机构：白银货币属性有望持续驱动

Core Viewpoint - The precious metals market continues to show strong performance, with silver leading the gains, driven by various economic factors and supply-demand dynamics [1] Group 1: Market Performance - Domestic silver futures surged by 8%, reaching a new high since listing [1] - The London spot silver price historically broke through the $90 per ounce mark [1] Group 2: Economic Factors - Ping An Securities suggests that uncertainties from the U.S. government, ongoing U.S. debt issues, and a weakening dominance of the tech industry are expected to further weaken the dollar's credibility, which may enhance silver's monetary attributes [1] - Industrial attributes of silver are expected to amplify its price elasticity, especially during economic upturns or periods of loose fiscal and monetary policies [1] Group 3: Supply and Demand Dynamics - The long-term rigidity in the supply side of silver remains intact, while the reconstruction of overseas manufacturing is anticipated to open up demand space, leading to a favorable supply-demand fundamental outlook [1] - The proportion of foreign investors holding U.S. Treasury bonds continues to decline, which, according to the Triffin Dilemma, indicates that the dollar cannot maintain long-term stability, thereby raising the price center of gold and silver [1]