A-Share Market Opens with ChiNext Leading Gains as Semiconductor Sector Surges
Alina Collins
A-shares opened lower on June 11 but quickly diverged — ChiNext turned green first and semiconductor stocks surged to lead the session; three major brokerages now disagree sharply on timing and upside, and that disagreement itself is becoming a near-term pricing variable.
Why are semiconductors the strongest theme again?
All three main indices opened lower, but ChiNext flipped green first and semiconductor stocks rallied hard, leading the entire board.
This means → capital isn't panicking. It's actively picking a direction on the dip — and the direction is semis.
In plain terms = the market opened weak, but money didn't leave. It just found a different door to rush through.
Why is electronic specialty gas surging?
Heyuan Gas and Hahua Technology both hit their daily limit-up and set all-time highs. CSSC Gas, Hangyang, Yacre Tech, and Huayi Group followed.
The data behind it: China's 99.999%-purity tungsten hexafluoride — a high-purity gas essential for chipmaking — has risen to ¥1,670–1,810/kg, up 232.7% from ¥523/kg a year ago.
South Korea's SK Specialty and Foosung have formally notified Samsung and SK Hynix of another 70%–90% price hike for 2026. This means → the rally isn't a short-term spike. Upstream suppliers are locking in high prices for an entire year ahead.
What's driving the oil-and-gas rally?
Keli shares jumped over 10%. Shandong Molong, Tongyuan Petroleum, Taishan Petroleum and others followed.
The direct catalyst: Brent crude crossed $95/barrel intraday, up 2.31%.
In plain terms = oil price goes up, oil stocks follow. The logic this time is exactly that simple.
What do three major brokerages think about what's next?
Founder Securities: the pullback after a low-volume rebound is a short-term pause; the medium-to-long-term uptrend is intact and core-sector growth logic hasn't broken.
SWS Research chief strategist Fu Jingtao: the structural rally is approaching its ceiling. Broad-based upside hasn't opened yet, and June–July could be a window of rapid correction. A new leg up is expected in H2, but earnings' ability to digest valuations is the lifeline.
CITIC Construction Investment: recommends a "barbell" structure — one end holds high-momentum names in AI, semis, and export manufacturing; the other end holds high-dividend, stable-cash-flow assets to dampen volatility; the middle trades cyclical price hikes and policy themes for tactical upside.
Where exactly is the disagreement?
All three acknowledge structural opportunities still exist. But they diverge sharply on pace and ceiling.
This reflects the market's core tension right now: no one argues the direction — the fight is over "how much higher" and "when to take a breather."
CITIC Construction also flagged that AI-chain stocks have run up fast and crowding is rising. In June, rotate from high-gain segments toward lagging plays with improving fundamentals — semi materials, equipment components, PCB materials. This means → even the bulls are advising a lane change, not chasing the rally higher.
Content is for reference only, not financial advice.