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This morning, Asian stock markets generally opened lower and fell throughout the day. As of press time, the Nikkei 225 index fell by more than 300 points, with a cumulative drop of more than 5,000 points in the past 12 trading days, a drop of more than 10%; the South Korean Composite Index also fell by more than 1%, and the Manila Composite Index and the MSCI Asia Emerging Markets Index both fell by around 1%.

Hong Kong's Hang Seng Index and Hang Seng Tech Index also fell by more than 1%.

FTSE China A50 Index futures also plunged.

The Shanghai Composite Index, Shenzhen Component Index, and CSI 300 all hit new lows in more than five months, with the Shanghai 50 Index falling for seven consecutive days. Technology growth stocks performed strongly, with the Science and Technology Innovation 50 Index turning positive first. The ChiNext Index also turned positive for a time.

On the market, sectors such as public transportation, spatiotemporal big data, sand control, and land transfer were relatively active, while sectors such as oil, home appliances, brewing, and nonferrous metals had the largest declines.

Liquor stocks continue to fall

Liquor stocks continued to open lower and go lower today, with the sector index falling more than 2% during the day, hitting a new low in more than four years. Kweichow Moutai fell for the seventh consecutive day, and its share price hit a new low in more than a year and a half; Wuliangye also opened lower and went lower, hitting a new low in more than four years; Gujing Gongjiu, Shanxi Fenjiu, etc. also hit multi-year lows, and Jinshiyuan, Yingjia Gongjiu, etc. also hit a new low.

Since the beginning of this year, liquor stocks have shown an accelerating downward trend. As of today's midday close, the liquor index has fallen nearly 20% this year, marking the fourth consecutive year of decline. This is also the largest drop in the past six years on an annual basis.

Concept liquor stocks generally fell sharply. Rock shares have plummeted by more than 65% this year, ST Spring has fallen by more than 59%, Zhongrui shares and Jihong shares have fallen by more than 50%. Second-tier liquor stocks have also fallen sharply, Jiugui Liquor and Shede Wine have fallen by more than 40%. The first-tier leader Kweichow Moutai has fallen by more than 19%, Yanghe shares have fallen by nearly 25%, and Wuliangye has fallen by nearly 10%.

Wind data statistics show that since the beginning of this year, public funds have continued to reduce their holdings of liquor stocks. As of the end of the second quarter, a total of 1,262 public funds held Kweichow Moutai, a decrease of 252 from 1,514 at the end of the first quarter. The total holdings were 81.55 million shares, a decrease of more than 5.25 million shares from the end of the first quarter.

Liquor stocks such as Wuliangye, Luzhou Laojiao, Gujing Gongjiu, Jinshiyuan, Shede Wine, Shuijingfang, Yanjing Gongjiu, Jiugui Liquor, Jinzhongzi Liquor, and Jinhui Liquor were sold off to varying degrees.

UBS Securities said that it expects the average earnings per share compound annual growth rate of the covered liquor companies to slow down from 19% in 2020 to 2023 to 8% in 2023-2025. Given that leading liquor companies have not actively controlled supply and expanded production capacity, it is expected that the retail prices of ultra-high-end liquor companies will face greater pressure in 2024-2025.

UBS Securities further stated that if industry leaders fail to control supply, the pessimistic scenario shows that it will continue until the end of 2025, and the wholesale prices of Kweichow Moutai and Wuliangye may fall by 50% and 17% from the current level, and will stabilize in 2026. At the same time, UBS Securities also reiterated its sell rating on Shuijingfang and Shanxi Fenjiu due to their high valuations.

Several strong stocks issued risk warning announcements

Today, several strong stocks that have been hitting the daily limit for consecutive days issued risk warning announcements.

Feilixin opened higher against the trend, and rose by 20% in a straight line, with 2 daily limits in the past 3 days. Feilixin announced that in response to the abnormal fluctuations in the company's stock trading, after verification by the company's board of directors, the company is currently operating normally, and there have been no major changes in the company's operating conditions and internal and external operating environment in the recent period.

At the same time, Feilixin also announced that on July 27, 2024, the company and the leading artificial intelligence company signed the "Cloud Service Procurement Agreement" for the specific implementation of the first batch of the "Cloud Service Intention Cooperation Agreement". The total contract amount is RMB 540,258,000 (tax included). This procurement agreement is a specific procurement agreement signed during the implementation of the "Cloud Service Intention Cooperation Agreement" and belongs to the first batch of implementation content in the two batches of implementation plans. The contract signed this time is a major contract for the company's daily operations.

The latest data released by the Shenzhen Stock Exchange this morning showed that on July 29, Philips purchased 50.121 million yuan in financing and repaid 57.7374 million yuan in financing, with a net repayment of 7.6164 million yuan in financing, the highest net repayment amount in a month and a half.

Qitian Technology has been rising by 20% for the third consecutive day. Qitian Technology also issued an announcement of abnormal stock trading fluctuations today. The company's current business is normal, and there have been no major changes in the internal and external business environment. The company and major shareholders currently have no major events that should be disclosed but have not been disclosed, or major events in the planning stage. The company's major shareholders did not buy or sell the company's shares during the period of abnormal stock fluctuations.

Data from the Dragon and Tiger List shows that both buying and selling were done by hot money from the business departments. The seats of the listed business departments had a total transaction volume of 135 million yuan, of which the purchase amount was 90.5044 million yuan and the sale amount was 44.9683 million yuan, with a total net purchase of 45.5361 million yuan.

Guozhong Water Group and Tengda Technology, which have hit the daily limit for seven consecutive days, Volkswagen Utilities, which has hit the daily limit for four consecutive days, and Qiming Information, which has hit the daily limit for five days in six days, all issued announcements today to warn of the risk of unusual stock price movements.

Editor: Peng Bo

Proofreading: Gao Yuan