On June 15th, major stock indices in China experienced a comprehensive surge, with the Shanghai Composite Index approaching the 4100-point mark and the ChiNext Index soaring over 5%. More than 3,900 stocks across the A-share market closed in positive territory.
By the market close, the Shanghai Composite Index had risen 1.61% to 4096.47 points. The Shenzhen Component Index gained 3.79%, the ChiNext Index jumped 5.3%, and the STAR Market Composite Index climbed 4.89%.
Regarding individual stocks, a total of 165 companies saw their shares hit the daily 10% limit-up, marking the third-highest number of limit-up stocks this year, following the 203 recorded on January 12th and the 170 on June 1st.
Sector performance was mixed. The coal, banking, and oil sectors trended lower. In contrast, the semiconductor sector saw a powerful breakout, while sectors including non-ferrous metals, securities, chemicals, and insurance experienced notable gains. Concepts such as MLCC, CPO, and PCB also witnessed significant surges.
Analysis suggests a "blooming of a hundred flowers" is currently unfolding in the market's structural trends, which can be viewed from four perspectives. First, domestic technology industry trends are underestimated, and the growth speed of small and medium-sized enterprises is already in an upward cycle, providing conditions for a broader diffusion of the tech rally.
Second, 2026 is anticipated to be a year of supply clearance. The proportion of industries undergoing supply clearance is expected to rise from 8% in 2025 to 45% within the year. Over time, the number of sectors demonstrating cyclical improvement is likely to increase.
Third, under the marginal pricing influence of sector-specific ETFs and actively managed funds focused on single themes, the potential volatility of technology-themed market movements has increased. While uptrends can enjoy a positive feedback loop, it is also necessary to be vigilant against potential negative feedback loops during corrective phases.
Fourth, since mid-May, the overall corrective phase in A-shares has exhibited significant divergence. In the subsequent rebound phase, the breadth of the rally is expected to naturally expand. From an allocation perspective, the technology sector is currently in a short-term corrective phase with relatively high implied volatility, but medium-term prospects for AI's trend-driven opportunities remain positive. Areas to continue monitoring include optical communication, PCBs, memory, energy storage, gas turbines, and computing-power synergy.
Simultaneously, benefiting from the structural "blooming of a hundred flowers," investment opportunities in new consumption, export chain alpha plays, strategic resources, and non-bank financials warrant focused attention.