Shanghai Composite Falls 1.74% to 3820.82 at Midday Close

The gradient matters more than the headline: losses widen from the CSI 300 through the CSI 500 and STAR 50 to ChiNext, meaning smaller and more growth-oriented listings absorbed the heaviest selling while large caps held up comparatively better. That pattern points to risk reduction in higher-beta segments rather than uniform de-risking, and it lands hardest on holders concentrated in tech and small-cap exposure. Whether the morning's weakness carries into the afternoon close, or whether large-cap relative resilience broadens, is the open question.