A-share memory stocks collectively adjusted, according to a Wall Street News article. Google Releases KV Cache Compression Technology, overnight US memory stocks fell broadly, with SanDisk and Micron leading the declines. In Hong Kong stocks, Pop Mart continued its sharp decline, after Morgan Stanley, Citi, and other institutions lowered Pop Mart's target price, citing earnings guidance below expectations, and short-term pressure from slowing overseas growth and a high base.
On March 26, A-shares opened lower across the board, with the three major indices falling in early trading. The petrochemical sector rebounded, while memory and HBM and other computing power hardware stocks adjusted, with semiconductors, photovoltaics, and other sectors seeing the largest declines. Hong Kong stocks also opened lower and continued to fall, with the Hang Seng Index and Hang Seng Tech Index both down, the latter falling nearly 1%, and internet stocks generally declining. New consumption stocks continued to adjust, with Pop Mart down over 7%.
In the bond market, treasury bond futures fluctuated upwards. In commodities, most domestic commodity futures rose, with shipping indices, crude oil, and others rebounding. Key market trends:
<blockquote>
A-shares: As of press time, the Shanghai Composite Index was up 0.01%, the Shenzhen Component Index was down 0.09%, and the ChiNext Index was down 0.23%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/3f5e528c-5914-4df9-8273-2a33ea8662e5.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/3f5e528c-5914-4df9-8273-2a33ea8662e5.png"/>
Hong Kong Stocks: As of press time, the Hang Seng Index was down 0.63%, and the Hang Seng Tech Index was down 0.93%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.wscn.com/007fad08-5049-4e51-b1b9-a768a4447ce0.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.wscn.com/007fad08-5049-4e51-b1b9-a768a4447ce0.png"/>
Bond Market: Treasury bond futures all rose. As of press time, the 30-year main contract was up 0.06%, the 10-year main contract was up 0.05%, the 5-year main contract was up 0.04%, and the 2-year main contract was flat.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/9dfbb831-b161-4a5f-98f2-5f1e35ca4400.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/9dfbb831-b161-4a5f-98f2-5f1e35ca4400.png"/>
Commodities: Most domestic commodity futures rose. As of press time, chemical products saw the largest gains, with butadiene rubber up 3.34%; shipping futures all rose, with the container shipping index (Europe route) up 1.75%; energy products were mixed, with crude oil up 1.49%; base metals mostly rose, with Shanghai nickel up 1.26%; ferrous metals were mixed, with silicon iron up 1.23%; new energy materials all rose, with industrial silicon up 0.69%; precious metals saw the largest declines, with palladium down 2.12%; non-metallic building materials all fell, with glass down 1.13%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/fb269833-7dda-4f77-8ea4-2f0f882b5b44.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/fb269833-7dda-4f77-8ea4-2f0f882b5b44.png"/>
</blockquote>
09:46
Pop Mart fell sharply for the second consecutive trading day. As of press time, Pop Mart was down over 7%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/d83fb9d9-20fc-4da5-b2a4-26b21bc71a23.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/d83fb9d9-20fc-4da5-b2a4-26b21bc71a23.png"/>
In terms of news, according to a Wall Street News article, the latest financial report shows that for the full year 2025, the group achieved revenue of 37.12 billion yuan, a year-on-year increase of 184.7%; net profit reached 13.01 billion yuan, a year-on-year increase of 293.3%.
However, data shows that the THE MONSTERS family, centered around LABUBU, generated 14.16 billion yuan in revenue for the full year, with a single IP accounting for a significant surge from 23% in 2024 to 38.1% (nearly 40%) of the company's total revenue. Meanwhile, the company failed to demonstrate the support of a second growth curve as expected: the veteran flagship IP Molly only recorded revenue of 2.9 billion yuan, below the market consensus expectation of 4.6 billion yuan; another highly recognized IP, Crybaby, also fell short of expectations. Analyst firms point out that the highly concentrated growth structure puts the company at significant risk when Labubu's popularity wanes and counterfeits spread.
At the earnings call after the financial report, Wang Ning, Chairman and CEO of Pop Mart, stated that the company aims for a growth rate of not less than 20% in 2026.
Previously, institutions such as Morgan Stanley and Citi lowered Pop Mart's target price, citing earnings guidance below expectations and short-term pressure from slowing overseas growth and a high base. However, they also noted that the valuation has become somewhat attractive after the stock price adjustment.
Citi analysts Lydia Ling and others stated that Pop Mart's full-year results were below expectations, mainly due to a larger-than-expected slowdown in the Americas market in the fourth quarter of 2025. Considering the management's cautious earnings guidance, Citi lowered its profit forecasts for fiscal years 2026-2027 by 13-15%.
Morgan Stanley analysts Dustin Wei and others stated in their report that Pop Mart's fourth-quarter sales performance and 2026 earnings guidance weakened the confidence of bulls, leading the firm to lower its profit forecasts for 2026-2027 by approximately 4%. Overseas growth may slow down in 2026, but Morgan Stanley believes that the growth model driven by offline channels remains effective.
Jefferies analysts Anne Ling and others stated that although the company's sales revenue growth guidance of over 20% for 2026 is below market expectations, Jefferies believes this growth rate is still robust. Despite the impact of a high base, short-term stock price fluctuations may occur, but the company's continuous IP investment has established a solid moat for it.
Kuaishou plunged more than 10% in early trading, marking the largest intraday decline since April 7 last year.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/af80ee41-d8d6-4095-ae29-3566df2b00cc.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/af80ee41-d8d6-4095-ae29-3566df2b00cc.png"/>
In terms of news, the company previously released its earnings and expects revenue growth to slow to 4%-4.5% this year; Morgan Stanley lowered its target price.
Morgan Stanley analysts Yang Liu and others stated in their report that the revenue of KeLin in the fourth quarter was 340 million yuan, slightly below the firm's expectations. Considering the latest guidance, they lowered their earnings per share forecasts for 2026-2028 by 17%-24%.
09:43
Memory concept stocks collectively adjusted, with Will Semiconductor, Beijing Wideband, and Beijing JLPS leading the declines.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/18be89d0-26dd-4926-b4e8-05bd126d616f.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/18be89d0-26dd-4926-b4e8-05bd126d616f.png"/>
09:37
In early trading, the chemical sector continued its rebound, with Bohai Chemical achieving its second consecutive day of gains, followed by Sichuan Meifeng, Xinhua Chemical, Hungpai New Material, Xinghua Chemistry, and Qixiang Tengda.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/f4aa0bec-4fd4-4faf-b006-3f2d80c19288.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/f4aa0bec-4fd4-4faf-b006-3f2d80c19288.png"/>
In terms of news, on Wednesday local time, global chemical giant BASF announced that it will increase prices for more products due to rising costs caused by the Israeli-Palestinian conflict. BASF announced that it will increase prices for its basic amine product portfolio in Europe by up to 30%, with some products possibly seeing even higher increases.
09:32
In early trading, the computing power leasing concept continued its strength, with Aurora up for the fifth time in seven days, accompanied by Lettall Electronic, Hongjing Technology, Philisense, Hengrun Co., and Dawei Technology.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/843363b6-9aa1-4908-ba47-3800e1cffce1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/843363b6-9aa1-4908-ba47-3800e1cffce1.png"/>
In terms of news, Liu Liehong, director of the National Data Administration, stated that China's average daily Token (word segment) call volume has exceeded 140 trillion. The measurable and priced nature of Tokens is becoming the mainstream charging method for AI, SaaS, and API services, providing companies with predictable cash flow.
09:26
The Shanghai Composite Index opened 0.17% lower, and the ChiNext Index fell 0.54%. Computing power hardware sectors such as memory, CPO, and advanced packaging weakened. AI computing power, semiconductors, lithium mines, and consumer electronics concept stocks saw the largest declines; photovoltaics and satellite navigation concept stocks saw localized strength.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/e407d475-2c5a-4e73-9ee0-da4927a0768c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/e407d475-2c5a-4e73-9ee0-da4927a0768c.png"/>
09:21
The Hang Seng Index opened 0.27% lower at 25267.16 points; the Hang Seng Tech Index fell 0.68%. Kuaishou fell 9.7% after releasing its financial report; JD.com rose 2.5%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/cfe49b02-c8ff-49bc-b903-b026e4f8c0a3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/cfe49b02-c8ff-49bc-b903-b026e4f8c0a3.png"/>

002408

600589

603867

002109

600666

603629

600800

300287

000731

605366

In early trading, the chemical sector continued its rebound, with Bohai Chemical achieving its second consecutive day of gains, followed by Sichuan Meifeng, Xinhua Chemical, Hungpai New Material, Xinghua Chemistry, and Qixiang Tengda. The computing power leasing concept remained strong, with Aurora up for the fifth time in seven days, accompanied by Lettall Electronic, Hongjing Technology, Philisense, Hengrun Co., and Dawei Technology

Wallstreetcn

QIXIANG TENGDA

Dawei Technology

XINHUA CHEMICAL

XINGHUA CHEMISTRY

AURORA

Lettall Electronic

BHCC

Philisense

SCMF

Jiangxi Hungpai New Material

A-share major indices fluctuate and decline, chemicals rebound, memory stocks fall collectively, Hang Seng Tech Index drops nearly 1%, Kuaishou plummets over 10%, Pop Mart down over 7% again