贵金属行业专题报告：金银比价有望回落，白银价格弹性将起

Investment Rating - The report gives a "Buy" investment rating for the silver industry, indicating a positive outlook for investment opportunities in this sector [3][32]. Core Insights - The gold-silver ratio is currently at a historically high level, suggesting that silver prices may have significant upside potential as the ratio is expected to revert to lower levels [9][32]. - Industrial demand for silver is projected to increase, particularly driven by the photovoltaic (solar) sector, which is expected to see a compound annual growth rate (CAGR) of 3.47% to 5.08% from 2023 to 2027 [18][22]. - The report highlights that as the U.S. manufacturing sector stabilizes, silver industrial demand is likely to rise, leading to a potential increase in silver prices that may outpace gold [29][32]. Summary by Sections 1. Gold and Silver Price Dynamics - The gold-silver ratio has risen significantly since May 2021, currently standing at 83.4, well above the 20-year average of 68.3 [9][10]. - Historical data indicates that the gold-silver ratio tends to decline when U.S. manufacturing PMI is on the rise, suggesting a potential correction in the ratio [12][29]. 2. Silver Price Elasticity - The report emphasizes that silver prices are expected to show greater elasticity, particularly as inflation concerns drive demand for precious metals [32]. - The anticipated Federal Reserve interest rate cuts are expected to support higher prices for both gold and silver [24][32]. 3. Recommended Companies - The report suggests focusing on Shengda Resources, a leading domestic silver producer with significant reserves, and Xingye Silver Tin, which specializes in silver and tin production [34][33].