ChiNext Index Turns Positive as Shanghai, Shenzhen Losses Narrow; Over 1,100 Stocks Rise

The reversal is narrow rather than broad: leadership sits in oil and gas, coal, banking and power — defensive, dividend-heavy sectors that typically attract positioning when growth appetite is weak. Breadth of over 1,100 advancers matters, but the composition suggests rotation into yield and energy rather than a return of risk appetite. Whether that leadership broadens into growth sectors, or the bounce fades once the defensive bid cools, is the open question worth tracking.