China Broad-Based ETFs Surge in Morning Trade; Small-Cap Volumes Top Full-Day Levels

The volume surge in broad-based ETFs during a broad market decline suggests institutional investors using index vehicles to position into weakness rather than exit, with small- and mid-cap products drawing the most aggressive early activity. That half-day turnover already exceeded full prior-day levels in several of these funds points to a deliberate, sizeable reallocation underway. The open question is whether this pace persists through the session or proves to be a one-morning spike, and whether the ChiNext's slide below 3000 prompts further institutional accumulation or a reversal in flows.