ChiNext Index swings from 3% loss to 2% gain as heavyweight stocks rally

The reversal is notable less for the headline gain than for its concentration: a handful of heavyweight names drove the entire swing, meaning the index's move reflects flows into a few large constituents rather than broad-based conviction. That makes the ChiNext's direction hostage to the same crowded leadership, and the five-point intraday range signals fragile liquidity and fast-moving positioning. Whether the heavyweight rally holds without wider participation is the open question.