上期所宣布：白银期货 提保扩板

Core Viewpoint - The Shanghai Futures Exchange has announced adjustments to silver futures trading limits and margin requirements, effective from December 12, 2025, amid significant fluctuations in the precious metals market driven by complex international conditions [1][3]. Group 1: Market Performance - Global silver prices have surged recently, with the London silver spot price exceeding $61 per ounce for the first time, marking a 70% increase in the second half of the year and a 110% increase year-to-date [5]. - The COMEX silver futures main contract rose by 4.72% overnight, with a year-to-date increase of 99%, while the Shanghai silver futures main contract increased by 5.44%, closing at 14,373 yuan per kilogram, a historical high with an 89% increase this year [5]. Group 2: Factors Driving Silver Prices - The rise in silver prices is primarily driven by two factors: 1. Increased financial allocation demand due to heightened market volatility ahead of the Federal Reserve's interest rate and tariff policies, leading to a surge in investment in silver ETFs and related financial products [6]. 2. Strengthened industrial demand expectations, particularly in sectors like artificial intelligence, new energy, and electronics, which are expanding silver's industrial applications, thus creating long-term demand support [6]. Group 3: ETF Holdings and Market Dynamics - As of December 9, the iShares Silver Trust, the largest silver ETF globally, had a holding of 15,973.16 tons, reflecting a 6% increase from the previous month, indicating a strong investor interest in silver amid macroeconomic uncertainties [6]. - The gold-silver ratio has decreased, with domestic and international ratios falling to 69.93 and 69.27 respectively, the lowest levels since 2021, suggesting a further correction from previous higher levels [7]. Group 4: Fund Performance and Risks - The rapid increase in silver prices has led to premium risks in related silver funds, such as the Guotai Asset Silver LOF, which has seen significant price fluctuations. As of December 10, the market price was 1.815 yuan per share, notably higher than the net asset value of 1.5595 yuan [8].