A-share market morning express | Multiple factors resonate for global asset rebound! A-share three major indexes collectively opened higher, with the ChiNext Index opening up more than 2%

Global assets launch a major counterattack! As tensions between the US and Iran escalate, the surge in oil prices has eased temporarily, with the Trump administration promising to stabilize the oil market. Meanwhile, concerns in the market about a slowdown in US economic growth have diminished. Major stock indices in Europe and the US closed higher on Wednesday, and the markets in Japan and South Korea also rebounded significantly on Thursday. In the A-share market, all three major indices opened higher in the morning, with the ChiNext Index opening up by 2.27%. As of the time of writing, the Shanghai Composite Index was up by 0.54%, the Shenzhen Component Index was up by 1.52%, and the ChiNext Index was up by 1.66%. On the market front, the MicroLED concept was active at the opening, with BOE HC SemiTek Corporation up by the daily limit, and Shenzhen Jufei Optoelectronics up by over 12%. The power grid equipment sector was active again, with Guangdong Shunna Electric and Qingdao Hanhe Cable hitting the limit up for two consecutive days. Semiconductor chip stocks were active at the opening, with Maxone Semiconductor and Biwin Storage Technology up by over 10%. Oil and gas stocks opened with adjustments, with Xinjiang Zhundong Petroleum Technology opening limit down, and KLGF and Tong Petrotech Corp. down by over 10%. The seed industry sector saw a widespread adjustment, with QIULE SEEDS, KANGNONG SEED, and Hainan Shennong Seed Industry Technology down by over 10%. Looking ahead, Guotai Haitong suggests that stability is the foundation of the current Chinese economy and stock market, and recommends actively positioning oneself against the trend. Founder advises focusing on three main themes: the diffusion and deepening of technology growth assets, industries such as energy, chemicals, non-ferrous metals, and building materials benefitting from anti-marginalization policies, and the recovery opportunities for undervalued sectors with low institutional ownership and stable fundamentals. Popular sectors 1. Active MicroLED concept The MicroLED concept was active at the opening, with BOE HC SemiTek Corporation hitting the daily limit up, Shenzhen Jufei Optoelectronics up by over 12%, and Sanan Optoelectronics and Zhejiang Lante Optics opening higher. Commentary: According to the latest survey by TrendForce, traditional copper cable solutions face severe challenges in transmission density and energy saving, while Micro LED CPO solutions have lower unit transmission energy consumption, which could significantly reduce overall energy consumption to 5% of copper cable solutions, making them a potential replacement for optical interconnection. 2. Strong performance in semiconductor chip stocks Semiconductor chip stocks were active at the opening, with Maxone Semiconductor and Biwin Storage Technology up by over 10%, and Dosilicon Co., Ltd., Chengdu Sino-Microelectronics Tech., Shanghai New Vision Microelectronics, and Fine Made Microelectronics Group leading in terms of gains. Commentary: Analysts suggest focusing on investment opportunities in areas such as semiconductor foundries, assembly and testing, power devices, server CPUs, and storage as the semiconductor industry enters a new round of price increases by 2026. Institutional views Guotai Haitong: Stability is the foundation of the current Chinese economy and stock market Guotai Haitong states that the situation in the Middle East is changing rapidly, with challenges posed to investors' expectations of investing in China due to war suspicions, resource conflicts, and shipping convenience and security. However, it believes that stability is the foundation of the current Chinese economy and stock market, and recommends actively positioning oneself against the trend. Founder: The market will gradually shift towards "performance verification", focusing on three main themes Founder's research report states that the A-share spring market has entered the second half, and the market will gradually shift towards "performance verification", recommending focusing on three main themes: the diffusion and deepening of technology growth assets, industries such as energy, chemicals, non-ferrous metals, and building materials benefitting from anti-marginalization policies, and the recovery opportunities for undervalued sectors with low institutional ownership and stable fundamentals. Guotai Securities: "New and old coexistence" remains the most important portfolio configuration background The so-called "HALO" trading has reached a historical high in the A-share market, and the more pragmatic and rational interpretation behind this is not from AI technology creative destruction, but from the impact of rising prices, resulting from the stable rebound of PPI, causing a constraint on the differentiation of technology/pro-cyclical sectors. This means that as we look towards 2026, we must "rebalance", as continuing the approach of leaning towards technology as was done in 2025 is outdated, and portfolio management becomes more prominent. Moreover, as the stable rebound of PPI comes more from the rise in global pricing resources driven by geopolitical tensions and a weak US dollar, lacking sustained support from domestic and international economic fundamentals, the high prices end up with significant inherent volatility after reaching high levels, making it difficult for pro-cyclical sectors to gain overwhelming advantages over technology. Therefore, "new and old coexistence" will remain the most important structural configuration background. This article is reprinted from "Tencent Self-selected Stocks", GMTEight Editor: Chen Xiaoyi.