白银大逆转行情来了！ 2月3日，国内白银主力合约延续暴跌态势，单日跌幅高达16.71%，两日累计跌幅超30%。A股市场中的白银概念股也同步遭 遇重挫，集体跌停。 在白银价格的暴跌潮中，此前备受市场关注的国投白银LOF（161226）复牌后继续一字跌停，最终收于4.25元。该产品最新 溢价率仍高达88.94%，对应净值仅2.25元。 这意味着，若要回归合理净值水平，该产品至少还需经历7个跌停板。 不过，国际白银市场却传来转机，迎来强势反弹！ 今天，纽约白银主合约迎来暴跌后第一根大阳线。截至下午17时，银价已大涨13.23%，重回87.2美元/盎司，并带动金价也 大涨了6.5%，回到了4963美元/盎司。 目前，我们尚无法判定国际白银的此番强劲反弹，是否意味着多头力量卷土重来的反攻信号。 但结合多方数据综合研判，这一轮堪称四十年不遇的白银史诗级超级行情，显然还远未到落幕之时。 在白银恐怖暴跌之后，随着高杠杆资金的暴力清退，有很多资金也逐渐反应过来，开始回归到白银的基本面和市场面的去 思考。 然后很多资金就发现，白银的多空博弈行情，还远没有结束。 回顾1月末的白银突然暴跌行情，其导火索是多头利用市场对纽约白银期货1 ...

白银大逆转行情来了！ 2月3日，国内白银主力合约延续暴跌态势，单日跌幅高达16.71%，两日累计跌幅超30%。A股市场中的白银概念股也同步遭 遇重挫，集体跌停。 在白银价格的暴跌潮中，此前备受市场关注的国投白银LOF（161226）复牌后继续一字跌停，最终收于4.25元。该产品最新 溢价率仍高达88.94%，对应净值仅2.25元。 这意味着，若要回归合理净值水平，该产品至少还需经历7个跌停板。 不过，国际白银市场却传来转机，迎来强势反弹！ 今天，纽约白银主合约迎来暴跌后第一根大阳线。截至下午17时，银价已大涨13.23%，重回87.2美元/盎司，并带动金价也 大涨了6.5%，回到了4963美元/盎司。 目前，我们尚无法判定国际白银的此番强劲反弹，是否意味着多头力量卷土重来的反攻信号。 但结合多方数据综合研判，这一轮堪称四十年不遇的白银史诗级超级行情，显然还远未到落幕之时。 01 3月将成多空博弈关键战场 此次白银价格的大涨，一方面源于多空双方的集中平仓，既有多头因亏损被迫割肉离场，也有空头获利了结主动平仓。 另一方面，已有部分大胆资金开始伺机而动，悄悄布局市场。 数据显示，作为全球白银市场的"顶流风向标"，i ...

Core Viewpoint - The recent unprecedented drop in silver prices, with a single-day decline of over 30%, has caused significant turmoil in the market, leading to account liquidations for many investors [1][2][4]. Market Dynamics - The current market sentiment is characterized by extreme fear, making it difficult to predict future price movements [5][6]. - The silver market is experiencing a critical battle between bulls and bears, with the bears currently gaining the upper hand, although there may still be opportunities for a bullish rebound [7]. Inventory and Delivery Insights - The upcoming March contract delivery period is expected to be a significant battleground for silver trading, with recent data indicating a systematic depletion of deliverable silver inventory [8][9]. - COMEX silver total inventory has sharply decreased from 16,550 tons in September 2025 to 12,624.5 tons by the end of January 2026, marking a 23.7% decline over six months [10]. - The delivery demand for silver has surged, with record-breaking delivery volumes observed: 1,555.2 tons in October 2025, 1,959.6 tons in December 2025, and 1,288.9 tons in January 2026, representing a 300% year-on-year increase [12]. Supply and Demand Imbalance - As of early February, the delivery volume reached 354.37 tons, equivalent to 52.5% of the total delivery for February 2025, indicating a rapid consumption rate [14]. - The effective deliverable inventory is alarmingly low, with only 62-78 tons available, which is less than 3% of the total inventory [14]. - The global silver market has faced a continuous shortage for six years, with a projected shortfall of 3,660 tons in 2025 and an expected increase to 7,000-8,000 tons in 2026 [17]. Future Price Projections - The ongoing supply-demand imbalance suggests that silver prices are likely to continue rising, even if a short-term price squeeze does not occur in March [22]. - The potential for a price squeeze remains high due to the decreasing inventory levels, especially if no significant new inventory is added [21]. Regulatory Impact - Recent increases in margin requirements by exchanges have contributed to the market's volatility, forcing leveraged positions to liquidate [23]. - While these measures may temporarily suppress market sentiment, they cannot alter the fundamental issues of declining inventory and increasing demand [24]. Monitoring Indicators - Key indicators to watch include daily changes in COMEX registered warehouse receipts, contract delivery notifications, silver borrowing rates, and the extent of regulatory interventions, which will help assess the outcome of the March market dynamics [25].