Nasdaq Golden Dragon China Index Closes Up 0.3%

A 0.3% index move is noise, but the internal split is the signal: the outsized gain sits in Pony AI, an autonomous-driving name, while the mega-cap ADRs barely budged. That pattern suggests stock-specific flows rather than a broad China re-rating, with KWEB's modest outperformance of CQQQ hinting at a consumer-internet tilt. Whether that dispersion persists — or the index simply drifts with macro headlines — is the open question.