[Long-Term Bond Yields Remain Elevated, U.S. Treasury May Adjust Debt Issuance Maturity to Ease Market Pressure] According to a report by Jinse Finance, during two long-term bond auctions in October, the U.S. Treasury fully utilized the $6 billion buyback cap twice, yet it still struggled to curb the rise in long-term yields. After the 30-year U.S. Treasury yield surpassed 5.6%, the Treasury plans to reduce the auction size of coupon bonds with maturities over 10 years and allocate more new financing to short-term Treasury bills. Several research institutions believe that unless investment in artificial intelligence (AI) and corporate financing demand cools significantly, the supply-demand pressure on U.S. long-term bonds will be difficult to alleviate, and elevated long-term bond yields may become the new normal in the future. Currently, U.S. AI infrastructure investment continues to surge. The latest 10-Q report submitted by NVIDIA to the U.S. Securities and Exchange Commission (SEC) shows that its off-balance-sheet guarantee amount increased by over 180% in a single quarter.