On October 18th, CITIC Securities released a research report indicating that both the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data for September surpassed expectations. However, the long-end yields of U.S. Treasury bonds responded with a swift decline. Following the CPI announcement on October 14th, the 10-year U.S. Treasury yield initially rose before falling. After the PPI announcement on the 15th, the 10-year yield saw only a marginal increase, while the 30-year yield directly decreased. Subsequently, the 10-year yield quickly reverted to approximately 5.048%. CITIC Securities posits that the market's ability to influence inflation pricing is rapidly diminishing, and the long-end pricing anchor has clearly shifted towards the 'growth/AI cycle.' The core of its pricing for a 'recession' lies in the tail risk associated with a downward AI capital expenditure cycle. This differs from traditional demand-driven recessions and can coexist with stagflation. Currently, this pricing remains a tentative, left-side assessment without forming a definitive trend. In the short term, the U.S. stock market may continue to experience sector rotation, with capital shifting away from AI-themed investments towards energy, daily consumption, and healthcare sectors. The Hong Kong stock market may benefit from a reversal in overseas AI hardware trading and potential fund reallocation due to the possibility of Indonesia being removed from the MSCI Emerging Markets Index.