On April 7th, the A-share market showed a fluctuating rebound trend, with significant differentiation in market styles. The small and mid-cap broad-based indices led the gains across the board, becoming the core driving force of this round of market performance. By the close, the CSI 2000 Index surged 1.4%, the ChiNext Mid Cap 200 Index rose 1.0%, the CSI 1000 Index increased by 0.9%, the CSI 500 Index was up 0.5%, the STAR 100 Index gained 0.2%, and the elasticity of small and mid-cap growth targets was highlighted, with the market's profit-making effect continuing to recover.
In terms of institutional views, CITIC Securities pointed out in its report &#34;2026 A-share Q2 Strategy: Style Rebalancing, Small and Mid-Cap Value Reassessment&#34; that the current A-share market is in a stage of style rebalancing, with large-cap valuation repair and small and mid-cap performance realization. As the earnings disclosure period for the first quarter approaches, small and mid-cap companies, benefiting from high prosperity in segmented tracks, high growth rates, and valuation cost-effectiveness advantages, will welcome continuous capital inflows and value reassessment.
From the perspective of index characteristics and investment layout (data source: Wind, as of April 7, 2026):
CSI 2000 Index (CSI 2000 ETF E Fund 159532): Up 1.4% today, rolling price-to-earnings ratio of 150.5 times, released on August 7, 2023. The index consists of 2,000 stocks that are smaller in scale and have good liquidity, excluding the CSI 1000 samples, focusing on micro-cap stocks in A-shares, fully covering 11 primary industries, with the most prominent growth attributes.
CSI 1000 Index (CSI 1000 ETF E Fund 159633): Up 0.9% today, rolling price-to-earnings ratio of 46.2 times, with a valuation percentile of 63.8% since 2014. The index is composed of 1,000 stocks that are smaller in scale and have good liquidity, excluding the CSI 800 samples, reflecting the overall performance of small and mid-cap companies in A-shares.
CSI 500 Index (CSI 500 ETF E Fund 510580): Up 0.5% today, rolling price-to-earnings ratio of 34.3 times, with a valuation percentile of 65.0% since 2007. The index consists of 500 stocks after excluding the top 300 by total market capitalization from the Shanghai and Shenzhen 300, fully covering 11 primary industries.
STAR 100 Index (STAR 100 ETF E Fund 588210): Up 0.2% today, rolling price-to-earnings ratio of 122.4 times, released on August 7, 2023. The index is composed of 100 stocks with medium market capitalization and good liquidity from the STAR Market, focusing on small and medium-sized technology enterprises, with hard technology industries such as electronics, power equipment, and pharmaceuticals accounting for over 75%.
ChiNext Mid Cap 200 Index (ChiNext 200 ETF E Fund 159572): Up 1.0% today, rolling price-to-earnings ratio of 96.3 times, released on November 15, 2023. The index consists of 200 stocks with medium market capitalization and good liquidity from the ChiNext, reflecting the overall performance of representative companies in the ChiNext, with the information technology sector accounting for over 40%
E Fund's small and mid-cap broad-based series ETFs all implement a low fee strategy of 0.2% per year (management fee + custody fee), with the E Fund CSI 2000 ETF (159532) tracking the CSI 2000 Index.
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Risk Warning: Funds have risks, and investment should be cautious

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On April 7th, the A-share market experienced a volatile rebound, with small and mid-cap stocks performing prominently, becoming the core driving force of the market. The CSI 2000 Index rose by 1.4%, and the ChiNext Mid Cap 200 Index increased by 1.0%. CITIC Securities pointed out that the A-shares are currently in a stage of large-cap valuation repair and small and mid-cap performance realization, and it is expected that small and mid-cap companies will welcome capital inflows and value reassessment

A-shares fluctuate and rebound, with small-cap stocks leading the rise