E Fund CSI HK Equities Information Technology Integration ETF (159196) Rises Nearly 2% in Morning Trading; Large Model Concept Stocks Such as Mininglamp Technology and Zhipu Strengthen

Among its constituent stocks, Mininglamp Technology (2718.HK) surged by 7.80%, Nanjing Panda Electronics (0553.HK) rallied by 7.25%, and Zhipu (2513.HK) climbed by 4.58%, leading the gains across a multitude of related artificial intelligence themes.

Looking at a longer time horizon, as of June 23, the E Fund CSI HK Equities Information Technology Integration ETF recorded an average daily turnover of RMB 688 million over the past week, ranking among the top 2 of comparable funds. Wind data shows that the fund size of the E Fund CSI HK Equities Information Technology Integration ETF expanded by RMB 9.9365 million over the past two weeks, achieving significant growth. Within the past 16 trading days, it has attracted a total cumulative capital inflow of RMB 11.2645 million.

On the news front, on June 23, Volcano Engine disclosed at the 2026 FORCE Dynamics Conference that the average daily token usage of the Doubao Large Model has surpassed 180 trillion, representing a 1,500-fold increase over two years compared to its initial scale of 120 billion in May 2024. Meanwhile, the Doubao Video Generation Model, Seedance 2.5, made its debut and is expected to be officially launched in July. Currently, the number of enterprises with an annual token invocation volume exceeding 1 trillion has reached 200.

In addition, DeepSeek's newly established Harness team is stepping up its recruitment efforts. The goal of the Harness team is encapsulated as "Model + Harness = Agent." This move signifies that DeepSeek is systematically mapping out its Agent infrastructure and productization capabilities beyond foundational models.

Guosen Securities pointed out in its research report that the Hong Kong stock market aggregates China's top technology leaders, spanning core AI tracks such as the Internet, semiconductors, consumer electronics, and software, making it a critical arena for investors to participate in this round of industrial dividends. Currently, the artificial intelligence technology cycle has entered its second half—namely, the stage of centralized monetization driven by large model development and AI Agent application implementations. Referencing historical experience from the Nasdaq, this phase often corresponds to the peak period of technological monetization, during which capital market returns are significantly higher than in other stages.

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 in the Hong Kong market, Mininglamp Technology is dubbed the "First Agentic AI Stock in Hong Kong." It has released DeepMiner, a multi-agent collaborative data analysis platform for commercial data analytics, and the open-source edge GUI (Graphical User Interface) model series, Mano. Deeply engaged in the enterprise service and data intelligence tracks, the company adopts a multi-agent architecture focusing on commercial data analysis. By utilizing structured factual data to mitigate AI hallucination risks, it provides decision-making agent pipelines for the marketing and mass consumption sectors. Additionally, it has launched AI Native hardware to expand the carriers for its agents.

TENCENT (00700.HK)

The Hunyuan LLM ranks highly in evaluations on third-party platforms such as OpenRouter. The model continues to deepen its integration into national-level social applications, Tencent Meeting, and the cloud-based collaborative office ecosystem. Backed by a massive MAU base and the Tencent Cloud intelligent computing service system, the company is accelerating the delivery/provision of AI solutions to B2B clients in government and finance, continuously expanding enterprise-level application scenarios.

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