China’s Three Major A-Share Indices Turn Negative; ChiNext Pares Gains

The breadth of the selloff—more than 3,300 decliners across all three exchanges—matters more than the headline index flip, because it signals that the earlier ChiNext strength was narrow rather than broad-based. The leadership of real estate, major consumer, oil and gas and computing hardware in the decline points to cyclical and domestic-demand-sensitive segments bearing the pressure, not a single sector story. Whether the intraday reversal reflects positioning around the ChiNext gain or a wider loss of conviction is the open question, and the durability of breadth into the close is worth watching.