CIKNATL@EC2611A

Sanqi Interactive Reports Q1 Earnings and Analyzes AI Investment Returns

Zhipu AI Selected as One of the 10 Most Influential AI Companies by Time Magazine

JPMorgan Maintains Overweight Rating on Zhigu AI, Predicts Stock Price Increase

Zhipu Acquires Diamond Building Property

UBS Analysts Release Buy Rating for Zhìpǔ Technology H-Share

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

CN CULTURE GP

AI ENERGY E RTS

APEX ACE HLDG

QIANHAI HEALTH

NEW SILKROAD

KPM HOLDING

SANG HING HLDGS

LIFE CONCEPTS

MOST KWAI CHUNG

HP LIVING TECH

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Reuters

MINIMAX-W

CSI 300

Hang Seng Index

KNOWLEDGE ATLAS

Hang Seng TECH Index

NANHUA FUTURES

Bank of America

Meta Platforms

CATL

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BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

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BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

CATL HK SDR 30to1

China and Hong Kong stocks drop as markets struggle for direction

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WUXI APPTEC(02359) rose 13.57%, with a trading turnover 3.0 Billion HKD, and a year-to-date rose 45%. KB LAMINATES(01888) rose 7.35%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 170.1%. KNOWLEDGE ATLAS(02513) fell 12.52%, with a trading turnover 2.1 Billion HKD, and a year-to-date rose 588.5%. CATL(03750) fell 6.88%, with a trading turnover 9.3 Billion HKD, and a year-to-date rose 26.4%.

Daily Top

WUXI APPTEC

KB LAMINATES

CHINA COAL

MUYUAN

FAST RETAIL-DRS

HORIZONROBOT-W

CHINAHONGQIAO

GWMOTOR

Top 5 HK Stock Gainers/Losers (>100B) (4.28)

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160 HEALTH(02656) fell 22.67%, with a trading turnover 671.5 Million HKD, and a year-to-date fell 60.5%. HAIXI PHARMA(02637) fell 21.01%, with a trading turnover 418.0 Million HKD, and a year-to-date rose 63.1%. 361 DEGREES(01361) fell 20.52%, with a trading turnover 978.7 Million HKD, and a year-to-date fell 9.2%.

160 HEALTH

HAIXI PHARMA

361 DEGREES

ZHIDA TECH

XUNCE

ASIA TELE-NET

ZHEJIANG SHIBAO

BIOCYTOGEN-B

Top 10 HK Stock Losers (4.28)

KNOWLEDGE ATLAS fell 10.99%; MINIMAX-W fell 3.53%, with a transaction volume of HKD 707 million; Dipu Technology fell 7.22%, with a transaction volume of HKD 312 million; Jiview fell 4.78%, with a transaction volume of HKD 52.46 million; Haizhi Technology Group fell 3.55%, with a market value of HKD 18.7 billion

HK Movers

Hong Kong stock movement: KNOWLEDGE ATLAS falls nearly 11%! The release of DeepSeek V4 triggers market panic, JP Morgan calls it an overreaction

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Morgan Stanley anticipates that the annual recurring revenue (ARR) for frontier models will reach at least USD 1 billion by year-end, driven by advancements in US computing power and Chinese engineering efficiency. The firm raised price targets for MiniMax and Zhipu, forecasting significant growth in the sector. By 2026, ARR could reach USD 1 billion to USD 1.5 billion, expanding to USD 2.5 billion to USD 5 billion by 2027. Key picks include MiniMax, Zhipu, and Alibaba, with increased valuations in both bull and bear scenarios.

- Morgan Stanley's report indicates that foundation models are growing due to US computing power and China's engineering efficiency.  
- The firm anticipates annual recurring revenue (ARR) for frontier models to reach USD 1 billion to USD 1.5 billion by the end of 2026, potentially expanding to USD 2.5 billion to USD 5 billion by the end of 2027.  
- Key stock picks include MiniMax, Zhipu, and Alibaba, with upgraded target prices reflecting increased valuations in both base and bull cases.

AASTOCKS News

Alibaba

BABA 2x Long Daily ETF - GraniteShares

KraneShares 2x Long BABA Daily ETF

Morgan Stanley

BABA-W

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Alibaba HK SDR 5to1

M Stanley Expects Frontier Models ARR to Reach at Least USD1B by Year-end, Raises TPs on MiniMax  and Zhipu

CICC's report highlights DeepSeek's launch of its V4 model series, which utilizes a hybrid attention mechanism to enhance inference efficiency. This innovation is seen as pivotal for the model industry and is expected to accelerate demand for Agentic AI. The V4 series includes two variants, V4-Pro and V4-Flash, both capable of handling ultra-long contexts of one million tokens. CICC is optimistic about the growth of domestic open-source models and is bullish on Zhipu and MiniMax as key players in this space.

CICC

DeepSeek

CICC: DeepSeek V4 Model Efficiency Optimization to Accelerate Downstream Agentic AI Demand, Bullish on Zhipu , MiniMax

The stock price of KNOWLEDGE ATLAS (2513.HK) has recently been constrained by adjustment signals from technical indicators, especially after the MACD formed a death cross, leading to a decrease in market traders' confidence. Major industry events and data disclosures affect investors' pricing expectations for technology companies. Therefore, it is recommended to pay attention to policy direction and the prospects of key product technology applications to capture potential significant volatility points. Monitor changes in market trading volume, especially to manage risks effectively during unusual market conditions

Chart Signals

Industry Focus | KNOWLEDGE ATLAS (2513.HK) Capital Flow and Market Dynamics Affect Stock Price

Chinese AI startup DeepSeek has launched its fourth-generation model, DeepSeek V4, with significant price cuts, offering a 75% discount on the new DeepSeek-V4-Pro model until May 5. The price reductions aim to boost adoption amid intensifying competition in the AI sector. DeepSeek's strategy includes a two-tier model to attract a broader user base. However, the aggressive pricing has raised concerns about a potential price war, negatively impacting shares of competitors Zhipu AI and MiniMax Group. The V4 model is also expected to utilize Huawei's chip technology, highlighting its strategic significance in the current market.

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NVIDIA Corporation

Tencent

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Tencent HK SDR 10to1

Tencent Holdings Limited

DeepSeek price slash fuels competition, hits Zhipu, Minimax

UBS reports that DeepSeek has launched its DeepSeek V4 model, which includes two versions: V4-Flash and V4-Pro. The V4-Pro model is competitively priced and comparable to leading domestic AI models. UBS believes V4 will enhance the efficiency of Chinese models and boost domestic computing resource adoption. The bank remains optimistic about Zhipu AI, MiniMax-W, Alibaba, and Baidu, citing their strengths in coding, multimodal areas, and cloud and chip businesses. Investment ratings are positive for all mentioned companies, with target prices set for Zhipu AI, MiniMax, Alibaba, and Baidu.

- UBS reported that DeepSeek has launched a preview version of its open-sourced DeepSeek V4 model, which includes two variants: V4-Flash and V4-Pro.  
- Data indicate that V4-Pro's intelligence is comparable to leading models from domestic AI labs, and while priced higher than GLM-5.1, it offers competitive pricing after discounts; V4-Flash also shows strong competitiveness.  
- UBS anticipates that DeepSeek V4 will enhance the efficiency of Chinese models and stimulate the use of domestic computing resources, maintaining a positive outlook on several key AI firms despite rising competition.

BIDU-SW

Baidu

BIDU-SWR

UBS: DeepSeek V4 Accelerates China Computing Resource Adoption; Remains Bullish on Zhipu AI , Alibaba  and Others

JPMorgan has maintained an Overweight rating on Zhipu AI despite a market reaction to the launch of DeepSeek V4, which caused Zhipu AI's shares to drop by 2.94%. The bank believes the market overreacted, viewing the launch as beneficial for the industry rather than a threat. They highlight that the adoption of domestic chips and a new pricing model will enhance Zhipu AI's revenue potential. JPM forecasts positive catalysts in the coming months and recommends accumulating shares on pullbacks, setting target prices at HKD950 for Zhipu AI and HKD1,100 for MiniMax.

JPMorgan Chase

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JPMorgan Chase & Co.

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JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

JPM Maintains Zhipu AI  at Overweight; Market Overreacts to Competitive Impact of DeepSeek New Model

Knowledge Atlas Technology (SEHK:2513) has seen a significant 9.0% decline in share price after a strong performance, with a 39.97% increase over the past month and a 611% year-to-date return. Analysts note the company's negative shareholders' equity and a high P/B ratio of 44.9x, complicating traditional valuation methods. The DCF model suggests a fair value of HK$0, indicating potential risks if losses continue. Investors are advised to review underlying data and consider both risks and rewards before making decisions.

Simplywall

Assessing Knowledge Atlas Technology (SEHK:2513) Valuation After Sharp Moves And Mixed Fundamentals

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HUA HONG SEMI(01347) rose 15.18%, with a trading turnover 8.5 Billion HKD, and a year-to-date rose 45.5%. SMIC(00981) rose 10.01%, with a trading turnover 12.4 Billion HKD, and a year-to-date fell 10%. MINIMAX-W(00100) fell 9.44%, with a trading turnover 2.0 Billion HKD, and a year-to-date rose 371.2%. KNOWLEDGE ATLAS(02513) fell 9.05%, with a trading turnover 3.0 Billion HKD, and a year-to-date rose 704.6%.

- The Hang Seng Index increased by 0.24%, with a year-to-date gain of 1.4%, while the Hang Seng Tech Index rose by 0.75% but has seen an 11.1% decline this year.  
- Hua Hong Semiconductor (01347) surged by 15.18% with a trading volume of HKD 8.47 billion, marking a 45.5% increase year-to-date, while SMIC (00981) rose by 10.01% with a volume of HKD 12.41 billion, resulting in a 10% decline for the year.  
- Conversely, MINIMAX-W (00100) fell by 9.44%, trading at HKD 2.03 billion, but has increased 371.2% year-to-date, and Zhipu (02513) decreased by 9.05% with a volume of HKD 2.96 billion, despite a remarkable 704.6% gain this year.

HUA HONG SEMI

SMIC

ILUVATAR COREX

GANFENGLITHIUM

OMNIVISION

YOFC

LI AUTO-W

DONGFANG ELEC

Top 5 HK Stock Gainers/Losers (>100B) (4.24)

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WELLCELL HOLD(02940) fell 55.82%, with a trading turnover 1.6 Billion HKD, and a year-to-date fell 28.7%. XUNCE(03317) fell 15.98%, with a trading turnover 1.3 Billion HKD, and a year-to-date rose 468.3%. WOER(09981) fell 14.19%, with a trading turnover 202.4 Million HKD, and a year-to-date fell 12.1%.

WELLCELL HOLD

WOER

NUOBIKAN

FIBOCOM

JIAXIN INTL RES

HANXBIO-B

Top 10 HK Stock Losers (4.24)

智谱

Financial Analysis

Up 6x in a single quarter, the investor darling and foundation-model poster child—Zhipu—has reported as well.Against such a parabolic stock move, 2H25 performance looks much calmer—but does it even matter?Straight to the point: 1) Revenue: API biz ARR reached RMB 250 mn in Mar.Everything else is minor.Among domestic independent model vendors, $KNOWLEDGE ATLAS(02513.HK) is a pure homegrown LLM player, with talent anchored in universities and a client base largely comprising the Gov. and SOEs on the B2B side.Execution is heavy on on-prem deployment and delivery...

Zhipu: RMB 700mn profit vs. RMB 3.2bn loss? Dream first—fretting over losses is small-minded

CIKNATL@EC2611A(28604.HK)

China and Hong Kong stocks drop as markets struggle for direction

Top 5 HK Stock Gainers/Losers (>100B) (4.28)

Top 10 HK Stock Losers (4.28)

Hong Kong stock movement: KNOWLEDGE ATLAS falls nearly 11%! The release of DeepSeek V4 triggers market panic, JP Morgan calls it an overreaction

M Stanley Expects Frontier Models ARR to Reach at Least USD1B by Year-end, Raises TPs on MiniMax and Zhipu