China Stocks Mixed; Ag Shares Surge, ChiNext Down 1.15%

The divergence between agricultural strength and tech weakness points to a rotation toward defensive, policy-sensitive sectors, likely driven by near-term supply or subsidy narratives rather than broad market momentum. With turnover still high at nearly 2 trillion yuan and breadth positive, the selloff in ChiNext suggests profit-taking in high-growth names while capital seeks safety in staples and energy. The key question is whether this rotation sustains or is a one-day shift, especially given the concentration of limit-up moves in ag shares, which can signal speculative froth. Watch whether semiconductor and liquid cooling losses deepen, as that would confirm a broader risk-off tilt within the market.