Core Viewpoint - The new silver export control policy in China aims to enhance industry concentration and ensure the sustainable development of the silver industry by setting strict criteria for export enterprises, amidst rising global demand for silver in various high-tech industries [2][7]. Group 1: Export Control Policy - The new policy elevates the export management level of silver, introducing three strict "red lines": - Production capacity line: Enterprises with annual production below 80 tons will be eliminated to enhance industry concentration [2]. - Qualification line: Companies must have a continuous export record for the past three years to prevent speculative entrants [2]. - Environmental line: Enterprises not meeting environmental standards will be shut down to promote green development [2]. Group 2: Industrial Demand for Silver - Silver's role has evolved beyond being a precious metal for jewelry; industrial demand now accounts for over 50% of total silver consumption, a figure that continues to rise [2]. - Silver is essential in high-end electronic components and thermal materials, playing a critical role in emerging industries such as: - Photovoltaics: Silver paste is a key conductive material for solar cells, with no complete substitutes found yet [4]. - Electric vehicles: Each electric vehicle uses an average of 1 to 1.5 ounces of silver, double that of traditional cars [4]. - 5G communication: All 5G devices require silver-coated components for signal transmission [4]. - Artificial intelligence: Silver is widely used in electronic components of servers and hardware [4]. Group 3: Global Supply Chain and Market Dynamics - The trend of increasing silver demand may reshape global supply chain dynamics, challenging the long-established global division of labor and prompting tech companies to reconsider production base layouts and supply chain resilience [5]. - Financial capital is increasingly recognizing silver's dual attributes as both a safe-haven precious metal and an industrial metal with growth potential, leading to heightened price volatility [5]. - In 2025, silver prices surged from $29-$30 per ounce at the beginning of the year to a range of $70-$80 by year-end, achieving over 100% growth, outpacing gold [5]. Group 4: Strategic Implications - The implementation of China's silver export control policy occurs at a time of global market vulnerability and supply tension, serving as a defensive measure to safeguard domestic industrial security [7]. - Long-term, this policy aims to control key resources, promote domestic industrial upgrades, and shape a favorable strategic landscape in global technology and industrial competition [7]. - The rising silver prices signal a deeper level of technological competition, where the ability to secure sufficient resources and innovate to reduce resource dependency will determine future leadership in the tech industry [7].

很多人以为，只要美国一加税，中国芯片的订单就会被迫外流，产业链会迅速"转向"。 但现实却完全相反。加税消息刚一公布，全球客户反而更着急了，不是撤单，而是抢着和中国工厂锁产 能，生怕慢一步就排不上队。 订单为什么往中国跑 这种看似反常的行为背后，其实隐藏着一个越来越清晰的事实：在芯片这个高度工业化的领域，决定去 留的，从来不是口号，而是谁能把货做出来、交稳定、成本还扛得住。而中国，正在成为那个绕不开的 答案。 如果只盯着最先进的芯片，很容易看错方向。真正撑起全球工业体系运行的，并不是那些站在技术金字 塔尖端的产品，而是数量庞大、应用广泛的成熟制程芯片。 汽车、家电、医疗设备、电网系统、工业自动化，这些领域所依赖的，几乎全部是28纳米及以上的芯 片。它们不追求极限性能，但对供货稳定性和成本极度敏感，一旦断供，影响的不是一家公司，而是整 条产业链。 如今，全球约七成的成熟制程订单正在流向中国，并不是因为情绪或立场，而是市场的理性判断。 美国加税的消息尚未真正落地，企业却已经开始提前行动，有的直接把未来一整年的需求锁定在中国， 有的调整供应链路径，也要确保核心芯片来自稳定产线。 原因很简单，成熟芯片几乎不存在品牌溢价 ...

21世纪经济报道记者胡慧茵 广州报道 "柬埔寨和中国之间的政治互信得到了进一步巩固和深化，这向世界表明，像柬埔寨这样的小国和像中 国这样的大国、经济强国可以携手合作，促进区域共同发展，共享繁荣。"4月18日，柬埔寨亚洲愿景研 究院院长成金珑在接受21世纪经济报道记者专访时表示，在美"对等关税"的挑战下，中国周边外交的意 义和重要性越发凸显。 美国"对等关税"重棒打击东南亚多国，东南亚国家正积极寻求对策缓解关税压力。与此同时，中国正与 东南亚国家积极开展全方位的合作。成金珑表示，从长远来看，美国政府这种不公平的保护性关税制 度，将重塑全球供应链格局，在许多区域可能会出现贸易转移。这还将导致国家之间的贸易网络结构发 生变化并远离美国。 在外部风险加剧的情况下，柬埔寨应该加强与中国之间的关系，东盟也要作为一个整体，加强与中国之 间的经贸、投资以及文化交流，以促进货物和服务贸易的自由流通，通过购买彼此的货物和服务，抵御 美国的"不公平关税"，以应对全球经济、贸易和投资供应链面临中断带来的风险和挑战。 因此，他认为，不仅是柬埔寨，东盟要作为一个整体来加强与中国之间的经贸和投资关系，促进货物和 服务贸易的自由流通，通过购 ...