The situation between the US and Iran is easing, risk appetite is warming, and three main themes present rebound opportunities.

The Iran–U.S. situation has entered a phase of periodic easing. According to Xinhua News Agency, on the 7th, U.S. President Trump said on a social platform that he agreed to suspend the bombing and attack operations against Iran for two weeks. The Iranian side also released synchronized easing signals, and the probability of further escalation of short-term conflict has declined significantly. Global risk assets have entered a rebound window. AH shares’ risk appetite has been rapidly restored. As of the opening on April 8, the three major indexes collectively opened higher; the SSE Index returned to the 3,900-point level; Hang Seng Tech opened up close to 3%; and the market’s pricing focus has shifted back to the fundamentals and the earnings-driven main theme.

From a trading and allocation perspective, during this window in which geopolitical risk is being alleviated, the market’s rebound main track is clear and mainly focuses on three directions.

First, assets whose medium-term valuation is relatively low, have substantial room for upside during the rebound, and whose valuation would directly benefit once liquidity expectations improve. In this direction, you can consider Hang Seng Tech ETF by E Fund (513010) and Innovative Drug ETF by E Fund (516080). Relevant individual stocks: Alibaba-W (09988.HK), Tencent Holdings (00700.HK), WuXi AppTec (02359.HK);

Second, small-cap growth directions that were previously suppressed by sentiment, with sufficient upside elasticity from oversold levels. Sci-Tech 200 ETF by E Fund (588270) and CSI 1000 ETF by E Fund (159633) have experienced larger pullbacks and therefore have strong rebound momentum. Relevant individual stocks: SMIC (688380.SH), Hunan Silver (002716.SZ), Shannon Semiconductor (300475.SZ);

Third, the growth track of improving fundamentals and business conditions whose performance forecasts were raised during the April earnings season. If a new round of rebound begins, over the medium-term horizon, institutional investors are expected to regroup around growth directions whose earnings are continuously being upgraded. Sci-Tech 50 ETF by E Fund (588080) and Semiconductor Equipment ETF by E Fund (159558) are expected to become core directions for institutions’ regrouping. Representative individual stocks: Cambricon (688256.SH), Baiwei Storage (688525.SH), GigaDevice (603986.SH).

For medium- to long-term allocation-oriented investors, the current SSE Index is still below 3,900. In 2026, the consensus expectation for A-share China earnings growth remains at double-digit high growth. Increasing equity exposure by using the E Fund SSE Index ETF (530060) is an efficient choice to seize market upside opportunities and respond to style rotation.