最新！智研咨询发布《2026年中国白银行业市场供需现状及发展趋势研判报告》

Group 1 - Silver is a naturally occurring white metal with strong conductivity, ductility, and thermal conductivity, and it has significant corrosion resistance [1] - The upstream of the silver industry chain involves mineral mining and recycling, with silver primarily extracted as a byproduct from copper, lead, and zinc mining, as well as from recycling electronic waste [1] - The midstream includes the smelting, refining, and primary processing of silver, while the downstream encompasses end-use applications and investment sectors [1] Group 2 - Silver's industrial properties have surpassed its financial attributes, with industrial consumption projected to account for 59% of global silver demand by 2025, while physical investment and jewelry consumption will only represent 17.8% and 17.1% respectively, totaling less than 35% [1] - Since 2021, the global silver market has been in a structural deficit, with a supply-demand gap of 7,762 tons in 2022, which is expected to narrow to 3,660 tons by 2025 [1] - The cumulative effect of supply-demand imbalance is leading to rapid depletion of physical inventories [1] Group 3 - Silver prices have been on a strong upward trend, reaching historical highs; as of January 22, 2026, the London silver spot price peaked at $95.41 per ounce, a 33% increase from the end of December 2025 [1] - The New York Mercantile Exchange's latest closing price for silver reached $95.96 per ounce, while the price for silver 2 in the Changjiang Nonferrous Metals market was 22,940 yuan per kilogram, a 24% increase from the end of 2025 [1] - The recent surge in silver prices is attributed to three main factors: supply-demand structural imbalance, increased industrial demand, and the strengthening of its financial attributes [1]