消息面上，上周白银价格上演史诗级暴涨，COMEX白银期货周五暴涨超11%，现货白银涨超10%，再 创历史新高，年内累计涨幅达175%，迅猛涨势远超黄金。不过，今早现货白银拉升至84美元高位后出 现跳水，截至发稿，跌幅收窄，报78.78美元/盎司。东莞证券指，白银价格上行主要因金融属性回归与 工业需求爆发，叠加金银比加快均值回归等因素，推动白银价格快速冲高。短期需警惕获利资金了结等 风险因素。 中国白银集团(00815)涨超7%，截至发稿，涨7.04%，报0.76港元，成交额6301.09万港元。 ...

今日周日，白银市场休市。本周白银涨势"势不可挡"，连涨5日，更是登上了75美元的新舞台。白银能 走出这般强势行情，核心驱动力离不开旺盛的产业需求。在快速扩张的太阳能领域，白银作为关键原材 料，需求随光伏装机量同步攀升。 【要闻速递】 白银技术分析上看，短期看多信号较强，但需警惕超买回调风险，建议关注关键支撑位和阻力位，谨慎 操作。 MACD指标：15分钟、1小时、4小时、日线级别均释放看多信号，显示短期上涨动能较强。 KDJ指标：15分钟、1小时、4小时、日线级别释放看空信号，提示短期超买风险。 RSI指标：15分钟、1小时级别看空，4小时、日线级别看多，显示市场分歧较大。 支撑位：关注72.720美元/盎司(今日最低价)，若跌破可能进一步回调。 白银的上涨离不开工业需求爆发形成结构性支撑，白银65%的消费量来自工业领域，其中太阳能产业占 比15%，AI数据中心、电动汽车需求呈爆发式增长：一辆电动车型平均用银25-50克，固态电池技术普 及后用量或增至1公斤/辆。2025年全球白银供需缺口已达9500万盎司，主产国墨西哥、秘鲁产量同比下 滑12%，再生银增量仅1.2%，供应刚性进一步放大价格弹性。 同时全球白 ...

Core Viewpoint - Silver is currently experiencing a structural shortage combined with a surge in industrial demand, driven by sectors such as photovoltaics, electric vehicles, data centers, and artificial intelligence [1] Group 1: Structural Shortage and Industrial Demand - UBS indicates that silver benefits from the same investment demand factors as gold, particularly low interest rates, and will also gain from industrial demand growth due to monetary and fiscal stimulus [2] - The Silver Institute forecasts a significant increase in silver demand for photovoltaics, electric vehicles, and data centers/artificial intelligence in the coming years [2] - Morgan Stanley expects investment demand for silver to continue driving prices upward, as low inventories may lead to physical shortages [2] - Analyst Eamonn Sheridan notes that the rare combination of persistent supply shortages and strong demand from both industries and investors supports the current rise in silver prices [2] - Ewa Manthey from ING highlights that silver's supply elasticity is insufficient, making it difficult to increase production independently unless output from related metals also rises [2] - Michele Schneider from MarketGauge states that silver has become a critical industrial metal, with technology companies expected to invest $700 billion in AI infrastructure, which may be hindered by insufficient silver supply [2] Group 2: Market Dynamics and Speculative Flows - Brian Lan from GoldSilver Central believes that the recent rise in silver prices is a result of speculative flows [3] - Kunal Shah from Nirmal Bang Commodities reports a severe short squeeze in the silver market [3] - Trevor Yates from Global X ETFs notes that Western investors are shifting from long-term underexposure to a rush into silver ETFs, indicating significant future inflows [3] - Deutsche Bank reports that global exchange silver inventories have dropped to near a ten-year low, while silver ETF holdings surged by 1,145 tons in one month, driving prices higher [3] Group 3: Outlook and Price Targets - Standard Chartered suggests that while the gold-silver ratio appears slightly oversold, silver still has room to rise relative to gold, maintaining a positive outlook for silver prices but cautioning against short-term volatility [4] - Deutsche Bank observes that the gold-silver ratio has fallen to a new low since 2021, slightly above the 50-year average, indicating caution in the short term despite a favorable long-term outlook [4] - Morgan Stanley predicts that silver shortages will peak by 2025, with expectations that silver will underperform gold next year [4] - Ed Meir from Marex Group notes that the current volatility in silver's upward trend makes it difficult to determine where the rise will end [4] - Avi Gilburt from ElliWaveTrader suggests that the gold-silver bull market may conclude by 2026, with an ideal target around $75 to $80, representing a potential "emotional top" [4] - Kunal Shah from Nirmal Bang Commodities anticipates that current trends may push silver prices towards $70 in the short term [4][5] - Michele Schneider from MarketGauge posits that the gold-silver ratio could drop to 40, indicating significant upside potential for silver prices, potentially reaching $75 by 2026, with any adjustments viewed as buying opportunities [5]