连续大涨！库存告急，涨幅超黄金

Group 1 - The Federal Reserve's interest rate cuts and balance sheet expansion have led to a decline in U.S. Treasury yields, a drop in the U.S. dollar index, and a significant increase in international gold prices, which rose over 2% on Thursday [1] - Silver futures prices have continued their strong upward trend, with financial institutions optimistic about silver price increases in the coming year. As of the close, silver for March delivery on the New York Commodity Exchange was priced at $64.592 per ounce, marking a 5.84% increase [1] Group 2 - On December 10, the domestic silver market continued its upward momentum, with the Shanghai silver futures main contract closing at 14,373 yuan per kilogram, a 5.44% increase, setting a new historical closing price record [3] - Year-to-date, silver has seen an increase of nearly 110%, significantly outperforming gold and platinum. The ongoing rise in silver prices is primarily driven by a notable increase in financial allocation demand and strengthening industrial demand expectations [3] Group 3 - The rapid increase in silver prices has attracted significant capital inflow, which may lead to premium risks. Investors are advised to be cautious [5] - The Guotou Ruijin Fund recently announced that the trading price of its Guotou Ruijin Silver Futures Securities Investment Fund (LOF) A-class shares has been highly volatile, urging investors to closely monitor the fund's net asset value [5] - As of December 5, 2025, the fund's unit net value was 1.5363 yuan, while the closing price on December 8, 2025, was 1.734 yuan, significantly higher than the net value, indicating potential risks for investors who blindly invest in high premium rate fund shares [5]