Shanghai Composite closes up 0.39% at 3730.92

The split within Chinese equities is the story here: large-cap benchmarks edged higher while the growth-heavy ChiNext and STAR 50 fell sharply, a rotation away from tech and small-cap risk rather than a broad rally. That divergence matters for positioning across mainland exposure, since headline index gains can mask weakness in the segments most sensitive to sentiment. Whether the STAR 50's pullback is a one-day shakeout or the start of a sustained de-rating in growth names is the open question worth tracking.