Shanghai Composite Falls 3.62% in October; Shenzhen, ChiNext Drop Over 8%

The dispersion is the story here: a mid-single-digit monthly decline on the Shanghai Composite against losses more than twice as deep on the Shenzhen Component and ChiNext points to pressure concentrated in smaller, growth-oriented listings rather than a broad de-rating of the market. The final session's split — pharma names bid to the daily limit while PCB stocks were pinned limit-down — suggests sector rotation and liquidity chasing specific themes rather than a uniform risk-off move. Whether that small-cap underperformance persists or mean-reverts is the open question.