Shanghai Composite Closes Morning Session Down 0.93% at 3900.00

The steeper declines in the Shenzhen Component and ChiNext relative to the Shanghai Composite point to growth and small-cap names bearing the brunt of the selling, a pattern consistent with risk reduction rather than broad-based liquidation. The CSI 1000 and CSI 500 falling harder than the CSI 300 reinforces that the pressure is concentrated away from large-cap benchmarks. Whether that small-cap underperformance persists into the close, or reverses as it often does intraday, is the open question.