In his report, Wang Zonghao, the head of equity strategy research at UBS China, pointed out that in the next two months, both A-shares and H-shares have potential for upward movement. A-shares may benefit more from steady growth in industrial enterprise profits, while H-shares, especially the Hang Seng Technology Index, may benefit from the completion of anti-monopoly investigations against certain platforms, weakening competition in food delivery prices, and the introduction of new AI models like DeepSeek. UBS stated that recent macroeconomic data in mainland China has shown some improvement, with first-quarter economic growth at 5%, reaching the upper limit of the annual central target range, and exports exceeding expectations. UBS noted that there is an increase in corporate capital expenditure intentions, and industrial enterprise profits have returned to a growth trajectory. Furthermore, there is vitality in the real estate market and some consumer sectors. Although the situation around the Strait of Hormuz still poses downward risks to the mainland stock market, the fundamentals are improving. China's resilience in the face of energy shocks may allow the stock market to outperform other regions in the short term. In terms of valuation and fund flow, with recent increases in the US and some other Asian markets, Chinese stock valuations have become more attractive. According to the bank's monthly positioning and fund flow data, foreign investors withdrew from emerging markets during the Iran conflict in February and March. Although there has been some return in the past few weeks, the position size may still be smaller compared to before the conflict. If the Iran conflict is resolved, Chinese stocks may have further upside potential, especially given signs of improving fundamentals.