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On April 8th, the three major A-share indices collectively rose. By the close, the SSE Index was up 2.7%, the Shenzhen Index was up 4.79%, and the ChiNext was up 5.91%. On the news front, the ceasefire between the U.S. and Iran boosted risk appetite, leading to a collective surge in technology growth stocks such as semiconductors, CPO, and PCB, with stocks like Zhongji Innolight (300308.SZ), Eoptolink (300502.SZ), and Robotech (300757.SZ) hitting historical highs during trading.
In the previous two months, as geopolitical conflicts intensified, market risk appetite plummeted. Aside from the soaring oil prices, both gold and many technology stocks experienced significant pullbacks. This time, as the market became desensitized to international news, the strong performance of technology stocks raises the question: is it a tactical emotional recovery or the true start of a long-term narrative for the AI industry?
The Two-Week Ceasefire That Ignited the Market
The sharp rise on April 8th was directly triggered by the U.S.-Iran two-week ceasefire agreement. China Europe Fund stated in an interview with financial news that this scenario is quite similar to the 2025 equivalent tariff TACO. Trump needs a way out, and Iran needs a breather. In the short term, market risk appetite has significantly increased, but the short duration of the ceasefire suggests that disturbances and uncertainties will arise again in late April, and there remains a significant possibility of renewed pressure before the situation stabilizes. China Europe Fund emphasized that while the AI wave is still ongoing, the trend of growth themes may weaken, making it difficult for the market rebound to be immediate.
Huatai Securities (601688.SH) Chief Macro Economist Yi Shan provided an important reference for macro trends using the inflation + expansion four-quadrant configuration. Yi Shan believes that in the macro quadrant of contraction + inflation, the certainty of hard cash and ultra-long-term government bonds is far higher than that of growth assets. If oil prices continue to remain high, global assets will further compress risk appetite under concerns of stagflation.
The surge in technology stocks on April 8th may be built on a highly uncertain two-week window, but in the short term, the desire for capital to recover the market remains strong. In terms of capital performance, using ETFs as a reference, the &#34;ChiNext Artificial Intelligence ETF&#34; surged 10.45% in a single day, closing at a net value of 2.484, approaching the historical high of 2.608; the &#34;Chip ETF Harvest&#34; rose 6.53%, with a total trading volume of 3.347 billion yuan; the &#34;Chip ETF ChinaAMC&#34; increased by 6.21%, with a total trading volume of 896 million yuan.
From Technical Ideals to Commercial Reality
Short-term emotional recovery may explain the single-day rise of over 10% in ETFs, but extending the timeline, the continuous evolution of a trending market still requires the AI industry to undergo its own transformation. Nuoan Fund stated at a strategy meeting on April 8th that the current AI industry stands at the crossroads of technical idealism and commercial realism
Despite the ongoing theoretical debates regarding the path to achieving AGI and the limitations of the Transformer architecture, an industry consensus has emerged: most business scenarios do not rely on omniscient AGI, but rather seek to reconstruct production relationships at a cost lower than that of human labor in specific fields.
Noah Fund further analyzes that model capabilities will rapidly become commoditized, but their true value will come from who can accurately inject these inexpensive intelligences into complex business processes that were previously unstandardized and reliant on elite human labor. From an application perspective, AI for Business, AI for Science, intelligent assistants, and autonomous driving are four main lines that possess high-quality industry data, clear feedback loops, and explicit ROI calculation logic. The common characteristics of these directions determine that they are more likely to emerge with independent trends amid industrial fluctuations.
Structural Warmth in Overall Defense
Shifting the focus back to the ETF funding level, although there were clear signs of market recovery on April 8, the overall recent layout of funds still leans towards defense.
According to Tonghuashun iFinD data, in March 2026, net outflows from equity ETFs exceeded 60 billion yuan, with core broad-based A-share indices experiencing significant sell-offs. The A500 ETF from Huaxia and the ChiNext ETF from E Fund both saw net outflows of over 7 billion yuan, and Hong Kong stock technology ETFs also experienced capital withdrawals.
However, against the backdrop of overall outflows, structural layouts have not ceased. The &#34;Science and Technology Innovation 50 ETF from Huaxia&#34; attracted a net inflow of 3.7 billion yuan despite a decline of over 15% in March; the &#34;Grid Equipment ETF from Huaxia&#34; saw a drop of 6.74% that month but attracted nearly 9 billion yuan in capital for bottom-fishing. This buy-the-dip model is similar to the &#34;Gold ETF from Huaan,&#34; which still gained a net inflow of 4.4 billion yuan despite a pullback of over 11%, indicating that funds, while maintaining an overall defensive posture, still show enthusiasm for specific prosperous sectors.
Entering the first week of April, the communication equipment sector has begun to strengthen, and the innovative drug ETF has even rebounded to top the charts. Various signs indicate that within technology stocks, funds continue to pay attention to directions supported by industrial prosperity, rather than completely exiting the market. The daily emotional outbursts resonate with the left-side layouts since March, but whether the transmission between the two is smooth still requires observation of whether subsequent incremental funds can continue to enter the market

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On April 8th, the three major A-share indices rose collectively, influenced by the news of a ceasefire between the U.S. and Iran, leading to a surge in technology stocks. Zhongji Innolight and Eoptolink reached historical highs. Despite the increase in market risk appetite, a short-term ceasefire may lead to greater uncertainty in the future. China Europe Fund pointed out that the long-term trend of the AI industry may weaken, while Huatai Securities believes that under concerns of stagflation, the risk appetite for growth assets will further compress. There is a strong desire for a market recovery, and related ETFs have performed prominently

腾讯新闻 - 财经

Penghua SSE STAR Artificial Intelligence ETF

Ping An CSI Artificial Intelligence ETF

E Fund SSE STAR Chip ETF

Penghua CSI STAR&CHINEXT Artificial Intelligence ETF

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

Shenzhen Index

GTJA Allianz SSE STAR Chip Design Thematic ETF

GF CSI All Share Information Technology ETF

Zhongji Innolight

ChinaAMC CSI All Share Information Technology ETF

Harfor CSI Artificial Industry ETF

Hwabao WP CSI Technology Leader ETF

Yinhua SSE STAR Artificial Intelligence ETF

Harvest SSE STAR Chip ETF

SSE Index

ChinaAMC Guozheng Semiconductor Chip ETF

ChiNext

Eoptolink

Huaan CSI Hugangshen Technology 100 ETF

Penghua SSE Science and Technology Innovation Board Composite ETF

After a single-day surge of 10%, can a two-week ceasefire "satisfy" the long-term ambitions of tech stocks?