三大市场同涨？别被魔幻景象骗了 —— 有的在破晓，有的在赴最后的盛宴

Group 1 - The current market situation shows a simultaneous rise in A-shares, U.S. stocks, and Chinese bonds, which is unusual as these markets typically move in opposite directions [1][5] - A-shares are experiencing a rise characterized as a "dawn," indicating a buildup of momentum and increased market activity, with valuations still at historical lows and clear signals from policies to activate the market [2][5] - U.S. stocks are described as a "final feast," with high valuations and reliance on Federal Reserve support, suggesting that the current highs may be unsustainable and could lead to significant declines when the support is withdrawn [3][5] Group 2 - Chinese bonds, particularly high-dividend and bank stocks, are rising due to a flight to safety amid economic uncertainty, with investors seeking stable returns, but this rise lacks fundamental strength [4][5] - The simultaneous rise in these markets is seen as a temporary coincidence, with A-shares beginning to recover while U.S. stocks have not yet fully declined, indicating a potential shift in market dynamics [5][6] - The future trajectory suggests that if A-shares stabilize and rise further, capital may flow out of U.S. stocks and bonds into A-shares, leading to a significant market transformation [5][6]