[Analysis: U.S. Treasury Increases Bond Buybacks, Possibly Avoiding Tight Financial Conditions to Protect AI and the Overall Economy] Odaily Planet Daily News: A report by CITIC Securities states that in the A-share market, the ebb and flow between margin financing and ETF funds continues, with the clearing process incomplete but volatility narrowing. The return-driven selling pressure from early bottom-fishing funds may constrain the slope of the rebound. The 10Y U.S. Treasury yield fluctuates at a high level of 4.7%, reflecting dual factors of implied inflation and AI-related debt financing pushing up long-term rates. The U.S. Treasury's increased bond buybacks indicate a policy stance aimed at avoiding excessively tight financial conditions that could harm AI and the broader economy, making the impact of interest rates on equities relatively manageable. Strategically, in a recovery market, there is a clear bottom and a ceiling. While policy support intentions are evident, incremental funds have yet to form a cohesive force, and the characteristics of stock-based competition remain prominent. A stronger catalyst is needed for the index to break upward.