白银：新一代金属

ABOUT OXFORD ECONOMICS Oxford Economics was founded in 1981 as acommercial venture with Oxford University’s businesscollege to provide economic forecasting and modelling toUK companies and financial institutionsexpanding abroad. Since then, we have become one of the world’s foremost independent globaladvisory firms, providing reports, forecasts,and analytical tools onmore than200 countries,100industries,and8,000 citiesand regions. Our best-in-class global economic and industry modelsand analytical tools give us an unparalleled ability to forecast external market trends andassess theireconomic, social,and business impact. Headquartered in Oxford, England, with regional centres in New York, London, Frankfurt, and Singapore,OxfordEconomics has offices across the globe inAbu Dhabi, Belfast, Chicago, Dubai, Dublin, HongKong, Los Angeles, Mexico City, Milan, Paarl, Paris, Philadelphia, Sydney, Tokyo, and Toronto. We employ700 staff, including more than450professional economists, industry experts, and business editors—oneof the largest teams of macroeconomists and thought leadership specialists. Our global team is highlyskilled in a full range of research techniques and thought leadership capabilities from econometricmodelling, scenario framing, and economic impact analysis to market surveys, case studies, expertpanels, and web analytics. Oxford Economics is a key adviser to corporate, financial,and government decision-makers andthought leaders. Our worldwide client base now comprises over2,500 international organisations,including leading multinational companies and financial institutions; key government bodies and tradeassociations; and top universities, consultancies, and think tanks. November2025 All data shown in tables and chartsareOxford Economics’ own data, except where otherwise statedand cited in footnotes, andarecopyright © Oxford Economics Ltd. The modelling and results presented here arebasedoninformation provided by third parties, uponwhich Oxford Economics has relied in producing its report and forecasts in good faith.Anysubsequent revision or update of those data will affect the assessments and projections shown. To discuss the report further please contact: Andy Logan:alogan@oxfordeconomics.com Disclaimer and Copyright This report is not to be construed as a solicitation or an offer to buy or sell silver or related products,securities, or related investments, and nor does it constitute advice in relation to the buying or sellingof the same. You must obtain professionalor specialist investment advice before taking, or refrainingfrom, any action related to the content of this press release. This report may contain forward-looking statements that are subject to risks and uncertainties.Forward-looking statements are based on information and assumptions that the Silver Institute andOxford Economics had when those statements were made or theirgood faith belief as of that timewith respect to future events. Forward-looking statements are subject to risks and uncertainties thatcould cause actual performance or results to differ materially from those in or suggested by theforward-looking statements. Except as required by law, the Silver Institute and Oxford Economicsundertake no obligation to update publicly any forward-looking statements after the date of thisreport or to conform these statements to actual results. While consideration has beentaken inpreparing the information published in this report, the content is provided without any guarantees,conditions, or warranties as to its accuracy, completeness, or reliability. This report is published by and remains the joint copyright of the Silver Institute and OxfordEconomics. It is published only for informational purposes. TABLE OF CONTENTS ExecutiveSummary..............................................................................................................................4Introduction...............................................................................................................................................61. Solar Photovoltaics..........................................................................................................................71.1Relevance of silvers properties for use in application....................................................71.2Silver loading/demand..................................................................................................................71.3Expected future silver demand.................................................................................................81.4Impact of government policy and technological advancements.................................92. Automotiveandelectricvehicles.............................................................................................122.1Relevance of silvers properties for use in application.................................................122.2Silver loading/demand................................................