Silver hit a record high of $64, with a 120% increase during the year, far exceeding gold. The short-term dovishness of the Federal Reserve, ETF capital inflows, and tight inventories resonate to push up prices; long-term demand in the three major fields of photovoltaics, electric vehicles, and AI data centers provides solid support. It is recommended that speculators control their positions, and those who are stable will wait until the allocation is adjusted back to 50-55 US dollars, and long-term fixed investment accounts for 10%-15%.