U.S. Treasury yields continue to rise, and institutions seek more fulcrums for asset allocation.

"Rising bond yields have replaced the AI bubble as the biggest risk in investors' eyes." This is according to Bank of America Merrill Lynch's recently released global and Asian fund manager survey. Recently, the 10-year U.S. Treasury yield broke through 5%, the 30-year U.S. Treasury yield rose to a multi-year high, and bond market volatility increased markedly. At the same time, some global funds ended their long-term underweight positions in Chinese stocks, and new changes emerged in cross-market allocation. After reviewing the views of major investment institutions and interviewing some institutional figures, reporters found that institutions are placing greater emphasis on bond maturity selection and asset allocation diversification when building portfolios. How to find a balance between obtaining returns and controlling volatility has become a key factor in this round of asset repricing.