ChiNext Index Falls Below 2,600, Down Over 3.5% Intraday

The scale of the drawdown — more than 40% from its all-time high — reframes this as a prolonged de-rating rather than a single bad session, and ChiNext's growth-heavy composition makes it a useful gauge of risk appetite beyond the headline index move. The break below 2,600 matters less as a round number than as confirmation that earlier support levels have not held. Whether this retreat stabilizes or extends is the open question, and the breadth of any rebound will say more about conviction than the index level itself.