Shanghai Composite Opens Down 0.94% at 3623.57

The across-the-board weakness is notable less for the headline index than for its uniformity: growth-heavy ChiNext and STAR 50 fell harder than the broad CSI 300, pointing to a risk-off tilt rather than a single-sector move. The gap between the blue-chip CSI 300 and the small-cap CSI 500 and CSI 1000 is narrow, suggesting broad de-risking rather than rotation. Whether this opening weakness extends into the session or stabilizes is the open question, and the tech-weighted boards are the ones to watch.