A | Multiple factors resonate in the market counterattack! The ChiNext Index rose 2.43% in the morning, and the MicroLED concept stocks surged across the board.

Global assets launch a major counterattack! As the situation in the US and Israel towards Iran escalates, the momentum of soaring oil prices has temporarily slowed down, and the Trump administration has promised to stabilize the oil market; at the same time, concerns about the slowdown in US economic growth have eased. Major stock indexes in Europe and the US collectively rose on Wednesday, and the stock markets in Japan and South Korea rebounded significantly on Thursday. The convening of the National Two Sessions, combined with the surge in peripheral markets, boosted market sentiment, and thematic concepts of A-shares rebounded across the board. By midday close, the Shanghai Composite Index rose by 0.84%, the Shenzhen Component Index rose by 1.67%, and the ChiNext Index rose by 2.43%. The turnover of the two cities in the morning session was 1.55 trillion yuan, a decrease of 91.8 billion yuan from the previous day. On the trading front, the MicroLED, optical optoelectronics, and electronic paper concepts all surged, leading the market. Stocks like Focus Lightings Tech and Shenzhen Jufei Optoelectronics hit the 20% limit up; the power grid equipment industry chain continued to strengthen, with China XD Electric and Jiangsu Tongguang Electronic Wire&Cable hitting the limit up; the domestic hard technology concepts such as advanced packaging, photolithography machine, semiconductor, and storage chips all rose, with Hangzhou MDK Opto Electronics Co., Ltd. and Maxone Semiconductor hitting the limit up; AI glasses, consumer electronics, education stocks, and computing power hardware concepts such as optical modules, PCB, and liquid cooling all rebounded. On the downside, the oil concept, oilfield services, natural gas, and oil and gas industry chains continued to decline, with China Oilfield Services and China Petroleum Engineering approaching the limit down; agricultural concepts such as grain planting, seed industry, and genetically modified agriculture all fell, with stocks like QIULE SEEDS and Hainan Shennong Seed Industry Technology dropping over 10%; the port and shipping concept continued to decline, with GH SHIPPING falling over 7%; concepts like minor metals, coal, methanol, and aquaculture showed weakness. Looking ahead, Guotai Haitong stated that stability is the foundation of China's economy and stock market, advocating for a positive contrarian layout. Founder suggested focusing on three main themes: the diffusion and deepening of technology growth assets, focusing on the subdivision areas of hard technology and AI applications on the ground; increasing allocations to industries benefiting from the "anti-enclosure" policy, such as energy, chemicals, non-ferrous metals, and building materials; and focusing on the repair opportunities of undervalued sectors with low institutional holdings and stabilizing fundamentals. Popular sectors 1. Active MicroLED concept The MicroLED concept surged collectively, with twenty component stocks hitting the limit up. Stocks such as BOE HC SemiTek Corporation, Focus Lightings Tech, and Shenzhen Jufei Optoelectronics rose by 20%. 2. Repeated activity in the power grid equipment concept The power grid equipment concept continued to be strong, with China XD Electric hitting the limit up and reaching a historical high. Stocks like Qingdao Hanhe Cable, Integrated Electronic Systems Lab, and Guangdong Shunna Electric also saw gains. 3. Strong performance in semiconductor chip stocks The domestic hard technology concepts such as advanced packaging, photolithography machines, semiconductors, and storage chips all rose collectively, with Hangzhou MDK Opto Electronics Co., Ltd. and Maxone Semiconductor hitting the limit up. 4. Weak performance in oil and gas stocks Oil and gas stocks weakened, with stocks like Xinjiang Zhundong Petroleum Technology, Shuifa Gas Co., Ltd., and Shanxi Blue Flame Holdings hitting the limit down. Institutional opinions Guotai Haitong: Stability is the foundation of China's economy and stock market Guotai Haitong stated that the changing situation in the Middle East challenges investors' expectations about war clouds, resource disputes, and the convenient and safe shipping situation of investing in China. In times of weak confidence, the performance of the Chinese market in the face of geopolitical shocks has often been poor. However, they believe that stability is the foundation of China's economy and stock market today, and advocate for positive contrarian layouts. Founder: The market will gradually turn to "performance verification", with a focus on three main themes Founder's research report stated that the current spring market in A-shares has entered the second half, and the market will gradually turn to "performance verification". They suggested focusing on three main themes: the diffusion and deepening of technology growth assets, focusing on the subdivision areas of hard technology and AI applications on the ground; increasing allocations to industries benefiting from the "anti-enclosure" policy, such as energy, chemicals, non-ferrous metals, and building materials; and focusing on the repair opportunities of undervalued sectors with low institutional holdings and stabilizing fundamentals. Guotai Securities: "New and old together" is still the most important structural configuration The so-called "HALO" trading in A-shares has reached a historical high, but the more practical and rational interpretation behind it does not come from the creative destruction of AI technology, but from the impact of rising prices. This means that "new and old together" will be the most important structural configuration foundation.