在今日早盘交易中，现货白银涨至每盎司65美元以上，突破此前纪录高位，创2025年大宗商品中最强劲 的反弹之一。据全球调查显示，白银市场连续第五年出现结构性短缺，原因是开采产出仍然受限，而可 再生能源、电子产品和其他工业部门的消费继续扩大。国信期货分析师指出，随着新能源、电子制造等 产业的快速发展，白银的工业应用场景持续拓宽，加剧市场对白银供需缺口的担忧，吸引资金基于中长 期逻辑进行布局。 光大期货表示，周二晚间将公布非农就业数据，或指引未来美联储货币政策，审慎乐观看待。白银仍保 持强势，虽有金银比回归预期，但连创新高且快速拉涨之势大有挤仓意味，关注近期的消息面。中金认 为，2025年国际贸易局势打破全球宏观环境稳态，受益于不确定性环境中的确定性溢价，国际金价、银 价双双上涨。与过去三年有所不同的是，今年贵金属价格强势突破由以欧美ETF为代表的周期性购买需 求主导，市场表现为白银涨幅反超黄金。 责任编辑：卢昱君 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 中国白银集团（00815）早盘股价上涨4.41%，现报0.71港元，成交额1027.21万港元。 热点栏目 自选股 数 ...

Core Insights - Hunan Silver (002716.SZ) experienced a limit down on October 20, despite a maximum increase of 176% from its low this year [1] Company Performance - In the first half of 2025, Hunan Silver achieved an operating revenue of 4.529 billion yuan, representing a year-on-year growth of 35.59%, and a net profit attributable to shareholders of 62.197 million yuan, up 7.01% year-on-year [4] Industry Trends - Silver prices have surged this year, although there was a significant drop last Friday [2][3] - The rapid decline in precious metal prices last Friday saw gold prices fall below $4,200 per ounce, with U.S. spot silver prices dropping by 6% on the same day [3] - According to Citigroup, industrial demand is expected to become the largest source of silver demand this year, driven by sectors such as photovoltaics and new energy vehicles [4] - Rising mining costs for silver are intensifying supply pressures, contributing to upward price trends [4]

Core Viewpoint - China's silver reserves rank among the top five globally, accounting for approximately 11% of the world's total silver reserves, with over 1,500 silver mines [1] Supply and Demand Situation - The primary sources of silver supply in China are from mining and recycling, with projected mining output for 2024 at 3,426 tons and recycling at 1,233 tons [1] - Due to the increasing applications of silver, domestic resources are insufficient to meet demand, necessitating imports of silver ore and other concentrates to fill the gap [1] Consumption Breakdown - In 2024, China's total silver consumption is expected to reach 9,428 tons, with industrial demand being particularly significant at 8,567 tons, predominantly driven by the electrical and electronics sector, which accounts for a demand of 6,577 tons [1] Price Trends - Silver prices have seen a notable increase this year, with the COMEX silver price reaching $53.765 per ounce on October 17, up over 70% from $29.985 on January 2 [1]