China’s Shanghai Composite Opens 0.20% Lower at 3816.15

The uniform softness across China's main gauges is unremarkable on its own, but the breadth — small caps underperforming large caps, with the CSI 1000 falling most and the STAR 50 the only gainer — points to a session where risk appetite is tilted toward the tech-heavy board rather than the broad market. That divergence, rather than the fractional opening moves, is the signal worth tracking. Whether STAR 50's relative strength persists through the session, or fades with the rest of the tape, is the open question.