万家基金贺方舟：新能源和AI对不同有色金属需求的拉动有较大差异

Group 1 - The overall impact of new energy and AI on the non-ferrous metal sector is structural and real, but the "demand value" varies significantly among different metals [1] - For copper, significant investments are required for infrastructure related to new energy generation, electric vehicle charging networks, and AI data centers, indicating a systemic and rigid demand [1] - JPMorgan estimates that AI alone will add 2.6 million tons of copper demand by 2030 [1] Group 2 - The growth in global photovoltaic (PV) installations has indeed created solid industrial demand for silver [1] - However, advancements in PV technology are leading to a rapid decrease in silver paste consumption per solar cell, dropping from approximately 130 mg per cell in 2019 to about 65 mg per cell in 2023 [1] - Consequently, the growth rate of silver demand may lag behind the growth rate of PV installations [1]