Baiyin Nonferrous(SH:601212) Zhong Guo Jing Ying Bao·2025-12-01 14:29Core Viewpoint - The silver market is experiencing significant price increases, driven by strong industrial demand and macroeconomic factors, with expectations for continued high prices into December [2][3][4]. Group 1: Market Performance - On December 1, the A-share non-ferrous metal sector strengthened, with Silver Nonferrous (601212.SH) closing up 7.11% at 5.27 CNY per share, resulting in a total market capitalization of 39.002 billion CNY [2]. - International and domestic silver markets have shown remarkable performance, with COMEX silver futures reaching a historical high of 57.245 USD per ounce on November 28, and domestic silver futures hitting 13,239 CNY per kilogram, marking a 90% increase year-to-date [2][3]. Group 2: Price Trends and Analysis - The average price of silver on November 28 was 12,649.33 CNY per kilogram, reflecting a 10.22% increase since the beginning of the month [3]. - Analysts attribute the current silver price surge to its dual role as a financial and industrial asset, with a growing supply-demand gap and a shift in investor preference towards high-elasticity assets [3][4]. Group 3: Industrial Demand and Supply Dynamics - Industrial demand for silver exceeds 50%, with the photovoltaic industry being a major growth driver. Silver usage in solar cells is projected to reach 243.7 million ounces in 2024, a 158% increase from 2020 [4]. - The supply of silver is primarily dependent on the mining of other metals like copper, lead, and zinc, with limited capacity for independent production increases. Global silver production is expected to decline from 944 million ounces in 2024 to 901 million ounces by 2030 [4]. Group 4: Future Price Expectations - Analysts have differing views on silver price expectations for December, with some predicting prices could reach around 55 USD per ounce, while others maintain a more conservative outlook [5][6]. - The long-term outlook suggests that the current gold-silver ratio indicates potential for silver price recovery, supported by ongoing demand from green energy transitions [6][7].