Group 1 - The current bull market is perceived by some as lacking a fundamental basis, being more of a liquidity-driven phenomenon, but this view may overlook significant macroeconomic changes that have occurred [2][3] - The acceleration of the stock market has not aligned with the most favorable macroeconomic conditions, suggesting a disconnect between market performance and underlying economic indicators [3][11] - The concept of "funds moving" is discussed, indicating a shift in residents' investment assets towards stocks, but this transition is more about internal reallocations within non-bank deposits rather than a direct switch from savings to investments [7][9] Group 2 - The narrative around "excess savings" suggests that these funds are likely to enter the market, but this is based on a flawed assumption that residents will significantly increase their investment asset allocation [8][9] - The relationship between the capital market and the real economy is complex, with the potential for the bull market to act as a catalyst for economic improvement, despite current weak fundamentals [13][15] - The real estate sector is highlighted as a critical area of concern, with ongoing issues such as population aging and inventory levels, which may not necessarily lead to a decline in property prices if other factors like interest rates and supply dynamics are favorable [14][15] Group 3 - The market's current optimism may not be sustainable, as the divergence between market performance and economic fundamentals could lead to a correction when the underlying risks become apparent [11][12] - Observations of global market stability and internal economic risks are crucial for understanding the potential for future market movements, with a focus on whether policy responses will maintain a supportive environment [17] - The potential for bubble-like conditions to develop in the market is a concern, as any signs of overheating could prompt corrective actions from authorities, impacting market dynamics [17]