China’s ChiNext up 0.56% at midday; PCB and coal stocks rally

The leadership of PCB and coal names over solar and gaming suggests a rotation toward cyclical and hardware-linked themes rather than a broad risk-on bid, especially with the main benchmarks fading from early highs despite a strong turnover reading. The limit-up moves in Zhengzhou Coal & Electric and Antai Group point to concentrated speculative interest in a narrow set of coal-linked names. Whether that sector leadership holds through the afternoon, and whether turnover stays elevated as the indices retreat from their highs, is the open question.