A-share Market Close | Shanghai Composite Falls 1.44%, Losing 3,600 Points; Liquor and Shipping Stocks Buck the Trend

On October 30, the three major A-share indices opened lower and moved downward in choppy trading, briefly turning positive in the afternoon before falling again, and closed collectively lower, with the Shanghai Composite Index losing the 3,600-point level. As of the close, the Shanghai Composite Index fell 1.44% to 3,599.02 points, the Shenzhen Component Index fell 2.73% to 10,833.78 points, the ChiNext Index fell 4.13% to 2,413.63 points, the STAR 50 fell 5.48% to 1,160.84 points, its lowest close since August 2025, and the BSE 50 fell 2.68% to 885.74 points. Combined turnover of the Shanghai and Shenzhen markets was RMB1.674463 trillion, an increase of RMB117.939 billion from the previous trading day. Across the entire market, 893 stocks rose, 4,602 fell and 82 were flat, with 49 hitting the daily limit up and 93 hitting the daily limit down; rising stocks accounted for about 16%, and a total of 638 stocks fell more than 7% (including 93 limit-down stocks). By sector, hotels and catering rose 4.30%, baijiu II rose 3.77%, shipping and ports rose 2.91%, white goods rose 2.42%, beverages and dairy products rose 2.07%, and leisure foods rose 1.70%; the biggest decliners were communications equipment down 7.36%, digital media down 7.16%, film and cinema lines down 6.57%, components down 6.21%, gaming II down 5.74%, software development down 5.61%, and semiconductors down 5.32%. Among SW Level-1 industries, communications fell 6.48%, media fell 5.39%, electronics fell 5.11%, and computers fell 4.91%. Drivers Overnight, the three major U.S. indices all closed lower, with the Nasdaq down 1.38% and the Philadelphia Semiconductor Index down 1.42%. Alphabet's third-quarter revenue of US$127.58 billion missed expectations and its free cash flow turned negative, sending its shares down 12.64%, the largest single-day drop since its listing in 2004; software stocks ServiceNow fell 26.95% and Fortinet fell 20.09%. On the evening of October 29, seven baijiu stocks disclosed their third-quarter reports. Anhui Yingjiagongjiu's third-quarter operating revenue was RMB1.413 billion, up 4.25% year on year, and net profit attributable to shareholders was RMB414 million, up 8.58% year on year. Luzhou Laojiao's third-quarter operating revenue was RMB4.195 billion and net profit attributable to shareholders was RMB1.332 billion, down 37.14% and 57.03% year on year respectively, and up 71.45% and 111.12% quarter on quarter respectively. On October 29, Maersk announced an increase in freight rates on the Far East to Northern Europe and Mediterranean routes, with the new rates effective from November 16. The Baltic Dry Index closed at 2,712 points that day, up 2.26% from the previous period. COSCO Shipping Holdings' third-quarter net profit attributable to shareholders was RMB17.230 billion, up 80.73% year on year. U.S.-listed Eli Lilly's third-quarter net profit was US$6.451 billion, up 16% year on year. In A-shares, the CRO concept rose 2.30% and medical services rose 0.83%. Combined turnover of the two markets increased by RMB117.939 billion from the previous trading day, while 4,602 stocks fell and 93 hit the daily limit down, with expanded turnover and broad-based declines occurring simultaneously. Hot sectors 1. [Baijiu] Baijiu II rose 3.77%, the second-largest gain among SW Level-2 industries on the day. Luzhou Laojiao, Anhui Gujing Distillery, Anhui Yingjiagongjiu and Gansu Huangtai Wine-Marketing Industry hit the daily limit up; Luzhou Laojiao closed at RMB77.07 and Anhui Gujing Distillery closed at RMB95.70. On the news front, seven baijiu stocks disclosed their third-quarter reports on the evening of October 29; Anhui Yingjiagongjiu's third-quarter net profit attributable to shareholders rose 8.58% year on year; Luzhou Laojiao's third-quarter operating revenue and net profit attributable to shareholders fell 37.14% and 57.03% year on year respectively, and rose 71.45% and 111.12% quarter on quarter respectively. 2. [Shipping and ports] Up 2.91%. Shanghai Jinjiang Shipping hit the daily limit up and closed at RMB13.93; COSCO Shipping Holdings rose 7.02% to RMB17.84, with an intraday high of RMB18.00. On the news front, Maersk announced on October 29 an increase in freight rates on the Far East to Northern Europe and Mediterranean routes, with the new rates effective from November 16; the Baltic Dry Index closed at 2,712 points on October 29, up 2.26% from the previous period, with the Capesize index up 5.25%; COSCO Shipping Holdings' third-quarter net profit attributable to shareholders was RMB17.230 billion, up 80.73% year on year. 3. [Food and beverage and travel consumption] Hotels and catering rose 4.30%, the largest gain among SW Level-2 industries on the day; beverages and dairy products rose 2.07%, leisure foods rose 1.70%, and white goods rose 2.42%. BTG Hotels, New Hope Dairy and Nanfang Black Sesame Group hit the daily limit up; Qingdao Foods closed at RMB19.94 and has hit the daily limit up for five consecutive trading days since October 26; HAIER SMARTHOME rose 5.65% to RMB20.74. Previously, the National Development and Reform Commission said it was studying and formulating an implementation plan for the strategy of expanding domestic demand (2026-2030). Adjusting sectors Communications equipment fell 7.36%, digital media fell 7.16%, film and cinema lines fell 6.57%, components fell 6.21%, gaming II fell 5.74%, software development fell 5.61%, and semiconductors fell 5.32%, making them the biggest decliners among SW Level-2 industries on the day. Among SW Level-1 industries, communications fell 6.48%, media fell 5.39%, electronics fell 5.11%, and computers fell 4.91%. Among individual stocks, Eoptolink Technology Inc. fell 14.19% to RMB196.00, Victory Giant Technology fell 13.31%, Suzhou TFC Optical Communication fell 8.42%, and Zhongji Innolight fell 4.99%; Tianyu Digital Technology Group, IReader Technology, Ciwen Media Co.,Ltd., Alpha Group, Kaiser, 37 Interactive Entertainment Network Technology Group, Genbyte Technology Inc., Universal Scientific Industrial (Shanghai) Co., and LianChuang Electronic Technology hit the daily limit down; Shanghai Xinhua Media sealed limit-down for the entire session at RMB13.36. Communications equipment, components and semiconductors have been in continuous adjustment since late September. The communications equipment index fell from 10,244.86 points at the close on September 23 to 5,951.55 points, a decline of 41.91% over the period; the components index fell from 24,480.53 points to 14,609.31 points, a decline of 40.32% over the period; and their declines continued to rank among the largest on the day.