Huatai Securities' analysis reveals that the photovoltaic industry chain is grappling with profitability challenges, exacerbated by escalating global silver prices. This scenario has positioned silver paste as a pivotal cost-reduction factor in photovoltaic cell production. As the industrialization of base metal substitution technologies, including silver-coated copper paste, electroplated copper, and copper paste, accelerates, it is anticipated that prominent integrated module companies will spearhead the mass production introduction of new paste types from the second half of 2025 to the first quarter of 2026. This initiative is poised to catalyze technological advancements within the industry chain. By 2027, the global market for these novel paste types is projected to achieve 10.5 billion yuan, exhibiting a robust compound annual growth rate (CAGR) of 124% from 2025 to 2027. Leading paste enterprises, armed with extensive technological reserves and in collaboration with downstream integrated module leaders, are anticipated to bolster their market share through a strategic approach of "system solutions + customized support".