今年8月，COMEX白银库存突然以极其夸张的幅度急剧下滑。 对应到市场上，从8月底开始，国际银价连续突破新高，罕见地跑赢了黄金涨幅。 这一幕，已经有近50年没有出现过了。 尤其是最近一个多月，更是一柱擎天，逼近60美元/盎司。 "失效"了数年的金银比，也回归到了72的平均区间。 你可以说这是正常的价值回归。 但代入近两年的市场环境、时代背景，这明显是很反常的。 这种"西银东移"的现象，直接导致伦敦与纽约的库存被持续抽血。 事出反常必有妖。 01巨大的缺口 这两年，有一个极其反常的现象：上海金交所（SGE）的白银价格，长期高于国际银价。 正常情况下，上海银价对比COMEX白银的溢价在0.5%-1%左右是合理的（运费和税）。 但在过去一年，这个溢价一度飙升到了10%-12%！ 按照当前的银价算，相当于一盎司白银在中国比在美国贵6美元。 巨大的价差吸引着全世界的实物白银疯狂流向东方。 全世界的搬砖党（贸易商），疯狂从伦敦和纽约提取现货白银，装船运往上海。 为什么直接用库存的白银？ 主要是实物供需严重失衡。 据世界白银协会发布的《世界白银调查》，2023、2024年全球矿产银都约为8.3亿盎司，2025年下降至 8. ...

美国景顺集团ETF产品管理主管 保罗·西姆斯：（目前生产）一辆普通电动车需要大约25克白银，体型 更大的可能需要50克。但如果未来我们转向使用（含银更多的）固态电池，每辆电动车所需的白银可能 会达到一公斤甚至更多。 最后，白银的供给端也面临压力。根据世界白银协会发布的《2025年全球白银调查》，全球银矿产量在 过去十年持续下降，主要产区墨西哥、玻利维亚略有增长，但阿根廷、秘鲁、智利因矿山关闭、基建不 足而出现下滑。业内人士指出，全球白银矿产中只有大约28%来自"主银矿"，其余大部分都是铜矿或金 矿等副产品。因此，白银供应在很大程度上还取决于其他金属市场的表现。 今年白银大幅上涨的背后，是文化与节庆消费、工业端的强劲需求、供应持续紧张等多重因素共同推动 的结果。首先是全球最大的白银消费国——印度，今年需求激增。据悉，印度每年消费大约4000吨的白 银，主要用于珠宝、器皿和饰品。要知道，印度大约80%的白银依赖进口，而英国长期以来是其最大供 应国。随着印度需求急剧上升，市场压力迅速传导到伦敦，但当地要满足这样的需求变得越来越吃力， 因为伦敦金库的白银库存已经连续数年下降，从2022年的3.1万吨降到了今年3月的2 ...

周一，白银价格一度触及每盎司58.84美元的历史新高，延续了上周五近6%的涨幅，并已连续六个交易日上涨。今年以来，白新价值几乎翻了一 番，其涨幅远超黄金约60%的强劲表现。 这一轮凌厉涨势的背后，是交易员对全球供应持续紧张的投机性押注。当比特币及加密货币市场整体下挫时，实体白银的逼空格局正在上演。继 数月前伦敦市场出现历史性挤兑后，如今压力已转移至其他中心。 市场参与者正密切关注这一轮由中国库存告急、强劲工业需求、投机热潮以及潜在贸易政策风险共同导演的"完美风暴"。在全球主要库存中心难 以提供有效缓冲的背景下，白银市场的脆弱性正被放大，任何新的冲击都可能引发更剧烈的价格波动。 上海库存告急，全球短缺"多米诺骨牌"倒下 一场由实体供应短缺引发的风暴正席卷全球白银市场。在上海期货交易所（SHFE）库存骤降至近十年低点之际，白银价格接力黄金的涨势，飙升 至历史新高。 Wind数据显示，11月24日当周上海黄金交易所白银库存下降58.83吨，降至715.875吨，创下2016年7月3日以来新低。11月25日，该库库存虽勉强 累库21.3吨，但仍然处于近十年低位。 金瑞期货分析师Zijie Wu指出，"紧张源于对伦敦的 ...

Core Insights - Silver prices have surged significantly, gaining approximately 96.03% year to date and 13.6% in November, outperforming gold which has increased by 62.02% year to date [1][2] Supply and Demand Dynamics - Experts indicate that silver prices have reached record highs this year, with a tightening supply backdrop suggesting potential for further increases [2] - Industrial demand for silver is projected to rise, with an increase to 689.1 million ounces in 2024 from 644 million in 2023 [8] - Solar panel usage has significantly contributed to silver demand, accounting for 243.7 million ounces, which is over 158% higher than 94.4 million ounces in 2020 [9] Economic Factors - The U.S. Dollar Index (DXY) has decreased by 0.56% over the past five days and 8.52% year to date, which can enhance global demand for silver as it becomes more affordable for foreign buyers [4] - Anticipated interest rate cuts by the Federal Reserve, with an 87.6% probability for the December meeting, are expected to weaken the U.S. dollar, further supporting silver prices [5] Industrial Applications - Silver is essential in various industries, including medical equipment, electronics, and clean energy solutions, due to its unique properties [6][7] - The increasing industrial demand, combined with limited mined output, supports a bullish outlook for silver [8] Investment Opportunities - Several silver ETFs have shown strong performance, with iShares Silver Trust (SLV) gaining 59.17% year to date and Amplify Junior Silver Miners ETF (SILJ) increasing by 132.57% year to date [11][12][13]

消息面上，美国白宫国家经济委员会主任哈塞特表示，如果特朗普提名他担任美联储主席，他将乐于效 劳。降息预期持续升温，据CME"美联储观察"数据，美联储12月降息25个基点的概率为87.4%，远高于 11月21日的39.6%。12月1日，现货黄金突破4230美元/盎司，日内涨0.26%。 高盛调查显示，超70%机构投资者预计黄金明年将继续上涨，36%预计明年年底前升破5000美元；受联 储降息预期提振，现货黄金年初至今累计上涨超60%。此外，在全球供应紧张与美联储降息预期推动 下，白银价格史上首次突破57美元/盎司。 紫金矿业 紫金矿业 灵宝黄金 中国黄金国际 中国白银集团 分时图 日K线 周K线 月K线 30.06 1.48 5.18% 7.24% 4.83% 2.41% 0.00% 2.41% 4.83% 7.24% 26.51 27.20 27.89 28.58 29.27 29.96 30.65 09:30 10:30 11:30/13:00 14:00 15:00 0 715万 1430万 2145万 黄金股涨幅居前，截至发稿，中国白银国际(00815)涨11.27%，报0.79港元；灵宝黄金(0333 ...

格隆汇12月1日丨湖南白银(002716.SZ)公布，宝山矿业年度检修已于2025年11月30日完成，现已恢复生 产。检修期间，宝山矿业对生产设备进行了全面检修及维护保养，为后续安全、连续生产奠定了基础。 ...

格隆汇12月1日丨湖南白银(002716.SZ)公布，宝山矿业年度检修已于2025年11月30日完成，现已恢复生 产。检修期间，宝山矿业对生产设备进行了全面检修及维护保养，为后续安全、连续生产奠定了基础。 ...

智通财经APP讯，湖南白银(002716.SZ)发布公告，全资子公司宝山矿业年度检修已于2025年11月30日完 成，现已恢复生产。 ...

Core Points - The ASX experienced a significant outage affecting around eighty companies, including Metcash and Ovanti Limited, disrupting their planned newsflow [2][3] - The ASX's performance was negatively impacted, with the XJO index down 0.4% during trading [3] - Energy and materials sectors showed slight gains, while healthcare lagged, particularly CSL Ltd and Sigma Healthcare [4] - Unico Silver and other silver miners saw price increases due to rising silver and gold prices, indicating potential bullish trends [4] - Woodside Energy's shares rose over 1.2% due to stronger oil prices, while BHP Group increased nearly 1% amid iron ore futures uptick [5] - Treasury Wine Estates faced a decline after announcing an impairment in its US business, compounded by weak sales in China [5] - AUB Group's shares plummeted nearly 20% after a key takeover partner withdrew, causing discontent among shareholders [6] - Digico Infrastructure REIT and HMC Capital also fell as interest in data center stocks waned following previous spending boom reports [6]

Market Overview - US stock markets collectively rose, with the Dow Jones up 0.29%, Nasdaq up 0.39%, and S&P 500 up 0.26% [1] Company Updates - Google shares increased by nearly 1%, with CEO Sundar Pichai expressing hopes to send TPU to space by 2027 [3] - Oracle's stock fell over 3% as multiple banks are negotiating to provide $38 billion in loans to Oracle and data center builder VANTAGE [3] Industry Trends - Storage sector stocks saw a collective rise, with SanDisk up over 4%, Micron Technology up 2.8%, and Western Digital up 2%. This surge is attributed to an exacerbated global shortage of storage chips, with research institutions predicting a 50% increase in storage chip prices [4] - Precious metals experienced significant price movements, with spot gold reaching $4200 per ounce, up 1.03%, and spot silver rising to $55 per ounce, marking a 3% increase and a new record high. Factors contributing to silver's rise include expectations of a Federal Reserve rate cut in December, inflows into silver ETFs, and ongoing supply constraints [6] - LME copper prices surged by 2.5%, reaching a new high of $11,210 per ton [7] - Cryptocurrency prices also saw increases, with Bitcoin rising to $92,324.6 (up 1.68%) and Ethereum reaching $3,074.75 (up 2.64%) in the past 24 hours [8] Chinese Concept Stocks - Chinese concept stocks generally rose, with Bawang Tea up over 4% and Pony.ai up more than 3%, while Canadian Solar fell nearly 2% [5]