Shanghai Composite Opens at 3714.48, Up 0.04%

The split at the open is the signal worth noting: the Shanghai Composite and STAR 50 edged higher while the Shenzhen Component, ChiNext and CSI 300 slipped, leaving large-cap and growth benchmarks on the back foot. That divergence suggests positioning is tilting toward the tech-heavy STAR board rather than broad risk appetite, and the modest magnitudes mean conviction is thin on either side. Whether the STAR 50's relative strength persists through the session, or the weakness in ChiNext and the CSI 300 broadens, is the open question.