炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：曹兴教授 时隔多年，加拿大总理再次访华，这本身就是一个强烈信号。尤其是抵达后发生的一幕，更是让外界嗅 到了不寻常信号。 零下三度的天气里，加拿大总理卡尼的专机降落。镜头随即捕捉到了一个细节：卡尼与前来迎接的中方 代表在机坪旁谈了很久很久。这一幕在社交媒体上迅速发酵。网友们戏称："寒风嗖嗖的，卡尼总理也 得先把话说完，可谓诚意满满。"一句调侃，却让外界意识到了此次访问的非同一般。 （卡尼拉着中方代表说了很久的话） 上一次加拿大总理访华，还是2016年。此后，中加高层互访的通道几乎进入了"冰封期"。各种摩擦、误 解、以及外部力量的强力介入，让两国的关系降至了冰点。所以，卡尼这一步踏出来，就是要划破两国 之间的那层厚重隔阂。 为什么是现在？这背后，是加拿大国内越来越紧迫的现实需求。加拿大的经济命脉，主要系于两样东 西：丰富的自然资源出口和深度嵌入的国际贸易网络。中国，作为全球第二大经济体和最大的消费市场 之一，过去是、现在是、未来也必然是加拿大绕不开的"大客户"。 龙虾、油菜籽，都曾是双边贸易繁荣的象征。然而，随着关系转冷，这些产品的对 ...

Core Insights - The precious metals market has seen significant gains this year, with silver emerging as a standout performer, reaching a peak of $53.579 per ounce on October 14, marking a new historical high since 1980, before settling at $51.98 per ounce, reflecting a cumulative increase of over 12% for the month [1] - Gold also performed well, surpassing $4,179 per ounce, with a year-to-date increase of over $1,500 per ounce [1] - Year-to-date, silver has risen over 81%, outpacing gold's 57% increase, with a notable surge of over 35% since the end of August [1] Market Drivers - The recent surge in silver prices is attributed to both its financial and industrial properties. Financially, the onset of a Federal Reserve rate cut cycle and ongoing geopolitical risks have enhanced silver's appeal as a currency and safe-haven asset [1] - On the industrial side, the explosive growth of the solar energy sector has significantly increased demand for photovoltaic silver paste, while a persistent shortage in global physical silver supply has widened the supply-demand gap [1] Market Liquidity and Trends - The liquidity issues in the London market have further exacerbated the rise in silver prices. As the global physical silver trading hub, London has experienced tightening liquidity, with silver stocks in London vaults dropping to 24,581 tons by the end of September, a decrease of 0.3% from August and at a multi-year low [2] - The surge in silver prices has led to a historic short squeeze in the London market, resulting in a significant reduction in market liquidity and an increased price spread between London and New York silver markets [2] Future Outlook - Market opinions on the future of precious metals are divided. Some analysts believe that the overall strength of the precious metals market will continue due to evolving global dynamics and loose monetary policies, with silver's future performance being closely watched. Although there may be short-term pullback risks, prices are expected to rise further next year [2] - Conversely, Goldman Sachs has advised caution regarding silver's rise, noting that the silver market is only about one-tenth the size of the gold market and lacks structural support from central banks. The volatility of silver is significantly higher than that of gold, and any short-term outflow of investment funds could lead to substantial price fluctuations, highlighting the short-term downside risks [2]