Shanghai Composite Closes at 3940.55, Up 0.20%

The divergence between the Shanghai Composite's modest gain and the sharper declines in tech-heavy indices like ChiNext and STAR 50 suggests rotation within the market rather than broad-based strength. This split matters for RWA watchers because it hints at where investor appetite is concentrating—likely toward large-cap value or state-linked sectors—while growth and innovation names face pressure. The open question is whether this divergence persists, which would signal a sustained shift in risk preferences, or if it's a short-term rebalancing that could reverse as the session's data flow develops.