The Ten Heaviest Turnover Days on the Shanghai Composite: What Happened Next?
Bottom line: the index rose the following day after 5/10 of the ten heaviest-turnover days. "Climactic volume marks the top" is a statistical tendency, not a law — next-day direction after record volume is mixed in this sample. Average daily Shanghai-market turnover from 2010 through 2025 was about CNY 288bn; the record days ran at multiples of that.
| Date | Turnover (CNY bn) | Same-day return | Next-day return | 5 days later |
|---|---|---|---|---|
| 2026-01-14 | 1,607.0 | -0.31% | -0.33% | -0.22% |
| 2026-05-11 | 1,584.4 | +1.08% | -0.25% | -2.21% |
| 2026-05-21 | 1,595.7 | -2.04% | +0.87% | +0.52% |
| 2026-06-22 | 1,704.0 | +1.78% | -1.37% | -2.14% |
| 2026-06-23 | 1,594.5 | -1.37% | +0.11% | -0.29% |
| 2026-06-25 | 1,619.0 | +0.23% | -2.26% | -2.22% |
| 2026-06-26 | 1,621.2 | -2.26% | +1.16% | +0.41% |
| 2026-06-29 | 1,666.2 | +1.16% | +0.50% | -0.80% |
| 2026-07-01 | 1,698.5 | +0.44% | -2.03% | -3.44% |
| 2026-07-02 | 1,577.2 | -2.03% | +0.37% | +0.19% |
Methodology and boundaries
Turnover is the East Money index-level convention, in CNY (the table converts to billions). Same-day return is measured against the prior session's close; "5 days later" compares the close five trading sessions ahead with the session's own close. This table states data facts only and makes no attribution claims — tying record volume to specific news requires day-by-day verification against a news archive, which this site does not yet provide.
How to use it
Heavy volume means amplified disagreement about price. The practical takeaway for individual investors: the next-day direction after a record-volume day is not a reliable signal, but record-volume days do tend to cluster near meaningful highs and lows — treating them as "heightened-alert" markers is a defensible use.
Frequently asked questions
Does record volume always mark a top?
No. In this sample, next-day and 5-day-later directions after record-volume days are mixed — see the table above.
What units is turnover in?
Chinese yuan (CNY); the table shows billions. The raw CSV stores the original amount field in yuan.
Disclaimer: this article is data research built on publicly available finance data — it is not investment advice, not a recommendation, and not an offer to buy or sell any security or futures contract. All figures are recomputable from the CSV files linked on this site.