Fitch May Downgrade US AAA Rating, But Debt Default Probability Is Very Low

On September 9, the World Platinum Investment Council (WPIC) released its Q2 2026 platinum report and updated its full-year 2026 forecast. The report shows that the platinum market posted a quarterly surplus for the second consecutive quarter in Q2, at 8 mt. Total supply was basically flat YoY at 59 mt (+1%); total demand fell 16% YoY (-10 mt) to 52 mt. Platinum ETF outflows of 7 mt led to net investment disinvestment of 4 mt.

Chengtun Mining announced in an evening filing that its subsidiary Sichuan Shengfengyuan Mining Co., Ltd. plans to acquire 65% equity in Tibet Haiteng Industrial Co., Ltd. (hereinafter referred to as "Tibet Haiteng Industrial") held by Liu Zongjun for 708.5 million yuan. Upon completion of the transaction, Tibet Haiteng Industrial will become a controlled subsidiary of the company and be included in the company's consolidated financial statements. According to the announcement, Tibet Haiteng Industrial holds the exploration right for the "Bagala (East) Lead-Zinc Mine Exploration in Mozhugongka County and Linzhou County, Lhasa, Tibet." The right was first established in 2003 and has undergone multiple renewals and changes. The new license was issued on August 28, 2026, with a validity period from July 28, 2026 to July 27, 2031, covering an exploration area of 42.0668 square kilometers. According to the exploration report issued by the Northwest Geological Exploration Institute of China Metallurgical Geology Bureau on September 30, 2025, in addition to lead and zinc resources, the identified silver metal content has reached the standard for a large-scale silver mine in China. The company stated: The silver metal content of the silver-lead-zinc mine to be acquired has reached the scale of a large deposit, while lead and zinc are both medium-sized deposits. The grades of silver, lead, and zinc are moderate, and the ore quality is relatively good. Upon completion of the acquisition, the company's resource ownership of silver, lead, zinc, and other metals will be effectively increased, further optimizing the company's mineral resource portfolio, expanding future development space, and enhancing core competitiveness and risk resilience. The acquisition aligns with the company's long-term development strategy, is conducive to consolidating the company's comprehensive competitive strength in the non-ferrous metals mining sector, and serves the long-term and overall interests of the company and all shareholders.