Violent rebound — this scene feels familiar! The Shanghai Composite Index surges by hundreds of points, with the number of gainers across all A-shares reaching a new high for the year.

April 8, the market collectively rebounded, with the SSE Composite Index rallying for a gain of more than 100 points on a long bullish candle, while the ChiNext Index rose nearly 6% and the STAR 50 Index rose more than 6%. By the close, the SSE Composite Index was up 2.7%, the Shenzhen Component was up 4.79%, and the ChiNext Index was up 5.91%.

In terms of sectors, the AI industry chain saw a collective surge. The compute power hardware concept quickly jumped, AI application-side performance was active, and precious metals concepts rose across the board. On the downside, the oil and gas concepts all adjusted downward.

Across the entire market, more than 5,100 stocks rose, including 135 stocks that hit the daily trading limit, with over 100 stocks hitting limit-up for two consecutive days. The combined trading value of the Shanghai and Shenzhen markets totaled 2.43 trillion yuan, up 820.1 billion yuan from the previous trading day, with an increase in volume.

From yesterday to today, the A-share market seems to have intended to “pay tribute” to last year’s performance—first probing the lows, then broad-based gains.

The rhythm feels familiar, but the difference is: yesterday didn’t even smash the deep pit of last year’s “4·7,” and today went straight into a violent repair. The gain was far higher than last year’s “4·8,” accelerating the pace of the rally.

Data shows that by the close, the SSE Composite Index delivered the long-awaited “100-point long bullish candle,” edging toward the 4,000-point mark.

On the individual stock front, a total of 5,174 stocks across the whole market closed higher, exceeding the 5,136 stocks on March 24, becoming the best day of the year in terms of performance.

This is clearly because:

The prior drawdown has already been worked through, today’s optimism is in place, and incremental capital is also in place.

Data shows that since the A-share market topped at the end of February, the average price of all A shares reached the largest drawdown on March 23 at 13.8%. From March 23 onward, this indicator has generally been slowly recovering. Adding today’s 4.87% gain, the maximum rebound exceeds 9%. And to return to the peak levels of the year, it still needs to continue rebounding by about 6%.

As mentioned earlier, today is also a day that is favorable for a rebound across multiple dimensions.

According to early reporting from the media, U.S. President Trump said on Tuesday that he has agreed to a two-week ceasefire agreement with Iran. And in the less-than-12 hours before that, he had also issued a “destroy civilization”-style final ultimatum to Tehran.

Iran’s foreign minister, Araghchi, said that if attacks stop, ships can pass safely through the Strait of Hormuz in the next two weeks.

The mainstream view in the market is that even if there is still “noise” on the news front, the ceasefire in the short term brings a welcome signal of easing global market tensions. For A shares, it is certainly possible to see a period of repair action similar to the same period last year.

However, some analysts also pointed out that whether the market rebound can be sustained depends on when shipping through the Strait of Hormuz can return to normal. Elevated oil prices remain a major downside risk facing the global economy, especially Asian economies, because many of those economies rely heavily on Middle East crude oil imports. At the same time, it may be too early to start believing the story of “permanent peace.”

With Northbound capital also entering, the first high-volume big bullish candle has already appeared. For the broad base of retail investors, getting back a large portion of losses is undoubtedly a good thing. After experiencing an initial broad-based rebound, which directions can stand out and become the new market core is the focus to watch next.

Generally speaking, choosing those whose “trend was healthy to begin with,” or those with “severe prior overselling and bottoming repair with high turnover,” are both viable approaches.

And today’s trading tape, we believe there are several directions worth paying attention to. Of course, they are familiar faces.

(1) Technology

AI application-side has the biggest rise, but the compute power industry chain is also not to be underestimated.

Looking ahead to 2026, market participants say that multimodal will remain the core development main line for AI. On the one hand, it will continue to push beyond multimodal boundaries and improve capabilities for complex reasoning and content creation; on the other hand, it will penetrate vertically focused industries in a lightweight manner. Combined with better copyright compliance and the advancement of safety systems, this will provide a more certain environment for large-scale commercial deployment.

CICC Western Securities said that, driven by industry leaders and others, CPO is accelerating toward commercialization, and the industry is innovating across multiple technical routes such as LPO, NPO, and XPO. With the industry now in the early stage of acceleration, the next three years are the core observation window for CPO’s penetration rate to rise rapidly and for the supply-chain landscape and the division of value across the industry chain to be gradually formed.

(2) Precious metals

A sharp drop in oil prices also provides liquidity to the precious metals market, triggering a rebound in gold and silver prices.

The latest data released by the People’s Bank of China shows that as of the end of March 2026, gold reserves were 74.38 million ounces, up by 0.16 million ounces from the end of the previous month. This is the first time since March 2025 that the monthly net increase exceeded 100,000 ounces. It is also the central bank’s 17th consecutive month of increasing its gold holdings.

Data from the World Gold Council also shows that in the first quarter of 2026, global central banks’ net gold purchases reached 215 tons, continuing the long-term net buying trend.

Minsheng Securities believes that under the macro narrative of global monetary over-issuance, weakening U.S. dollar credit, rising geopolitical tensions, and increasing potential risks of a second round of inflation in the U.S., continued gold purchases by global central banks further strengthen gold’s value as a safe haven and its ability to preserve value. The upside space for gold prices in the future is still substantial.

(3) Big finance such as brokers and insurance

In terms of valuation, Wind data shows that the non-bank financials sector had fallen for eight straight weeks previously. As of April 7, the price-to-book ratio of the broker sector was about 1.2x, showing a clear feature of high profitability and low valuation.

On the news front, the latest data from the Shanghai Stock Exchange shows that in March this year, the number of new accounts opened for A shares in the Shanghai market exceeded 4.6 million, up 82.38% month-on-month and 50.10% year-on-year. In the first quarter, the cumulative number of new accounts opened for A shares in the Shanghai market was 12.0402 million, up 61.15% year-on-year.

Some institutions believe that previously, affected by trading-related factors and others, the valuation center of gravity of the broker sector has been adjusting continuously. Compared horizontally with international investment banks and vertically across different A-share industries, the broker sector’s valuation has already adjusted to a fair level, and the sector’s adjustment is approaching the end. They expect opportunities for additional upside catch-up for the broker sector in the future.

（Source: Jiemian Daily Economic News）