Shanghai Composite Turns Positive in Afternoon; ChiNext Loss Narrows to 0.88%

The divergence between the main board and ChiNext is the telling detail here: money is rotating into defensive, dividend-heavy sectors like oil and gas, baijiu and pharma while growth names stay underwater. That rotation says more about positioning than about any single catalyst, and it matters most for investors holding high-beta ChiNext exposure. Whether the Shanghai Composite holds its afternoon recovery into the close, and whether the defensive bid broadens or fades, is the open question.