Shanghai Composite Opens 0.08% Lower at 3605.39

The split between Shanghai and Shenzhen benchmarks points to a rotation rather than a broad move, with growth-leaning ChiNext and small-cap CSI 1000 outperforming the large-cap CSI 300. The modest magnitudes suggest positioning is being adjusted at the margin, not repriced. For crypto and RWA desks, mainland equity opens of this size carry little direct signal; the more relevant question is whether this small-cap versus large-cap dispersion persists through the session or fades, which would say more about domestic risk appetite than the headline index level does.