Group 1 - Silver futures are currently trading above 11449, with a reported price of 11479, reflecting a 1.16% increase, indicating a short-term bullish trend [1] - Silver possesses dual attributes as both a precious and industrial metal, driven by safe-haven demand and supported by the needs of industries such as photovoltaics and electric vehicles [1] - The global demand for silver in photovoltaic applications is projected to grow at an annual rate of 5.7%, with an expected demand of 7560 tons by 2025, accounting for 34% of industrial demand [1] Group 2 - The demand for silver in electric vehicles is expected to increase by 71% to 35 grams per vehicle, with an annual production of 40 million vehicles contributing an additional 1400 tons of demand [1] - The global silver powder and paste industry is entering a phase of rapid growth, with a projected market size exceeding $32 billion by 2025, and China holding approximately 45% of the market share [1] - The photovoltaic industry remains the largest application field, contributing 62% to global demand, with a year-on-year increase of 18% in silver paste consumption for heterojunction cells [2]