白银价格突破历史高点！全球供应缺口加剧，光伏产业需求激增

Core Viewpoint - The price of spot silver has surpassed its previous historical high of $64.658 per ounce, reaching above $65, driven by a continuous supply shortage in the global silver market for the fifth consecutive year [1]. Supply and Demand - The World Silver Association's November report predicts that global silver demand will reach 1.12 billion ounces by 2025, while supply is expected to be around 1.002 billion to 1.018 billion ounces, resulting in a supply gap of approximately 100 million to 118 million ounces [1]. - Industrial applications of silver, particularly in photovoltaic, electric vehicles, and artificial intelligence infrastructure, are driving demand, which supports the price of silver [1]. - The silver usage in the global photovoltaic industry is projected to reach 7,560 tons by 2025 [1].