China’s Three Major Indices Fall Over 1%, More Than 5,100 Stocks Decline

The breadth of the decline—over 5,100 stocks falling across all three mainland exchanges—matters more than the headline index moves, since it points to a market-wide de-risking rather than a rotation out of one or two sectors. The clustering of metals, steel and brokerages among the worst performers suggests cyclical and leverage-sensitive names were hit hardest, a pattern often associated with growth concerns rather than company-specific news. Whether this selling broadens or stabilizes is the open question, and sector-level flows in the coming sessions will show whether it reflects a durable shift in positioning.