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This report (chinatimes.net.cn) reporters Li Pengfei and Ye Qing reported from Beijing.
The temporary ceasefire agreement between the U.S. and Iran caused a significant stir in the global financial markets on April 8. U.S. President Trump stated on social media on the evening of the 7th that he agreed to suspend bombings and attacks on Iran for two weeks, provided that Iran &#34;fully, immediately, and safely&#34; opens the Strait of Hormuz; Iran subsequently accepted Pakistan's proposal for a ceasefire and agreed to open the Strait of Hormuz, entering a two-week ceasefire buffer period. Following the announcement, international oil prices plummeted, with WTI crude oil futures main contract dropping more than 15% during trading, falling below $95 per barrel, and hitting a low near $91 per barrel.
The geopolitical risk premium quickly dissipated, and market sentiment significantly improved. On April 8, the A-shares opened high and rose throughout the day, closing with the Shanghai Composite Index up 2.69% at 3995 points, the Shenzhen Component Index up 4.79%, and the ChiNext Index up 5.91%. The two markets had a total turnover of 2.45 trillion yuan, with over a hundred stocks hitting the daily limit for two consecutive days, as funds accelerated their shift from safe-haven energy to technology growth.
Technology ETFs Lead the Surge, Funds Flow into AI and Chip Sectors
On April 8, technology ETFs collectively surged. The ChiNext Artificial Intelligence ETF Southern (159382.SZ) closed up 10.45%, leading the market ETFs, with trading volume significantly increasing compared to the previous day; the ChiNext Artificial Intelligence ETF China Merchants (159243.SZ) rose 10.05%, and the China-Korea Semiconductor ETF Huatai-PB (513310.SH) increased by 10.00%.
The semiconductor sector also performed strongly. The Sci-Tech Chip ETF Guotai (589100.SH) closed up 6.47%, tracking the Shanghai Stock Exchange Sci-Tech Board Chip Index, which surged 6.53%. Component stocks such as Shengke Communication rose 14.24%, Sierpu increased by 10.53%, and Zhongwei Company rose 8.21%. The Sci-Tech Chip ETF Bosera (588990.SH), Sci-Tech Chip ETF Huitianfu (588750.SH), and Sci-Tech Chip ETF Harvest (588200.SH) all rose over 6.4%.
From the sector performance perspective, the AI industry chain surged across the board. CPO concept stocks collectively rose, with Zhongji Xuchuang up 11.07% and Tianfu Communication up 6.19%. The computing power concept strengthened, with multiple stocks such as Dawi Technology and Aorui De hitting the daily limit. On the news front, Broadcom announced a significant cooperation agreement with Google, signing a long-term agreement lasting five years, further boosting market expectations for the AI computing power industry chain.
A public fund index researcher told the &#34;Huaxia Times&#34; reporter that the core driver of this round of rebound in the technology sector comes not only from the risk appetite recovery brought about by the easing of geopolitical risks but also from strong support from the industrial fundamentals. Since April, major international IDM manufacturers such as Infineon and Texas Instruments, as well as leading domestic companies like Jinghe Integrated and Purun Co., have been intensively issuing price adjustment notices, marking a shift in the semiconductor industry from previous price competition to a profit recovery phase
Samsung Electronics' preliminary performance for the first quarter shows an operating profit increase of 755% year-on-year, driven by a surge in demand for artificial intelligence infrastructure leading to a shortage of storage chips, which provides solid support for the technology sector's performance.
Oil LOF Suspension Warning: Oil and Gas Theme Plummets Across the Board
In stark contrast to the strength of technology ETFs, oil and gas theme funds have plummeted across the board. Before the morning session on April 8, multiple oil and gas funds, including Oil LOF (162719.SZ), E Fund Crude Oil LOF (161129.SZ), Oil Fund LOF (160416.SZ), Harvest S&amp;P Oil &amp; Gas ETF (159518.SZ), and Harvest Crude Oil LOF (160723.SZ), simultaneously issued premium risk warnings and temporary suspension announcements, suspending trading from the opening of the Shenzhen Stock Exchange and resuming at 10:30 AM that morning. Closing data showed that the Harvest S&amp;P Oil &amp; Gas ETF (159518.SZ) fell by 9.98%, leading the entire market ETF decline; Oil LOF (162719.SZ) dropped over 10%, contrasting sharply with the top-performing technology ETFs.
Guangfa Fund explicitly stated in its announcement that its Oil LOF experienced a significant premium in the secondary market, with trading prices deviating from the net asset value on the previous valuation date. To protect investors' interests, the fund suspended trading for one hour starting from the opening on April 8. If the premium does not effectively decline after resumption, it reserves the right to apply for temporary suspensions during trading, extend the suspension period, and implement continuous suspensions.
An industry insider from a public fund told the &#34;Huaxia Times&#34; that the high premium of oil and gas theme funds is closely related to the recent rise in international oil prices. Data shows that the settlement price of Brent crude oil was only $72.87 per barrel on February 27, but due to the ongoing situation in the Middle East, it approached $120 per barrel during trading on March 9. Against the backdrop of a general suspension of subscriptions for QDII products in the primary market, funds flowed into the secondary market, continuously pushing up the premium levels. For example, the premium rate of the Harvest S&amp;P Oil &amp; Gas ETF (159518.SZ) reached a high of 19.98% on March 24, and during March, a total of 175 premium risk warning announcements were issued by 10 oil and gas theme funds in the entire market.
The aforementioned insider further explained that LOF products have two trading channels: primary market subscriptions and redemptions, and secondary market buying and selling. When the trading price in the secondary market significantly deviates from the net asset value of the fund shares, there is an arbitrage opportunity; the involvement of arbitrage behavior will prompt prices to return to the net asset value, gradually narrowing the premium or discount. This concentrated suspension serves as a warning from regulators about market risks and reminds investors to participate rationally and focus on the actual net asset value of the fund rather than short-term trading prices.
Institutions: Energy and AI Become Core Themes in Q2
The rapid changes in geopolitical situations have not altered institutions' judgments on the medium to long-term investment themes, with energy and AI remaining the core areas of focus.
Zhao Yi, assistant general manager of QuanGuo Fund and general manager of the public fund investment department, stated that energy and AI are the two most noteworthy fields in 2026. The rapid development of AI is driving an increase in electricity demand, which is raising the overall demand for energy. Meanwhile, against the backdrop of geopolitical conflicts, the price center of energy is rising, and the importance of energy security is increasing. The proportion of new energy in the overall energy structure will gradually increase, and the ceiling for new energy demand will further open up
Within the new energy sector, Zhao Yi is more focused on the lithium battery segment, where the demand side benefits from the expansion of electric vehicles, energy storage, robotics, and other scenarios. The supply side has passed its peak in fixed asset investment growth, and the supply-demand pattern is expected to gradually improve. In terms of AI, he focuses on two main lines: applications and infrastructure construction. The rising popularity of AIAgent, represented by OpenClaw, signifies that AI is moving from the infrastructure phase to the application phase.
Wei Fengchun, Chief Economist of Chuangjin Hexin Fund, pointed out that the Middle East conflict has driven up energy premiums, and energy and utilities possess profit rigidity and safe-haven value. Funds are shifting from high-valuation growth to low-valuation defensive stocks, reflecting a logic that prioritizes safety in the short term while still focusing on industrial upgrades in the medium to long term. Although there may be a window for de-escalation in April, the geopolitical landscape has undergone profound changes, and issues such as energy security and proxy conflicts will persist in the long term. Key variables need to be dynamically tracked to grasp the rhythm of asset allocation.
Zhong Yun, a fund manager at Southern Fund, stated that after the easing of the US-Iran conflict, global market risk appetite has shown a significant rebound. The growth style is expected to regain dominance, with a focus on emerging growth directions such as AI, semiconductors, robotics, and new energy

BOTZ

The easing of geopolitical risks has led to a shift in market style, with technology ETFs rising sharply, while oil and gas LOFs have plummeted and been suspended. After the US and Iran reached a temporary ceasefire agreement, international oil prices collapsed, with WTI crude oil futures briefly falling below $95 per barrel. The sentiment in the A-share market has improved, with the Shanghai Composite Index rising 2.69%, the Shenzhen Component Index rising 4.79%, and the ChiNext Index rising 5.91%. Technology ETFs have performed outstandingly, with both artificial intelligence and semiconductor-related ETFs rising significantly, as funds shift from safe-haven energy to technology growth

- The temporary ceasefire agreement between the U.S. and Iran on April 8, 2026, caused significant fluctuations in global financial markets, with U.S. oil prices dropping over 15%.  
- China's A-shares experienced a positive reaction, led by significant gains in technology ETFs, particularly those focused on AI and semiconductors, as investors shifted funds from energy to tech.  
- Despite the strong performance of tech sectors, oil and gas funds faced sharp declines, highlighting the ongoing volatility in the energy market amid changing geopolitical tensions.

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Geopolitical risk easing triggers style switch: Technology ETFs surge, oil and gas LOFs plummet and suspend trading