需求面变化推动银价“跳跃” 沪银长期格局未变

Group 1 - The core viewpoint of the article highlights the increasing demand for silver driven by its essential role in modern industrial applications, particularly in energy transition and AI technologies [2][3] - Silver is no longer just a precious metal or investment asset; it has become a critical material in the industrial system, especially as a key conductor in solar panels [2] - The explosive growth in global solar installations has led to silver demand outpacing supply growth, despite a decrease in silver usage per panel [2] Group 2 - The rise of AI has intensified demand for silver, as AI data centers rely heavily on physical materials, making silver and gold indispensable for high-performance servers and accelerators [2][3] - The simultaneous expansion of AI servers, electric vehicles, solar energy, grid upgrades, and high-end consumer electronics has created a comprehensive material bottleneck in the silver market [3] - For industrial users, silver is not a discretionary cost but a critical input necessary for production, resulting in high price inelasticity of demand for silver [3] Group 3 - Current market sentiment shows a cooling trend, with silver prices experiencing downward pressure, although the long-term outlook remains bullish [4] - The target price for silver in the long term is set at 19,500 yuan per kilogram, with a reference trading range for the main silver contract between 16,940 and 18,800 yuan [4]