A-share market showed obvious structural divergence on the morning of June 4. Major broad-based indexes moved in opposite directions: Shanghai Composite Index, Shenzhen Component Index and ChiNext Index dipped, while STAR Market Composite Index edged up against the trend. Electronic and coal sectors dominated market gainers; memory chip concept staged a sharp rally, and several unpopular stocks spiked vertically to hit daily limit near midday closing. Meanwhile, multiple consecutively-limit-up firms issued risk warnings over speculative share prices, highlighting prominent structural market features.

By morning close, Shanghai Composite Index lost 0.43%, Shenzhen Component Index fell 0.46% and ChiNext Index tumbled 1.1%, yet STAR Composite Index rose 0.40%. In terms of industry sectors under Shenwan classification, electronics took the lead with a flood of daily limit-ups. CSSC Special Gas hit a 20% daily cap; Vito, Kema Tech, Shanghai Simgui, Huate Gas and other stocks surged over 10%. BOE A, Infinova Micro and Dawei Co all sealed daily limit. Coal sector also outperformed, with Antai Group, Pingmei Shares and Dayou Energy touching daily highs. In contrast, comprehensive industry, non-ferrous metal, retail, computer and media sectors stayed weak and dragged down overall market sentiment.

Memory chip concept stood out as the hottest track, with China National Securities Memory Chip Index climbing over 4% intraday as capital flooded the whole industrial chain. Apart from sector-wide surge, several individual stocks saw abrupt intraday jump: Riying Electronics rocketed to daily cap at 11:08 after sluggish trading days; Yuanzu Co rushed to limit near closing; Boying Special Welding jumped 15.65% till midday close on abrupt short-term capital inflow.

As speculative hype heated up, multi-day surging listed firms released risk alerts one after another. Tianyang New Material warned investors after four straight limit-ups that its fundamentals had no material positive changes and irrational speculation might trigger sharp price pullback. Xinke Materials and Hongxing Development also published abnormal fluctuation notices; Hongxing Development’s P/E ratios far exceeded industrial average, with share price up 75.3% in 10 trading days and extremely high turnover ratio.

Currently A-share is dominated by structural swings, with existing capital flowing into booming semiconductor and coal sectors. Sudden short-term spikes on unpopular stocks are common, but some theme stocks surge without fundamental support. Listed companies remind investors to stay away from blind speculation and make rational investment decisions.