China's Stock Market Just Did Something It Has NEVER Done Before

On Friday, China's main stock index, the CSI 300, fell for the 12th week in a row: the longest losing streak since the index was created in 2005. It's now more than 20% below its June peak, officially a bear market. China's AI darlings got hit hardest: the STAR 50 is down about 40%, roughly $480 billion gone in under four months. The headlines blame the AI bubble. But China's economy just grew 4.5%, the yuan is at a four-year high, and Beijing's state funds bought an estimated $25 billion of stocks in October. The market kept falling anyway. In Case File #04 we go through the growth data, the state buying, the fund flows and the AI sell-off, line up three suspects, and deliver the verdict. Then: who pays, why the yuan isn't collapsing, what China's 2015 crash teaches us, what to watch after Monday's emergency meeting, and three possible futures. ⏱ CHAPTERS 0:00 A record losing streak 0:42 The AI bubble popped? 1:19 What a bear market means 1:45 Suspect 1: The AI bubble 3:06 Suspect 2: The safety net (the "national team") 4:33 Suspect 3: Hiding in the growth number 6:09 The verdict 6:20 Who pays for this 6:46 Why the yuan isn't collapsing 7:07 Has China been here before? (2015) 7:28 2015 vs 2026 8:04 What to watch 8:51 Three possible futures 9:45 Final verdict 📚 SOURCES CSI 300 streak and bear market: LSEG data via CNBC; Protos (19 Oct 2026); Coinpaper (30 Oct 2026) STAR 50, valuations and AI stocks: Reuters analysis (26 Oct 2026) via Yahoo Finance Market value lost since May: Bloomberg, via Coinpaper State buying estimate: Goldman Sachs, via SCMP / Coinpaper (Oct 2026); Bloomberg (27 Oct 2026) AI share of market value and turnover: Goldman Sachs (mid-Oct 2026) GDP, retail sales, industrial output, property investment: National Bureau of Statistics (19 Oct 2026) Exports Jan–Aug: China customs data (Sep 2026) Yuan: Trading Economics (20 Oct 2026) Foreign outflows Q3: Bloomberg via Protos (19 Oct 2026) US tech sell-off: NBC News, Reuters (30 Oct 2026) PBOC meeting: Cailian / 21st Century Business Herald via InvestingLive (1 Nov 2026) 2015 crash: Shanghai Composite closes via Bloomberg 🔎 Subscribe for the next case file:    / @marketautopsy   Disclaimer: This video is for educational and entertainment purposes only and is not financial or investment advice. Do your own research before making any financial decision. #China #ChinaStockMarket #CSI300