期市有风险，投资需谨慎 此报告版权属于国投期货有限公司 0 各项声明请参见报告尾页 | 1 、铂、钯品种概况 2 | | --- | | 1.1 铂、钯的自然属性 2 | | 1.2 铂族资源的分布与分类 3 | | 2 、铂族金属产业链 6 | | 2.1 上游矿山资源集中度高 7 | | 2.2 铂族材料供应与回收 11 | | 2.3 终端应用 13 | | 2.4 投资渠道 16 | | 3 、全球铂金供需格局 18 | | 3.1 全球铂金供应集中度高、弹性差 18 | | 3.2 铂金全球平衡 19 | | 4 、全球钯金供需格局 21 | | 4.1 钯金供应集中度高、弹性差 21 | | 4.2 钯金全球平衡 22 | | 5 、中国铂族资源格局 24 | | 5.1 我国铂族资源极度匮乏、分布集中 24 | | 5.2 我国铂族资源对外进口依赖度高 24 | | 5.3 我国铂族金属需求 27 | | 5.4 铂、钯进出口及税费 29 | | 6 、铂、钯价格回顾 32 | | 7 、广州期货交易所铂、钯期货 34 | | 7.1 合约文本 34 | | 7.2 期货风控制度 34 | | ...

Core Viewpoint - Chow Tai Fook (01929) shares have risen over 4%, currently at HKD 16.42, with a trading volume of HKD 307 million, driven by rising gold prices and anticipated price increases in gold jewelry [1] Company Summary - Chow Tai Fook and other major jewelry brands are set to increase their gold jewelry prices by 10%-35% starting from mid to late October [1] - The company's stock performance reflects market trends, with a current increase of 4.39% [1] Industry Summary - The spot gold price continues to rise, leading to supply shortages, prompting Japan's largest gold retailer to suspend sales of gold bars weighing 50 grams or less [1] - The gold jewelry retail industry is projected to see a year-on-year growth of 16.8% by August 2025, supported by low base effects and rising gold prices [1] - The overall sales scale of the industry is expected to improve, particularly for fashionable gold products that cater to younger consumers and are less sensitive to gold price fluctuations [1]

Core Viewpoint - The platinum market is experiencing a significant resurgence, with prices surpassing 300 yuan per gram and a year-to-date increase of over 36%, outpacing gold's growth [1][10]. Group 1: Market Demand and Trends - In the first quarter, China's demand for platinum bars and coins reached nearly 1 ton, marking a 140% year-on-year increase, making it the largest retail platinum investment market globally, surpassing North America [1]. - As gold prices rise, many consumers are shifting towards purchasing platinum, leading to a supply shortage for certain platinum jewelry items [3][5]. - Sales of platinum jewelry have increased significantly, with one jewelry business reporting sales rising from 150-200 kg per month to potentially 400-500 kg during peak periods [5]. Group 2: Supply and Price Dynamics - The price of platinum futures recently exceeded $1300 per ounce, reaching a nearly five-year high, driven by strong demand and supply constraints [10]. - The supply of platinum is primarily from mining (80%) and recycling (20%), with over 70% of global production coming from South Africa, where production has declined, contributing to supply tightness [12]. - Financial factors, including geopolitical tensions and a weak dollar, have also supported platinum prices, as investors seek safe-haven assets [12]. Group 3: Investment Considerations - While platinum prices generally follow gold trends, the smaller market size and lower liquidity of platinum compared to gold present unique investment risks [13]. - Investors are advised to be cautious and consider the differences between platinum and gold, ensuring they purchase from reputable brands to guarantee product quality [13].

Group 1 - Platinum prices have surged over 45% since the beginning of the year, outperforming gold and leading global commodity trading [1][3] - A significant increase in demand for platinum has been observed, with a 17-fold increase in transaction volume on e-commerce platforms during the 618 shopping festival [4][6] - The recent price increase is attributed to supply constraints and rising demand, particularly in the automotive and hydrogen sectors, where platinum is essential for catalytic converters [12][13] Group 2 - The supply of platinum has been tight, with over 70% of global production coming from South Africa, which has seen a decline in output [12] - Investors are shifting towards platinum as a more cost-effective alternative to gold, with platinum ETF holdings increasing by 3% and the PPLT fund's size growing from $1 billion to $1.4 billion in two months [12] - Despite the rising popularity of platinum, investment channels remain limited compared to gold, making liquidity a concern for potential investors [13]

Group 1 - The core viewpoint of the articles highlights a significant surge in platinum prices, driven by strong investment demand and changing consumer preferences, particularly in China [2][3]. - As of May 22, NYMEX platinum futures surpassed $1,089 per ounce, marking a nearly 10% increase over the week, with a notable rise in investment demand [2]. - The World Platinum Investment Council (WPIC) reports a projected 10% year-on-year increase in global platinum demand to 71 tons in Q1 2025, with investment demand in the platinum sector expected to rise by 28% to 14 tons [2][3]. Group 2 - In Q1 of this year, China's platinum investment demand surged, particularly for investment platinum bars under 500 grams, which saw a 140% year-on-year increase to 1 ton, establishing China as the largest retail investment market for platinum [2]. - Despite a record high in April imports of platinum to China at 11.5 tons, the total platinum imports for the year remain down 31% compared to the same period last year [2]. - The WPIC forecasts a 30% increase in global investment in platinum bars and coins to 8 tons by 2025, with a continued growth expectation of 15% in demand for platinum bars of 500 grams and above in China [3]. Group 3 - The global supply of platinum decreased by 10% to 45 tons in Q1, resulting in a 25-ton shortfall, primarily due to seasonal weakness in mine production [3]. - The WPIC anticipates a 4% year-on-year decline in total platinum supply for 2025, projecting it to be at its lowest level in five years at 218 tons [3]. - Speculative trading trends indicate a recent profit-taking phase, with non-commercial long positions in platinum futures decreasing from 45,800 to 43,000 contracts by mid-May [4].