Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In 2025, silver prices soared due to factors such as US tariffs, the US debt crisis, and geopolitical conflicts. Despite significant price fluctuations, the "supply imbalance" problem persisted, and the price reached over $70 by the end of the year, with a cumulative increase of over 120% [1]. - The global silver supply-demand fundamentals have shown a deficit for five consecutive years. Although demand in multiple sectors has declined, the significant increase in silver - supported exchange - traded products (ETP) has tightened market liquidity. In 2026, high profits may drive mining companies to increase production [4][5]. - The operation of major silver mines in the Americas has a significant impact on the global silver market. The production of some mines is expected to increase, while others may face challenges such as resource depletion [9]. 3. Section - by - Section Summaries 2025 Silver Price Trend Review - In the first half of 2025, silver underperformed gold due to trade frictions and weak industrial product prices. In the second half, strong demand and stable supply led to a continuous decline in spot inventory, and silver prices outperformed gold [1]. - In early October, silver broke through the 2011 high, reaching $50 with a cumulative increase of nearly 90%. After a significant correction, prices rebounded in late November, surpassing the October high and reaching over $70, with a cumulative increase of over 120%. In December, silver prices continued to rise, with a monthly increase of over 30% [1]. Silver Overall Supply - Demand Situation - The global silver supply - demand situation has shown a deficit for five consecutive years, but the deficit has improved compared to previous years. Although demand in multiple sectors has declined, the significant increase in ETPs has tightened market liquidity. AI and new energy sectors have great potential for silver demand, making the supply even tighter [4][5]. - Metal Focus estimates that the global silver mine supply in 2025 will be approximately 31,788 tons, basically the same as in 2024 and at the upper - middle level in the past 10 years. The World Silver Association predicts that the average all - in sustaining cost (AISC) in the first half of 2025 will drop to $13.0 per ounce [5]. Analysis of the Supply Status of Major Silver Mining Enterprises in the Americas - In 2024, the silver production in the Americas accounted for over 50% of the global total. The top 20 global silver - producing enterprises are mainly large comprehensive or copper - gold mining companies, but silver production has a relatively limited marginal contribution to their cash flow [8]. - Five major silver mining companies in the Americas, including Fresnillo, Pan American Silver, Coeur Mining, Hecla Mining, and First Majestic, are expected to account for about 15% of the global silver mine supply in 2025. Their new and old mine exploration and production will affect the competition for key mineral resources [9]. - **Fresnillo**: The world's largest silver mining company, with expected production to decline by 13.8% to 48.5 million ounces in 2025. It may recover in 2026 but remain below 5 million ounces. Some mines face resource depletion risks, while the Juanicipio mine has great exploration potential [10]. - **Pan American Silver**: A Canadian mining company. In 2025, the expected silver production is 22.1 million ounces, a year - on - year increase of about 4.7%. In May 2025, it announced the acquisition of MAG Silver to obtain a 44% stake in the Juanicipio silver mine, which is expected to significantly increase production in the next two years [16]. - **Coeur Mining**: Based in the US, with an expected silver production of 18.45 million ounces in 2025, a year - on - year increase of 61.8%. The Rochester mine is the key growth project, and the Silvertip mine is the core reserve project for medium - to - long - term growth. The company expects production to reach 20 million ounces in 2026, a year - on - year increase of about 30% [18]. - **Hecla Mining**: The largest primary silver producer in the US and Canada. In 2025, the expected silver production is 17.2 million ounces, a year - on - year increase of 6.2%. The Greens Creek and Lucky Friday mines contribute about 78% of the production. The company's production is expected to remain stable above 17 million ounces in the next two years [20]. - **First Majestic**: A Canadian company, one of the global silver mining leaders. In 2025, the expected silver production is 15.3 million ounces, a year - on - year increase of 82.1%. The San Dimas mine is the main contributor to performance, and the acquisition of the Los Gatos mine shows strong production growth potential [23].