重视白银短缺机会

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The current core contradiction in the silver market is between the trend of decreasing inventory and the increasing speculative demand for silver amid a bull market for precious metals. The LBMA silver inventory has decreased by approximately 10,000 tons from its peak, reaching 22,000 tons as of August 2025, indicating a tight spot in the silver market. The supply of silver is rigid in the short term, making it difficult to replenish inventory [4] - Speculative demand has accelerated as the precious metals market rises, with COMEX silver speculative long positions increasing from 30,000 contracts in May to approximately 38,000 contracts by September 23. Limited inventory may struggle to meet the growing speculative demand, suggesting potential opportunities for bullish positions if the market heat continues [4]