Investment Rating - The report assigns a 4-star rating to the silver industry, indicating a positive outlook for investment opportunities in this sector [39]. Core Insights - The silver industry is experiencing rapid growth driven by a combination of recovering liquidity and an expanding supply-demand gap, with significant applications in various sectors including electronics, photovoltaics, and jewelry [2][11]. - China is the largest consumer of industrial silver globally, with a demand of 8,124 tons in 2023, reflecting a year-on-year growth rate of 44% and accounting for 39.9% of global consumption [14][23]. - The market size of China's silver industry has grown from 19.63 billion RMB in 2018 to 48.22 billion RMB in 2023, with a compound annual growth rate (CAGR) of 19.7% [41]. Industry Classification - The silver industry can be categorized based on application fields, product forms, and production processes, including industrial silver (electronics, photovoltaics, automotive), investment silver, and jewelry silver [5][7]. - The industry is divided into upstream (mining), midstream (refining and processing), and downstream (end-user markets) segments [24][34]. Industry Characteristics - The silver industry exhibits a dual nature as both a financial commodity and an industrial material, with over 50% of its usage in industrial applications [12][11]. - China's industrial silver consumption is the highest globally, with a diverse demand spread across various sectors [14][11]. - The supply side is characterized by a low proportion of independent silver mines, leading to limited supply elasticity [15][11]. Market Size and Growth - The silver industry in China is projected to grow from 80.31 billion RMB in 2024 to 104.76 billion RMB by 2028, with a CAGR of 6.9% [41]. - The price of silver has seen significant increases, with the price per kilogram rising from 4,541 RMB in October 2022 to 7,641 RMB in October 2024, marking a growth of 68.3% [33]. Demand Drivers - The rapid growth in industrial silver demand is primarily driven by the photovoltaic sector, with China's solar photovoltaic installation capacity reaching 610 GW in 2023, a year-on-year increase of 55.2% [23][28]. - The transition from P-type to N-type solar cells in the photovoltaic industry is expected to further increase silver usage due to higher silver loading requirements [28][43]. Competitive Landscape - The silver refining and processing sector in China is characterized by high concentration, with leading companies such as Yuguang Gold Lead and Hengbang Shares dominating the market [55][57]. - The industry faces challenges from tightening environmental regulations, which are pushing smaller and less efficient companies out of the market, thereby increasing the market share of larger firms [59][55].
白银：供需缺口扩大叠加流动性回暖，银价有望持续坚挺，驱动行业高速发展 头豹词条报告系列
Tou Bao Yan Jiu Yuan·2024-11-21 12:15