1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - In the short - term, market sentiment is weak, and the high - volatility trend in the precious metal market may continue. The platinum - palladium market may show a wide - range oscillation pattern affected by the gold price. In the medium - to - long - term, the industrial logic of platinum and palladium still dominates the trading rhythm. Due to the uncertainty of South African power supply and Russian exports, combined with the implementation of new vehicle emission policies, platinum is more resilient than palladium. The differentiation of the supply - demand pattern may continue to drive the trend of "strong platinum and weak palladium". The support levels for London platinum and palladium are $1800/oz and $1500/oz respectively. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the platinum futures main contract is 572.95 yuan/gram, and the closing price of the palladium futures main contract is 450.55 yuan/gram, with a daily increase of 35.75 yuan/gram. The platinum main - contract position is 10387.00 lots, a decrease of 277.00 lots, and the palladium main - contract position is 3179.00 lots, an increase of 90.00 lots. [2] 3.2 Spot Market - The spot price of platinum (Pt9995) on the Shanghai Gold Exchange is 566.81 yuan/gram, and the average spot price of palladium in the Yangtze River region is 421.00 yuan/gram, with an increase of 30.00 yuan/gram. The platinum main - contract basis is 30.79 yuan/gram, and the palladium main - contract basis is - 29.55 yuan/gram, a decrease of 5.75 yuan/gram. The non - commercial long positions of platinum and palladium in CFTC are 9966.00 and 3003.00 contracts respectively, with decreases of 243.00 and 342.00 contracts respectively. [2] 3.3 Supply - Demand Situation - The total annual supply of platinum in 2025 is expected to be 220.40 tons, a decrease of 0.80 tons, and the total annual supply of palladium is expected to be 293.00 tons, a decrease of 5.00 tons. The total annual demand for platinum in 2025 is expected to be 261.60 tons, an increase of 25.60 tons, and the total annual demand for palladium is expected to be 287.00 tons, a decrease of 27.00 tons. [2] 3.4 Macroeconomic Data - The US dollar index is 97.61, an increase of 0.49, the real yield of 10 - year US Treasury bonds is 1.94%, an increase of 0.04%, and the VIX volatility index is 16.34, a decrease of 1.10. [2] 3.5 Industry News - Iran may hold high - level nuclear negotiations with the US; the US will reduce the tariff rate on Indian goods from 25% to 18%; the US House Speaker is confident to end the partial government shutdown; the Fed's Bostic expects no interest rate cuts in 2026; the US January ISM manufacturing PMI index reached a new high since August 2022; the Bank of Japan is more aware of the need for timely interest rate hikes. The sentiment in the overseas precious metal market has recovered, and the main platinum and palladium contracts on the Guangzhou Futures Exchange have strongly rebounded. The EU's new vehicle emission policy may increase the demand for platinum by about 450,000 ounces, and the increase in the penetration rate of hybrid and hydrogen - fuel - cell commercial vehicles may improve the medium - to - long - term demand for platinum. [2] 3.6 Key Events to Watch - The US ADP employment change on February 4 at 21:15, the European Central Bank's interest - rate decision on February 5 at 21:15, and the release of the US January non - farm payroll report (time to be determined). [2]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The industrial logic of platinum and palladium still dominates the trading rhythm in the medium to long term. The uncertainties in South African power supply and Russian exports, combined with the implementation of new automobile emission policies, make platinum more resilient than palladium. The differentiation in the supply - demand pattern may continue to drive the market trend of "strong platinum and weak palladium" [2]. - For the operating range, the upper resistance level of London platinum is $2,800 per ounce, and the lower support level is $2,600 per ounce. The upper resistance level of London palladium is $2,100 per ounce, and the lower support level is $1,900 per ounce [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the platinum main contract was 705.70 yuan per gram, a decrease of 34.10 yuan. The closing price of the palladium main contract was 523.00 yuan per gram, a decrease of 11.10 yuan. - The main - contract positions of platinum were 10,387 hands, a decrease of 277 hands. The main - contract positions of palladium were 3,179 hands, an increase of 90 hands [2]. 3.2现货市场 - The spot price of platinum (Pt9995) on the Shanghai Gold Exchange was 685.70 yuan per gram, a decrease of 47.55 yuan. The average spot price of palladium in the Yangtze River was 480.00 yuan per gram, an increase of 2.00 yuan. - The basis of the platinum main contract was - 13.45 yuan per gram, a decrease. The basis of the palladium main contract was - 43.00 yuan per gram, an increase of 13.10 yuan [2]. 3.3 Supply - Demand Situation - The non - commercial long positions of platinum in the CFTC (weekly, contracts) were 9,966, a decrease of 243. The non - commercial long positions of palladium in the CFTC (weekly, contracts) were 3,003, a decrease of 342. - The total supply of platinum in 2025 is expected to be 220.40 tons, a decrease of 0.80 tons. The total supply of palladium in 2025 is expected to be 293.00 tons, a decrease of 5.00 tons. - The total demand for platinum in 2025 is expected to be 261.60 tons, an increase of 25.60 tons. The total demand for palladium in 2025 is expected to be 287.00 tons, a decrease of 27.00 tons [2]. 3.4 Macro Data - The US dollar index was 97.50, a decrease of 0.78. The real yield of 10 - year US Treasury bonds was 1.92%, a decrease of 0.03%. - The VIX volatility index was 16.09, an increase of 0.45 [2]. 3.5 Industry News - US President Trump said that the US is deploying heavy troops to Iran and many ships are moving towards Iran. A 25% tariff on all countries trading with Iran will soon take effect, and a new round of sanctions has been imposed on multiple entities and ships related to Iran's energy and shipping systems. - Trump said that the US expects to obtain "sovereignty" over the area where the US military base in Greenland is located, not involving the US taking over Greenland entirely, but making US military facilities such as the Pituffik Space Base under US sovereign control. - Multiple Democratic US senators said they would vote against the government appropriation bill that includes funding for the Department of Homeland Security, greatly increasing the possibility of a partial "shutdown" of the federal government at the end of January due to lack of funds. - Trump may announce the new Federal Reserve Chairman as early as this week. Rick Rieder, an executive of global asset management giant BlackRock, has quickly become the top candidate, with the probability of his nomination rising from 4% to about 50%. - According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in January is 2.8%, and the probability of keeping interest rates unchanged is 97.2%. By March, the probability of a cumulative 25 - basis - point rate cut is 15.5%, the probability of keeping interest rates unchanged is 84.1%, and the probability of a cumulative 50 - basis - point rate cut is 0.4% [2]. 3.6 Key Points to Watch - January 30, 21:30, US PPI year - on - year (%) - January 28, 02:00, US M2 money supply - January 29, 03:00, Federal Reserve interest rate decision and monetary policy statement - January 29, 21:30, US November trade balance (imports and exports) [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The parabolic rise in the prices of platinum and palladium recently may intensify the risk of a high - level decline. Short - term technical correction pressure should be guarded against [2] - In the short term, the platinum and palladium market may enter a high - level volatile consolidation phase, but the previous squeeze - out pressure is difficult to resolve quickly, and the tight spot situation may support the price for a pulse - like rebound [2] - In the long term, the price of platinum may be supported by the Fed's easing expectations, the continued supply - demand structural deficit, and the expansion of medium - to - long - term demand expectations in the hydrogen energy economy. The demand for palladium is expected to weaken due to over - concentration in the automotive catalyst field and the continuous popularization of new energy vehicles, but the bullish sentiment driven by the interest rate cut expectation may give some support to the price [2] 3. Summary by Relevant Catalogs 3.1. Futures Market - The closing price of the platinum main contract (daily, yuan/gram) decreased by 70.45 to 634.35, and the closing price of the palladium main contract (daily, yuan/gram) decreased by 54.90 to 494.10 [2] - The main contract position of platinum (daily, lots) decreased by 277 to 10387, and that of palladium (daily, lots) increased by 90 to 3179 [2] 3.2. Spot Market - The spot price of platinum (Pt9995) on the Shanghai Gold Exchange decreased by 25 to 637.15, and the average spot price of Yangtze River palladium increased by 60 to 488 [2] - The basis of the platinum main contract (daily, yuan/gram) increased by 45.45 to 2.80, and the basis of the palladium main contract (daily, yuan/gram) increased by 114.90 to - 6.10 [2] - The non - commercial long positions of platinum in CFTC (weekly, contracts) decreased by 243 to 9966, and those of palladium (weekly, contracts) decreased by 342 [2] 3.3. Supply and Demand Situation - The total supply of platinum (annual, tons) is expected to decrease by 0.80 in 2025, and the total supply of palladium (annual, tons) is expected to decrease by 5 to 220.40 in 2025 [2] - The total demand for platinum (annual, tons) is expected to increase by 25.60 in 2025, and the total demand for palladium (annual, tons) is expected to decrease by 27 to 261.60 in 2025 [2] 3.4. Macroeconomic Data - The US dollar index increased by 0.12 to 98.03, and the real yield of the 10 - year US Treasury bond remained unchanged at 1.91% [2] - The VIX volatility index increased by 0.13 to 13.60 [2] 3.5. Industry News - The probability that the Fed will cut interest rates by 25 basis points in January next year is 18.8%, and the probability of maintaining the interest rate unchanged is 81.2%. By March next year, the probability of a cumulative 25 - basis - point interest rate cut is 46.9%, the probability of maintaining the interest rate unchanged is 44.7%, and the probability of a cumulative 50 - basis - point interest rate cut is 8.5% [2] - Affected by the long - position profit - taking, the main contracts of platinum and palladium on the Guangzhou Futures Exchange tumbled in the afternoon and hit the daily limit [2] 3.6. Key Points to Follow - On December 30, 2025, at 22:00, the year - on - year US FHFA housing price index; on January 1, 2026, at 21:45, the US Markit manufacturing PMI [2]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Platinum prices may be supported in the medium to long term by expectations of Fed easing, a continued structural deficit in supply and demand, and expanding long - term demand expectations in the hydrogen economy. Palladium's demand outlook is weakening due to over - concentration in the automotive catalyst field and the spread of new energy vehicles, but the bullish sentiment driven by interest rate cut expectations may support prices. The recent parabolic rise in platinum and palladium prices may increase the risk of a high - level decline, and short - term technical correction pressure should be guarded against [2] Summary by Directory Futures Market - The closing price of the platinum main contract is 657.65 yuan/gram, up 43.00 yuan; the closing price of the palladium main contract is 578.45 yuan/gram, up 37.80 yuan. The main contract position of platinum is 10387.00 lots, down 277.00 lots; the main contract position of palladium is 3179.00 lots, up 90.00 lots [2] Spot Market - The spot price of platinum (Pt9995) on the Shanghai Gold Exchange is 606.99 yuan/gram, up 45.38 yuan; the spot price of palladium in the Yangtze River is 458.00 yuan/gram, up 23.00 yuan. The basis of the platinum main contract is - 50.66 yuan/gram, up 2.38 yuan; the basis of the palladium main contract is - 120.45 yuan/gram, down 14.80 yuan [2] Supply and Demand Situation - The total supply of platinum in 2025 is expected to be 220.40 tons, down 0.80 tons; the total supply of palladium in 2025 is expected to be 293.00 tons, down 5.00 tons. The total demand for platinum in 2025 is expected to be 261.60 tons, up 25.60 tons; the total demand for palladium in 2025 is expected to be 287.00 tons, down 27.00 tons [2] Macro Data - The US dollar index is 97.90, down 0.36; the 10 - year US Treasury real yield is 1.94%, unchanged. The VIX volatility index is 14.00, down 0.08 [2] Industry News - The US Q3 real GDP initial value annualized quarterly growth rate was 4.3%, far exceeding the expected 3.3%. US President Trump hopes the next Fed chair will cut interest rates when the economy and market perform well. Gold has risen over 71% this year, and silver has risen about 147%. The probability of the Fed cutting interest rates by 25 basis points in January next year is 13.3%, and the probability of keeping rates unchanged is 86.7% [2] Key Points to Watch - The number of initial jobless claims in the US at 21:30 on December 24 [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The latest non - farm report shows that the US labor market remains weak, with the unemployment rate rebounding sharply in November. The expectation of an FOMC rate cut in March next year has increased, and the main platinum and palladium futures contracts on the Guangzhou Futures Exchange continue to rise strongly [2]. - The recent price increase of platinum and palladium is mainly driven by spot shortages and arbitrage trading. The tightening of physical supply and the increase in palladium ETF holdings exacerbate the supply - demand contradiction, and high basis and spreads stimulate arbitrage motives [2]. - In the medium and long term, platinum prices may be supported by the Fed's easing expectations, the continuation of the supply - demand structural deficit, and the expansion of medium - to - long - term demand expectations in the hydrogen economy. Palladium's demand is weakening due to over - concentration in the automotive catalyst field and the popularization of new energy vehicles, but the bullish sentiment driven by rate - cut expectations may support prices, and its current low price may make it a cost - effective choice again [2]. - Due to the recent large increase in the precious metal market, short - term correction risks should be noted. Specific price ranges for different contracts and spot prices are provided [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Platinum main contract closing price (daily, yuan/g): 527.55, up 34.50; Palladium main contract closing price (daily, yuan/g): 455.15, up 29.75. - Main contract positions: Platinum (daily, lots): 10387.00, down 277.00; Palladium (daily, lots): 3179.00, up 90.00 [2] 3.2现货市场 - SGE platinum spot price (Pt9995): 497.89, up 26.57; Yangtze River palladium spot price: 406.00, up 21.00. - Platinum main contract basis (daily, yuan/g): - 29.66, down 7.93; Palladium main contract basis (daily, yuan/g): - 49.15, down 8.75 [2] 3.3 Supply - Demand Situation - Platinum CFTC non - commercial long positions (weekly, contracts): 9966.00, down 243.00; Palladium CFTC non - commercial long positions (weekly, contracts): 3003.00, down 342.00. - Total platinum supply (annual, tons) in 2025 is expected to be 220.40, down 0.80; Total palladium supply (annual, tons) in 2025 is expected to be 293.00, down 5.00. - Total platinum demand (annual, tons) in 2025 is expected to be 261.60, up 25.60; Total palladium demand (annual, tons) in 2025 is expected to be 287.00, down 27.00 [2] 3.4 Macro Data - US dollar index: 98.22, down 0.02; VIX volatility index: 16.48, down 0.06; 10 - year US Treasury real yield (%): 1.92, down 0.01. - In November, the US non - farm payrolls increased by 64,000, higher than the expected 50,000, but the unemployment rate rose to 4.6%, the highest since September 2021. In October, non - farm payrolls decreased by 105,000, far more than the expected 25,000. The data for August and September were also revised down by a total of 33,000. The average hourly wage in November increased by 3.5% year - on - year, the lowest growth rate since May 2021. - In October, US retail sales were flat month - on - month, slightly lower than the expected 0.1% growth, mainly dragged down by a 1.6% decline in auto sales. Core retail sales increased by 0.5% month - on - month, slightly exceeding expectations. - The preliminary value of the US S & P Global Manufacturing PMI in December dropped to 51.8, a 5 - month low. The preliminary value of the Services PMI dropped from 54.1 to 52.9, and the preliminary value of the Composite PMI dropped to 53, all at 6 - month lows. - US Treasury Secretary Bessent is optimistic about the US economic outlook, expecting the full - year GDP growth rate in 2025 to reach 3.5%, and Trump will announce the candidate for the Fed Chairman in early January next year [2] 3.5 Key Points to Follow - On December 17 at 21:30, pay attention to the year - on - year change of US retail sales (%); on December 18 at 21:30, pay attention to the month - on - month change of US core CPI (%) [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The platinum and palladium futures main contracts fluctuated weakly in intraday trading, with platinum's decline greater than palladium's. In the short - term, the realization of the interest - rate cut expectation may continue the price correction. In the long - term, platinum prices may be supported by the Fed's easing expectation, the continuation of the supply - demand structural deficit, and the long - term expansion of hydrogen economy demand. Palladium's demand is expected to weaken due to over - concentration in the automotive catalyst field and the popularization of electric vehicles, but the bullish sentiment driven by interest - rate cut expectations may support the price. The current low price of palladium may make it a cost - effective choice again, and there may be a follow - up catch - up rally. The London platinum spot is expected to face resistance at $1750 per ounce and support at $1500 per ounce; the London palladium spot may encounter resistance at $1500 per ounce and support at $1350 per ounce [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the platinum main contract was 436.40 yuan/gram, down 5.75 yuan; the closing price of the palladium main contract was 380.45 yuan/gram, down 1.80 yuan. The main contract holding volume of platinum was 10,387.00 hands, down 277.00 hands; the main contract holding volume of palladium was 3,179.00 hands, up 90.00 hands [2] 3.2 Spot Market - The Shanghai Gold Exchange platinum spot price (Pt9995) was 431.08 yuan/gram, down 4.22 yuan; the Yangtze River palladium spot price was 376.50 yuan/gram, up 16.50 yuan. The platinum main contract basis was - 5.32 yuan/gram, up 1.53 yuan; the palladium main contract basis was - 3.95 yuan/gram, up 18.30 yuan [2] 3.3 Supply - Demand Situation - The total annual supply of platinum in 2025 is expected to be 293.00 tons, down 5.00 tons; the total annual supply of palladium in 2025 is expected to be 220.40 tons, down 0.80 tons. The total annual demand for platinum in 2025 is expected to be 287.00 tons, down 27.00 tons; the total annual demand for palladium in 2025 is expected to be 261.60 tons, up 25.60 tons [2] 3.4 Macro Data - The US dollar index was 99.11, up 0.12; the 10 - year US Treasury real yield was 1.91%, up 0.03%. The VIX volatility index was 16.66, up 1.25 [2] 3.5 Industry News - The Fed is scheduled to hold an interest - rate meeting on December 9th and 10th, and the market generally expects a 25 - basis - point rate cut. Japan's Q3 real GDP was revised down to a 0.6% quarterly contraction and a 2.3% annual contraction. Japan's nominal wages rose 2.6% year - on - year in October, but real wages after inflation fell for the tenth consecutive month. The European Central Bank's hawkish Executive Board member Schnabel believes that economic and inflation risks are skewed upwards and is satisfied with the market's bet on the ECB's next rate hike [2] 3.6 Key Points to Watch - On December 9th at 19:00, the US November NFIB Small Business Confidence Index; at 23:00, the US October JOLTs Job Openings (in millions). On December 11th at 03:00, the Fed will announce the December FOMC meeting interest - rate decision [2]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Driven by interest - rate cut news, the precious - metal market is generally strong, leading to significant price increases for platinum and palladium futures. The platinum 2606 main contract rose 3.98% to 451.6 yuan/gram, and the palladium 2606 main contract rose 2.44% to 382.35 yuan/gram [2]. - For platinum, in 2025, the global market is expected to have a supply gap of about 692,000 ounces. With the continuous consumption of above - ground inventory, the physical spot market is in a long - term tight situation. In the short term, platinum prices are expected to fluctuate upward; in the medium - to - long term, they may maintain a strong trend, but there may be some profit - taking sentiment [2]. - For palladium, in the medium - to - short term, supply is affected by South Africa's power supply and Russia's geopolitical situation. Demand is under downward pressure due to the "platinum replacing palladium" trend. The market is shifting from supply shortage to surplus, but the warm trading sentiment in precious metals may support prices [2]. 3. Summary by Directory 3.1 Futures Market - Platinum main - contract closing price (daily, yuan/gram): 451.60, up 9.10; palladium main - contract closing price (daily, yuan/gram): 382.35 [2]. - Platinum main - contract position (daily, lots): 10,624.00, up 2,576.00; palladium main - contract position (daily, lots): 3,028.00, up 478.00 [2]. 3.2 Spot Market - Shanghai Gold Exchange platinum spot price (Pt9995): 438.00, up 24.00; Yangtze River palladium spot price: 384.50, up 22.00 [2]. - Platinum main - contract basis (daily, yuan/gram): 6.80, up; palladium main - contract basis (daily, yuan/gram): - 13.60, up 12.90 [2]. - Platinum CFTC non - commercial long positions (weekly, contracts): 9,966.00, down 243.00; palladium CFTC non - commercial long positions (weekly, contracts): 3,003.00, down 342.00 [2]. 3.3 Supply - Demand Situation - Total platinum supply (annual, tons) in 2025 is expected to be 220.40, down 0.80; total palladium supply (annual, tons) in 2025 is expected to be 293.00, down 5.00 [2]. - Total platinum demand (annual, tons) in 2025 is expected to be 261.60, up 25.60; total palladium demand (annual, tons) in 2025 is expected to be 287.00, down 27.00 [2]. 3.4 Macro Data - Dollar index: 99.44, down 0.12; 10 - year US Treasury real yield (%): 0.02, up [2]. - VIX volatility index: 16.35, down 0.86 [2]. 3.5 Industry News - Market expectations are that the Fed will cut interest rates by 25 basis points in December with a probability of about 85% - 86% according to the market pricing, and 87.4% according to CME's "FedWatch". The probability of maintaining the interest rate unchanged is 12.6%. By January next year, the probability of a cumulative 25 - basis - point cut is 67.5%, the probability of maintaining the rate unchanged is 9.2%, and the probability of a cumulative 50 - basis - point cut is 23.2% [2]. 3.6 Key Points to Watch - November 11 US ISM manufacturing PMI on December 1 [2]. - US JOLTS job - opening data on December 2 [2]. - US ADP private - sector employment data on December 3 [2]. - US September PCE personal consumption expenditure data (time to be determined) [2].