Shanghai Composite Up 0.95% at Midday, Over 4,800 Stocks Advance

The breadth here is the story: more than 4,800 advancers alongside a sub-1% index move points to a broad, small-cap-led session rather than a handful of heavyweights carrying the tape. Leadership is concentrated in policy-sensitive and thematic pockets — defense, low-altitude economy, real estate and innovative drugs — while PCB, gaming, brokerage and battery names lag, suggesting rotation rather than fresh money across the board. Whether morning turnover of 971 billion yuan holds into the close is the open question for reading this as durable risk appetite or a single-session burst.