Shanghai Composite closes down 1.44% at 3,599.02; ChiNext drops 4.13%

The dispersion across indices is the real signal: growth and small-cap gauges fell several times harder than the large-cap benchmarks, pointing to a concentrated retreat from higher-beta exposure rather than a uniform de-risking. That pattern tends to hit sentiment in the segments most associated with speculative positioning, so the read-through matters most for participants in smaller and tech-heavy names. Whether this divergence persists into the next session, or narrows as large caps catch down, is the open question worth tracking.