Chinese retail stocks rally in afternoon trade; Tianhong surges toward limit-up

The breadth of the move — gains spreading across Tianhong, Maoye, Shanghai Jiubai, Guofang, Guangbai and Youa rather than concentrating in one name — is the detail that matters, since it points to sector-level positioning rather than a single-stock story. For a sector with no fresh catalyst in the material, a second leg higher in the same session suggests momentum chasing as much as fundamentals. Whether the rally holds into the next session, or fades once limit-up names reopen, is the open question.