China’s Power Generation Expands as Renewables Gain Share
Electricity generation rose 2.2% in 2025, as thermal output declined for the first time in a decade, with strong gains in solar and wind.
China Controls the Solar Supply Chain, But Value Capture Is Becoming Harder
China dominates every stage of solar PV manufacturing, yet export revenues are increasingly exposed to global pricing cycles rather than to volume growth.
Silver’s Structural Deficit Widens as Industrial Demand Surges
Silver supply remains flat while industrial demand—driven by solar and electronics—continues to surge, keeping the market in a deepening structural deficit.