Report Summary 1. Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - The report indicates that platinum is in a state of shock to find direction, and palladium maintains a shock state [3]. 3. Summary by Relevant Catalogs 3.1 Platinum and Palladium Fundamental Data - **Price**: The closing price of platinum futures 2606 was 598.50, with a decline of 2.97%; the price of gold - exchange platinum was 605.53, with no change; the New York platinum main - continuous (previous day) was 2290.40, with a decline of 6.74%; the London spot platinum (previous day) was 2289.70, with a decline of 4.58%. The price of palladium futures 2606 was 475.95, with an increase of 0.86%; the RMB spot palladium was 434.00, with an increase of 3.09%; the New York palladium main - continuous (previous day) was 1817.00, with a decline of 3.96%; the London spot palladium (previous day) was 1767.50, with a decline of 3.39% [2]. - **Trading Volume and Position**: The trading volume of Guangzhou platinum (kg) was 82,828, an increase of 17,632 compared with the previous day, and the position was 41,037, a decrease of 1,130. The trading volume of NYMEX platinum (kg) was 59,305, an increase of 2,751, and the position was 107,002, an increase of 899. The trading volume of Guangzhou palladium (kg) was 44,238, an increase of 8,209, and the position was 15,106, a decrease of 1,227. The trading volume of NYMEX palladium (kg) was 28,313, a decrease of 635, and the position was 57,529 [2]. - **ETF Position**: The platinum ETF position (ounces) (previous day) was 3,307,142, a decrease of 3,425; the palladium ETF position (ounces) (previous day) was 1,175,361, an increase of 3,495 [2]. - **Inventory**: The NYMEX platinum inventory (ounces) (previous day) was 645,366, with no change; the NYMEX palladium inventory (ounces) (previous day) was 211,306, with no change [2]. - **Spread**: The spread between PT9995 and PT2606 was 7.03, an increase of 18.30 compared with the previous day; the spread between Guangzhou platinum 2606 contract and 2610 contract was - 3.95, a decrease of 1.50. The cross - period arbitrage cost of buying Guangzhou platinum 2606 and selling 2610 was 7.37, a decrease of 0.22. The spread between the Guangzhou platinum main contract and London platinum (considering VAT) was 16.54, an increase of 9.18. The spread between the RMB spot palladium price and PD2606 was - 41.95, with no change; the spread between Guangzhou palladium 2606 contract and 2610 contract was - 4.35, with no change; the cross - period arbitrage cost of buying Guangzhou palladium 2606 and selling 2610 was 5.91, with no change; the spread between the Guangzhou palladium main contract and London palladium (considering VAT) was 27, an increase of 15.41 [2]. - **Exchange Rate**: The US dollar index was 98.74, an increase of 0.14%. The US dollar against the RMB (CNY spot) was 7.00, an increase of 0.15%; the US dollar against the offshore RMB (CNH spot) was 6.99, an increase of 0.14%; the US dollar against the RMB (6M forward) was 6.91, an increase of 0.06% [2]. 3.2 Macro and Industry News - Zelensky said that the Russia - Ukraine conflict is expected to end in the first half of 2026 [5]. - Sources said that 50 million barrels are only the first batch, and Venezuela will supply oil to the US indefinitely. The White House plans to reduce sanctions against it [5]. - US Energy Secretary Wright said that the US government plans to control Venezuela's future oil sales and hopes to fill the strategic petroleum reserve [5]. - Trump said that Venezuela's oil revenue will only be used to buy US - made products [5]. - The US said it seized a Russian - flagged oil tanker "Bella 1" related to Venezuela and an un - flagged oil tanker named "Sophia" [5]. - Trump said that the military budget in 2027 should be $1.5 trillion instead of $1 trillion [5]. - The US ADP employment in December increased by 41,000, lower than the market - expected median of 47,000 [5]. - Traders reduced their bets on the European Central Bank's monetary policy, expecting the first interest rate hike to be in March 2027 [5]. - The People's Bank of China conducted a 1.1 - trillion - yuan outright reverse repurchase operation on January 8, with a term of 3 months [5]. 3.3 Trend Intensity - The trend intensity of platinum is 0, and the trend intensity of palladium is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4].