Mei Ri Jing Ji Xin Wen·2025-10-23 09:28Group 1 - The Hong Kong stock market experienced a decline in the morning but rebounded in the afternoon, with the Hang Seng Index closing at 25,967.98 points, up 186.21 points, a rise of 0.72% [1] - The Hang Seng Tech Index closed at 5,951.45 points, increasing by 28.36 points, a gain of 0.48% [3] - Despite several foreign investment banks giving Pop Mart a "buy" rating, concerns arose regarding the potential peak in revenue growth for the company this year, with expectations of slowing growth momentum next year [4] Group 2 - Pop Mart's stock price fell over 10% during the day, ultimately closing down 9.36% at 232.4 HKD, marking the largest single-day decline since April [5] - In the broader market, tech stocks generally rebounded, with Meituan rising over 4%, and JD, Alibaba, and Tencent each increasing by over 1% [6] - Southbound funds continued to net buy Hong Kong stocks, with over 5.3 billion HKD net inflow by the end of the trading day [6] Group 3 - Future market outlook suggests that global easing and inflows from southbound funds provide liquidity for Hong Kong stocks, but caution is advised regarding tariff and geopolitical fluctuations [8] - The Hong Kong stock market is characterized by high industry concentration and an increasing share of new economy sectors, with current valuations significantly lower than major global markets, presenting "low PB, low PE" characteristics [9] - The "low valuation, high dividend" nature of Hong Kong stocks is expected to continue attracting stable capital allocation, indicating good investment value at current price levels [9]