Although there is still some uncertainty in the current 10-year US bond yield, we believe that there is a certain risk of inverted cause and effect in judging US stocks through the changes in US bond yield (we believe that the fall of US bonds may be the result of the rise of US stocks). Therefore, regardless of the uncertainty of US Treasury yields, looking at the fundamental and technical signals, we still prefer to go long stocks. In terms of Hong Kong stocks, from a technical point of view, the daily frequency data shows a reversal signal, but it cannot be verified by the weekly frequency data.