Shanghai Composite closes down 0.82% at 3,651.43; ChiNext falls 4.45%

The dispersion in the session is the story: the growth-heavy ChiNext and STAR 50 fell several times harder than the large-cap CSI 300 and the Shanghai Composite, pointing to pressure concentrated in smaller, higher-beta listings rather than a broad blue-chip repricing. That pattern tends to matter most for retail-heavy and momentum-driven segments of the market, where drawdowns in the growth boards can feed on themselves. Whether the gap between large-cap resilience and small-cap weakness persists, or narrows in the next session, is the open question worth watching.