四重因素共振，白银获强力支撑

Group 1 - The silver market is experiencing a significant transformation driven by a combination of supply-demand gaps, declining inventories, emerging demand, and a return to its financial attributes, with strong price support expected through 2026 [1] - Since 2020, the global silver market has faced a continuous supply gap, projected to reach approximately 5,834 tons by 2025, indicating that the supply gap may continue to widen in the next two years [1] - Factors constraining silver production include rising mining costs, structural supply issues due to silver being a by-product, insufficient new capacity, and restrictions on circulation as countries classify silver as a strategic asset [1] Group 2 - Key drivers of silver demand include emerging industrial needs from sectors such as photovoltaics, electric vehicles, and AI data centers, which are transforming silver into a high-tech metal [2] - Despite prolonged supply shortages, silver's financial attributes have historically lagged behind gold, with a significant price correction expected by 2025 as market awareness increases [2] - The recent surge in silver prices is attributed to dual drivers: initial momentum from the gold bull market and monetary easing, followed by a later phase dominated by supply-demand imbalances and industrial demand surges [2]