四重因素共振，白银获强力支撑 | 破译金属新主线

Group 1 - The silver market is currently 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 [2] - Since 2020, the global silver market has faced a continuous supply gap, projected to reach approximately 5,834 tons by 2025, with expectations that this gap may continue to widen in the next two years [2] - Key factors limiting silver production include rising mining costs, structural supply issues, insufficient new capacity, and the classification of silver as a strategic asset by various countries, which restricts its circulation [2] Group 2 - Emerging industrial demand, particularly from solar energy, electric vehicles, and AI data centers, is identified as a critical driver for silver demand growth, marking a shift towards silver as a high-tech metal [3] - 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 [3] - The recent surge in silver prices is attributed to a dual-driven mechanism, initially propelled by the spillover from a gold bull market and monetary easing, followed by a phase dominated by supply-demand imbalances and industrial demand surges [3]