According to Wallstreetcn, the 10-year U.S. Treasury yield climbed to 5.36% last Wednesday, a 24-year high. Against this backdrop, top global asset managers such as Amundi and Pimco are increasing their exposure to U.S. Treasuries, viewing it as a historic window to lock in long-term fixed returns. Market data shows that, adjusted for inflation expectations, the 10-year U.S. Treasury currently offers a real return of nearly 3%, attracting significant institutional capital. Bloomberg estimates that U.S. government bond funds saw a record net inflow of $59.3 billion in the third quarter of this year, with an additional inflow of nearly $14 billion since October. Institutions believe that although Treasury prices may continue to fall, their valuation is more attractive compared to equities. However, institutional investors remain divided on maturity preferences, and Treasury Secretary Scott Bessent's decision to expand U.S. Treasury buybacks has also disrupted the technical supply and demand dynamics for long-end Treasuries.