Nasdaq Golden Dragon China Index rises over 4%, led by 21Vianet, JinkoSolar

The move is notable less for its size than for its breadth across three unrelated sectors — data centers, solar manufacturing and e-commerce — which points to a re-rating of Chinese ADRs as a group rather than a single catalyst. Solar names clustering at the top of the leaderboard suggests policy or demand sentiment in that supply chain is doing much of the work. Whether this broadening holds, or narrows back to one theme, is the open question.