Geopolitical tensions are escalating, boosting market risk aversion. Against the backdrop of potential escalation in the US-China conflict, investors are adjusting their asset allocations, shifting from risk assets to safer bond markets for protection. This shift directly pushed down US Treasury yields, especially long-term government bond products like TLT and other safe-haven instruments performed strongly. When the market is filled with uncertainty, higher yields are less attractive to risk-averse investors, instead prompting capital to flow into government bonds with lower yields but smaller risks.