Yongying Fund's Chu Kefa: Domestic models are undergoing intensive iterations, and the Hong Kong stock market's internet sector is active.

Recently, the Hong Kong stock market's internet sector has seen active trading, with the concentrated release of domestic large models serving as a direct catalyst. On July 31, SeeDance 2.5 was released, extending video generation to 30 seconds and optimizing image quality to closely resemble that of real-life films; on the same day, the official version of DeepSeek-V4-Flash opened for public beta testing, with enhanced model capabilities and reduced overall token prices, highlighting its cost-effectiveness; on August 3, Minimax H3 was open-sourced, becoming the company's first open-source multimodal generative model. Looking ahead, domestic models are still in a rapid iteration cycle, with improvements in cost-effectiveness and performance proceeding in tandem. The Hong Kong stock internet sector brings together downstream model and application companies within the AI industry chain, and is likely to continue benefiting from the updates and iterations of domestic large models.