Multiple Large Model Concept Constituent Stocks Advance; GF CSI HK Equities Information Technology Integration ETF (520710) Rises 8.18% over the Past 5 Days

As of 11:30 AM, among its constituent stocks, Iluvatar CoreX (9903.HK) surged by 15.19%, Zhipu (2513.HK) rallied by 12.11%, while other constituents such as Biren Technology (6082.HK) and Mininglamp Technology (2718.HK) followed the upward trend.

On the news front, on June 17, 2026, the Shanghai Stock Exchange (SSE) issued the Application Guidelines No. 10 for Issuance and Listing Review Rules of the Shanghai Stock Exchange — Application of the Fifth Set of Listing Standards of the Science and Technology Innovation Board by Artificial Intelligence Large Model Enterprises. The guidelines consist of 15 articles and came into effect on the date of release. This expansion into the AI large model sector opens up a direct A-share listing channel for a massive number of high-quality large model enterprises that have not yet turned a profit but possess core technologies.

Long Hongliang, Chief Economist of Wanlian Securities, pointed out that the current wave of artificial intelligence represents another major technological leap following the Internet industrial revolution, and global AI-related capital expenditure is expected to reach the trillion-dollar scale in 2026. The frontier competition in artificial intelligence is not only a battle for technical reserves and talent, but also a contest of capital market efficiency. Because certain AI companies find it difficult to meet traditional listing thresholds due to massive R&D investments and long profitability cycles, China's capital market needs to explore and optimize listing and financing channels for AI-related technology enterprises. This will facilitate corporate financing while achieving a win-win outcome for both investors and innovation entities.

Hong Kong-listed Large Model Concept Stocks:

KNOWLEDGE ATLAS (02513.HK)

Knowledge Atlas Technology Joint Stock Company Limited (02513.HK; commercially known as Zhipu AI) is a leading player in China's independent large language model (LLM) sector (recognized for its capabilities and market position by Frost & Sullivan). The company has released its next-generation flagship model, GLM-5, achieving open-source State-of-the-Art (SOTA) performance in coding and agentic capabilities. It has also open-sourced the multimodal image generation model GLM-Image in collaboration with Huawei. Focusing on novel model architecture design, generalized reinforcement learning paradigms, and autonomous model evolution, its business layout closely aligns with the trend of enterprise-level AI productivity transformation.

MININGLAMP-W (02718.HK)

As an LLM concept stock, Mininglamp Technology is recognized by the market as the "First Agentic AI Stock in Hong Kong." Its self-developed model cluster includes the DeepMiner LLM product line (underlying engine), models such as Mano/Cito, and the Cider inference acceleration framework. These are all interconnected by the Octo platform layer to serve as a human-Agent collaboration hub, ultimately delivered in the form of Agentic Services to empower the implementation of decision-making agents in industries like marketing and mass consumption. The company bypasses the "Scaling Up" route of monolithic LLMs, opting instead for a "Scaling Out" approach through the collaboration of multiple specialized small models, achieving precision that surpasses general models in vertical scenarios. Its core moats lie in granular scenario data, specialized models, and continuous learning, culminating in an open-source, privately deployable, and white-box auditable Private AI infrastructure.

MINIMAX-W (00100.HK)

A top-tier player dedicated to omni-modal Artificial General Intelligence (AGI). The company continuously iterates its video generation model matrix and has partnered with mainstream domestic and overseas chip manufacturers and inference platforms to complete underlying adaptations. The total monthly active users (MAU) of its B2C and B2B LLM applications, along with multimodal API call volumes, maintain rapid growth, further broadening its computing power ecological layout.

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