不过，业内人士也承认，铂金要成为真正的央行储备资产，仍面临流动性不足和供应规模小等障碍。目 前，全球央行储备资产中，铂金尚未被国际货币基金组织（IMF）列为官方储备资产类别。 "我们尚未看到任何央行正式宣布购入铂金作为储备，但市场讨论的频率明显上升。" 邓伟斌会上透 露，IMF的批准实际上不是障碍，一旦有央行将铂金纳入储备体系，不仅将重塑全球贵金属市场格局， 也可能为美元主导的国际货币体系提供新的"去美元化"路径。与此同时，铂金价格或迎来结构性重估。 此外，国内市场方面，广州期货交易所（下称广期所）铂金期货上市渐进。"长期以来，由于缺乏有效 的国内价格对冲机制，与铂、钯相关的企业和交易者在面临市场价格波动时往往缺乏有效的风险管理工 具。"上述业内人士提到。 今年8月，广期所已完成了就铂、钯期货和期权合约及相关规则公开征求意见工作。广期所相关负责人 表示，下一步广期所将梳理、研究各方意见和建议，进一步完善合约和规则，确保合约贴近产业实际， 尽快推动铂、钯品种的上市。 美元信用受质疑、金价高企，这些因素促使全球央行探索铂金作为储备资产新选项 铂金（Platinum）正成为央行储备资产多元化的新焦点。 9月19日， ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - Platinum and palladium are important members of the platinum - group metals (PGMs), with high demand in practical applications. Their resource distribution is concentrated, and the supply chain has an "oligopoly" structure, which is easily affected by various factors [1][14]. - The platinum - group metal industry chain includes upstream mining, mid - stream processing and recycling, and downstream terminal applications and investment. Each link has its own characteristics and development trends [14]. - The demand for platinum and palladium in different terminal applications varies. For example, palladium is more common in gasoline engine exhaust treatment, while platinum is superior in diesel engine exhaust catalysts. The application of platinum and palladium in emerging industries such as hydrogen energy is expected to grow [41][48]. 3. Summary According to Relevant Catalogs 3.1 Platinum and Palladium Variety Overview 3.1.1 Natural Properties - Platinum (Pt) and palladium (Pd) are silver - white metals, belonging to the platinum - group metals (PGMs) along with ruthenium, rhodium, iridium, and osmium. Platinum has a crustal content of five - hundred - millionths, and palladium has a crustal content of one - hundred - millionth [1]. - Platinum has a high melting point, good ductility, excellent electrical and thermal conductivity, high density, and is chemically inert. It is mainly used in industrial catalysts, jewelry, electronics, etc. Palladium has a relatively lower melting point, can adsorb gases like hydrogen, is corrosion - resistant, and is mainly used in the catalyst field [2][4]. 3.1.2 Distribution and Classification of Platinum - Group Resources - Platinum - group metals exist in nature in the form of natural elements and complex ores. Platinum deposits are generally related to ultramafic rocks and can be formed through magma action, hydrothermal processes, and exogenous deposition [5]. - Platinum - group metal ores can be divided into primary deposits and exogenous sand deposits. The primary deposits can be further divided into vein platinum deposits mainly composed of platinum - group metals and copper - nickel - type deposits hosted in ultrabasic rocks [5]. - Global platinum - group metal resources are mainly concentrated in five regions: South Africa's Bushveld Complex, Russia's Norilsk - Talnakh region, the US's Stillwater Complex, Zimbabwe's Great Dyke, and Canada's Sudbury [11]. 3.2 Platinum - Group Metal Industry Chain 3.2.1 Upstream Mining - The platinum - group metal supply chain has an "oligopoly" structure. Most of the raw material supply and smelting are in the hands of a few integrated mining and smelting producers [14]. - In 2024, the global PGMs resource was estimated to exceed 100,000 tons, and the reserves exceeded 81,000 tons. South Africa's PGMs reserves were 63,000 tons, accounting for nearly 80% of the global total [21]. - The production of platinum and palladium mines is facing bottlenecks due to factors such as resource oligopoly, declining ore grades, rising mining costs, and strict environmental policies. In 2024, the global palladium mine production was 190 tons, a year - on - year decrease of 8.65%, and the platinum mine production was 170 tons, a year - on - year decrease of 5.02% [25]. 3.2.2 Platinum - Group Material Supply and Recycling - Global precious metal multinational groups such as Umicore, Johnson Matthey, Heraeus, and Tanaka dominate the platinum - group metal material processing and recycling fields [30]. - As high - grade resources become scarce, secondary resources of platinum - group metals are becoming increasingly important. However, domestic recycling enterprises face fierce competition, and the supply of secondary resources is becoming increasingly tight [30]. 3.2.3 Terminal Applications - **Automotive Exhaust Catalysts**: Palladium is more common in gasoline engine exhaust treatment, while platinum is superior in diesel engine exhaust catalysts. The choice of platinum - group metals in catalysts depends on catalytic effect, cost - effectiveness, availability, and exhaust emission standards [41]. - **Jewelry**: Platinum is more suitable for high - end jewelry markets due to its high density, good ductility, and chemical stability. Palladium has limited use in jewelry due to its hardness and tendency to darken [45]. - **Other Industrial Applications**: Platinum and palladium are widely used in chemical industry, glass manufacturing, electronics, medical, hydrogen energy, and other fields. Their application in emerging industries such as hydrogen energy is expected to grow [46][48]. 3.2.4 Investment Channels - Platinum can be invested in through physical products (platinum bars, platinum coins), financial products (platinum futures contracts, platinum ETFs), and platinum - related stocks. The investment demand for platinum is increasing, especially in the context of high gold prices [50].

Group 1 - The article discusses the unusual signals being emitted by platinum and copper, indicating a potential misalignment in the metals market [1] - It highlights the contrasting trends in platinum and copper prices, suggesting that while copper is experiencing a bullish trend, platinum is facing downward pressure [1] - The analysis points out that the divergence in price movements may reflect broader economic conditions and investor sentiment towards industrial metals [1] Group 2 - The article emphasizes the importance of monitoring these metals as indicators for future market trends and investment opportunities [1] - It suggests that the current state of platinum and copper could influence investment strategies in the commodities sector [1] - The piece concludes by urging investors to pay close attention to the developments in these metals to better understand market dynamics [1]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Economic data shows a mixed picture with some indicators stable, some improving, and others declining, while geopolitical and trade - related events are creating uncertainties in various markets [1][2][3] - The bond market is under pressure from short - term factors, and there are different outlooks for different segments of the bond market [25][31] - The stock market is performing strongly, with A - shares and Hong Kong stocks rising, and there are significant developments in related policies and corporate events [35] 3. Summary by Directory 3.1 Macro Data - GDP growth in Q1 2025 was 5.4% year - on - year, the same as the previous quarter [1] - Manufacturing PMI in June 2025 was 49.7%, slightly up from the previous month [1] - Non - manufacturing PMI in June 2025 was 50.5%, also slightly up [1] - Social financing scale in May 2025 was 22870 billion yuan, up from the previous year [1] - CPI in May 2025 was - 0.1% year - on - year, unchanged from the previous month [1] - PPI in May 2025 was - 3.3% year - on - year, down from the previous month [1] 3.2 Commodity Investment - Trump plans to impose tariffs on multiple countries and specific industries, which has affected the copper market [3][20] - Global gold ETFs had significant inflows in H1 2025, with North America being the main contributor [4][5] - Deutche Bank is optimistic about the platinum market in 2026 [5] 3.3 Financial News - The central bank conducted 690 billion yuan of 7 - day reverse repurchase operations on July 8, resulting in a net withdrawal of 620 billion yuan [15] - China and Hong Kong announced three measures to optimize the opening - up of the bond market [17] - Some rating companies may simplify credit rating reports [18] 3.4 Stock Market - A - shares and Hong Kong stocks rose on Tuesday, with the Shanghai Composite Index hitting a new high for the year [35] - The China Securities Association plans to revise the management method for the professional reputation information of the securities industry [36] - Northbound capital increased its holdings in some industries in Q2 2025 [36]

Group 1 - The global precious metals market has shown a divergence in trends this year, with silver and platinum prices significantly outperforming gold, attracting investor attention [1] - As of July 5, 2023, the spot silver price stabilized above $36, nearing a 13-year high, and has risen for six consecutive trading days. Platinum prices have surged by 36% this year, surpassing 300 yuan per gram [1][2] - The price of silver jewelry has generally increased by 15%-20%, with a silver bracelet that previously cost 400 yuan now priced close to 500 yuan [1] Group 2 - The rise in silver prices is supported by both industrial and financial demand. The industrial demand for silver has increased significantly due to its use in sectors like electric vehicles, AI, semiconductors, and 5G, leading to a continuous supply shortage in the silver market [2] - Investment in silver products, such as silver bars and coins, has seen a year-on-year increase of over 40% in sales, indicating strong consumer interest in silver as a hedge and investment asset [2] - As of July 5, 2023, the spot silver price rose by 0.27% to $36.91 per ounce, with analysts noting that silver is approaching a critical resistance level of $37 [2] Group 3 - Platinum prices have increased by over 36% this year, with a notable rise in demand for platinum jewelry, which has seen a 50% increase in sales compared to the previous year [3] - The increase in platinum prices is attributed to improved supply-demand dynamics and a shift in market sentiment, particularly due to rising demand from the automotive industry and the jewelry sector [3] - The global demand for platinum jewelry is expected to grow, with a projected 9% year-on-year increase in demand across various regions, totaling 17 tons by the first quarter of 2025 [3] Group 4 - The concentration of platinum mining in regions like South Africa limits supply, while the automotive industry's recovery and stricter environmental regulations are driving up demand for platinum in catalytic converters [3] - There is a growing interest among investors in platinum as part of a diversified asset allocation strategy, with an increase in inquiries and purchases of platinum investment products [3] - The counterfeit rate for platinum products has reached 17.3%, resulting in consumer losses exceeding 2 billion yuan annually, highlighting the need for caution when purchasing [3][4]

Group 1 - The price of silver futures has surpassed that of gold, with silver futures on COMEX rising over 25% year-to-date, while platinum futures on NYMEX have increased over 45% [1] - The Ministry of Commerce of China is expediting the review of rare earth export license applications and has approved a certain number of compliant applications [1] - The Ministry of Industry and Information Technology and other departments are focusing on the safety management of new energy vehicles, urging manufacturers to guide consumers in proper vehicle usage and avoid exaggerated claims [1] Group 2 - The Beijing Municipal Committee has issued support measures for the high-quality development of the gaming and esports industry, offering rewards up to 30 million yuan for eligible projects [2] - The Hong Kong Stock Exchange has over 160 companies queued for IPOs, with more than 40 applications submitted in May alone [2] - The A-share market experienced a decline, with over 4,600 stocks falling, while the Shanghai Composite Index closed down 0.79% at 3,362.11 points [2] Group 3 - Morgan Stanley has updated its focus stock list for Hong Kong and Chinese concept stocks, removing Pop Mart and adding China Pacific Insurance [3] - Yushutech has completed a Series C financing round with a pre-investment valuation exceeding 10 billion yuan [3] - Guosen Securities' acquisition of 96.08% of Wanhe Securities has been approved by the Shenzhen Stock Exchange's merger and reorganization review committee [3] Group 4 - Zhongyan Chemical plans to approve a capital reduction for its subsidiary, which is expected to constitute a major asset restructuring [4] - Keda New Materials intends to acquire at least 51% of Zhongke Huami's equity to expand into the semiconductor integrated circuit field [5] - CloudWalk Technology's multi-modal AI technology can be applied to stablecoin wallet scenarios [6] Group 5 - Saint Noble Bio expects a net profit of 77.03 million to 94.14 million yuan for the first half of the year, representing a year-on-year increase of 253.54% to 332.10% due to strong performance in its peptide raw material business [6] - Haitian Flavoring has successfully listed its H-shares on the Hong Kong Stock Exchange [6]

Core Viewpoint - The platinum market is experiencing a strong upward trend driven by supply shortages, with spot prices nearing a one-year high and futures positions reaching a near five-year peak [1] Group 1: Price Movement - On June 4, platinum spot prices surged past $1,080 per ounce, approaching the highest level in the past year [1] - Year-to-date, platinum spot prices have increased by nearly 20% [1] Group 2: Supply Dynamics - The World Platinum Investment Council's latest report indicates that by 2025, above-ground platinum stocks are expected to meet only three months of demand [1] - In the first quarter, global platinum supply decreased by 10% year-on-year to 45 tons [1] Group 3: Investment Demand - Investment demand has surged, leading to a significant increase in total futures positions and net long positions held by managed funds on the New York Mercantile Exchange (NYMEX), reaching levels not seen in nearly five years [1] - Market sentiment towards platinum investments is gradually improving [1]

Core Viewpoint - Recent fluctuations in gold and platinum prices have been driven by factors such as a weakening dollar, geopolitical risks, and economic uncertainty, leading to increased demand for safe-haven assets [1][4]. Gold Market - On June 2, international gold prices reached a three-week high, with COMEX gold futures for August delivery rising by 2.7% to $3404.70 per ounce [1]. - The gold jewelry sector in both A-shares and H-shares has shown active performance recently [1]. - Year-to-date, international gold prices have increased by approximately 25% [6]. Platinum Market - Platinum prices have seen a significant rise since late May, with futures surpassing $1100 per ounce, marking a nearly one-year high [1]. - Despite recent price increases, retail demand for platinum remains low, with fewer customers in platinum jewelry stores compared to gold [3][4]. - The World Platinum Investment Council reported a 10% year-on-year decline in global platinum supply in Q1, totaling 45.3 tons, while demand increased by 10% to 70.7 tons, indicating a potential shortfall of 30 tons for the third consecutive year [4][5]. Consumer Behavior - Consumers show a preference for gold due to its investment value, while some still appreciate platinum for its aesthetic qualities [4][5]. - Discussions around platinum have increased on social media, with some consumers considering switching from gold to platinum as gold prices reach historical highs [4]. - Retailers are beginning to stockpile platinum in anticipation of price changes, reflecting a shift in market sentiment [4]. Future Projections - JPMorgan forecasts that the average price of platinum will rise to $1200 per ounce by Q4 2025 and $1300 per ounce by Q2 2026 [6]. - Citibank predicts that gold prices could reach a target of $3500 per ounce within the next three months, up from a previous target of $3300 [6].