铜产业链周度报告 范玲 期货从业资格号：F0272984 投资咨询资格号：Z0011970 2025-8-22 中航期货 目录 01 报告摘要 03 数据分析 02 多空焦点 04 后市研判 | 逐 | 全 | 美 | 制 | 现 | 风 | 美 | 但 | 份 | 降 | 望 | " | 大， | 体 | 对 | 的 | 加 | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 有 | 尔 | 调 | 月 | 要 | 行 | 不 | 场 | 增 | 4， | 单 | 霍 | 9 | 期 | 纪 | 化 | 下 | 市 | 比 | | | | | | | | | | | | | | ...

Group 1 - Moody's downgraded the U.S. sovereign credit rating from Aaa to Aa1, changing the outlook from "negative" to "stable" [1] - The U.S. federal government debt has exceeded $36 trillion, with $6.5 trillion in bonds maturing in June alone [1] - The fiscal deficit for the first half of FY2025 has surpassed $1.3 trillion, marking the second-highest half-year deficit in history [1] Group 2 - The downgrade has led to a spike in bond yields, with 30-year Treasury yields exceeding 5% and 10-year yields rising above 4.5% [1] - The increase in U.S. borrowing costs is expected to raise global lending rates and exacerbate debt risks in emerging markets [2] - The downgrade reflects long-standing imbalances in U.S. economic governance, with political parties engaging in short-term fiscal policies [3] Group 3 - The U.S. government's reliance on tax cuts and increased spending has led to a projected $4 trillion increase in federal deficits over the next decade if the 2017 Tax Cuts and Jobs Act is extended [3] - The U.S. GDP contracted by 0.3% on a year-over-year basis in Q1, marking the worst quarterly performance since 2022 [3] - The downgrade serves as a reflection of the urgent need for reform in the global governance system, emphasizing the necessity for a multi-polar currency coordination mechanism [4]