白银觉醒！6月以来涨超11%，突破13年高点

Group 1 - Silver prices have seen a significant increase, with London silver spot prices rising by 11.4% as of June 19, marking the highest level since March 2012, while London gold spot prices only increased by 2.58% during the same period [1][10] - The decline in the gold-silver ratio is primarily driven by the rise in silver prices, indicating a potential for further upward movement in silver [2][10] - The recent surge in silver prices can be attributed to a recovery in industrial demand, as evidenced by the rising prices of copper, crude oil, and other commodities, which has positively impacted silver's financial and industrial attributes [3][8] Group 2 - Despite the rise in silver prices, related listed companies, such as Hunan Silver, are trading at historical lows, with Hunan Silver's stock price at 3.91 yuan per share, the lowest in nearly a decade [4][13] - The disparity between silver prices and stock prices is closely linked to the valuation logic of the companies involved, with Hunan Silver's profit margins remaining low despite rising silver prices [5][11] - The gold-silver ratio has decreased to around 92, suggesting that silver may still be undervalued compared to historical averages, and several institutions predict continued upward movement in international silver prices [10][7] Group 3 - Hunan Silver's business model relies heavily on external raw material procurement, which means that rising raw material costs can offset gains from higher silver prices, potentially leading to profit contraction [13][14] - The company's stock has been significantly diluted due to an increase in the number of shares from 229 million at the time of its IPO to 2.82 billion currently, resulting in a high valuation of over 60 times its earnings [14] - Institutional interest in Hunan Silver remains low, with only a few funds holding shares, indicating a lack of confidence in the company's future performance despite the favorable market conditions for silver [14]