Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The silver futures market showed strong upward momentum on January 29, 2026, with significant price increases, high trading activity, and high capital attention. In the long - term, the industrial demand for silver is promising, but there are risks of profit - taking due to overbought technical indicators [2][6] Group 3: Summary by Related Catalogs 1. Futures Market - On January 29, 2026, the main silver futures contract (AG.SHF) on the Shanghai Futures Exchange showed a strong upward trend. The opening price was 28,900 yuan/kg, the highest price reached 31,488 yuan/kg, the lowest price was 28,632 yuan/kg, and the closing price was 30,891 yuan/kg, a significant increase of 8.51% from the previous trading day. High trading volume and turnover indicated active market trading [2] 2. Spot Market Basis Analysis - The closing price of silver futures was 30,891 yuan/kg, and the average price of domestic spot silver (1) was 30,980 yuan/kg, with a basis of 89 yuan/kg, showing a slight spot premium. The small absolute value of the basis indicated that the spot and futures prices were relatively consistent, and the market was operating effectively, possibly reflecting strong short - term demand for silver spot [3] 3. Market Dynamics - In the domestic spot market on January 29, 2026, the average price of silver (1) in the Chinese non - ferrous market was 30,980 yuan/kg, basically the same as the futures price. In the international market, the highest price of London spot silver on January 29 exceeded $120 per ounce, indicating that the international silver price was also at a recent high [4][5] 4. Market Outlook - In the past month, silver futures have shown an obvious upward trend, especially since mid - January, with accelerating price increases and continuous record - highs. Under the background of increasing macro - economic uncertainty, it may attract safe - haven funds. In terms of industrial demand, the application of silver in new energy and electronics is expanding, with good long - term demand prospects. However, the silver futures price has risen significantly, and there are overbought signs in the technical aspect, so attention should be paid to the impact of profit - taking [6]