银高位回落，提示短期价格压力

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The silver has reached a phased peak, with increasing pressure on bulls to drive up prices, and the conditions for further upward breakthrough are becoming more demanding. Thus, the silver trend - long strategy is worth exiting [1]. - The current decline and adjustment of silver do not represent the end of the long - term trend. However, the current point has a poor risk - reward ratio, and the adjustment is not over. It still requires the spot market to ferment again to drive up the futures price [2]. 3) Summary by Related Content Silver Price Analysis - Several recent changes in silver indicate a short - term price pressure: domestic spot premium has eased, overseas silver lease rate has dropped from over 8% to 4.46% for 1M and the term structure has changed from back to contango; the domestic - overseas price difference has converged; the exchange has tightened risk control on silver, curbing bullish sentiment. Also, the BCOM weight adjustment on January 8 and the US Supreme Court's ruling on Trump's tariffs may affect the silver market [1]. Investment Strategy - For on - exchange options, as the implied volatility of silver options is falling in line with the price, one can consider selling out - of - the - money call options to earn volatility premium. To hedge against the risk of further price increases, one can buy a small amount of in - the - money call options [3]. - For off - exchange options, customers planning to bet on short - term pullbacks are advised to layout short - term, medium - range knock - out fixed - payout put options to profit from market fluctuations and can also build short positions at high prices [4].