继管制稀土之后，东大又宣布一个前所未有的重大举措！

Core Viewpoint - From January 1, 2026, China has implemented new export control policies for silver, designating it as a strategic material requiring licensing and a one-by-one review system, which aims to manage the flow and usage of silver rather than completely prohibiting exports [1][3]. Group 1: Policy Implications - The new policy reflects a strategic decision based on actual demand, as silver's industrial usage now accounts for 58% of its total demand, particularly in sectors like photovoltaics, electric vehicles, and military applications [3]. - China's silver refining capacity represents 60% to 70% of the global market, and the new controls are expected to create immediate reactions in the global market [1][3]. Group 2: Market Dynamics - The anticipated demand gap for silver is projected to reach several thousand tons by 2024, driven by the rapid growth of the photovoltaic and electric vehicle industries, which could lead to a shortage for domestic strategic industries if exports are not controlled [3]. - The tightening of export approvals is likely to increase procurement costs for military enterprises in Europe and the U.S., which rely on refined silver from China, potentially affecting production schedules [5]. Group 3: Strategic Resource Management - The policy is seen as a significant move following China's rare earth policies, aiming to systematically safeguard critical strategic resources and convert resource advantages into industrial and strategic benefits [7][8]. - By regaining pricing power over silver, China aims to enhance its position in the global competition for key minerals, ensuring the needs of its high-end manufacturing and defense sectors are met [5][8].