Shanghai Composite Edges Up 0.32% as Coal, Gas Stocks Rally; Turnover Falls to 1.49 Trillion Yuan

The split between Shanghai's modest gain and Shenzhen/ChiNext declines, alongside more than 3,100 decliners, signals a narrow, defensive rotation into coal and gas rather than broad risk appetite. The cluster of limit-up moves in those names points to concentrated momentum in one sector, which tends to be fragile when breadth is this weak. Falling turnover reinforces that this is a thinning tape, not fresh conviction. Whether the energy complex can hold leadership as participation narrows is the open question.