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the momentum of the a-share "counterattack" has spread to the us stock market!

on september 24, boosted by the policy package, major a-share indexes rose across the board, and about 5,000 stocks in the two markets closed in the green. among them, the "stock king" moutai launched a desperate counterattack, rising 8.8%.

chinese stocks listed in the us were also boosted. on the evening of september 24, the three major u.s. stock indexes opened higher collectively, and popular chinese stocks rose collectively. the nasdaq china golden dragon index's gains once expanded to 7%. bilibili and iqiyi rose by more than 11%, jd.com rose by more than 9%, and li auto rose by more than 8%.

at the same time, chinese asset etfs in the us opened higher and ended higher, with the gains expanding. the 3x long ftse china etf-direxion rose by more than 20%, the 2x long sse china internet stock etf-direxion rose by more than 14%, and the kraneshares china overseas internet etf and china large cap etf-ishares rose by more than 7%.

it is worth mentioning that kweichow moutai's increase today set a record in the past two years and successfully regained the 1,300 yuan mark, with a trading volume of 13.3 billion yuan. securities china reporters found that after-market data showed that many funds that increased their holdings of kweichow moutai against the trend in the second quarter, or bought it as the number one heavily-weighted stock, also had abnormal net value changes on september 24.

at the investor exchange meeting on september 23, zhang deqin, chairman of kweichow moutai, said that the company attaches great importance to the export and internationalization strategy of moutai liquor, and is also actively exploring overseas market paths. in the future, moutai will scientifically demonstrate planning, optimize channel construction, strengthen team building, enhance the communication and penetration of moutai culture, and continuously expand overseas consumer groups; in addition, kweichow moutai will also strengthen marketing system reform, provide good product services, and actively promote the "transformation from selling liquor to selling lifestyles."

after two years, it surged again by 8.8%

in today's a-share rally, the liquor sector with a larger weight also emerged. kweichow moutai recorded an 8.8% increase and closed at 1,372.6 yuan per share. the increase hit a new high in the past two years and successfully regained the 1,300 yuan mark. the trading volume reached 13.3 billion yuan, also setting a new high for the year.

as a long-time belief in the a-share market, kweichow moutai continued to decline this year due to a variety of negative factors. however, after bottoming out and rebounding on september 24, the stock's year-to-date decline has narrowed to 16.85%.

behind the surge is kweichow moutai’s increasingly frequent market value management actions in recent times.

on the evening of september 20, kweichow moutai issued an announcement that the company will use its own funds to repurchase shares for cancellation and reduce the company's registered capital. the repurchase price will not exceed 1,795.78 yuan per share (inclusive), and the repurchase amount of shares will be approximately 3 billion to 6 billion yuan. it is worth mentioning that this is the first time that kweichow moutai has implemented share repurchase and cancellation since its listing.

on the evening of august 8, kweichow moutai also disclosed its cash dividend plan. from 2024 to 2026, the total amount of cash dividends distributed by kweichow moutai each year will not be less than 75% of the net profit attributable to shareholders of the listed company in that year. the annual cash dividend will be implemented twice (annual and mid-term dividends). the specific cash dividend plan will be formulated by the kweichow moutai board of directors and implemented after approval by the shareholders' meeting.

in terms of stabilizing the secondary market price, kweichow moutai has also taken measures such as canceling the release of 12-bottle boxed moutai, reducing the supply of loose moutai points purchase on the kweichow platform, adjusting the release of xunfeng 375ml moutai, and holding channel talks to stabilize confidence.

dongwu securities research report believes that under extreme assumptions, the company's dividend yield will remain above 4% from 2024 to 2026 or even longer, which will provide strong support for valuation and hedge the downward valuation pressure of wholesale prices. the investment value based on dividend yield and non-negative growth has become prominent.

kweichow moutai holds investor exchange meeting

according to the official weibo account of kweichow moutai on september 24, on september 23, zhang deqin, secretary of the party committee and chairman of moutai group, and secretary of the party committee and chairman of moutai co., ltd., hosted a kweichow moutai investor exchange meeting in shanghai, giving in-depth answers to investors' concerns about moutai's production and operation, quality, sales, and internationalization path, and listening to investors' opinions and suggestions.

regarding the internationalization issue that everyone is concerned about, zhang deqin said that moutai has always attached great importance to the export of moutai liquor and the establishment of internationalization strategies, and is also actively exploring overseas market paths. in the future, moutai will scientifically demonstrate planning, optimize channel construction, strengthen team building, enhance the communication and penetration of moutai culture, and continuously expand overseas consumer groups, so that the fragrance of fine wine can spread around the world and meet the global consumers' yearning for a better life.

china securities journal reporters read the annual report and found that in 2023, kweichow moutai's overseas market revenue reached 4.35 billion yuan, accounting for 2.95% of its total revenue. in addition, according to this year's semi-annual report, kweichow moutai's export wine revenue increased by 7.92%, and achieved revenue of 2.204 billion yuan in the international market, accounting for 76.69% of the cumulative amount of my country's liquor exports of 2.874 billion yuan in the first half of the year. in the early years, kweichow moutai's sales area covered taxable markets in five continents and duty-free markets at important ports and airports.

regarding the future development of moutai, zhang deqin said that it is necessary to strengthen the reform of the marketing system, provide good product services, actively promote the "transformation from selling wine to selling lifestyle", deepen the transformation from "drinking with friends" to "drinking with friends", and "work hard" on innovating consumption scenarios to better meet consumers' personalized, diversified, and quality service consumption needs, and promote the continued healthy and stable development of moutai.

in response to the market situation raised by investors, zhang deqin said that moutai is a firm believer in quality, with a deep foundation that can withstand the drought and wind and rain of the market. he hopes that everyone will strengthen their confidence in moutai, continue to care about and support moutai's development, and work together with moutai to achieve new breakthroughs.

funds that stick to moutai are finally blessed with a long drought

wind data shows that the peak of public funds' shareholding ratio in kweichow moutai was at the end of the second quarter of 2022, with a shareholding ratio of 7.84%, and then it slowly declined quarter by quarter. as of the end of the second quarter of this year, kweichow moutai was held by 1,265 funds, with a total of 80.75 million shares, accounting for about 6.8%, a slight decrease from 81.34 million shares at the end of last year.

on the trading days with continuous fluctuations, some fund products also chose to increase their holdings of kweichow moutai against the trend. the long-awaited surge undoubtedly boosted the net value of the funds that held on to the stock. for example, e fund long-term value increased its holdings of kweichow moutai by 136,800 shares in the second quarter, making it the fourth largest holding. according to after-market data, the fund rose by as much as 5.53% on september 24. in addition, bank of communications new growth also increased its holdings by 89,800 shares, making moutai the second largest holding. the fund also rose by 3.79% on the 24th.

guo jie, fund manager of e fund long-term value, said in the quarterly report that the consumer stocks he holds heavily have extremely stable and sustainable business models due to the industry's own attributes of being mass-oriented, repeat consumption, and branded, and have strong resilience in the face of economic fluctuations. the current downward data is being linearly extrapolated by the market, leading to a pessimistic view that performance will continue to decline and even have no future, which is obviously contrary to the industry's own attributes.

"we are confident in the future prospects of such stocks. we pursue vague correctness in the medium and long term. we firmly hold them when the current market is pessimistically priced, and expect to obtain solid returns. once the market believes that the economy can stabilize, the stocks related to economy and consumption in our portfolio will perform well."

in the second quarter, although jiao wei, fund manager of yinhua fund, reduced his holdings of liquor-related stocks, he also said that consumer moat companies represented by high-end liquor still have huge advantages in cash flow and user stickiness to refute this argument. he said he would wait and see, waiting for these companies to reach an inflection point in inventory and to return investment opportunities to investors by paying dividends after maturity.