赵建：金融资产集体狂欢，世界发生了什么？

Group 1 - The global asset market is experiencing a significant rally, with various stock markets, including A-shares and others, reaching historical highs, while gold has also seen substantial fluctuations [4][11][12] - The current market environment suggests a potential bubble, drawing comparisons to past financial crises, but the underlying dynamics indicate a shift in asset valuation rather than a straightforward bubble [4][11] - The volatility in gold prices highlights the importance of a long-term allocation strategy rather than short-term trading, as recent fluctuations have exceeded expectations [5][6][9] Group 2 - The A-share market's approach to the 4000-point mark is significant, reflecting a complex interplay of bullish and bearish sentiments, influenced by macroeconomic factors and easing tensions in US-China relations [10][21] - Global asset prices are diverging from macroeconomic fundamentals, raising concerns about a potential crisis of trust in currencies, which is a core issue driving current market dynamics [11][12] - The long-term bullish trend in US equities is linked to a reliance on asset appreciation and the implications of AI advancements, creating a unique economic environment characterized by "no employment prosperity" [14][15] Group 3 - The "Fifteen Five" plan emphasizes high-quality development, aiming to reduce reliance on real estate and finance while fostering new productive capacities in key sectors such as renewable energy and biotechnology [17][18] - The plan indicates a shift in focus towards service industries and innovation, with a clear intention to address structural economic challenges rather than resorting to aggressive stimulus measures [17][20] - The geopolitical landscape, particularly US-China relations and cross-strait dynamics, is expected to influence market sentiment and asset prices, particularly in the context of gold [21]