Thoughts on Asian Equities and the 'China Tailwind'

It feels like there's a prevailing narrative that Asian markets, particularly with China's influence, are poised for a significant rebound. While the sentiment is understandable given recent performance, I'm finding it hard to shake the feeling that a good portion of this is already priced in, especially when looking at the broader macro picture. It's not to say there aren't opportunities, but the idea of a massive, broad-based rally driven purely by a 'China reopening' narrative seems a bit oversimplified. Am I missing something fundamental here, or is the market's enthusiasm getting ahead of itself?