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Long-term U.S. Treasury yields continue to rise; the biggest pain may not be today's stock prices, but next year's balance sheets. After the 30-year Treasury yield surged to its highest level since 2004, the market is still debating "when it will peak." But the real issue companies face is more practical: the low-interest debt borrowed in recent years is now entering the refinancing window one after another. When old debt matures, interest rates may jump from 3% directly to 6%, and interest expenses will gradually eat into profits, forcing buybacks, mergers, and expansion budgets to be rescheduled. This process won't be as shocking as a flash crash but will last a long time. Especially for companies with average cash flow that rely on external financing, valuations may not collapse first, but operational choices will narrow first. The longer high interest rates persist, the more the market will shift from "telling growth stories" to "checking interest coverage ratios." So, I’m less worried about a single yield spike and more concerned that investors are still pricing companies with the yardstick of the zero-interest-rate era. Rising financing costs will eventually have to be paid by someone. #美债长端利率持续攀升，融资压力升温