在贵金属的世界里，黄金、铂金常是大众关注的焦点。然而，真正的"价王"宝座，却长期被一种银白色金属悄然占据——铱。其价格常年稳定在每公斤80万 元人民币的高位，远超黄金。这背后，究竟隐藏着怎样的逻辑？ 开采与提炼：艰辛的代价 稀缺性：自然界的"孤傲者" 铱的开采与提炼过程异常复杂。矿石中铱的含量极低，往往需要处理数百吨矿石才能获得一公斤铱。高难度的分离提纯技术（如化学溶解、高温熔炼等）进 一步推高了成本。可以说，每一克铱都凝聚着巨大的能源与技术投入。 不可替代的应用：高端领域的"刚需" 铱的物理化学性质极为独特：熔点超过2400°C，耐腐蚀性极强，在高温、强酸环境下几乎"无动于衷"。这使其成为诸多高端领域不可替代的材料： l 工业关键部件：制造耐高温火花塞、高效电解电极等，直接影响化工、汽车产业的性能。 l 科技前沿利器：用于高精度激光器、宇宙射线探测仪，乃至癌症放射治疗的靶向设备。 l 尖端制造标志：作为铂金的强化剂，打造顶级耐腐蚀合金，应用于航天发动机喷口、深海设备等极限环境。 铱是地球地壳中最稀有的元素之一，年均全球产量仅约8吨，相当于黄金产量的三百分之一。它主要伴生于铂矿或镍矿中，独立矿床极为罕见。这种 ...

格隆汇12月16日丨贵研铂业(600459.SH)在投资者互动平台表示，贵金属包括金、银、铂、钯、铑、 铱、锇、钌八种贵金属元素。公司经营的贵金属包括黄金和白银。目前，公司主要涉及从含贵金属的废 料中提纯贵金属的业务领域，暂不涉及黄金、白银等贵金属矿产资源。将来是否会进入，需根据公司发 展规划和业务布局而定。 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司经营的贵金属有包括黄金、白银吗？贵公司 会不会进入黄金，白银等矿业？ 贵研铂业（600459.SH）12月16日在投资者互动平台表示，贵金属包括金、银、铂、钯、铑、铱、锇、 钌八种贵金属元素。公司经营的贵金属包括黄金和白银。目前，公司主要涉及从含贵金属的废料中提纯 贵金属的业务领域，暂不涉及黄金、白银等贵金属矿产资源。将来是否会进入，需根据公司发展规划和 业务布局而定。 ...

中化新网讯 12月9日，全球贵金属行业知名企业贺利氏贵金属发布《2026年贵金属价格预测报告》。报 告认为，金、银和铂族金属价格在2026年上半年很可能呈现下行趋势。 报告预计，中国仍是全球需求趋势中的关键因素。中国"十五五"规划提出将推进绿氢和燃料电池技术， 这或将长期利好钌和铱的需求。 报告认为，此前的涨势将黄金和白银推至高位，铂族金属价格创新高，虽然短期内价格仍可能上行，但 一旦动能减弱，预计贵金属价格将迎来盘整，尤其是工业需求疲软对铂族金属将构成较大下行压力。 "贵金属市场还可能受到经济增长放缓、地缘政治不确定性以及汽车行业持续变革的影响，预计2026年 上半年贵金属价格波动较大。"贺利氏贵金属全球交易负责人HenrikMarx表示："经历价格上涨后，贵金 属价格很可能需要重新定位和盘整。得益于强劲的央行需求和有利的宏观经济环境，预计黄金价格仍有 坚实支撑。由于工业逆风，白银价格走势可能更为波动。铂金市场看似依旧紧张，但赤字可能缩窄。与 此同时，随着纯电动汽车的市场份额提升，钯金过剩将继续扩大。" ...

亨里克 马克思说："贵金属市场可能受到经济增长放缓、地缘政治不确定性以及汽车行业持续变革的影 响。较低的实际利率和持续的通胀可能支撑投资需求，而价格高企和衰退风险可能抑制工业需求。我们 预计2026年上半年贵金属价格波动较大，一旦盘整完成，将出现更明确的机会。" 中国仍是全球需求趋势中的关键因素。《报告》提到，经济刺激措施可能支撑工业活动，但光伏政策调 整可能使白银需求增速放缓。此外，中国"十五五"相关文件涵盖了推进绿氢和燃料电池技术的举措，这 可能从长期推动钌和铱的需求。 贺利氏贵金属近日发布的《2026年贵金属价格预测报告》（简称《报告》）提到，金、银和铂族金属价 格可能在2026年上半年呈现下行趋势。此前的涨势曾将黄金和白银推至历史高位，也令铂族金属价格创 多年新高，预计贵金属价格将迎来盘整。持续的央行购金、通胀和较低的实际利率等因素可能支撑价 格。不过，工业需求疲软和衰退风险对铂族金属构成较大的下行压力。 贺利氏贵金属全球交易负责人亨里克 马克思（Henrik Marx）表示："经历如此幅度的价格上涨后，贵金 属价格很可能需要重新定位和盘整。得益于强劲的央行需求和有利的宏观经济环境，黄金预计仍有最坚 ...

Group 1 - The core viewpoint of the articles indicates a strong upward trend in precious metal prices, particularly gold, driven by multiple factors including geopolitical uncertainties, concerns over U.S. debt sustainability, and central bank purchases [1][3][4] - As of mid-October 2025, gold prices have increased by 66% year-to-date, reaching a peak of over $4,380 per ounce, with expectations for further increases in 2026 [1][3] - The average gold price for 2026 is projected to be around $4,560 per ounce, representing a 33% increase compared to the previous year [3] Group 2 - Silver prices are expected to be influenced by similar factors as gold, including policy uncertainties and rising demand for safe-haven assets, with short-term supply remaining tight [4][6] - The average silver price for 2026 is anticipated to reach $57 per ounce, with potential to exceed $60 per ounce in the latter half of the year [6] - Platinum prices have risen over 80% year-to-date, with expectations of continued upward momentum due to supply constraints and increased demand [6][9] Group 3 - Palladium has also seen a price increase of over 70% this year, driven by tariff risks and supply adjustments, with a projected average price of $1,340 per ounce for 2026 [9][10] - The supply-demand dynamics for other platinum group metals, such as rhodium and ruthenium, are expected to improve by 2026, with rhodium prices potentially spiking again due to low ground stocks [10][12] - Overall, the precious metals market is characterized by strong investment interest and ongoing central bank purchases, which are expected to support prices in the coming years [3][4][6]

Group 1: Military Industry New Materials - The price of electrolytic cobalt is 263,000 CNY/ton, unchanged from the previous week, with a cobalt price ratio of 0.86, down 0.5% [4] - Carbon fiber price is 83.8 CNY/kg, unchanged from the previous week, with a gross profit of -8.59 CNY/kg [4] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate at China's port is 726 USD/ton, down 9.81% [5] - The prices of battery-grade lithium hydroxide, industrial-grade lithium hydroxide, and electric carbon are 78,900 CNY/ton, 77,000 CNY/ton, and 76,200 CNY/ton, down 4.2%, 4.35%, and 1.1% respectively [5] - The price of sulfuric cobalt is 53,200 CNY/ton, up 0.19% [5] - The prices of lithium iron phosphate and 523-type cathode materials are 34,300 CNY/ton and 113,300 CNY/ton, unchanged and down 0.4% respectively [5] - The price of neodymium oxide is 579.72 CNY/kg, down 2.9% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 6.20 USD/kg, unchanged from the previous week [6] - The price of EVA is 10,800 CNY/ton, up 2.9%, remaining at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/sqm, unchanged [6] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand remaining unchanged [7] - The uranium price for June 2025 is 59.58 USD/lb, up 4.0% [7] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 213,000 CNY/ton, up 0.47% [9] - The price of lithium cobalt oxide is 175.0 CNY/kg, unchanged [9] - The prices of silicon carbide, high-purity gallium, crude indium, and refined indium are 5,300.00 CNY/ton, 1,755.00 CNY/kg, 2,445.00 CNY/kg, and 2,545.00 CNY/kg respectively, with high-purity gallium remaining unchanged and crude and refined indium down 1.2% [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 326.00 CNY/g, 1,815.00 CNY/g, and 1,195.00 CNY/g respectively, with rhodium down 1.1% [10]

Group 1: Military Industry New Materials - The price of electrolytic cobalt has increased to 265,000 CNY/ton, a week-on-week increase of 6.9% [3] - The price ratio of electrolytic cobalt to cobalt powder is 0.95, up by 4.5% week-on-week; the price ratio of electrolytic cobalt to cobalt sulfate is 5.15, up by 6.2% [3] - Carbon fiber price remains at 83.8 CNY/kg with a gross profit of -8.24 CNY/kg [3] Group 2: New Energy Vehicle Materials - The CIF price of Li2O 5% lithium concentrate is 677 USD/ton, down by 4.51% week-on-week [4] - Prices for battery-grade lithium hydroxide, industrial-grade lithium carbonate, and battery-grade lithium carbonate are 73,200 CNY/ton, 70,200 CNY/ton, and 65,200 CNY/ton, with week-on-week increases of 7.9%, 6.95%, and 8.2% respectively [4] - The price of cobalt sulfate is 50,800 CNY/ton, up by 2.01% week-on-week [4] - Prices for lithium iron phosphate and 523-type cathode materials are 32,700 CNY/ton and 111,000 CNY/ton, remaining stable with slight increases of 0% and 0.4% respectively [4] - The price of neodymium oxide is 531.15 CNY/kg, up by 3.5% week-on-week [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.94 USD/kg, remaining stable [5] - EVA price is 10,100 CNY/ton, down by 0.5%, at a low level since 2013 [5] - The price of 3.2mm photovoltaic glass coating remains at 24.0 CNY/sqm [5] Group 4: Nuclear Power New Materials - Prices for zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand at 14,750 CNY/ton, 150 CNY/kg, 9,000 CNY/kg, 13,950 CNY/ton, and 14,012.5 CNY/ton respectively [6] - The uranium price is projected to be 59.58 USD/lb in June 2025, up by 4.0% [6] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 207,500 CNY/ton, up by 2.47% week-on-week [7] - The price of lithium cobalt oxide is stable at 175.0 CNY/kg [7] - The price of silicon carbide remains at 5,400.00 CNY/ton [7] - Prices for high-purity gallium, crude indium, and refined indium are 1,755.00 CNY/kg, 2,575.00 CNY/kg, and 2,675.00 CNY/kg, with changes of -1.7%, 0%, and 0% respectively [7] - The price of germanium dioxide is stable at 9,800 CNY/kg, with 50% used for optical fibers and 15% for electronics and solar devices [7] Group 6: Other Materials - The prices for platinum, rhodium, and iridium are 312.00 CNY/g, 1,865.00 CNY/g, and 1,305.00 CNY/g, with changes of -6.3%, +9.4%, and +5.7% respectively [8]

Core Viewpoint - Iridium, despite its higher value than gold, cannot replace gold's position due to its scarcity, processing challenges, and lower chemical stability [1][3]. Group 1: Scarcity of Iridium - Iridium is extremely rare on Earth, making its extraction difficult and resource-intensive [5]. - The production of iridium is minimal compared to gold, which has abundant reserves and established mining techniques [6]. - The low supply of iridium cannot meet large-scale market demands for various applications, unlike gold [6]. Group 2: Processing Challenges - Iridium's hardness presents significant challenges in processing, requiring advanced technology and higher energy consumption [8]. - Unlike gold, which is highly malleable and can be easily shaped into intricate designs, iridium's processing leads to increased costs and potential quality issues [8]. - The limitations in iridium's processing capabilities restrict its versatility in manufacturing compared to gold [8]. Group 3: Chemical Stability - Gold exhibits exceptional chemical stability, remaining unreactive in various harsh environments, which contributes to its long-term value [10]. - While iridium has some chemical stability, it can still react under specific conditions, affecting its reliability and lifespan [10]. - Gold's superior chemical properties make it more suitable for diverse applications, reinforcing its dominant position [10].

Group 1: Real Estate - The land auction heat in core cities continues, with the average transaction price of residential land in 30 core cities increasing by 24% year-on-year from January to May 2025 [4] - From January to May, the total area of residential land sold in 100 cities was 69.91 million square meters, a decrease of 3.4% year-on-year, with an average floor price of 7,466 yuan per square meter, up 26.2% year-on-year [4] - In May, the overall premium rate for residential land transactions in the 30 core cities was 9.2%, an increase of 7.1 percentage points year-on-year, with 15 plots exceeding a premium rate of 20% [4] - The top 50 real estate companies saw a 42% year-on-year increase in the value of newly acquired land reserves, while the area of new land reserves decreased by 1% year-on-year [4] - The high-energy cities' real estate market is expected to gradually stabilize after a period of decline [4] Group 2: Metals and New Materials - The price of iridium reached a nearly 10-month high, while the price of polysilicon hit a new low since 2014 [4] - Prices for military new materials remained stable, while lithium hydroxide prices decreased in the new energy vehicle sector [4] - Polysilicon prices have dropped, and uranium prices have increased in the nuclear power new materials sector [4] - The price of high-purity gallium fell in the consumer electronics new materials sector, and platinum prices also decreased [4] - Lithium prices have dropped to around 60,000 yuan per ton, with the potential for accelerated capacity exit in the future; companies with cost advantages and resource expansion in the lithium mining sector are recommended for attention [4]