暴涨超200%的白银，一场史无前例的超级黄金周期

Group 1 - Silver futures prices have surged over 220% since 2025, reaching nearly $95 per ounce, outpacing gold [34][36] - The current silver market is experiencing a severe short squeeze, reminiscent of the Hunt brothers' manipulation in the 1980s [5][6] - The London silver market has seen a significant decline in inventory, down by one-third since 2021, with only about 200 million ounces available for trading, a 75% decrease from 2019 [9][10][36] Group 2 - Industrial demand for silver has been strong, with the electrical sector being the largest consumer at approximately 23%, followed by the rapidly growing photovoltaic industry at 17% [17][45] - Silver has faced supply constraints due to low capital expenditure from major mining companies, leading to a cumulative supply shortfall of 20,000 tons over the past four years [18][46] - The financial attributes of silver position it as an alternative to gold, suggesting that if gold prices continue to rise, silver will likely follow suit [19][46] Group 3 - Companies in the silver mining sector, such as Xingye Silver and Shengda Resources, have significantly benefited from rising silver prices, with Xingye's silver production increasing from 148 tons to 229 tons over three years [22][50] - The profitability of silver mining companies is much higher compared to midstream processing firms, with net profit margins for leading miners like Xingye Silver at 33% [26][53] - Stock prices of major silver companies have doubled since 2025, with Xingye Silver's stock increasing over threefold, indicating a strong market response to rising silver prices [28][55]