, US dollars/ounce) - London spot platinum: The current value is 2318.782, the previous value is 2211.121, with a rise of 4.87%. [5] - London spot palladium: The current value is 1742.095, the previous value is 1671.588, with a rise of 4.22%. [5] - NYMEX platinum: The current value is 2327.6, the previous value is 2218, with a rise of 4.94%. [5] - NYMEX palladium: The current value is 1791.5, the previous value is 1719.5, with a rise of 4.19%. [5] Internal - External 15:00 - US dollar/Chinese yuan central parity rate: The current value is 7.0173, the previous value is 7.023, with a decline of 0.08%. [5] Price Spreads (yuan/gram) - Guangdong platinum - London platinum: The current value is 25.65, the previous value is 19.79, with a rise of 29.62%. [5] - Guangdong platinum - NYMEX platinum: The current value is 23.40, the previous value is 18.03, with a rise of 29.77%. [5] - Guangdong palladium - London palladium: The current value is 27.77, the previous value is 26.35, with a rise of 5.39%. [5] - Guangdong palladium - NYMEX palladium: The current value is 15.17, the previous value is 14.12, with a rise of 7.44%. [5] Platinum - Palladium Price Ratio - Guangzhou Futures Exchange platinum/palladium price ratio: The current value is 1.3071, the previous value is 1.2895, with a change of 0.0176. [5] - London spot platinum/palladium price ratio: The current value is 1.3310, the previous value is 1.3228, with a change of 0.0083. [5] Inventory (ounces) - NYMEX platinum inventory: The current value is 652841, the previous value is 652841, with a change of 0.00%. [5] - NYMEX palladium inventory: The current value is 210029, the previous value is 650012 (data may be lagged), with a change of 0.00%. [5] Positions - NYMEX total platinum position: The current value is 82836, the previous value is 90330, with a decline of 8.30%. [5] - NYMEX non - commercial net long platinum position: The current value is 18042, the previous value is 19343, with a decline of 6.73%. [5] - NYMEX total palladium position: The current value is 20593, the previous value is 22709, with a decline of 9.32%. [5] - NYMEX non - commercial net long palladium position: The current value is - 571, the previous value is 122, with a decline of 568.03%. [5]