A-share afternoon review | Shanghai index bottomed out and fell 0.30%, liquor and CRO bucked the trend and strengthened

The Zhitong Finance App learned that on October 30, the three major A-share indices collectively opened sharply lower (the Shanghai Index opened 1.25% lower, the Shenzhen Index opened 2.40% lower, and the GEM Index opened 3.29% lower). At the beginning of the session, the Shanghai Index fell below 3,600 points (minimum of 3595.26 points), then fluctuated and rebounded, and the decline continued to narrow. The market showed a pattern of “the index bottomed out and rebounded, individual stocks fell more and less, and switched highs and lows”. By the midday close, the Shanghai Index fell 0.30% to 3640.54 points, the Shenzhen Index fell 0.58% to 11073.08 points, and the GEM Index fell 1.18% to 2487.91 points; among them, the Shanghai Index and Shenzhen Index both closed at the highest point of the day. In the Shanghai and Shenzhen markets, 2,819 stocks fell, 2,522 stocks rose, and 236 traded flat, rising and stopping 45 and falling 18. The three markets of Shanghai, Beijing, and Shenzhen traded 1018.2 billion yuan in half a day, an increase of 21.5 billion yuan over the same period of the previous trading day. In terms of capital, the main capital in early trading flowed into sectors such as food and beverage, pharmaceuticals, shipping ports, etc., with a net outflow from electronics, computers, communications, etc., of which the net outflow from the electronics sector exceeded 3.1 billion yuan.

Overview of the plate

On the upward side, on the upward side, hotels and restaurants rose 3.86%, shipping ports rose 3.01%, medical services rose 2.97%, and liquor II rose 2.13%, which was the highest increase in Shenwan's second-tier industry; on the downside, television broadcasting fell 3.82%, digital media fell 3.67%, cinema fell 3.57%, and gaming fell 2.93%, which was the highest decline. Overall, US technology stocks weakened overnight, and the direction of computing power and hardware opened at the same time; then, capital turned to a low level of defense and domestic demand, and the liquor, pharmaceutical, and shipping sectors received funding acceptance, and the index's decline narrowed, but the individual stock level still declined more and less.

Popular sections

1. The liquor sector bucked the trend and opened higher and strengthened throughout the day

Huangtai Liquor, Gujing Gongjiu, and Yingjiagongjiao rose to a standstill. Luzhou Laojiao rose 8.35%, Jinshiyuan rose 5.92%, Shanxi Fenjiu rose 4.46%, and Kweichow Moutai rose 1.29%. The Liquor II Index rose 2.13% in half a day, and opened 0.42% higher in early trading (36786.76 points yesterday, 36940.51 points today). The intraday low of 36789.83 points was still higher than the previous close, and did not turn green throughout the day. At the individual stock level, Huangtai Liquor opened 0.39% lower and Jinshiyuan opened 0.10% lower. Gujing Gongjiu, Yingjia Gongjiu, Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai opened 0.46%, 1.66%, 2.77%, 0.83%, and 0.66% higher respectively.

Comment: On the evening of October 29, 7 liquor stocks, including Yingjia Gongjiu, Gujing Gongjiao, and Luzhou Laojiao, concentrated on disclosing their three-quarter reports, with significant differences in performance in a single quarter. Yingjiagongjiu's Q3 revenue was 1,413 billion yuan, up 4.25% year on year, net profit to mother was 414 million yuan, up 8.58% year on year and 26.46% month on month; revenue for the first three quarters was 4.829 billion yuan and net profit of 1,575 billion yuan, up 6.93% and 4.25% year on year, respectively. Gujing Gongjiu's Q3 revenue was 2,639 billion yuan, up 3.69% year on year. After Q1 and Q2 revenue fell 18.59% and 43.27% year on year, respectively, but net profit to mother was only 954.493 million yuan, down 68.04% year on year; revenue for the first three quarters was 12.77 billion yuan, down 22.25% year on year, net profit of 2,260 billion yuan, down 42.94% year on year. The company disclosed the 2026 mid-term profit distribution plan on the same day. Luzhou Laojiao's Q3 revenue was 4.195 billion yuan and net profit to mother was 1,332 billion yuan, up 71.45% and 111.12%, respectively. However, revenue for the first three quarters was 14.668 billion yuan, down 36.58% year on year, and net profit of 5.671 billion yuan, down 47.31% year on year. Among them, Q3's net profit for a single quarter decreased by about 57% from 3,099 billion yuan in the same period last year. Overall, the three-quarter report for liquor was characterized by “a general decline in net profit in the first three quarters and a month-on-month improvement in a single quarter.” The month-on-month increase was mainly due to a low base in the second quarter.

2. CRO concept, medical service sector bottomed out and rebounded

Bide Pharmaceutical rose and stopped by 20cm, Aoyang Health and Ling Rui Pharmaceutical rose and stopped, Wanbang Pharmaceutical rose 17.46%, Haoyuan Pharmaceutical rose 14.04%, and Wisdom Pharmaceutical rose 13.77%.

Comment: On October 29, Eli Lilly announced Q3 results. Net profit was US$6.451 billion, up 16% year on year, higher than market expectations. Mounjaro and Zepbound's revenue increased 65% and 49% respectively, and the annual revenue guidance was raised to US$91 billion to US$92 billion. The three domestic CXO quarterly reports were simultaneously realized: Bide Pharmaceutical's net profit for the first three quarters was 164 million yuan, up 36.92% year on year, including Q3 net profit of 606.3.1 million yuan, up 30.87% year on year; Smart Pharmaceutical's Q3 net profit was 176.697 million yuan, up 196.60% year on year, turning loss into profit in a single quarter. Revenue for the first three quarters was 947 million yuan, up 15.97% year on year.

3. The port shipping sector showed active performance

Jinjiang Shipping rose to a halt, COSCO Maritime Control rose 6.78%, and SIPG rose 5.11%.

Comment: On October 29, Maersk announced an increase in fares for routes from the Far East to Northern Europe and the Mediterranean. The new rates will take effect on November 16. Since mid-October, Dafei, Maersk, Hapag-Lloyd, and Mediterranean Shipping have successively announced an increase in FAK tariffs to 4,500 US dollars/FEU starting October 19. COSCO Marine Control's Q3 revenue was 75.692 billion yuan, up 29.39% year on year, net profit to mother was 17.230 billion yuan, up 80.73% year on year, up 128.45% month on month, and net profit to mother for the first three quarters was 30.649 billion yuan, up 13.22% year on year. On October 29, BDI reported 2,712 points, up 2.26% from the previous month, and BCI rose 5.25% to 4,090 points in a single day.

4. Copper-clad plates and PCB concept plates pull up quickly after opening low at first

Jin'an Guoji, Mingyang Circuit, Mankun Technology, Aoho Electronics, and Hongchang Electronics went up and down, while Eton Electronics rose 6.74%. The copper-clad plate concept rose 4.50% in half a day, down 7.29% on the previous trading day; the PCB concept only rose 0.48% in half a day. Both major sectors rose after opening low at the beginning of the market: the copper-clad plate concept opened 801.74 points, 5.00% lower than the previous closing, and the PCB concept opened 1935.45 points and 3.13% lower today. The activity of individual stocks was significantly higher than the increase in sector indices.

Comment: The TPCA Taiwan Circuit Board Association said during the TPCA Show in mid-October that originally only high-end materials such as Low CTE cloth, Low Dk2, and HVLP4 were tight, but now it has spread to CCL, high-end PCBs, ABF carrier boards, process equipment and consumables. Some middle- and low-grade materials have also experienced lengthening or price increases. It is estimated that the tight supply chain will continue until at least 2027. According to financial news agency monitoring data, Jin An Guoji's main capital had net purchases of over 600 million yuan in early trading, ranking first in the two markets.