[Yuguang Group Update] Yuguang Details Mines: 860K mt Annual Capacity, Lead, Zinc, Copper, Gold Production

In July 2026, China's wire and cable exports were 277,500 mt, down 7.43% MoM and up 6.62% YoY; cumulative exports from January to July 2026 were 1.8464 million mt, up 9.26% YoY on a cumulative basis. Among them, copper wire and cable exports were 133,100 mt, down 10.67% MoM and up 8.51% YoY; cumulative exports from January to July 2026 were 915,800 mt, up 15.44% YoY on a cumulative basis.

US Fed rate suspense escalates again — Warsh's Jackson Hole debut on 8/28 + PCE finale on 8/26. CME showed a 59.9% probability of maintaining rates in September and a 40.1% probability of a 25bp hike. Warsh will make his first appearance at Jackson Hole at 10 a.m. Eastern Time on 8/28 (dubbed the "Warsh debut" by the market). Since taking office, Warsh has adopted a "quieter Fed" strategy (removing forward guidance, not disclosing the dot plot, and shortening the statement), and Goldman Sachs warned that communication ambiguity would exacerbate market fluctuations. July CPI rose 3.4% YoY (cooling for two consecutive months), while core PCE remained elevated (3.7% YoY in June), with inflation having stayed above the 2% target for five years.

US federal debt tops $40 trillion for the first time + 30-year US Treasury yield at 5.27% + Treasury buyback expansion failsThe total US federal debt topped $40.05 trillion for the first time on August 19, and interest expenses this fiscal year are expected to be nearly $1.2 trillion (already exceeding the national defense budget). The 30-year US Treasury yield breached 5.337% intraday on August 18 (a new high since 2007), and pulled back to 5.27% on August 21; the 10-year yield was 4.73%. Treasury Secretary Bessent announced on August 20 that the single auction size of long-term Treasury buybacks would double (from $2 billion to $4 billion), but the intervention only worked for two days, and long-end yields rebounded quickly. Macquarie warned that the demand for cheaper financing may force the US Fed to be dragged into the "financial stability" mandate and even return to easing.