Core Viewpoint - The silver market is experiencing a bullish trend, driven by increasing demand from solar energy and other industries, alongside tightening supply conditions [2][3]. Group 1: Silver Market Performance - As of December 29, silver futures are trading above 19,129, with a current price of 19,309 per kilogram, reflecting a 6.61% increase [1]. - The highest price reached today is 19,499, while the lowest was 18,027, indicating significant volatility in the market [1]. - The Shanghai silver premium has expanded to 1,800 per gram, with expectations of testing the 20,000 mark [3]. Group 2: Demand Drivers - Silver is essential for photovoltaic cells, with each solar panel requiring approximately 10-20 grams of silver [2]. - Global solar capacity has surpassed 1,500 gigawatts and continues to grow at a double-digit rate, leading to projected silver consumption exceeding 200 million ounces annually by 2026 [2]. - Other sectors such as electric vehicles, AI data centers, 5G infrastructure, and high-performance electronics are also driving silver demand due to its unmatched conductivity [2]. Group 3: Supply and Price Outlook - The rapid growth in solar photovoltaic demand is expected to increase pressure on silver supply [2]. - Silver's unique properties make it difficult to replace with other metals, resulting in sticky demand that is largely price-insensitive [2]. - The combination of RMP plans, tightening physical supply, and soaring industrial demand increases the likelihood of rising silver prices by 2026 [2].