一场比AI还疯的金属狂潮正在上演！

Core Viewpoint - Silver is emerging as a strong contender for the best asset of 2025, with a remarkable price increase of over 170% this year, significantly outperforming gold, which has risen by approximately 70% [1][3]. Supply and Demand Dynamics - Industrial demand has become the primary driver of silver pricing, with its share of total demand rising from about 40% a few years ago to 60%-62% currently, indicating a shift towards its commodity attributes over financial and decorative uses [3]. - The global silver market is facing a severe structural deficit, with a projected demand of 34,700 tons in 2025 against a supply of only 31,800 tons, resulting in a supply gap of nearly 3,000 tons [3]. - Over the past five years, the cumulative deficit in the global silver market has reached approximately 800 million ounces, equivalent to nearly a full year’s production from global mines [3]. Inventory and Market Conditions - Silver inventories at major exchanges have been rapidly depleting, with the New York Stock Exchange's inventory down by 70% and London vaults down by 40% since 2020 [3]. - Current consumption rates suggest that available silver inventories in some regions can only sustain demand for 30 to 45 days, with the Shanghai Futures Exchange's inventory falling below the critical threshold of 519 tons [4]. Emerging Industries Driving Demand - The photovoltaic industry is a major consumer of silver, with its share of global silver demand rising from 8% in 2019 to 17% in 2024, driven by a surge in solar panel installations [5]. - The demand for silver in AI and electric vehicles is also increasing, with AI server chip packaging requiring significantly more silver and electric vehicles using 25-50 grams of silver, which is seven times more than traditional gasoline vehicles [6]. - Silver is becoming integral to the modern economy, transitioning from a precious metal to a strategic industrial metal, reflecting the urgent demand for key materials in the global shift towards clean energy [6].