China’s ChiNext Falls 0.39% as Low-Altitude Economy and Defense Stocks Surge

The divergence matters more than the headline index move: policy-themed low-altitude economy and defense names are attracting limit-up flows while the broader growth-oriented ChiNext slips, suggesting capital is rotating into narrative-driven sectors rather than adding broad risk. The heavy turnover indicates this is active repositioning, not a quiet drift. Whether that concentration broadens into the wider market or stays confined to a handful of themes is the open question.