ChiNext Index Falls 3.41% as ICBC and China Construction Bank Hit New Highs

The split session is the story: large banks and shipping names setting records while growth-heavy ChiNext and the STAR 50 sell off points to a defensive rotation rather than a broad risk-off move, with the 1.47 trillion yuan turnover suggesting active repositioning rather than capitulation. The breadth — over 4,800 decliners across all three markets — shows how narrow the leadership has become, concentrated in a handful of large financial and industrial names. Whether that concentration persists or the weakness in growth boards starts dragging on the indices is the open question worth watching.