只有中国敢这么干！把白银当稀土管控,新政一出,西方只能被动接招

Core Viewpoint - The global silver market is experiencing a significant surge, with spot silver prices surpassing $60 per ounce, driven by China's upcoming export control policy set to take effect in January 2026 [1][19]. Group 1: Export Control Policy - China's Ministry of Commerce announced a new export control policy for silver, requiring state-owned trading companies to declare export qualifications, which includes having a three-year export record or meeting specific production standards [3]. - The new policy shifts from a dual system of quotas and licenses to a stricter export license management, requiring companies to submit usage explanations and downstream customer qualifications for export [5]. - This policy aims to limit disordered exports and low-value-added products, aligning with the management model used for rare earths [5]. Group 2: Industrial Demand for Silver - Silver's industrial demand has surpassed 60%, particularly in the renewable energy and high-tech sectors, making it an essential material [5]. - The photovoltaic industry, where China produces over 80% of global solar modules, significantly drives silver demand, with the domestic installation plan for 2025 alone requiring a substantial amount of silver [7]. - Other sectors such as electronics, medical, and chemical industries also rely heavily on silver due to its superior conductivity and stability, indicating that a supply shortage could halt critical industries [7]. Group 3: Strategic Resource Management - China's export control is primarily aimed at safeguarding domestic development needs and responding to global resource dynamics, as the country faces a growing demand for silver that outpaces its production [9]. - The previous export practices primarily involved low-value primary products, and the new policy encourages domestic companies to focus on high-value-added products, enhancing China's position in the global supply chain [11]. - Western countries, particularly the EU, the US, and Japan, heavily depend on Chinese silver exports, with the EU's photovoltaic companies sourcing over 70% of their silver from China [11]. Group 4: Market Reactions and Price Dynamics - Following the initial signs of the new policy, silver exports to the EU and the US decreased, leading to production slowdowns in German photovoltaic companies and increased costs for US semiconductor firms [13]. - Alternatives for sourcing silver from countries like Mexico and Peru face challenges, including higher production costs and unstable supply, making it difficult for Western countries to find substitutes [13]. - The expectation of continued interest rate cuts by the Federal Reserve and the overall unstable global economic situation have contributed to rising silver prices, as investors seek safe-haven assets [17]. Group 5: Long-term Implications - China's control over silver exports mirrors its previous strategies with rare earths, aiming to gain dominance over strategic resources and break the pricing monopoly held by Western markets [19]. - By regulating global supply through export controls and enhancing the influence of the Shanghai silver futures market, China is working to ensure that silver prices reflect actual supply and demand, thereby increasing its economic leverage [19].