Hong Kong stock concept tracking | 2026 large model seeks more breakthroughs. Institutions are optimistic about the commercialization of landing (with concept stocks).

Recently, with the intensive listing of enterprises such as KNOWLEDGE ATLAS Huazhang, MiniMax, ILUVATAR COREX, and BIREN TECH on the Hong Kong Stock Exchange and the Sci-Tech Innovation Board, the Chinese AI industry has officially entered a new stage of commercial validation and scale application. However, returning to the reality of the industry, under the ecosystem high walls built by NVIDIA, domestic chips still face the dilemma of "neck blocking". Some GPU companies that have already been listed have experienced significant corrections after experiencing a substantial increase in stock prices, to some extent reflecting the market's scrutiny of their commercialization path and long-term growth logic. Since domestic chips are difficult to catch up with NVIDIA in absolute computing power in the short term, it is necessary to seek breakthroughs in system efficiency and scenario fit. In the recent releases of chip companies and large model enterprises, there is emphasis on "domestic adaptation", which means improving computing power utilization efficiency through joint optimization to accelerate the application of large models in various industry scenarios. It is generally believed in the industry that breakthroughs in single-point technology are not enough to win this competition, and ecosystem synergy, especially the "two-way running" of models and chips, is becoming the key to whether domestic AI can truly be independent. CICC pointed out that looking back to 2025, global large model technology capabilities have evolved forward, gradually overcoming productivity scenarios, making significant progress in directions such as inference, programming, Agentic, and multimodal capabilities, but there are still shortcomings in the stability and illusion rate of model general capabilities. Looking ahead to 2026, CICC believes that large models will make more breakthroughs in reinforcement learning, model memory, context engineering, and so on, moving from short-context generation to long thought chain tasks, from text interaction to native multimodal, and further towards achieving the long-term goal of AGI. GF SEC previously believed that as the commercial value of AI-assisted programming tools bringing research and development efficiency improvement and business optimization to enterprises is gradually recognized, enterprise users are expected to enhance their willingness to pay for software development, data analysis, business process automation, and other scenarios, which are expected to benefit domestic AI large models and achieve good commercial landing. Related Hong Kong stocks involved in AI large models: MINIMAX-WP(00100), KNOWLEDGE ATLAS(02513), KUAISHOU-W(01024), etc.