Shanghai stock index fell below 3800 points intraday, what happened to A shares?

In the afternoon of July 17th, the Shanghai Composite Index fell below 3800 points, while the ChiNext and Shenzhen Component Index once dropped by over 8%. Subsequently, the three major indexes bottomed out and rebounded, with the ChiNext Index narrowing its decline to around 4%. Industry insiders analyze that the current adjustment is more of a high volatility in the slow bull process, rather than a trend reversal. Especially with the Shanghai Composite Index returning to near its annual average, some leverage has been reduced, and there is still capital inflow into growth-related ETFs such as the Sci-Tech Innovation 50 Index, ChiNext, and the CSI 1000 Index, the current market position has strong support.