需求强劲、供应紧张，白银价格年内涨幅超90%

Core Viewpoint - Silver prices have surged significantly this year, with an increase of over 90%, surpassing traditional safe-haven asset gold [1] Group 1: Factors Driving Silver Price Increase - The rise in silver prices is attributed to multiple factors, including cultural and festive consumption, strong industrial demand, and ongoing supply constraints [3] - India, the largest consumer of silver, has seen a dramatic increase in demand, consuming approximately 4,000 tons annually, primarily for jewelry and decorative items [3] - The supply of silver has been under pressure, with London’s silver inventory decreasing from 31,000 tons in 2022 to 22,000 tons in March of this year, leading to a tight market [3] Group 2: Industrial Demand and Supply Dynamics - Silver's unique properties, such as high thermal and electrical conductivity, have made it increasingly important for industrial applications [5] - The shift from surplus to shortage in silver supply is driven by three main factors: the electrification of the automotive industry, advancements in artificial intelligence, and the growth of the photovoltaic industry [7] - The demand for silver in electric vehicles is significant, with an average vehicle requiring about 25 grams, and potentially up to 1 kilogram for solid-state batteries [9] Group 3: Future Outlook - The global silver mining output has been declining over the past decade, with only about 28% of silver production coming from primary silver mines, while the rest is a byproduct of copper or gold mining [11] - Predictions suggest that silver prices could reach $100 per ounce by the end of next year, although analysts caution that silver can experience rapid price declines just as quickly as it rises [13]