Mainland indices rallied intraday then eased: Shanghai Composite +0.72%, Shenzhen Composite Index +2.21%, ChiNext Index +3.06%. ChiNext is down over 23% month-to-date; STAR 50 Index down nearly 26% MTD. Turnover across Shanghai and Shenzhen CNY2.54 trillion, up CNY201.4 billion from the prior session. Breadth strong with more than 4,600 stocks advancing. C Changxin rose >2% to CNY53.97, turnover >CNY50 billion; up 523% in its first week of trading. AI-related names led gains; Chuanzhi Education

Mainland indices rallied intraday then eased: Shanghai Composite +0.72%, Shenzhen Composite Index +2.21%, ChiNext Index +3.06%. ChiNext is down over 23% month-to-date; STAR 50 Index down nearly 26% MTD. Turnover across Shanghai and Shenzhen CNY2.54 trillion, up CNY201.4 billion from the prior session. Breadth strong with more than 4,600 stocks advancing. C Changxin rose >2% to CNY53.97, turnover >CNY50 billion; up 523% in its first week of trading. AI-related names led gains; Chuanzhi Education posted a fifth consecutive daily limit-up and other AI plays including Zhenghe Ecology, Yidian Tianxia, Kaiwen Education, BlueFocus, Weipaige, Shensanda A and Zhongwen Online hit daily limits. Banks underperformed: Ningbo Bank fell over 3%, while Agricultural Bank of China, China Merchants Bank, Shanghai Pudong Development Bank and Industrial and Commercial Bank of China also traded lower.