Hong Kong Stock Concept Tracking|US Treasury 20-Year Treasury Bond Auction Results Are Poor, Gold Market Risk Appreciation Is Recovering (with Concept Stocks)

At the end of the New York session on Thursday, the yield on the US 10-year benchmark treasury bond rose 11.16 basis points to 4.5985%, and continued to fluctuate upward throughout the day. Overall trading was in the 4.4711%-4.6025% range. At 01:00 Beijing time, when the US Treasury revealed the results of the 20-year US bond bid, a short wave of significant upward trend began, rising above the 4.6% mark for the first time since February 13.

The 20-year US Treasury yield rose 13.21 basis points to a new high of 5.1247% — approaching the top 5.2838% on November 1, 2023, and 5.3838% on October 23 of that year.

Bloomberg data shows that the latter is the highest in history in 2020; the 30-year US Treasury yield rose 12.27 basis points to 5.0923%, reaching 5.0955% at 01:31, also approaching the top 5.1764% on October 23, 2023, 5.4376% on June 13, 2007, and the top 6% on June 27, 2000.

The Zhitong Finance App learned that as investors' concerns about US fiscal sustainability heated up, long-term US bonds were violently sold off, and the yield on 30-year treasury bonds rose above 5% again, heightening concerns about rising future financing costs and triggering a chain reaction in the market. On Wednesday, the US stock market suffered a severe setback. The three major indices recorded their worst single-day performance in a month, and market sentiment was hit hard by the bond market.

A recent research report by Fangzheng Securities pointed out that from a medium- to long-term perspective, against the backdrop of declining US dollar credit, the start of the Federal Reserve's interest rate cut cycle, and central banks around the world continuing to increase their purchases, gold is expected to continue to maintain a long-term upward trend after short-term adjustments.

Huatai Securities believes that easing tariff policies have exceeded expectations and led to a recovery in market risk appetite, putting pressure on the safe-haven nature of precious metals. In the short term, uncertainty in global trade policies and global central bank purchases support gold prices, showing an overall pattern where it is easy to rise and fall; in the medium to long term, in the context of global tariff policies and geopolitical uncertainty, safe-haven and stagflation transactions are still the core of gold trading, and the long-term allocation value has not changed.

Hong Kong stocks related to gold and precious metals:

Zijin Mining (02899), Shandong Gold (01787), Zhaojin Mining (01818), Lingbao Gold (03330), China Gold International (02099), Wanguo Gold Group (03939), Laopu Gold (06181), Jihai Resources (02489), etc.