白银新高点评：金银比修复进行时，布局贵金属轮动机遇

1. Report Industry Investment Rating - The report does not provide a specific investment rating for the industry [1][2] 2. Core Viewpoints of the Report - The long - term bullish logic of precious metals remains solid, and the gold - silver ratio is being restored. The price elasticity of silver is better than that of gold, and it is recommended to pay attention to the rotation opportunities of the A - share non - ferrous related sectors [1]. - The short - term supplementary increase elasticity of silver in precious metals is expected to be stronger than that of gold, which has been verified. The short - term certainty of silver is stronger, with a large restoration space for the gold - silver ratio, and the demand growth in industrial fields such as photovoltaics provides support for the silver price [2]. - The A - share is expected to stabilize in the short term, and the precious metal sector is expected to become the main allocation direction during the rotation stage of the technology main line. In terms of profit, the "anti - involution" related sectors are expected to contribute to the marginal increase in A - share profits. As precious metal prices reach new highs, the A - share precious metal sector is expected to be the focus of capital rotation [2]. 3. Summary According to Related Contents 3.1 Silver Market Performance - On November 28, 2025, the Shanghai silver futures price hit a new high in nearly a year (12,800 yuan/ton), and the relative increase of Shanghai silver compared to Shanghai gold in the past month was 8.12%, indicating stronger elasticity of silver in the precious metal sector [2]. 3.2 Long - term Logic of Precious Metals - The long - term bullish logic of precious metals is still strong. In the short term, the market expects an 83.2% probability of a 25 - basis - point interest rate cut by the Federal Reserve in December. Although the implementation of the interest - rate cut expectation may cause short - term fluctuations in precious metal prices, the upward trend remains unchanged. The core logic is that the start of the Federal Reserve's interest - rate cut cycle confirms the shift to a loose monetary policy, and potential concerns about the Fed's policy independence will support precious metal prices from both liquidity and risk - aversion aspects [2]. 3.3 Comparison between Gold and Silver - Gold is still in an upward channel but is in a high - level shock stage after accelerated upward movement. The key to the subsequent market is whether the "decline in real interest rates" and "weakening of the US dollar" can resonate. In contrast, silver has stronger short - term certainty. The current high "gold - silver ratio" has a large restoration space, and the demand growth in industrial fields such as photovoltaics supports the silver price. The low inventory level makes its short - term price elasticity better than that of gold [2]. 3.4 A - share Market and Investment Suggestions - The A - share is expected to stabilize in the short term and warm up the "spring rally" market. In 2026, the two main lines of technology and "anti - involution" are expected to be the main focuses of industry allocation. The precious metal sector is expected to be the main allocation direction during the rotation of the technology main line. From the profit perspective, the "anti - involution" related sectors are expected to contribute to the marginal increase in A - share profits. As precious metal prices reach new highs, the A - share precious metal sector is expected to be the focus of capital rotation. It is recommended to pay attention to industries such as non - ferrous metals and basic chemicals, especially related targets in the precious metal and small metal sectors [2]. 3.5 A - share Earnings Structure - The report analyzes the profit structure of A - shares. In 2025Q2 and 2025Q3, different sectors and industries have different profit growth rates and contribution degrees. For example, the TMT sector has a relatively high profit growth rate and contribution degree in both quarters, while some sectors such as building and real estate have a decline in profits [4].