On October 12, the market experienced a volatile pullback, with the ChiNext Index and the STAR 50 Index both falling more than 2%. Trading volume contracted significantly, with combined turnover on the Shanghai and Shenzhen exchanges reaching 1.54 trillion yuan, a decrease of 362.7 billion yuan from the previous trading day. More than 4,300 individual stocks across the market declined.
On the sector front, themes rotated weakly, while banking stocks bucked the trend and strengthened, with Bank of China, China CITIC Bank, and Industrial and Commercial Bank of China all hitting record highs. The film and media sectors surged rapidly during intraday trading, with Guomai Culture hitting the 20% daily limit, Bona Film Group and Jishi Media sealing limit-up for a second consecutive session, while Decai Group, Ciwen Media, and Xinhua Winshare also hit limit-up. In wind power, Tianshun Wind Energy hit the daily limit, and Zhenhong Shares rose over 10%. In energy storage, Jinguan Electric and Shouhang New Energy both hit the 20% daily limit.
On the declining side, precious metals concepts collectively adjusted downward, with Xiaocheng Technology, Sichuan Gold, and Zhaojin Gold all falling. As of market close, the Shanghai Composite Index dropped 0.43%, the Shenzhen Component Index fell 2.03%, and the ChiNext Index declined 2.61%.
Notably, liquor leader Kweichow Moutai Co.,Ltd. (ASX: 600519) rose nearly 2% during intraday trading, with its share price surpassing Lianxun Instruments to reclaim the "Stock King" throne. Lianxun Instruments fell over 8%, with its total market value dropping below 200 billion yuan.
On the news front, the "Guizhou Province Implementation Plan for Financial Support for the Transition from Selling Liquor to Selling a Lifestyle" was recently published. It mentions elevating the level of financial services for the liquor industry chain, providing comprehensive financial solutions including settlement, financing, and financial management for the liquor industry chain; establishing green channels for core liquor enterprises to respond promptly to financing needs. It also aims to broaden financing channels for existing business entities, support local financial institutions in issuing financial bonds to raise funds for supporting business entities related to the "selling liquor to selling a lifestyle" transition, and encourage financial institutions to provide equity participation or controlling-type merger and acquisition loan support for business entities to revitalize existing assets.
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