China’s three main A-share indices turn positive, ChiNext rebounds from 1% drop

The intraday reversal matters less for the index level than for what it says about dip-buying appetite in a market where sentiment has been fragile. The leadership is notably cyclical and commodity-linked — PCB, oil and gas, coal — rather than defensive, which suggests positioning around industrial demand and energy rather than a broad risk-on rotation. Breadth of nearly 2,000 advancers across all three exchanges gives the bounce some substance, though a single session says little. Whether that cyclical leadership holds, or fades as it did on the ChiNext drop, is the open question.