Today, Hong Kong stocks showed a typical structural market trend. The Hang Seng Index closed at 24,700.52 points, up 0.18%; the Hang Seng Tech Index reported 4,812.02 points, with an increase of 1.18%, as tech growth stocks clearly attracted more funds. The AI application sector performed actively, as of the time of writing, MarketingForce (02556.HK) saw a daily increase of 8% (as of the time of writing), with a stock price of HKD 35.48; the highest daily stock price increase reached nearly 10%, at HKD 35.80, leading the sector. This may be understood within the framework that the market is differentiating pricing based on the route choices of different AI companies.
Differentiation in Industry Routes: Large Models, Data Middle Platforms, and Enterprise Intelligent Agents
Currently, the AI application field has formed multiple parallel routes, with significant differences in the entry points and commercialization logic of various companies:
Knowledge Atlas (02513.HK) primarily focuses on large model foundational capabilities, with its core commercialization being model API calls and model services, belonging to the &#34;selling model capabilities&#34; route, with clients mainly being developers and tech companies. The stock saw a significant drop today, as of the time of writing, down 9.06%, with a stock price of HKD 1,195.00. This rotation in the sector may need to be interpreted as a confirmation and acceleration of the prediction regarding the &#34;cheapening trend of models,&#34; as well as the realization end of the AI application sector.
DEEPEXI TECH (01384.HK) focuses on data intelligence middle platforms, helping enterprises complete data governance and lake-warehouse integration, leaning more towards &#34;selling data infrastructure.&#34; The daily increase reached a maximum of 7.88%, with a stock price of HKD 54.55, which can be seen as enterprises' intelligent agents moving towards monetization.
XUNCE (03317.HK) is rooted in asset management and investment, providing data analysis and investment decision systems, following a deep customization route for vertical industry software. At the same time, XUNCE's stock price was HKD 159.90, down 3.09% from yesterday's close.
MarketingForce (02556.HK) has chosen a different route. The company currently promotes the concept of &#34;enterprise intelligent agent middle platform,&#34; where the core is not to sell models, data platforms, or industry software, but to integrate computing power, knowledge middle platforms, intelligent agent orchestration, and specific business scenarios, delivering &#34;scenario Tokens&#34;—specific tasks completed by AI in business processes. The underlying access to domestic GPUs from MuXi ensures computing power supply, while the middle platform accumulates industry knowledge, and the upper layer directly connects to scenarios such as finance, cultural tourism, industrial selection, and overseas marketing. This positioning is between general models and industry software, attempting to occupy the middle layer of &#34;enterprise AI business entry.&#34; With a daily stock price reaching a maximum of HKD 35.8, an increase of 9.28%, combined with the perspective of being different from other peers and rising alongside DEEPEXI TECH but with a higher increase, it can be seen that the value of the &#34;enterprise intelligent agent middle platform&#34; is gradually being recognized by the market and beginning to be realized.
Three Cases Outline Differentiated Profiles
Compared to peers, the recent cases disclosed by MarketingForce focus more on &#34;AI entering business processes and assisting employees rather than replacing them.&#34;
Financial Industry: Providing compliant and controllable intelligent customer service and business consulting for institutions such as Lecheng Cloud Service. Compared to Xunce focusing on investment management, MarketingForce is entering customer service and operational processes.
Cultural and Tourism Industry: Serving a large cultural and tourism group, covering the entire journey from pre-trip contact, in-trip response, to post-trip repurchase. This scenario is neither traditional data analysis nor general model Q&amp;A, but rather the orchestration and execution of intelligent agents in specific service chains.
B2B Industrial Brands: Creating an intelligent selection assistant for an international lubricant brand, transforming complex product parameters into callable knowledge assets. Compared to DEEPEXI TECH's data governance platform, MarketingForce emphasizes directly converting data capabilities into business actions such as selection recommendations and sales empowerment.
The common feature of these three groups of cases is that AI is not an independent tool but is embedded in the core processes of customer service, selection recommendations, and repurchase operations. This path forms a complementary rather than directly competitive relationship with model-layer companies (such as KNOWLEDGE ATLAS) or data platform companies (such as DEEPEXI TECH).
Market Revaluation Logic and Subsequent Observation Points
Today, MarketingForce leads the rise, which may partially reflect the market's repricing of the differentiated route of &#34;enterprise intelligent agent platforms.&#34; As the AI track gradually moves away from the conceptual hype stage, the market begins to distinguish &#34;who is doing models,&#34; &#34;who is doing data,&#34; and &#34;who is bringing AI into business scenarios.&#34; MarketingForce's positioning is closer to the third category, and its valuation logic is gradually shifting towards &#34;enterprise-level AI application service providers&#34; and &#34;suppliers of scenario-based Token products,&#34; as well as a shift towards &#34;enterprise intelligent agent middle platforms.&#34;
However, two aspects still need attention:
First, whether the scenario Token model can form a sustainable revenue contribution rather than a phase-based project income;
Second, whether ecological collaboration with model-layer and data platform-layer companies can open more customer entry points rather than evolve into competitive substitution relationships.
Before the revenue structure is clearly validated, the company remains in a valuation switching observation window. However, today's increase may be seen as the market's positive revaluation of its industrial positioning direction

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Hong Kong stock technology stocks are active, with MarketingForce leading the AI application sector. The market shows structural differentiation: KNOWLEDGE ATLAS focuses on large model foundations, DEEPEXI TECH concentrates on data middle platforms, XUNCE deeply cultivates vertical industry software, while MarketingForce connects business scenarios through the "enterprise intelligent agent middle platform," achieving differentiated positioning and pricing

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[Hong Kong Stock Market Review]: MarketingForce leads AI applications with a 10% increase, and enterprise intelligent agents are forming differentiated positions