The three major A-share indices opened lower and drifted downward on October 30, briefly turning positive in the afternoon before retreating again, ending the session with collective losses as the Shanghai Composite Index fell below the 3600-point mark.
By the close, the Shanghai Composite Index dropped 1.44% to 3,599.02 points, the Shenzhen Component Index fell 2.73% to 10,833.78 points, and the ChiNext Index plunged 4.13% to 2,413.63 points. The STAR 50 Index declined 5.48% to 1,160.84 points, marking its lowest close since August 2025, while the Beijing 50 Index dropped 2.68% to 885.74 points.
Combined turnover across the Shanghai and Shenzhen markets reached 1.674 trillion yuan, an increase of 117.9 billion yuan from the previous trading day. Across the entire market, 893 stocks advanced, 4,602 declined, and 82 were unchanged, with 49 hitting the daily limit up and 93 hitting the limit down. Advancing stocks accounted for roughly 16% of the market, and a total of 638 stocks fell more than 7%, including the 93 that hit the limit down.
On the sector front, hotels and catering rose 4.30%, baijiu (white liquor) climbed 3.77%, shipping and ports gained 2.91%, white goods advanced 2.42%, beverages and dairy added 2.07%, and leisure snacks edged up 1.70%. The biggest decliners were communication equipment, down 7.36%, digital media, down 7.16%, film and cinema chains, down 6.57%, electronic components, down 6.21%, gaming, down 5.74%, software development, down 5.61%, and semiconductors, down 5.32%. Among the top-tier Shenwan industry classifications, telecommunications fell 6.48%, media dropped 5.39%, electronics slid 5.11%, and computers declined 4.91%.
Driving Factors
Overnight, all three major U.S. indices closed lower, with the Nasdaq falling 1.38% and the Philadelphia Semiconductor Index dropping 1.42%. Alphabet reported third-quarter revenue of $127.58 billion, missing expectations, and swung to negative free cash flow, sending its shares down 12.64% in their largest single-day decline since the company's 2004 listing. Software stocks ServiceNow plunged 26.95% and Fortinet tumbled 20.09%.
On the evening of October 29, seven baijiu companies disclosed their third-quarter earnings. Anhui Yingjiagongjiu Co.,Ltd. (ASX: 603198) reported third-quarter revenue of 1.413 billion yuan, up 4.25% year-on-year, with net profit attributable to shareholders of 414 million yuan, up 8.58% year-on-year. Luzhou Laojiao Co.,Ltd. (ASX: 000568) posted third-quarter revenue of 4.195 billion yuan and net profit attributable to shareholders of 1.332 billion yuan, down 37.14% and 57.03% year-on-year respectively, but up 71.45% and 111.12% quarter-on-quarter.
On October 29, Maersk announced an increase in freight rates on its 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 reading. Cosco Shipping Holdings Co.,Ltd. (ASX: 601919) reported third-quarter net profit attributable to shareholders of 17.23 billion yuan, up 80.73% year-on-year.
In the U.S., Eli Lilly reported third-quarter net profit of $6.451 billion, up 16% year-on-year. In A-shares, the CRO concept rose 2.30% and medical services gained 0.83%.
Turnover across the two markets increased by 117.9 billion yuan from the previous session, while 4,602 stocks declined and 93 hit the limit down, with expanding volume and broad-based declines occurring simultaneously.
Hot Sectors
1. Baijiu: The baijiu sub-sector rose 3.77%, ranking second among Shenwan secondary industries for the day. Luzhou Laojiao Co.,Ltd. (ASX: 000568), Anhui Gujing Distillery Company Limited (ASX: 000596), Anhui Yingjiagongjiu Co.,Ltd. (ASX: 603198), and Huangtai Liquor hit the daily limit up. Luzhou Laojiao closed at 77.07 yuan and Gujing Distillery closed at 95.70 yuan. On the news front, seven baijiu companies disclosed third-quarter earnings on the evening of October 29. Yingjia Gongjiu's third-quarter net profit attributable to shareholders grew 8.58% year-on-year, while Luzhou Laojiao's third-quarter revenue and net profit attributable to shareholders fell 37.14% and 57.03% year-on-year respectively, but rose 71.45% and 111.12% quarter-on-quarter.
2. Shipping and Ports: The sector rose 2.91%. Jinjiang Shipping hit the limit up, closing at 13.93 yuan, while Cosco Shipping Holdings Co.,Ltd. (ASX: 601919) gained 7.02% to 17.84 yuan, touching an intraday high of 18.00 yuan. On the news front, Maersk announced on October 29 an increase in freight rates on its Far East to Northern Europe and Mediterranean routes, effective November 16. The Baltic Dry Index closed at 2,712 points on October 29, up 2.26% from the previous reading, with the Capesize index rising 5.25%. COSCO Shipping Holdings reported third-quarter net profit attributable to shareholders of 17.23 billion yuan, up 80.73% year-on-year.
3. Food, Beverage and Travel Consumption: Hotels and catering rose 4.30%, the top gainer among Shenwan secondary industries for the day, while beverages and dairy gained 2.07%, leisure snacks added 1.70%, and white goods advanced 2.42%. BTG Homeinns, New Hope Dairy, and Heizhima hit the limit up. Qingdao Food closed at 19.94 yuan, marking its fifth consecutive limit-up since October 26. Haier Smart Home rose 5.65% to 20.74 yuan. Earlier, the National Development and Reform Commission stated it is researching and formulating a strategic implementation plan for expanding domestic demand (2026-2030).
Declining Sectors
Communication equipment fell 7.36%, digital media dropped 7.16%, film and cinema chains declined 6.57%, electronic components slid 6.21%, gaming lost 5.74%, software development fell 5.61%, and semiconductors dropped 5.32%, making them the worst-performing Shenwan secondary industries for the day. Among top-tier Shenwan classifications, telecommunications fell 6.48%, media dropped 5.39%, electronics slid 5.11%, and computers declined 4.91%.
Among individual stocks, Eoptolink plunged 14.19% to 196.00 yuan, Victory Giant Technology dropped 13.31%, T&S Communications fell 8.42%, and Zhongji Innolight declined 4.99%. Tianyu Digital, Zhangyue Technology, Ciwen Media, Alpha Group, Kaiser Culture, 37 Interactive Entertainment, Zhenbang Smart, Universal Scientific Industrial, and Lianchuang Electronics all hit the limit down, while Xinhua Media hit the limit down at the open, closing at 13.36 yuan.
Communication equipment, electronic components, and semiconductors have been in sustained correction since late September. The communication 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, while the electronic components index dropped from 24,480.53 points to 14,609.31 points, a decline of 40.32%, with losses continuing to lead on the day.
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