Core Viewpoint - The liquor sector experienced a decline of 1.83% on January 21, with *ST Rock leading the drop, while the overall market indices showed slight increases [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4116.94, up 0.08% [1] - The Shenzhen Component Index closed at 14255.12, up 0.7% [1] - The liquor sector saw a net outflow of 2.642 billion yuan from main funds, while retail investors contributed a net inflow of 858 million yuan [1] Group 2: Individual Stock Performance - *ST Rock closed at 2.24 yuan, down 5.08% with a trading volume of 5409 lots [1] - Other notable declines included Quan Wei Jiu down 4.04%, Zhi Si Li down 3.97%, and Shui Jing Fang down 3.52% [1] - The highest closing price was for Shanxi Fen Jiu at 166.99 yuan, down 2.34% [1] Group 3: Fund Flow Analysis - Main funds showed a significant outflow from several stocks, including Lao Bai Gan Jiu with a net outflow of 18.7589 million yuan [2] - Retail investors had a net inflow in stocks like Jin Shi Zi Jiu, which saw a net inflow of 12.814 million yuan [2] - The overall trend indicates a mixed sentiment among different types of investors within the liquor sector [2]

证券代码：600696 证券简称：*ST岩石 公告编号：2026－005 上海贵酒股份有限公司 关于股票交易异常波动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 公司股票已于2025年4 月23日起被实施退市风险警示（股票代码前冠以*ST）。 具体详见公司于 2025 年 4 月 22 日披露的《上海贵酒股份有限公司关于实施退市风险 警示暨停牌的公告》（2025-022）。 ● 根据《上海贵酒股份有限公司关于 2025 年度业绩预亏暨公司股票可能被终止 上市的提示性公告》，公司预计 2025 年度营业收入不足 3 亿元且扣非前后净利润均 为负，2024 年公司审计报告保留意见所涉事项能否消除存在重大不确定性。根据《上 海证券交易所股票上市规则》，公司股票将因触及财务类退市情形被终止上市。 ● 截至 2026 年 1 月 20 日上海证券交易所交易收盘，上海贵酒股份有限公司（以 下简称"公司"）股票交易连续 3 个交易日内日收盘价格跌幅偏离值累计达 12.00%。根 据《上海证券交易所交易规则》的有 ...

Core Viewpoint - As of January 20, a total of 10 ST stocks have announced their annual performance forecasts, with 1 company expecting profit, 4 companies expecting losses, and 3 companies expecting reduced losses [1] Group 1: Performance Forecasts - The company with the highest expected loss is ST Changyuan, forecasting a minimum loss of 1.08 billion yuan, followed by ST Huayang and *ST Zhanggu, with expected losses of 590 million yuan and 450 million yuan respectively [1] - The performance forecast details show that *ST Hua is expecting a profit increase with a projected net profit range of 145 million to 175 million yuan, while ST Yuanzhijia is also expecting a profit increase with a range of 90 million to 110 million yuan [1] - *ST Tianze is forecasting a profit with an expected net profit range of 27 million to 30 million yuan [1] Group 2: Loss Reduction - ST Ningke is expecting a reduced loss of between 75 million and 100 million yuan, while *ST Huawang is forecasting a reduced loss of between 180 million and 240 million yuan [1] - *ST Zhanggu is also expecting a reduced loss, with a forecasted range of 450 million to 550 million yuan [1] Group 3: Industry Performance - The industries represented include electronics, machinery, media, basic chemicals, construction decoration, and social services, with varying performance trends across these sectors [1] - The highest increase in stock price this year is seen in ST Changyuan, with a rise of 24.93%, while *ST Yanshi and *ST Wanfang have experienced declines of 14.48% and 16.45% respectively [1]

Market Overview - The Shanghai Composite Index closed at 4114.00 points, with a change of 0.29%, and the total trading volume of A-shares reached 27,322.16 billion yuan [1] Stocks with Death Cross - A total of 53 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - *ST Rock (600696): 5-day MA at 2.75 yuan, 10-day MA at 2.85 yuan, difference of -3.33% [1] - *ST Jintai (300225): 5-day MA at 5.76 yuan, 10-day MA at 5.87 yuan, difference of -1.91% [1] - Changguang Huaxin (688048): 5-day MA at 127.52 yuan, 10-day MA at 129.78 yuan, difference of -1.74% [1] Performance of Selected Stocks - Stocks with notable performance changes include: - *ST Rock (600696): Decreased by 4.98% with a turnover rate of 0.13% [1] - *ST Jintai (300225): Decreased by 2.82% with a turnover rate of 3.22% [1] - Changguang Huaxin (688048): Decreased by 1.70% with a turnover rate of 4.34% [1] - Yonghui Superstores (601933): Increased by 2.34% with a turnover rate of 4.08% [1] - Jinyuan Co. (000546): Increased by 3.43% with a turnover rate of 7.54% [1] Additional Stocks with Minor Changes - Other stocks with minor changes include: - Longi Green Energy (002363): Increased by 3.10% with a turnover rate of 5.77% [1] - Gujing Gongjiu (000596): Decreased by 1.11% with a turnover rate of 0.79% [1] - Miao Ke Landuo (600882): Increased by 0.49% with a turnover rate of 0.84% [2]

每经记者｜刘明涛 每经编辑｜彭水萍 本周白酒指数再度走低，截至1月16日收盘，周跌1.71%。二三线白酒股表现相对较强，水井坊、珍酒 李渡以及皇台酒业涨幅居前；有退市风险的*ST岩石本周遭遇4连跌停，累计跌幅高达14.43%，表现低 迷。 短暂反弹后，本周白酒指数再度走低，截至1月16日收盘，Wind白酒指数周跌1.71%，以55135.19点报 收。个股方面，二三线白酒股表现相对较强，水井坊、珍酒李渡以及皇台酒业本周均实现上涨，但涨幅 均未超2%。而有退市风险的*ST岩石本周跌幅高达14.43%，表现低迷，酒鬼酒、口子窖、古井贡酒、 贵州茅台等10余只白酒股周跌幅则超过2%，股价出现明显回落。 | 白酒指数 | | | | 884705 | | --- | --- | --- | --- | --- | | 55135.19 | | | -282.04 -0.51% | | | SSE 15:00:05 | | | Wind概念指数 / ● + | | | 跌 | 17家 平 | | 0家 涨 | 2家 | | 金额 | | | | 148.26亿 | | 成交量 | | | | 1.40亿 | | 开智 ...

Core Viewpoint - As of January 16, a total of 4 ST stocks have announced their annual performance forecasts, with 2 companies expecting to reduce losses and 2 companies forecasting losses [1] Group 1: Performance Forecasts - Company *ST Hua Wang (603007)* expects a reduction in losses, with a projected net profit range of -18 million to -24 million yuan, and a year-to-date price change of +3.48% [1] - Company *ST Zhang Gu (000430)* also anticipates a reduction in losses, with a projected net profit range of -45 million to -55 million yuan, and a year-to-date price change of -3.61% [1] Group 2: Loss Forecasts - Company *ST Yan Shi (600696)* is forecasting a loss, with no specific net profit figures provided, and a year-to-date price change of -5.17% [1] - Company *ST Wan Fang (000638)* is also forecasting a loss, with no specific net profit figures provided, and a year-to-date price change of -7.26% [1]

证券代码：600696 证券简称：*ST岩石 公告编号：2026－004 上海贵酒股份有限公司 关于股票交易异常波动的公告 ● 公司控股股东上海贵酒企业发展有限公司及其一致行动人合计持有公司 216,740,245 股已全部被司法冻结，占公司总股本的 64.80%。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 截至 2026 年 1 月 15 日上海证券交易所交易收盘，上海贵酒股份有限公司（以 下简称"公司"）股票交易连续 3 个交易日内日收盘价格跌幅偏离值累计达 12.00%。根 据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动。 ● 公司股票已于2025年4 月23日起被实施退市风险警示（股票代码前冠以*ST）。 具体详见公司于 2025 年 4 月 22 日披露的《上海贵酒股份有限公司关于实施退市风险 警示暨停牌的公告》（2025-022）。 ● 根据《上海贵酒股份有限公司关于 2025 年度业绩预亏暨公司股票可能被终止 上市的提示性公告》，公司预计 2025 年度营业收入不足 3 亿 ...

Group 1 - The liquor sector experienced a decline of 0.77% on January 15, with *ST Rock leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index rose by 0.41% to 14306.73 [1] - Major liquor stocks showed varied performance, with *ST Rock down 4.84% to 2.75, and other notable declines including Shui Jing Fang down 2.39% and Moutai down 7.31% in net outflow [1][2] Group 2 - The liquor sector saw a net outflow of 1.152 billion yuan from main funds, while retail investors contributed a net inflow of 528 million yuan [1] - Specific stocks like Moutai and Wuliangye faced significant net outflows of 416 million yuan and 201 million yuan respectively, indicating a shift in investor sentiment [2] - The data indicates that retail investors are increasingly active, with a notable net inflow into stocks like Wuliangye, which saw 157 million yuan from retail investors [2]

Core Viewpoint - *ST Rock (600696.SH) is facing imminent delisting due to a significant decline in financial performance, with projected revenue for 2025 expected to fall below 300 million yuan and at least one profit metric anticipated to be negative [4][6]. Financial Performance - The company reported a revenue of only 34.76 million yuan for the first three quarters of 2025, with a net loss of 112 million yuan attributed to shareholders [6]. - Revenue plummeted by 82.54% in 2024, down to 285 million yuan, with a net loss of 217 million yuan, marking a stark contrast to previous years when revenue surged from 600 million yuan to over 1.6 billion yuan between 2021 and 2023 [6]. - The core sauce-flavored liquor business saw a revenue decline of over 84% in 2024, with sales volume dropping by 78%, while the strong-flavored liquor segment experienced a nearly 65% revenue decrease and a 44% drop in sales volume [6]. Business Operations - The company’s distribution network collapsed, with the number of distributors decreasing from 3,693 in 2024 to only 772, severely impacting sales and brand reputation [6]. - The company has been embroiled in multiple lawsuits due to unpaid project funds, further complicating its operational stability [7]. Management and Governance - Since 2024, there has been significant turnover in the management team, including the departure of the general manager and other key executives, leading to instability [7]. - The actual controller, Han Xiao, was implicated in an illegal fundraising case, which has further destabilized the company’s leadership [7]. Market Reaction - Following the announcement of the financial outlook, the stock price hit the daily limit down for two consecutive trading days, closing at 2.89 yuan per share on January 14 [4]. - Despite the financial turmoil, the number of shareholders increased from approximately 23,800 at the beginning of the year to 46,000 by year-end, indicating speculative interest in potential recovery or shell value [10]. Legal Issues - The company lost a trademark dispute regarding the "Gui Jiu" brand, resulting in a court ruling that requires it to cease using the trademark and pay over 4.18 million yuan in damages [11]. - Ongoing legal disputes and regulatory penalties have further drained the company’s resources, complicating its financial recovery efforts [11]. Company History - *ST Rock has undergone multiple name changes and business focus shifts since its inception in 1993, reflecting a history of strategic pivots in response to market trends [12].

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index closing at 4165.29 points, up 1.09%. The Shenzhen Component Index increased by 1.75%, and the ChiNext Index rose by 1.82%. The total market turnover reached 3.64 trillion yuan, an increase of over 490 billion yuan compared to the previous trading day, with more than 4100 stocks closing higher [1]. Historical Highs - A total of 185 stocks reached their historical closing highs today, excluding newly listed stocks from the past year. The defense, machinery, and electronics sectors had a significant concentration of stocks hitting new highs, with 28, 27, and 24 stocks respectively. The average price increase for these stocks was 9.28%, with notable gainers including Tianrun Technology, Zhongcheng Technology, and Xingtou Measurement Control, all hitting the daily limit [2]. Top Gainers - Key stocks that saw significant price increases include: - Tianrun Technology: 34.93 yuan, up 30.00% - Zhongcheng Technology: 41.60 yuan, up 30.00% - Xingtou Measurement Control: 130.16 yuan, up 29.99% - Tianli Composite: 119.99 yuan, up 24.96% - Fujida: 56.00 yuan, up 21.74% [3][4]. Institutional Activity - In the market, 20 stocks were net bought by institutions, with 22 stocks net sold. The top net buy was Shanzi Gaoke, with an amount of 484.2 million yuan, followed by Leike Defense at 235 million yuan. On the sell side, Kunlun Wanwei saw the highest net sell at 536 million yuan [5][6]. Northbound Capital - Northbound funds saw net purchases in 13 stocks, with Shanzi Gaoke leading at 532 million yuan. Other notable net buys included BlueFocus and Yanshan Technology, both exceeding 250 million yuan. Conversely, Kunlun Wanwei had the highest net sell at 250 million yuan, despite its stock hitting the daily limit [7][8]. Company Announcements - *ST Yanshi (600696)*: Expected to have an operating income of less than 300 million yuan in 2025, with both net profits before and after deductions being negative, leading to potential delisting [10]. - Honor Biologics signed a licensing agreement with AbbVie, potentially receiving up to 4.95 billion USD in milestone payments [10]. - BlueFocus reported that AI-driven revenue constitutes a small portion of its overall revenue [15].