Industry Notes

Industry Notes / First-half 2026 review / Chapter 1 of 3 · Bar

H1 A-shares: STAR led, the Shanghai Composite barely moved

Same half-year, four indexes were not the same game

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First-half return
STAR 50
64%
ChiNext
36%
Shenzhen
20%
Shanghai
3%

In the first half the STAR 50 was up about 64%, ChiNext about 36%, Shenzhen about 20%, and the Shanghai Composite about 3%. Tech growth carried the tape; broad indexes can mislead. Before arguing about capital flows, accept how extreme the split was.

Source：Wind / 交易所公开指数收盘：上证、深证、创业板、科创50（2026H1）

Research notes, not investment advice.