October 12 saw Kweichow Moutai Co.,Ltd. (600519) overtake Lianxun Instruments to reclaim the position of the most expensive stock on the A-share market.
By the close, Kweichow Moutai Co.,Ltd. (600519) traded at 1,288 yuan per share, up 1.98%, with a total market capitalization of 1.61 trillion yuan. In contrast, Lianxun Instruments closed at 1,277 yuan per share, down 8.13%, with its market value falling below 200 billion yuan. Another "thousand-yuan tech stock," Yuanjie Technology, fell 6.96% on the day to close at 1,122.11 yuan per share.
It is worth noting that Lianxun Instruments' surrender of the A-share "most expensive stock" crown was not accidental. The stock has dropped nearly 30% from its June high of 1,876.87 yuan per share, and has continued its downward trend over the past month.
On the news front, Guizhou Province recently issued an implementation plan for financial support of the transition "from selling liquor to selling a lifestyle," which mentions optimizing basic financial services for baijiu consumption. Possibly influenced by this news and combined with a shift in market style, the baijiu sector was active today, with Wuliangye, Luzhou Laojiao, Swelling, and Shede Spirits all rising, showing a collective strengthening of the baijiu sector.
In this regard, some industry insiders analyzed that Kweichow Moutai Co.,Ltd. (600519) reclaiming the A-share "most expensive stock" title this time is not simply driven by short-term market sentiment; it is also supported by both fundamentals and the industry cycle. From a fundamental perspective, in the first half of 2026, Kweichow Moutai Co.,Ltd. (600519) achieved total operating revenue of 92.278 billion yuan, up 1.30% year-on-year; net profit attributable to shareholders was 44.517 billion yuan, down 1.95% year-on-year.
At the same time, several leading brokerages have offered relatively positive assessments of the baijiu sector's future trajectory. Guotai Haitong Securities pointed out that given the absence of obvious channel stuffing during the peak season, channel inventories are generally controllable, and wholesale prices are expected to remain relatively stable after the holiday, with the next observation point being the "Double Eleven" promotions in October-November. Zhongtai Securities stated that in the third quarter of 2026 the industry showed significant structural divergence, with the overall sector accelerating its bottoming-out. Baijiu consumption is returning to rationality, consumers' willingness to stockpile has weakened, and buying on demand has become the mainstream consumption characteristic. The dual-holiday peak season showed a dumbbell-shaped pattern, with high-end liquor generally outperforming, the sub-high-end segment under pressure, and regional liquor achieving structural recovery through banquet and homecoming scenarios.
Financial Investment News reporters noted that since the beginning of this year, the A-share "most expensive stock" crown has changed hands several times among Kweichow Moutai Co.,Ltd. (600519), Lianxun Instruments, and Yuanjie Technology, reflecting the deeper logic of current capital market style rotation. In this regard, some industry insiders further stated that as the baijiu industry's destocking gradually deepens, consumption scenarios steadily recover, and tech stock valuation digestion continues, the ownership of the A-share most expensive stock may change in the future with market style rotation. | Financial Investment News reporter He Menglu |
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