在今年黄金价格震荡上涨的同时，白银近日也迎来了高光时刻。10月9日，现货白银价格盘中突破50美 元／盎司，最高触及51.22美元／盎司，刷新历史最高纪录。南开大学金融学教授田利辉表示，现货白 银价格创下新纪录预示着贵金属市场格局正发生变化，也将影响白银从"工业金属"向"价值储存资产"的 估值变化。 全球最大白银ETF-iShares持仓显示，10月9日白银ETF持仓15452吨，较年初增加逾1000吨，白银中长期 投资需求旺盛。万得数据显示，今年以来现货白银价格累计涨幅超70%。田利辉认为，白银走强不是短 期投机，而是工业需求与投资属性双重驱动的结果。全球能源加速转型，作为重要的工业金属，白银在 新能源、光伏、新能源车等领域的消费持续增长，而人工智能浪潮下半导体等需求也离不开白银的支 持。 中国（香港）金融衍生品投资研究院院长王红英认为，宏观层面，美联储降息周期开启，叠加地缘政治 风险持续，强化了白银的货币与避险属性，吸引资金配置。产业层面，光伏、新能源车等科技领域对白 银需求旺盛；银矿开采成本显著上升，加剧供给压力，推动价格上行。 同时，全球白银供应已连续5年出现缺口，库存不断下降使其现货溢价明显。南华期货 ...

Core Viewpoint - The article compares Labubu, a trendy IP, to the traditional liquor giant Moutai, highlighting the differences in their social currency attributes and the implications for consumer behavior and investment dynamics [1][3][4]. Group 1: Social Currency Differences - Labubu's social attributes are based on shared interests and values among the younger generation, while Moutai's social function relies on power and hierarchical relationships [1][4]. - Moutai serves as a "productivity tool" in business contexts, whereas Labubu fulfills the emotional value and instant gratification needs of young consumers in a digital social environment [5][6]. Group 2: Consumption Drivers - The shift from an investment-driven model to a consumption-driven model in China is reflected in Labubu's appeal to emotional value and "dopamine" consumption [5][6]. - Moutai is deeply rooted in traditional Chinese culture, with its globalization process still in early stages, while Labubu has achieved significant global success [6]. Group 3: IP Lifecycle Risks - Both Bubble Mart and Moutai face challenges related to IP lifecycle and investment attributes, with Labubu's success being crucial for Bubble Mart's global growth [7][10]. - The historical resilience of Moutai, with over a century of establishment, contrasts with the relatively short histories of Bubble Mart and Labubu, which are 15 years and 10 years respectively [9]. Group 4: Regulatory and Market Risks - Regulatory risks affect both Moutai and Bubble Mart, with the latter facing scrutiny as its consumer base diversifies [12]. - The article notes the potential impact of "crowded trades" in the market, drawing parallels between the capital inflow into Moutai and the current focus on Bubble Mart in the "new consumption" sector [13].