以下文章来源于东针商略 ，作者东针商略 东针商略 . 聚焦科技趋势，分享商业新知，关注世界变化，一起思考有价值的内容，在沸腾的时代里，并肩成长。 本文来自微信公众号： 东针商略 ，作者：东针商略，题图来自：视觉中国 白银价格历史上首次突破每盎司100美元大关，年内涨幅超过44%，创下历史新高。这一剧烈波动背 后，是白银市场连续多年且持续扩大的供需缺口，标志着白银正从传统的金融附属品转向由实体产业 主导的关键战略资源。 根据世界白银协会数据，全球白银市场自2021年以来已陷入持续的结构性赤字。2025年供需缺口接 近3亿盎司，创下历史最高纪录，而2026年这一缺口预计将进一步扩大。 推动需求爆发的核心力量来自工业领域，尤其是光伏、电动汽车与AI基础设施的快速增长。目前工 业用银已占白银总需求的60%以上，其中光伏产业的需求在过去五年增长超过1.6倍，白银因其不可 替代的导电与稳定性，成为绿色能源转型中难以绕过的关键材料。 然而，与需求端的强劲增长形成尖锐矛盾的是，白银的供应体系却呈现刚性约束。 全球超过70%的白银产量来自铜、铅、锌等金属的伴生矿，其产量取决于主金属的投资周期，对银价 变化反应迟钝。 矿产银产量 ...

Core Viewpoint - Silver prices have reached a historic high, surpassing the previous record set in 1980, driven by various factors including inflation, geopolitical concerns, and industrial demand [1][2]. Group 1: Price Movement and Performance - Silver prices have increased to $53 per ounce, with a monthly gain of 13.6% [1]. - Year-to-date, silver has risen by 83%, outperforming gold's 58% increase and the Nasdaq's 17% [1]. - The current gold-silver ratio is approximately 82, significantly above historical averages, indicating that silver is still undervalued and has room for further gains [2]. Group 2: Market Dynamics and Demand - The strong performance of silver is attributed to its dual role as a financial asset and an industrial metal, with increasing demand from sectors like artificial intelligence and electric vehicles [1][2]. - Analysts suggest that silver may transition from being viewed primarily as an industrial metal to a value-storing asset, supported by both investment and industrial demand [2][3]. Group 3: Supply Constraints and Market Conditions - The London silver market is experiencing a liquidity crunch, with inventories dropping from 850 million ounces to less than 200 million ounces since mid-2019 [2][3]. - Factors contributing to the inventory shortage include anticipated U.S. tariffs on silver imports, significant inflows into silver ETFs, and insufficient silver production to meet industrial demand [3]. - The current high premiums in the London silver market indicate a tight supply situation, with traders resorting to airlifting silver from New York to London to meet delivery obligations [3].