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MB-MNSO@EC2602A
17004.HK
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Morning Trend | Miniso's Buy-Sell Showdown Upgraded, Short-Term Funds Eyeing Breakthrough?

On January 27th, Miniso (9896.HK) remained sluggish throughout the day, with significant funds continuously exiting after the opening, and intraday lows being refreshed repeatedly. The trading volume was mainly characterized by short-term quick in-and-out transactions, with market sentiment leaning bearish. The support at 36.10 yuan was repeatedly tested, triggering a surge of panic selling at one point, with the trading structure dominated by sellers. The peer sector was also under pressure due to performance impacts, as last week's earnings reports from home consumption-related listed companies did not exceed market expectations, leading to a decline in overall consumer sector activity. Overseas funds showed a trend of withdrawing while observing, with ETF shares decreasing, and local consumer confidence recovering slowly. Miniso's characteristics lie in its boutique retail and cost-performance advantages, but the earnings report and the pace of offline recovery did not bring more highlights to the market, resulting in a strong wait-and-see sentiment. Some funds attempted "left-side replenishment" but lacked cohesion. From a technical perspective, both MACD and KDJ have entered a weak phase, oscillating downward along the support, with multiple tests of the lower edge showing no significant recovery. Short-term attention should be focused on the unusual movements of major orders and changes in intraday trading volume. If there is a sudden positive development or large funds intervene against the trend, it may form a temporary stabilization range. On the risk side, it is necessary to guard against the negative feedback from overall market sentiment and sector rotation that could trigger a sell-off. Overall, Miniso is currently primarily engaged in short-term trading, with limited rebound sustainability. In the absence of sufficient structural hotspots, it is recommended that investors avoid frequent left-side bottom fishing and wait for clear sector or intraday event-driven opportunities to re-enter, with risk management as the top priority

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MINISO 3Q25 Quick Interpretation: Overall, MINISO's third-quarter performance was mixed. On the positive side, by closing inefficient small stores and focusing on larger stores, same-store sales growt...