--- title: "Hong Kong Stock Review: Earnings Announced" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/267814919.md" description: "Capital inflows into the consumer and commodity sectors in the Hong Kong stock market, with POP MART's stock price fluctuating due to market sentiment. Gold prices rose, while silver was supported by industrial demand. Meituan's performance loss was in line with expectations, with intensified competition affecting market share" datetime: "2025-11-28T10:35:54.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/267814919.md) - [en](https://longbridge.com/en/news/267814919.md) - [zh-HK](https://longbridge.com/zh-HK/news/267814919.md) --- > 支持的语言: [English](https://longbridge.com/en/news/267814919.md) | [繁體中文](https://longbridge.com/zh-HK/news/267814919.md) # Hong Kong Stock Review: Earnings Announced With technology stocks not performing, funds have flowed into consumption and bulk commodities in the Hong Kong stock market these past two days. The former is represented by POP MART, while the latter includes gold and copper. POP MART is a typical stock that is crowded with many investors. When the hype is too high and it encounters poor high-frequency data, it is prone to a pullback. However, IP operations are a long-term matter, and anchoring on short-term data can lead to significant market sentiment fluctuations. Therefore, when the hype subsides, the stock price can easily rebound. Nevertheless, the most important point is whether the brand's momentum can continue to spill over and drive other IPs, which is currently unclear. Personally, every time I pass by a store, I always go in to see if there are any new products. The joy brought by the POP IP + blind boxes may be hard to replace in the current new consumption era. At the same time, gold has begun to return to an upward trend, but in comparison, silver has almost returned to its previous high point. Previously, market discussions about silver were more focused on the gold-silver ratio, but silver has a certain industrial demand, which is better than gold, especially with the support from new energy sources like photovoltaics, which can more easily create physical shortages and lead to futures short squeezes. Of course, the premise is that gold prices need to be stable, and the market must have more confidence in bulk commodities. Additionally, today is more important for Meituan's after-hours performance, which ultimately reported losses that were roughly in line with expectations. Meituan relies on losses to protect its market share, confirming that its moat is not as deep as imagined. Whoever saves money will use whoever, at least in a passive state. Moreover, it feels like Meituan's original advantage was in delivery time, but that is now narrowing, if not disappearing. On the other hand, attention should also be paid to takeout subsidies, which may negatively impact the company's most profitable in-store business, not to mention that competitors like Douyin could easily steal market share from both sides. In any case, competition will gradually slow down, but Meituan's market share is likely to permanently disappear. The only way to compensate is to expand the instant retail market so that everyone can share more. Although current revenue growth is another matter, and new businesses, including Xiaoxiang Supermarket, have also seen a decline in growth on a month-on-month basis. Perhaps we can only look at it optimistically; everyone's DAU has also increased, and we will know the results as early as next quarter ### 相关股票 - [POP MART (09992.HK)](https://longbridge.com/zh-CN/quote/09992.HK.md) - [Meituan (MPNGY.US)](https://longbridge.com/zh-CN/quote/MPNGY.US.md) - [MEITUAN (03690.HK)](https://longbridge.com/zh-CN/quote/03690.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) - [What are the most profitable ways to sell your silver investments?](https://longbridge.com/zh-CN/news/281562543.md) - [The DeCarley Perspective...We weren’t kidding when we said, “They are game-stopping silver.”](https://longbridge.com/zh-CN/news/281551815.md)