机构：库存处于低位叠加工业需求推升银价，有色金属ETF基金(516650)涨0.81%

Core Viewpoint - The A-share market experienced a collective rise on December 19, with fluctuations in the precious metals sector and mixed performance among gold-related ETFs [1] Group 1: Market Performance - The three major A-share indices rose collectively, while the precious metals sector showed volatility [1] - Gold ETF products exhibited varied performance, with Huaxia Gold ETF (518850) down 0.13% and Gold Stock ETF (159562) down 0.69%, whereas Non-ferrous Metal ETF (516650) increased by 0.81% [1] - Notable stock performances included Yun Aluminum Co., which surged over 5%, along with gains in Shenhuo Co., Western Superconducting Technologies, and Tianshan Aluminum [1] Group 2: Silver Supply and Demand - Global mined silver supply is projected to be approximately 813 million ounces in 2025, remaining roughly flat year-on-year, with a slight increase of about 1% in recycled supply [1] - The photovoltaic industry is expected to be a long-term support factor for silver demand, with the International Energy Agency forecasting an addition of 4,000 GW of solar capacity from 2024 to 2030 [1] - This indicates that by 2030, solar energy alone could drive an annual increase in silver demand of nearly 150 million ounces, representing a 13% rise from the physical demand of 1.169 billion ounces in 2024 [1] Group 3: Market Outlook - According to Ruida Futures, with silver's cumulative increase nearing 130% for the year, investor sensitivity to news may rise significantly in the short term [1] - Any data or policy that falls short of expectations could amplify the risk of a correction in the precious metals market [1] - However, due to persistently low silver inventories and resilient industrial demand, silver prices are expected to maintain a strong oscillating trend [1]