According to reports, CHI SILVER GP (00815) has increased by over 3%, currently up 3.66% at HK$0.85, with a trading volume of HK$56.45 million. Recently, the price of spot silver in London has been on the rise, surpassing US$53 per ounce and reaching a new high. Since the beginning of 2025, silver has appreciated by more than 80%. Industry experts indicate that the recent surge in silver prices is primarily driven by a shortage of physical silver bars due to shifts in refining capacity, along with strong market demand. Huatai Futures believes that silver and gold share a macroeconomic connection; combined with the recovery of industrial demand during the easing cycle and the current tight physical market, the gold-silver ratio is expected to continue narrowing. Silver prices are also anticipated to maintain a fluctuating yet strong trend.