OEXN:白银需求长期支撑

Core Viewpoint - Investment demand is a significant driving force behind the recent rebound in silver prices, which have returned to above $63 per ounce. This demand is expected to provide sustained support for silver prices in the long term, resonating with fundamental factors [1][4]. Industry Insights - The long-term value of silver is increasingly reflected in the global electrification and technological upgrade processes. Silver's irreplaceable advantages in conductivity and thermal conductivity are enhancing its strategic position in new energy, smart transportation, and the digital economy, leading to continuous upward adjustments in industrial demand forecasts [1][4]. Industrial Demand Structure - Solar photovoltaic (PV) remains the most critical growth engine for silver demand. Although the silver usage per solar panel is declining, the rapid expansion of installed capacity is amplifying total silver demand. The share of silver demand from the solar sector has increased from approximately 11% in 2014 to nearly 30%, indicating a profound change in silver consumption driven by the green energy wave [2][3]. - The electric vehicle (EV) industry is becoming the second major pillar of silver industrial demand. As vehicles become more electrified and intelligent, their reliance on silver in battery management, electronic control systems, and charging networks has significantly increased. Data shows that the average silver usage in electric vehicles is about 67% to 79% higher than in traditional models, with per vehicle usage reaching 25 to 50 grams, making the automotive sector's demand for silver more certain [2][3]. New Growth Areas - The rapid development of artificial intelligence (AI) and data centers is opening new growth opportunities for silver demand. Over the past two decades, global IT power capacity has expanded several times, and the explosive growth in computing power necessitates more servers, chips, and supporting infrastructure, all of which rely on silver. As AI applications continue to extend, this demand trend is expected to strengthen [2][3]. Long-term Price Resilience - In the long run, the diversified growth of industrial demand is expected to maintain strong resilience in silver prices. Since the cost of silver in automotive manufacturing and data center construction remains limited, there is potential for further price increases without significantly eroding industry profits, providing a solid fundamental basis for the medium to long-term trend of silver [4].