[Analysis: The long-end pricing anchor has clearly shifted toward the 'growth/AI cycle,' and the market's pricing power for U.S. inflation is rapidly weakening] CITIC Securities released a research report pointing out that while U.S. September CPI year-on-year at 3.7% and PPI year-on-year at 6.3% both exceeded expectations, the reaction of long-end U.S. Treasury yields deteriorated rapidly within 24 hours: After the CPI release on October 14, the 10-year U.S. Treasury yield initially surged by approximately 13 basis points to 5.325%, only to reverse and close lower; following the PPI release on October 15, the 10-year yield rose only slightly by about 2.5 basis points, while the 30-year yield directly declined, and the 10-year yield quickly fell back to around 5.048%. The market's pricing power for inflation is rapidly weakening, and the long-end pricing anchor has clearly shifted toward the 'growth/AI cycle'—its pricing of 'recession' essentially reflects the tail-end risk of the AI capital expenditure cycle downturn, rather than a traditional demand-driven recession, and it can coexist with stagflation. Currently, this remains a left-side exploratory pricing phase and has not yet formed a confirmed trend.