Group 1 - China's silver production is expected to decline slightly to 3300 tons in 2024, down approximately 100 tons from the previous year, while recycled silver production is projected to increase to nearly 1400 tons in 2024, up from 1221 tons in 2023 [1] - The recovery of platinum group metals (PGMs) in China has significantly increased, with an estimated recovery volume of 30 tons in 2024, driven by the growing recycling of vehicles and electronic waste [3] - The trade deficit for precious metal materials in China is expanding, with imports expected to grow by 11.87% year-on-year to exceed 128 billion USD in 2024 [5] Group 2 - The export structure of precious metals is dominated by unrefined, semi-finished, or powder forms of gold, which accounted for 72% of exports in January-February 2025, with a value of 60.65 million USD [8] - Jewelry and parts made of precious metals or plated with precious metals, along with silver in unrefined, semi-finished, or powder forms, represent significant portions of exports, accounting for 19% and 8% respectively [8]