Kweichow Moutai Reclaims ‘Stock King’ Title as Lianxun Instruments Sinks

The rotation at the top of China's A-share leaderboard is less about either company's fundamentals than about where index-heavy money is willing to sit. A consumer staple reclaiming the crown from a hardware name suggests positioning is drifting back toward defensiveness, even as the broader appetite for tech-adjacent listings stays intact. Whether Lianxun stabilizes above the level it just lost is the nearer-term signal to watch.