HP vs. SP

FMJ isn't legal for hunting, in many states. And, more importantly, they're much less efficient than expanding bullets. The only use for a civilian is for cheaper plinking.

As far as use on deer, odds are that it's six of one, half-dozen of the other. I'd go with whichever gives tighter groups in a particular rifle.

It all depends on bullet construction. I've seen some "soft-point" bullets that showed a slight dot of lead at the tip and didn't open much at all. Hollow points will generally expand more rapidly than soft-points but again it all depends on the thickness of the jackets and composition of the bullets. I imagine that most manufacturers of 7.62x39 are going to use the cheapest thing they can lay their hands on.
Buy a few and test them first.

I agree with Mr. Eatman..., use which ever ammunition is the most accurate. Your shot placement will be key. I'd get a box of both, find out which shoots the best groups, and get about 5 boxes of that for hunting (that's 100 runds)... then get a couple of "cans" for plinking of the cheapest military ammo. If none of the HP or SP ammo is superior in accuracy..., then buy the cheapest in that.

LD

It really all depends IMO. The 122 gr. HP that Wolf makes along with the Corbon 123 gr. bullets are great for Whitetail deer, but I prefer the 154 gr. SP Wolf for hog hunting.
The Wolf stuff works and it is cheap.... the Corbon stuff obviously has a better quality bullet but way more expensive 20 rounds $34. (Barnes Triple Shock X-Bullets are used.)

Depending on the rifle you are using I would suggest buying the best of both worlds and see which one is really more accurate Wolf/Bear vs. Corbon/Hornady, etc.... in your rifle and go with that for the hunt, as for target/plinking go with "Cheap".

I like the cheaper WOLF ammo for plinking but Winchester Power Point ammo for deer hunting.

TR

Your end game is deer so I`d go with the soft point.

Myself and a friend have used both 123gr SP and 122gr HP on the feral hogs we chase around. Both have worked about equally as well within around 50yds or less. We have had some decent result reaching out a bit further with the SP but it has been a where you hit them verses what you hit them with sort of deal.

We really haven't found much that shot great in either of our rifles but most has shot within about 4-6" at 100yds with the open sights which are on our rifles. That said I DO have a some Norinco 123gr SP, I got before the big ban which does shoot within 2" at 100yds but I don't use it for the pig blasting.

WE shoot mostly Wolf but also have some other stuff which came in a red white and blue box, I don't even know the name of it. It is 125gr SP and shoots decent as well but the bullets don't give much penetration. They do however knock a fat hog on it's rear in the brush where we normally hunt them.

Like has been mentioned try and find an assortment of different brands and weights and pick which ever one shoots the best. Even then chances are your going to get a different lot # and all bets could be off. Or you could simply do like we did and pick up a case or two of HP and SP and use up as you need it. Use which ever is the most accurate for hunting and the other for blasting.

Normally I would say the HP would be just fine, but many times 7.62x39 hollow points are not up to the standards of a Barnes TSX or Serria Game King HP, not even close. So in your case I would stick to the soft point.

In my area legal deer loads are soft point and seem to work best anyway.

if you are using an autoloader cycle a few rounds of each manually with safety on and check for deformation of tips.

Personally I like the SPs, I use Herter's 154gr SP. They hit hard and expand well for me.

"...check for deformation of tips."

In the FWIW department: I was curious about the effect of deformation of tips from recoil while they were in the magazine of my rifle. A .30-'06.

So, I went to the benchrest and started with a full loading of five rounds. I checked each round before shooting. Yup, number four was noticeably flattened at the tip; number five, even moreso.

Howsomever, the group size was within a quarter-inch of my usual 3/4-7/8 MOA groupings.

I have since read that others have had the same sort of results.

I don't like either of your choices vs the 154 grain soft point from Wolf or other Russian sources.

The Wolf 154gr SP worked well on deer in my AK47. The stuff was a consistant 3"ish at 100yds. IMO hunt it like a 30-30 and you will be fine.

I'd suggest using the SP bullets, better bullet IMHO. If by chance you get an angled shot, have to shoot through the front shoulder, using an HP will make one hell of a hole, fist size, losing a lot of meat. I assume you were after the deer to eat? Lot of wasted meat my friend.

Handloading isn't an option, either, no components available. Politics...sux. 4 years, maybe we'll catch a break....or not, who knows? Me, I'm going to start hunting with my smoke poles full time and make my own BP, cast my own minie balls, and make my own percussion caps (tap-o-cap) if I have to, but I'll be in the field regardless.