Shanghai Composite closes morning session up 0.72% at 3,674.44

The growth-heavy Shenzhen and ChiNext gauges outpacing the Shanghai Composite, alongside strong STAR 50 and small-cap CSI 500/1000 gains, points to a risk-on session skewed toward tech and smaller names rather than blue-chip weight. That dispersion is the signal worth noting: the CSI 300's more modest advance suggests the move is not broad-based across large caps. Whether this small-cap and growth leadership persists into the close, or reverses as it has in past intraday rallies, is the open question.