France's 10-year government bond yield briefly rose to around 4.95%, a new high since 2002, and the spread between French and German bonds widened to over 150 basis points, the first time since late 2011. The CITIC Securities Qian Wei team analyzed that the current pressure on French bonds is driven by a triple overlay of rising global interest rates, France's own fiscal and political risks, and crowded trades, but the possibility of it evolving into a systemic European debt crisis is low. Compared to the crisis period of 2010-2012, the Eurozone's economic fundamentals, banking system resilience, and sovereign debt rescue mechanisms have all significantly improved, and the basis for risk contagion has clearly weakened. French bond risks have already transmitted to US Treasuries, EUR/USD, and the European Central Bank's policy path.