On April 8, the market experienced a collective rebound, with the Shanghai Composite Index surging over 100 points, the ChiNext Index rising nearly 6%, and the STAR 50 Index climbing more than 6%. At the close, the Shanghai Composite was up 2.7%, the Shenzhen Component Index gained 4.79%, and the ChiNext Index advanced 5.91%.
By sector, the AI industry chain saw a collective surge, concepts related to computing hardware rose rapidly, the AI application segment performed actively, and the precious metals concept moved higher collectively. On the downside, the oil and gas concept underwent collective adjustment.
More than 5,100 stocks across the market advanced, with 135 hitting the daily limit-up, marking over 100 limit-up stocks for two consecutive days. The trading volume for the Shanghai and Shenzhen markets reached 2.43 trillion yuan, an increase of 820.1 billion yuan from the previous trading session.
From yesterday to today, the A-share market appeared to intentionally "pay tribute" to last year's trend, first probing the bottom, then experiencing broad-based gains.
The rhythm feels familiar, but the difference is: yesterday did not create the deep trough seen last year on "April 7," and today directly saw a sharp recovery, with gains far exceeding those of last year's "April 8," accelerating the pace of the rise.
Wind data showed that by the close, the Shanghai Composite Index posted a long-awaited "100-point surge," approaching the 4,000-point level.
Regarding individual stocks, a total of 5,174 stocks across the market closed higher, surpassing the 5,136 seen on March 24, making it the best-performing day of the year so far.
This is clearly because: Previous declines have reached their limit, today's optimistic sentiment is in place, and incremental funds have also arrived.
Wind data indicated that since peaking in late February, the average price of all A-shares reached its maximum drawdown on March 23 at 13.8%; starting from March 23, this indicator has been slowly recovering overall. Including today's 4.87% gain, the maximum increase has exceeded 9%. To return to the year's peak, a further rebound of about 6% is still needed.
As mentioned earlier, today was another day favorable for a rebound in all aspects.
According to morning media reports, US President Trump stated on Tuesday that he had agreed to a two-week ceasefire agreement with Iran. Less than 12 hours prior, he had issued an ultimatum to Tehran described as "civilization-destroying."
Iranian Foreign Minister Araghchi stated that if attacks cease, ships could safely pass through the Strait of Hormuz in the next two weeks.
Mainstream market views believe that despite ongoing "noise" in news flow, the short-term ceasefire provides a welcome signal of easing tensions for global markets. For A-shares, it is not impossible to experience a recovery trend similar to the same period last year.
However, some analysts pointed out that whether the market rebound can be sustained depends on when shipping through the Strait of Hormuz can return to normal. High oil prices remain a major downside risk for the global economy, especially in Asia, as many of these economies are highly dependent on crude oil imports from the Middle East. Additionally, it might still be too early to believe in a "permanent peace" narrative.
Coupled with northbound capital inflows, the first significant bullish candlestick with increased volume has appeared. For the majority of investors, a substantial recovery is undoubtedly positive; after the initial broad-based rebound, identifying which sectors can emerge as new market leaders will be a key focus going forward.
Generally, selecting those with "inherently healthy trends" or those that were "oversold previously and are now recovering with volume at the bottom" are viable strategies.
In today's market session, several major directions are considered noteworthy. Of course, they are all familiar faces.
(1) Technology The AI application direction saw the largest gains, but the computing power industry chain should not be underestimated.
Looking ahead to 2026, market participants stated that multimodal AI will remain the core development focus, on one hand continuously breaking modal boundaries and enhancing complex reasoning and content creation capabilities; on the other hand, penetrating vertically into industries with lightweight solutions, coupled with improvements in copyright compliance and security systems, laying a more certain environment for large-scale commercial adoption.
Western Securities pointed out that CPO, driven by industry leaders, is accelerating commercialization, with the industry innovating on various technical routes like LPO, NPO, and XPO. Currently in the early stages of industrial acceleration, the next three years represent a core observation window for rapid CPO industry penetration rate increases and the gradual establishment of supply chain patterns and value division within the产业链.
(2) Precious Metals The sharp drop in oil prices also provided liquidity to the precious metals market, triggering a rebound in gold and silver prices.
The latest data from the People's Bank of China showed that as of the end of March 2026, gold reserves stood at 74.38 million ounces, an increase of 160,000 ounces from the end of the previous month. This marks the first time since March 2025 that the monthly increase exceeded 100,000 ounces, and also represents the 17th consecutive month of gold purchases by the central bank.
Data from the World Gold Council also showed that in the first quarter of 2026, global central banks' net gold purchases reached 215 tonnes, continuing the long-term net buying trend.
MinSheng Securities believes that against the macro narrative of global currency oversupply, weakening US dollar credibility, escalating geopolitical tensions, and rising potential risks of secondary inflation in the US, continued gold purchases by global central banks further strengthen gold's safe-haven value and preservation function, suggesting significant room for future gold price appreciation.
(3) Major Financial Sectors like Brokers and Insurance From a valuation perspective, Wind data showed that the non-bank financial sector had fallen for eight consecutive weeks previously. As of April 7, the price-to-book ratio of the broker sector was approximately 1.2 times, showing distinct characteristics of high profitability and low valuation.
On the news front, the latest data from the Shanghai Stock Exchange showed that in March of this year, the number of new A-share accounts opened in the Shanghai market exceeded 4.6 million, a month-on-month increase of 82.38% and a year-on-year increase of 50.10%. In the first quarter, the cumulative number of new A-share accounts opened in the Shanghai market reached 12.0402 million, a year-on-year increase of 61.15%.
Some institutions believe that previously affected by trading factors and others, the valuation center of the broker sector underwent continuous adjustment. Currently, compared horizontally with international investment banks and vertically with other A-share industries, the broker sector's valuation has adjusted to a fair level. The sector's adjustment is nearing its end, and there is optimism regarding subsequent catch-up opportunities for the broker sector.
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