白银具备阶段性更高的弹性

Group 1 - Guojin Securities indicates that silver possesses higher elasticity in the short term, especially as it relates to AI narratives and its dual role as a precious metal and an asset linked to AI electricity [1] - Huaxi Securities notes that short-term volatility in precious metals is expected to persist, with silver, platinum, and palladium facing significant adjustments due to liquidity and market capacity constraints [2] - Tianfeng Securities highlights that while copper prices have risen significantly since 2025 due to overseas policies and supply-demand mismatches, the transition to alternative materials in the home appliance industry will not happen overnight [3] Group 2 - Guojin Securities suggests that gold has become a valuable insurance asset amid the AI bubble, while silver's narrative may revert to rationality once AI narratives become clearer [1] - Huaxi Securities anticipates that gold and non-ferrous metals will be less affected by emotional resonance, with expected declines being relatively controllable [2] - Tianfeng Securities recommends maintaining observation on the "aluminum replacing copper" trend, which may be catalyzed by policies and cost factors in the long term [3]