Shanghai Composite closes at 3,735.37, up 0.12%

The divergence is the story: large-cap benchmarks like the CSI 300 fell while the STAR 50 and small-cap CSI 1000 and CSI 500 rose, a rotation away from heavyweight names toward smaller and tech-leaning segments even as the headline index edged higher. That split suggests the move is narrower than the flat Shanghai Composite close implies, with breadth concentrated below the mega-cap tier. Whether this small-cap and STAR-led tilt persists, or reverses as it has in past rotations, is the open question worth tracking in the coming sessions.