[SMM: Industrial demand and ETF investment demand may support silver prices to fluctuate upward in the medium and long-term] SMM silver analyst Wang Huilin discussed the topic of "Evolution of Silver Supply and Demand and Price Outlook". According to SMM's estimates, with the construction of new silver recycling capacity, the estimated annual production of recycled silver in 2025 has exceeded 5,000 mt. Despite the current technological trends towards silver reduction and substitution, the silver paste consumption per GW of mainstream Topcon solar cells remains at 11-13 mt/GW. Therefore, the estimated silver consumption from domestic solar cell production in 2025 exceeds 6,000 mt. Industrial demand for silver is gradually increasing, with global industrial demand for silver accounting for approximately 62% of total demand in 2025.