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Core Viewpoint - The recent surge in silver prices is primarily driven by China's "anti-involution" policy, which stabilizes profits and operating rates in the photovoltaic (PV) industry, thereby supporting silver demand in this sector [3][4][16]. Group 1: Silver Price Trends - As of July 14, 2025, the main silver futures contract on the Shanghai Futures Exchange closed at 9,207 CNY/kg, marking a nearly 14-year high with an annual increase of 23.25% [3]. - The gold-silver ratio has significantly decreased from a high of 101.5507 on April 22 to 84.8779, indicating a recovery in silver prices relative to gold [3][12]. Group 2: Photovoltaic Industry Impact - The "anti-involution" policy aims to rectify disorderly competition in the PV industry, optimizing resource allocation and promoting high-quality economic development, which is expected to stabilize profit levels and maintain operating rates [4][8]. - In 2024, global physical silver demand (excluding ETFs) is projected to be 37,200 tons, a decrease of 3.1% year-on-year, with industrial demand expected to rise by 1.7% to 22,300 tons [4]. Group 3: Short-term Demand Resilience - From January to May 2025, China's newly installed PV capacity reached 197.85 GW, accounting for 71% of the total expected for 2024, indicating strong short-term silver demand [8]. - The overall profit in the PV industry is expected to stabilize or even improve under the support of the policy, suggesting that silver consumption in the PV sector may exceed current market expectations [8]. Group 4: Trade Risks and Market Dynamics - There are concerns regarding potential tariffs on silver imports from Mexico, a major silver supplier to the U.S., although current price structures indicate that trade flows have not been significantly affected [14][16]. - The current price difference between London and New York silver markets remains normal, with no significant trade flow anomalies observed due to tariff concerns [14].