白银迎史诗逼空，中国严控出口，全球供需被已经打败

Core Viewpoint - Silver has been designated as a strategic material by the Chinese government, leading to tighter export controls that favor large producers over small traders and individuals [1]. Group 1: Market Dynamics - The demand for silver is driven by its essential roles in various industries, including photovoltaic applications, AI connections, and electric vehicle batteries [3]. - By 2025, a global supply deficit of 3,660 tons is anticipated, which could double by 2026, indicating a critical need for silver in the market [3]. - The price of silver has already surged by 170% in 2025 due to supply constraints, reflecting market reactions to the tightening of export policies [7]. Group 2: Strategic Implications - The policy reflects a blend of trade strategy and resource nationalism, aiming to reclaim control over industrial materials and pricing power from foreign entities [5]. - The U.S. has recognized silver as a critical mineral, but lacks sufficient refining capacity, with China controlling approximately 65% of the global refining market [5]. - The shift in silver export policy is part of a broader trend of resource nationalism, aligning with global movements towards securing national resources [11]. Group 3: Domestic and International Impact - Domestically, the policy is expected to benefit high-end manufacturing by ensuring access to quality silver, thus supporting industrial upgrades [9]. - Internationally, the pricing dynamics traditionally set by London and New York may be challenged as China gains more control over physical silver supply [9]. - The policy aims to stabilize domestic supply and pricing while promoting the development of refining and alternative technologies to reduce dependency on single materials [13]. Group 4: Investment Perspective - Investors are advised to reconsider silver's role, recognizing it as a critical industrial material rather than merely a companion to gold, necessitating a shift from speculative to strategic investment approaches [14]. - The elevation of silver to a strategic material signifies a declaration of industrial sovereignty and foreshadows a reconfiguration of global supply chains [15].