光伏抢银大战升级！机构互撕，供需失衡难逆转，银价还能冲多高？

Core Viewpoint - The recent significant drop in the gold-silver ratio, which fell below 57, indicates a major shift in the precious metals market, primarily driven by a surge in industrial demand for silver, particularly in sectors like photovoltaics, electric vehicles, and AI computing [1][2]. Supply and Demand Imbalance - The increase in silver prices is attributed to real industrial demand rather than speculative bubbles, with over 65% of silver demand linked to industrial uses [3][5]. - The photovoltaic sector alone is projected to consume 120 million ounces of silver in 2025, accounting for 55% of industrial silver demand, driven by a surge in global solar installations [5]. - The adoption of N-type battery technology in the photovoltaic industry is expected to further increase silver consumption, as it requires more silver per megawatt compared to older technologies [5]. Market Dynamics - The AI computing revolution has significantly increased silver demand, with AI servers using three times more silver than standard servers, leading to a rapid expansion of data centers globally [7]. - The market is experiencing intense competition between bullish and bearish sentiments, with recent adjustments in the Bloomberg Commodity Index causing silver prices to drop sharply after reaching a historical high of $82.744 per ounce [9][12]. - Regulatory measures have been implemented to cool down the market, including increased margin requirements and adjustments to trading limits on silver futures [10][12]. Investment Strategies - The current gold-silver ratio presents an opportunity for professional investors to engage in arbitrage strategies, such as "shorting silver and buying gold," while retail investors are advised to approach the market cautiously [15][17]. - Financial institutions are launching various precious metal investment products to cater to different investor needs, including structured products linked to gold and silver [15]. - For retail investors, investing in gold ETFs is recommended as a lower-risk alternative to direct silver trading, which is characterized by higher volatility [17].