Shenzhen Component Index Turns Positive; Shanghai and ChiNext Losses Narrow

The divergence is the story here: Shenzhen recovering to positive while Shanghai and ChiNext only narrow their losses suggests the rebound is concentrated rather than broad, which matters more for positioning than the headline index level. With no detail on the size or timing of the moves, it is hard to judge whether this reflects genuine demand or just thinner selling pressure. Whether the other two indices follow Shenzhen into positive territory is the open question.