CHI SILVER GP (00815) opened over 6% higher, rising 6.74% to HK$0.475 by press time, with a turnover of HK$282,200. On May 12, it was reported that Peru's state oil company issued a warning last month, stating that due to high international oil prices triggered by the Iran conflict and delayed internal restructuring, the company faces severe risks of fuel reduction or even shutdown without external funding. Analysts from Guoxin Futures noted that this week, resource-rich Peru officially declared an energy crisis emergency decree, authorizing the state oil company to secure a US$2 billion loan to ensure energy supply. The core of this crisis is an explosion in the Camisea natural gas pipeline, leading to restricted industrial natural gas quotas and tight electricity supply. Guoxin Futures analysts pointed out that Peru, as one of the world's top three producers and exporters of copper and silver, accounts for over 10% of global copper and silver production. Silver is the precious metal most directly impacted by the events in Peru. The country's silver is mostly associated with copper mining, meaning energy shortages will simultaneously affect copper and silver output. Currently, silver is already in a tight supply-demand balance with low exchange inventory levels, so any disruptions on the supply side will be sharply amplified.