“涨声雷动”，警惕“不按剧本”演 | 破译金属新主线

Group 1 - The core viewpoint of the articles is that the recent surge in prices of precious and non-ferrous metals is driven by expectations of a weaker dollar and improved demand conditions [2][3][6] - Precious metals such as gold and silver have seen significant price increases, with central banks and Wall Street investors becoming major buyers, contributing to the upward trend in gold prices [3][6] - The silver market benefits from both investment demand and industrial applications, with the gold-silver ratio previously exceeding 80:1, which has influenced silver price increases [3][6] Group 2 - Copper demand is expected to rise significantly due to two main catalysts: the global development of AI, which requires substantial electrical and computational resources, and China's policies aimed at boosting domestic demand [4][6] - The demand for lithium carbonate is being driven by the rapid growth of the global energy storage market, particularly in the US, EU, and China, where lithium batteries are increasingly used for energy management [5][6] - The prices of polysilicon are rising due to industry stockpiling and increased demand for photovoltaic products from the EU and Belt and Road Initiative countries [5][6] Group 3 - The overall increase in demand for metals is attributed to three main factors: the growth of AI leading to higher demand for non-ferrous metals, the implementation of China's policies enhancing metal demand, and the global shift towards a green economy stimulating demand for new energy metals [6] - Supply disruptions are also contributing to the price increases, with uncertainties in the supply of certain non-ferrous metals, such as silver, which is often produced as a byproduct [6]