The ChiNext Index, China's tech-heavy stock index, has soared to an 11-year high, buoyed by strong earnings from a select group of companies, including Contemporary Amperex Technology Co. (CATL) and Zhongji Innolight Co. CATL alone represents approximately 20% of the index, while these top stocks collectively account for nearly half of its total weighting. This concentration has raised alarms among strategists, as even slight changes in sentiment could lead to significant market fluctuations. Recent trading data indicates that the top 5% of ChiNext stocks captured 46% of total turnover, surpassing a threshold identified by Huaxi Securities as a “high-risk alert level.” Although this does not signal an immediate correction, analysts are noting adjustment pressures. Investor sentiment has improved following policy measures aimed at enhancing market appeal for fast-growing companies, contributing to the index's recent gains, including a 3.2% increase on Thursday, marking its highest closing level since 2015.