---
title: "Hong Kong Stock Review: Continuing to Support the Market"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/262463163.md"
description: "Hong Kong stocks fell in early trading under the influence of the decline in U.S. tech stocks, but the market became active in the afternoon due to news of Sino-U.S. economic and trade consultations, and the index closed higher. Most individual stocks declined, with innovative drugs and new consumer stocks performing poorly, while domestic bank stocks and insurance stocks strengthened. Although POP MART's Q3 performance exceeded expectations, concerns about future IP led to a negative market reaction, indicating asymmetric risks in the short term"
datetime: "2025-10-23T14:35:30.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/262463163.md)
  - [en](https://longbridge.com/en/news/262463163.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/262463163.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/262463163.md) | [繁體中文](https://longbridge.com/zh-HK/news/262463163.md)


# Hong Kong Stock Review: Continuing to Support the Market

Last night, most tech stocks in the U.S. led the decline, partly due to disappointing earnings reports from companies like Texas Instruments, and partly due to concerns over new export restrictions.

Hong Kong tech stocks were affected, initially following the downward trend in the early session, but the market suddenly became active after 2:30 PM, mainly stimulated by news of upcoming economic and trade consultations between China and the U.S. The sudden start of the consultations likely means that lower-level discussions will take place first, with hopes for a smoother meeting at the end of the month. In any case, market confidence has somewhat recovered.

Specifically, the index closed higher today, but the vast majority of individual stocks fell, with growth stocks in innovative pharmaceuticals and new consumption sectors particularly suffering. Domestic bank stocks continued to be active, and insurance stocks also followed the trend of strong dividend assets. It seems that under the current chaotic news environment, large blue-chip stocks in both A-shares and H-shares need to continue to support the market.

Other sectors experienced a more pronounced "kill more" trend, where bulls would turn into bears before a clear reversal trend emerges. Those with profits would sell first to retain some gains, reflecting a deterioration in the funding situation, which is similar in the U.S. market.

The performance of POP MART is particularly severe; although Q3 business exceeded expectations, the market continues to worry about the lack of other IPs to take over, and there are also reports of declining popularity for Labubu. Undoubtedly, POP MART's rapid expansion and high-speed growth in non-Labubu categories largely rely on the traffic driven by Labubu.

The company's profits may not stagnate but will shift from high growth to normal growth, which is enough to trigger a market sell-off. Although it remains an excellent consumer goods company, it is essential to first understand the impact of Labubu's decline before bottom-fishing, as it presents a typical "asymmetric risk," where the upside potential exceeding market expectations is much greater than the potential downside

### 相关股票

- [POP MART (09992.HK)](https://longbridge.com/zh-CN/quote/09992.HK.md)

## 相关资讯与研究

- [Pop Mart’s $33 Billion Rout Casts Doubt on Life After Labubu](https://longbridge.com/zh-CN/news/281434908.md)
- [A C-Suite executive at Pop Mart's biggest Chinese competitor explains what goes into making a hit toy like Labubu](https://longbridge.com/zh-CN/news/281606541.md)
- [Jefferies Reaffirms Their Buy Rating on Pop Mart International Group Limited (735)](https://longbridge.com/zh-CN/news/280938752.md)
- [CICC Remains a Buy on Akeso, Inc. (9926)](https://longbridge.com/zh-CN/news/281674709.md)
- [Orient Securities Keeps Their Buy Rating on Geely Automobile Holdings (GELYF)](https://longbridge.com/zh-CN/news/281674321.md)