Morning Trend | Miniso's Buy-Sell Showdown Upgraded, Short-Term Funds Eyeing Breakthrough?

On January 27th, Miniso (9896.HK) was sluggish throughout the day, with significant funds continuously exiting after the opening, and the intraday low points were repeatedly refreshed. The trading volume was mainly characterized by short-term quick in-and-out transactions, and market sentiment was bearish. The support at 36.10 yuan was repeatedly tested, leading to a surge in panic selling, with the trading structure dominated by sellers. The peer sector was also under pressure due to performance impacts, as last week's financial reports from home consumption-related listed companies did not exceed market expectations, leading to a decline in the overall consumption sector's 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 financial 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 downwards along the support, with the lower edge tested multiple times without significant recovery. Short-term attention should be focused on the unusual movements of large 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 market sentiment and sector rotation that could trigger a sell-off. Overall, Miniso is currently focused on 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, prioritizing risk management as the primary factor