21st Century Business Herald Reporter Yi Yanjun
News of easing tensions in the Middle East quickly ignited market sentiment.
On April 8, the four major indices of A-shares rebounded strongly. The SSE Index closed up 2.69%, approaching the 4,000-point mark, while the ChiNext Index, STAR Market Composite Index, and Shenzhen Component Index surged 5.91%, 5.64%, and 4.79%, respectively. The total trading volume of A-shares was approximately 2.45 trillion yuan, an increase of over 827 billion yuan compared to April 7.
The AI industry chain collectively exploded, with Kimi, semiconductor equipment, optical modules (CPO), HBM (high bandwidth memory), virtual humans, IDC (computing power leasing), and the AI computing power index all rising over 7%, leading the Wind popular concept indices.
Institutions expect that as the U.S.-Iran conflict enters a negotiation phase, the market will gradually price in the &#34;possibility of successful negotiations,&#34; and the market will return to normal, initiating a recovery trend. Some institutions also warned that a short ceasefire period means there will still be disturbances and uncertainties in late April.
On April 8, A-shares surged with increased volume. In terms of industry sectors, the Wind Internet, precious metals, cultural media, electronic components, engineering machinery, and computer hardware indices rose by 8.4%, 7.61%, 7.41%, 6.98%, 6.96%, and 6.6%, respectively, ranking among the top in the Wind China industry indices.
A total of 135 individual stocks in the market hit the daily limit, covering the AI industry chain and precious metals concepts.
The cooling of the U.S.-Iran conflict is the direct catalyst for the rapid reversal of sentiment in the A-share market. According to Xinhua News Agency, the United States and Iran announced a ceasefire and initiated a two-week negotiation period on the morning of April 8 Beijing time (evening of April 7 Eastern Time).
&#34;The market surged on April 8, mainly influenced by the two-week ceasefire and negotiations between the U.S. and Iran. The phased easing of tensions in the Middle East and the sharp drop in oil prices have jointly improved risk appetite and liquidity expectations. During the subsequent 15 days of formal negotiations, the market is expected to enter a rebound and recovery window,&#34; said Jiang Yudong, a researcher at Penghua Fund Research Department.
Jiang Yudong expects that as the U.S. and Iran enter the negotiation phase, the market will gradually price in the &#34;possibility of successful negotiations,&#34; and the market will return to normal, initiating a recovery trend.
Jiang Yudong suggests that after the phase of pure risk appetite and liquidity shocks has passed, short-term investors can look for quality assets that have been &#34;wronged&#34; due to emotional inertia during this round of conflict. In the medium term, focus should continue on sectors with certain prosperity, which can be concentrated in: AI (domestic semiconductor computing power, PCB), advanced manufacturing (new energy, military industry), cycles (non-ferrous metals, chemicals, fiberglass), service consumption &amp; new consumption (retail, jewelry, pet economy), and non-bank sectors.
Some institutions also warned that a short ceasefire period means there will still be disturbances and uncertainties in late April.
&#34;From the recent market's reaction to new developments in geopolitical conflicts, the market is gradually becoming desensitized to progress in geopolitical and military conflicts. However, considering that military actions by the U.S. and Israel are still ongoing, further market fluctuations due to additional military conflicts cannot be ruled out,&#34; said a representative from China Europe Fund
The individual pointed out that if oil prices continue to remain at a high level, then under the concerns of stagflation, global assets may further compress risk appetite. Although the AI wave is still ongoing, the trend of growth themes may weaken. This means that the market's rebound is unlikely to happen all at once, and the market's trending behavior depends on the resonance of capital and fundamental expectations, so opportunities to enhance the aggressiveness of the portfolio can be sought in subsequent fluctuations.
Additionally, currently, institutions still have a positive outlook on the medium to long-term trend of A-shares. Haitong International emphasized that against the backdrop of the reconstruction of the international order, asset pricing is shifting from efficiency premium to safety premium. China's hard-core assets will usher in a systemic market for several years.
It is worth mentioning that under the continuous fluctuations of the A-share market, the enthusiasm for institutional research remains high.
According to Wind statistics, in the first quarter of this year, over 1,300 listed companies received institutional research.
Among them, the number of institutions researching DaJin Heavy Industry, DongPeng Beverage, Mindray Medical, HuaQin Technology, TianShun Wind Power, JingZhiDa, HaiTian RuiSheng, SanHua Intelligent Control, JinPan Technology, LanQi Technology, Aobi Zhongguang-UW, BaiJi ShenZhou-U, YingTang Intelligent Control, and China Resources Microelectronics all exceeded 250.
DaJin Heavy Industry, DongPeng Beverage, and Mindray Medical are the three most valued companies, receiving research from 394, 361, and 356 institutions, respectively.
In addition, Qilun Technology, ShenNan Circuit, XiangYu Medical, ShunLuo Electronics, NaiPu Mining Machinery, and NengKe Technology received considerable institutional attention, with the number of institutions researching these companies in the range of 200 to 242 in the first quarter.
In the first quarter, the number of institutions researching DiKe Co., ShengHong Technology, AiPeng Medical, YuanJie Technology, ZhongJi XuChuang, ChaoJie Co., MaiWei Bio-U, and JingKe Energy all exceeded 180 (but did not reach 200).
Zeng Fangfang, who operates public fund products at Paipai Network, analyzed for reporters that companies receiving concentrated institutional attention typically possess the following significant characteristics: First, high industry prosperity, such as being in sectors like AI computing power, energy storage, and high-end manufacturing that are in an upward cycle. Second, strong performance certainty, with stable revenue and net profit growth, ample cash flow, and relatively controllable operational risks. Third, deep competitive barriers, possessing core technology moats, often being &#34;invisible champions&#34; in niche fields with leading market shares. Fourth, adherence to global layout, possessing outstanding overseas capabilities, high overseas revenue proportion, and deep participation in global market competition.
Overall, in the first quarter of this year, the companies that institutions focused on for research covered sectors such as heavy electrical equipment, healthcare equipment, computer hardware, electronic devices and instruments, application software, industrial machinery, electronic components, integrated circuits, and photovoltaic equipment.
In Zeng Fangfang's view, in the first quarter of 2026, institutional research showed clear structural characteristics, core around &#34;hard technology&#34; and &#34;globalization.&#34; On one hand, funds are highly concentrated in fields of &#34;new productive forces&#34; such as AI computing power, semiconductors, and grid equipment, showing continued optimism for high-prosperity tracks. At the same time, research strategies are shifting towards precise &#34;deep digging,&#34; focusing on leading enterprises in niche industries. On the other hand, institutions are more pragmatically verifying the performance realization capabilities of enterprises to avoid pure concept speculation
Among the stocks that have been intensively researched by institutions, there are several companies with significant price increases in the first quarter. For example, TianShun Wind Power, Qilun Technology, and DaJin Heavy Industry rose by 62.24%, 39.85%, and 34.22% respectively in the first quarter.
Ceng Fangfang believes that the research routes of institutions provide investors with important observation perspectives and suggests rational reference. For instance, attention can be paid to high-prosperity main lines favored by institutions, such as computing power and overseas manufacturing, while being cautious about sectors lacking performance support. When selecting stocks, priority should be given to high-quality companies with technological barriers, high market share, and sustained performance. &#34;Research enthusiasm does not equal a signal for stock price increases; one must be wary of the risk of 'hot research, cold performance' or pullbacks after good news is realized. For quality targets that are optimistic, a strategy of phased layout and long-term holding should be adopted to avoid blindly chasing high prices,&#34; Ceng Fangfang reminded

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A-shares rebounded strongly on April 8, with the SSE Index rising by 2.69% and a trading volume of 2.45 trillion yuan. Market sentiment warmed due to news of a ceasefire between the U.S. and Iran, with sectors such as the AI industry chain performing prominently. Institutions expect that as negotiations unfold, the market will gradually return to normal and initiate a recovery trend. In the short term, attention can be paid to quality assets that have been mistakenly sold off, while in the medium term, focus should be on sectors with certain prosperity

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A-shares surged with increased volume, where do institutions see opportunities in the future?