ChiNext Index Pares Loss to Under 1% After Falling Over 2%; Shanghai Composite Up 0.2%

The intraday rebound in the ChiNext board is the more telling signal here: growth names absorbing an early selloff and clawing back most of it suggests dip demand rather than broad capitulation. The split with the Shanghai Composite, which never slipped and held a modest gain, points to rotation within the mainland market rather than a uniform risk-off move. Whether that recovery holds into the close, or gives way again, is the open question worth watching.