BPKNATL@EC2610B

AI application 概念股 rise, DeepSeek initiates first external equity financing

Intelligent Spectrum Aims to Acquire Beijing Hongzhuang Technology Development Co., Ltd.

Zhipu Revenue Reached RMB 724 Million in 2025

Zhipu to acquire 100% equity of Red Diamond Technology Beijing for up to 361 million yuan

Zhips AI AutoClaw Launches Self-Evolution Mechanism and Skill Store

Zhipu Acquires Diamond Plaza for Its Own Use

Zhi 谱 Acquires An 狮 Red Diamond Property for Daily Needs

ZhiPu Technology to Acquire 100% Shares of Beijing Hongzhuan Technology Development Co., Ltd. for Up to RMB 360.52 Million

Zhipu Announces Price Hike for GLM-5.1, Shares Rise for Three Consecutive Days, Market Cap Surpasses $513 Billion

Anthropic Releases New AI Model Claude Mythos Without Public Release

Taichi Yuanqi Completes Just-In-Time Adaptation for Zhispu GLM-5.1

CITICS Securities Gives a Buy Rating to Zhìpǔ for the First Time

Huawei Cloud Launches GLM-5.1 Model by Smart Spectrum

Zhipu Releases GLM-5.1 Open Model and Adjusts Pricing

Zhipu Establishes Subsidiaries for Business Model Adjustment

JPMorgan Raises Zhigu Target Price to HKD 950

Zhipu Releases GLM-5V-Turbo Multimodal Coding Foundation Model

JPMorgan Raises Zhipu AI Target Price and Revenue Projections

Zhipu's Q1 Report Reveals Soaring Revenue and Gross Margin, Challenging Industry Consensus

CICC Raises 2026/2027 Revenue Projections and Target Price for Zhitu

FINELAND LIVING

GPIXEL

WK GROUP

MAX SIGHT GROUP

I.CENTURY HLDG

HAO BAI INTL

TEAMWAY INTL GP

GEMILANG INTL

DAISHOMICROLINE

02097

02714

03750

09973

03986

06656

02513

02600

06082

09980

MIXUE GROUP(02097) rose 5.6%, with a trading turnover 385.2 Million HKD, and a year-to-date fell 24.5%. MUYUAN(02714) rose 5.44%, with a trading turnover 155.3 Million HKD, and a year-to-date rose 9.3%. SIGENERGY(06656) fell 9.37%, with a trading turnover 587.7 Million HKD, and a year-to-date rose 67%. KNOWLEDGE ATLAS(02513) fell 2.56%, with a trading turnover 1.0 Billion HKD, and a year-to-date rose 717.6%.

Top Gainers & Losers

MIXUE GROUP

MUYUAN

CATL

CHERY AUTO

GIGADEVICE

SIGENERGY

KNOWLEDGE ATLAS

CHALCO

BIREN TECH

EASTROC

Top 5 HK Stock Gainers/Losers (>100B) (4.21)

Tsinghua-affiliated AI company KNOWLEDGE ATLAS is positioned by UBS as the "China version of Anthropic": focusing on coding at the model layer, developing proprietary agents at the engineering layer, and pricing based on capability. KNOWLEDGE ATLAS GLM-5.1 leads global open-source models in long-horizon tasks; usage surged threefold after a 30% price hike. ARR grew 6.4 times in four months, outpacing even Anthropic. Meanwhile, it offers superior value: matching 97% of competitor capabilities at just 22% of the price

- UBS analysts recently initiated coverage of Beijing AI company Zhizhu with a "buy" rating and a target price of HKD 1,160.  
- The report highlights that Zhizhu's development and commercialization strategies closely parallel those of leading global AI firm Anthropic, especially in programming capabilities, while emphasizing its quicker growth in annual recurring revenue (ARR).  
- Despite currently operating at a loss, Zhizhu's projected revenue growth and strong pricing power reflect its competitive position in the AI market, amidst potential industry risks.

Wallstreetcn

UBS Group AG

IFLYTEK

BIDU-SW

Baidu

BABA-W

ByteDance

TENCENT

Alibaba

DeepSeek

BIDU-SWR

BABA-WR

Alibaba HK SDR 5to1

Tencent

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

UBS Rates KNOWLEDGE ATLAS - "China's Anthropic"

KNOWLEDGE ATLAS (2513.HK) launched another attack yesterday, with its stock price showing strong performance for several consecutive days, indicating high market attention. Short-term technical indicators such as MACD show a golden cross pattern, keeping investors optimistic about the continuation of the trend. However, as the pace of the rise accelerates, it is necessary to pay attention to whether the trading volume can continue to expand and whether the overall market environment supports its breakout trend. Reasonable operation is key, and decisions should be made in conjunction with the overall technology sector trends

Technical Forecast

Morning Trend | KNOWLEDGE ATLAS continues to rise, can the short-term breakout momentum be sustained?

00100

China's AI market is shifting towards token-driven models, with valuations of startups like MiniMax Group and Zhipu exceeding $40 billion. Zhipu's shares surged 750% since its Hong Kong listing, while MiniMax rose 440%. This trend reflects a move from AI development to monetization, supported by China's cost advantages in infrastructure. Despite concerns over valuation growth outpacing revenue, the increasing global demand for AI tokens and competitive pricing may bolster adoption and support the ecosystem's expansion.

GuruFocus

MINIMAX-W

KUAISHOU-W

Xiaomi Corporation

XIAOMI-W

Alphabet - C

Alphabet

OpenAI

KUAISHOU-WR

XIAOMI-WR

Xiaomi HK SDR 2to1

China AI Startups Surge Up To 750% As Token Demand Drives $40 Billion Valuations

01138

09633

01347

01898

00857

02618

KNOWLEDGE ATLAS(02513) rose 9.43%, with a trading turnover 2.0 Billion HKD, and a year-to-date rose 739.1%. COSCO SHIP ENGY(01138) rose 6.99%, with a trading turnover 605.9 Million HKD, and a year-to-date rose 100.9%. CHALCO(02600) fell 4.58%, with a trading turnover 375.3 Million HKD, and a year-to-date rose 1.1%. CHINA COAL(01898) fell 4.11%, with a trading turnover 548.7 Million HKD, and a year-to-date rose 29%.

- The Hang Seng Index increased by 0.77%, with a year-to-date gain of 2.9%.  
- The Hang Seng Technology Index rose by 0.46%, but it has a year-to-date decline of 8.2%.  
- Notable company performances include Zhihu (02513) up 9.43% with a total transaction volume of HKD 2.01 billion and a year-to-date rise of 739.1%, while China Aluminum (02600) fell by 4.58%.

COSCO SHIP ENGY

NONGFU SPRING

HUA HONG SEMI

CHINA COAL

PETROCHINA

JD LOGISTICS

Top 5 HK Stock Gainers/Losers (>100B) (4.20)

00HSI

STECH

06651

02589

The Hang Seng TECH Index rose 0.46%. 51WORLD gained approximately 5%, KNOWLEDGE ATLAS rose about 9%, AUNTEA JENNY increased around 9%, Buluke surged roughly 8%, MINIMAX climbed approximately 6%, HUA HONG SEMI advanced by 4%, and GDS Holdings rose about 5%

Hang Seng Index

Hang Seng TECH Index

51WORLD

AUNTEA JENNY

BLOKS

Hua Hong

GDS-SW

Hang Seng Index Closes Up 0.77%, Qunhe Technology Surges Approximately 101%

00700

01024

03696

09888

The Hong Kong stock market rose in the morning session influenced by the US stock market, with the Hang Seng Index up 216 points at 26,376 points. AI stocks performed strongly, with KNOWLEDGE ATLAS and INSILICO rising 10.6% and 15% respectively. TENCENT rose 2.6%, and other tech stocks such as Baidu, NetEase, and KUAISHOU also saw increases. The State Administration for Market Regulation imposed fines on seven e-commerce platforms, leading to slight declines for Meituan and JD.com, while Alibaba saw a slight increase. The overall market turnover was HKD 135.314 billion

AASTOCKS

INSILICO

Hang Seng China Enterprises Index

PHANCY

UNISOUND

KINGSOFT CLOUD

MEITUAN

JD-SW

NTES-S

SMIC

SUNNY OPTICAL

Lens

AAC TECH

UBTECH ROBOTICS

ROBOSENSE

YOFC

BYD COMPANY

LEAPMOTOR

WERIDE-W

PONY-W

CITIC BANK

MINSHENG BANK

ZA ONLINE

HSBC HOLDINGS

HKEX

CHINA SHENHUA

CHINA EAST AIR

AIR CHINA

XINYI SOLAR

GCL TECH

FLAT GLASS

GOLDWIND

LI NING

SHENZHOU INTL

DAMAI ENT

MNSO

MAO GEPING

POP MART

MANYCORE TECH

Kingsoft Cloud

MEITUAN-WR

Meituan

Meituan HK SDR 5to1

JD-SWR

JD.com

NetEase

SMIC HK SDR 5to1

BYD HK SDR 10to1

BYD Company

BYD Company Limited

BYD COMPANY-R

Pony AI

CATL HK SDR 30to1

CNCB

CMBC

HSBC 5xShortSG241213

HSBC Holdings Plc

HSBC

"Hong Kong Stocks" Hang Seng Index rises 216 points in half a day, Tencent leads the surge in AI stocks

00968

03032

02837

03033

03088

36Kr learned that the Hang Seng Index rose 0.82% during the midday break, and the Hang Seng TECH Index rose 0.78%; GEO and photovoltaic concepts led the gains, with KNOWLEDGE ATLAS rising over 10%, XINYI SOLAR rising over 6%, and MINIMAX-WP rising over 3%; coal and oil stocks saw the largest declines, with China Petroleum & Chemical Corporation and China Coal Energy falling over 2%; southbound funds had a net purchase of HKD 547 million

36Kr

HSTECH ETF

GX HS TECH

CSOP HS TECH

CAM HS TECH

GEO Holdings Corporation

China Coal Energy

PetroCN HK SDR 1to2

The Hang Seng Index rose 0.82% at midday, and the Hang Seng TECH Index rose 0.78%

China's AI models are attracting global users, creating new stock market winners. Startups like MiniMax and Zhipu have surpassed established firms like Baidu, with market values over $40 billion. Investors see a shift towards AI-focused companies due to visible token consumption and pricing power. China's cost efficiency in building data centers gives it a competitive edge. MiniMax and Zhipu, both listed in Hong Kong, have seen significant share price increases, while larger firms like Alibaba and Tencent struggle. The market remains competitive, with more startups expected to launch IPOs.

Businesstimes News

AI’s token economy revolution creates new China tech winners

KNOWLEDGE ATLAS opened 0.6% higher today, and the increase later expanded, rising by 15.6% to reach a historic high of 1,030 yuan. It is currently reported at 995 yuan, up 11.67%. The trading volume is 1.4838 million shares, with funds reaching 1.444 billion yuan. The capital market in the AI field is active, and DeepSeek is seeking its first round of external financing, aiming to raise no less than 300 million dollars, with a valuation of at least 10 billion dollars

KNOWLEDGE ATLAS broke its peak, rising 15.6%, battling the 1,000 yuan mark

BPKNATL@EC2610B(28440.HK)

BPKNATL@EC2610B Stock Performance Chart

Top 5 HK Stock Gainers/Losers (>100B) (4.21)

UBS Rates KNOWLEDGE ATLAS - "China's Anthropic"

Morning Trend | KNOWLEDGE ATLAS continues to rise, can the short-term breakout momentum be sustained?

China AI Startups Surge Up To 750% As Token Demand Drives $40 Billion Valuations

Top 5 HK Stock Gainers/Losers (>100B) (4.20)