ChiNext Index Falls Over 4%, Shanghai Composite Down 0.85%

The gap between ChiNext's steep drop and the Shanghai Composite's comparatively modest decline points to a concentrated unwind in growth and technology names rather than broad-based selling pressure across the market. The leadership of computing hardware, semiconductors, consumer electronics and software in the decline suggests the segments most tied to the AI and hardware buildout narrative are absorbing the heaviest losses. The breadth figure — over 4,700 stocks falling across all three exchanges — indicates this was not an isolated sector rotation. Whether that breadth persists or narrows back to tech is the open question worth watching.