Since March, affected by the fluctuating situation in the Middle East, the A-shares have fallen into a pattern of oscillation and rapid rotation of styles. However, amidst such chaotic market conditions, the ChiNext Index has demonstrated a strong independent performance—steadily climbing amidst volatility and reaching a nearly eleven-year high on April 16, becoming a standout core broad-based index in the market.
With external uncertainties not yet fully dissipated, why has the ChiNext been able to strengthen against the trend amidst fluctuations? The core lies in its support from high-prosperity weighted industries, while also possessing high growth elasticity, embodying the characteristics of being &#34;offensive when possible, defensive when necessary.&#34;
Figure: The ChiNext Index experienced a small pullback in mid-March and a significant rebound in early April (%)
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OwzM5TMjsmXGFOYCeiO81_CvqqWGMoagUyA9l93GtCUNwAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OwzM5TMjsmXGFOYCeiO81_CvqqWGMoagUyA9l93GtCUNwAA/641"/>
Data source: Wind, statistical period from March 1, 2026, to April 8, 2026.
I. Defensive: Weighted sectors show independent prosperity, more resilient under external disturbances
When the market is volatile and risk appetite declines, the key to resilience is having endogenous prosperity support that is not influenced by short-term emotions, which is also crucial for the ChiNext Index to maintain its bottom line in this round of uncertainty. From an industry structure perspective, the ChiNext Index is mainly distributed in sectors such as power equipment, telecommunications, and electronics, particularly exposed in the high-prosperity tracks of energy storage and optical communication, accounting for over 40%. Despite significant market fluctuations over the past month, the two main lines of &#34;energy security&#34; and &#34;AI computing power expansion&#34; still provide strong prosperity support for the ChiNext Index.
Figure: Industry weight distribution of the ChiNext Index (Shenwan Level 1)
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OvYWUILtlT61A6BSrcWRkdiiEVd66qpp_ZDIfFTT0AE6oAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OvYWUILtlT61A6BSrcWRkdiiEVd66qpp_ZDIfFTT0AE6oAA/641"/>
Data source: Wind, as of April 8, 2026.
Energy security and &#34;computing power synergy&#34; reshape energy storage value
On one hand, the situation in the Middle East remains unclear, and the vulnerabilities of traditional energy supply chains have been exposed under geopolitical disturbances, highlighting the long-term allocation value of green electricity and energy storage. On the other hand, the rapid rise in electricity demand from AI data centers has elevated &#34;computing power synergy&#34; to a higher strategic level, making energy storage a key infrastructure in the AI era. Additionally, under various government subsidy policies, energy storage projects have shown outstanding profitability, and the sector's performance continues to be highly prosperous. The global newly installed capacity in 2026 is expected to further increase, with the demand side already entering a high prosperity verification phase.
AI computing power explosion drives demand for optical modules
Against the backdrop of a global explosion in AI computing power demand, the optical communication sector continues to benefit. Training and inference of large AI models require thousands of GPU chips to form clusters that work together. These chips need high-speed, low-latency data exchange—optical modules serve as the &#34;blood vessels&#34; connecting these chips
Currently, global demand for optical modules is accelerating from 400G to 800G and even 1.6T, creating a significant generational upgrade gap, which brings vast growth space for leading companies with high-end production capacity advantages. The market's enthusiasm for the optical module sector is essentially a vote of confidence in the long-term prosperity of the AI industry.
The support from the prosperity of core tracks has allowed the ChiNext index to show relative resilience during recent market adjustments. This year, when other sectors were sold off due to panic, funds often viewed leading companies in optical modules and energy storage as a &#34;safe haven,&#34; and the preference of funds provided relatively effective support for the index's performance.
II. Offensive Opportunity: When Risk Appetite Recovers, ChiNext is the &#34;Vanguard&#34; of the Rebound
Once market sentiment recovers and risk appetite rises, the ChiNext index, as a representative index of growth style, will fully unleash its high elasticity advantage, becoming a core tool for the rebound market. Looking back at historical trends, during the rebound cycles after the market has bottomed out and sentiment has warmed, the ChiNext index has repeatedly outperformed mainstream broad-based indices, making it a noteworthy target in the process of funds flowing back to growth sectors.
Table: ChiNext Index Has Often Outperformed in Historical Rebound Markets (%)
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OIqTIeOB3W4E6dpitQivq9HrYt63NcFeV-DCJGkp5Fn8wAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OIqTIeOB3W4E6dpitQivq9HrYt63NcFeV-DCJGkp5Fn8wAA/641"/>
Data Source: Wind, selecting one month after the start of each rebound as the statistical period, with statistical periods being: June 25, 2013 - July 25, 2013, February 1, 2019 - March 1, 2019, September 24, 2024 - October 24, 2024, April 8, 2025 - May 8, 2025.
In historical market sentiment recovery trends, the ChiNext index has consistently achieved good gains, mainly because it gathers innovative growth leaders in the ChiNext market. Once funds flow back to growth sectors, the ChiNext often serves as the most direct and elastic vehicle, staging one &#34;comeback&#34; after another.
III. Future Considerations: A Need for &#34;Balanced Offense and Defense&#34; in Market Volatility
&#34;The only certainty in investing is uncertainty itself.&#34; Recently, the market has vividly illustrated this investment adage amid the fluctuations in the Middle East situation: one day it may rise sharply due to the start of negotiations between the U.S. and Iran, while the next day it may fall again due to the failure to reach a ceasefire consensus.
When the market fog has not yet cleared, in terms of target selection, E Fund ChiNext ETF (159915) gathers leading companies in the ChiNext, with over 40% in the two high-prosperity hot sectors of energy storage and optical modules. It leads in scale among comparable products tracking the ChiNext index in the entire market (CNY 50.9 billion as of April 8, 2026) and has the lowest management fee rate (0.15%/year), making it a quality choice for participating in ChiNext index investment

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Under the influence of the situation in the Middle East, the A-share market has experienced fluctuations, but the ChiNext index reached a nearly eleven-year high on April 16. Its independent market performance is supported by high-growth weight sectors such as power equipment, communications, and electronics, particularly excelling in the fields of energy storage and optical communication. Despite ongoing external uncertainties, the ChiNext index has demonstrated resilience against declines, supported by endogenous growth and elasticity, becoming the core broad-based index of the market

Geopolitical conflicts disturb the market, why did the ChiNext index reach a nearly eleven-year historical high?