ChiNext falls over 2%, nearly 3,800 A-share stocks decline

The divergence matters more than the headline drop: the Shanghai Composite's modest loss against ChiNext's sharper fall points to pressure concentrated in growth and technology names rather than broad liquidation. Computing hardware, chips and software leading the decline suggests the selling is thematic, hitting the segments most tied to the AI and semiconductor narrative. With nearly 3,800 stocks lower, the breadth is wide enough that the move looks less like rotation and more like a risk-off session. Whether the tech-heavy boards stabilize while the main board holds is the open question.