Opened lower and continued to decline across the board—major indices and the ChiNext led the breakdown, with the Shanghai Composite directly falling below the key 3,700 level. ChiNext (-1.36%) > CSI 300 (-1.04%) > SSE 50 (-0.85%) > Shanghai Composite (-0.67%) > STAR 50 (-0.59%) > CSI 500 (-0.51%) > CSI 1000 (-0.37%) > CSI 2000 (-0.21%)—the larger the index, the worse the decline, characteristic of institutional and weight-driven selling pressure. This follows the same trend seen since October 20, where “large-cap outflows with high volume” have dominated. Today marks the third consecutive day, and the sell-off has now expanded from “large-cap declines” to a broad market selloff. Retail-driven small-cap stocks showed relative resilience: CSI 2000 fell only 0.21%, and CSI 1000 dropped 0.37%—less than half the decline of major indices. This wave is targeting institutional heavyweights (core assets and ChiNext blue chips).