Aims for 3-Day Consecutive Gain as Huaan Hang Seng Internet Technology Industry ETF (159688) Rises Nearly 1%; Large Model-Related Themes Perform Actively

NewTimeSpace (newtimespace.com) News, On July 6, 2026, as of 13:05, the Hang Seng Internet Technology Industries Index (HSIII) surged 1.56%, and Huaan Hang Seng Internet Technology Industry ETF (159688) rose 0.95%, aiming for a 3-day consecutive gain. The latest price stood at RMB 0.74. Looking at a longer timeframe, as of July 3, 2026, Huaan Hang Seng Internet Technology Industry ETF achieved a cumulative gain of 8.08% over the past week.

Among the constituent stocks, Kuaishou-W, a large model concept-related stock, led the gains with an increase of 5.02%, while stocks such as Tencent Holdings and Meituan followed suit. Data shows that in terms of scale, the latest fund size of Huaan Hang Seng Internet Technology Industry ETF reached RMB 1.041 billion. Leveraged funds continue to position themselves in the fund. The latest margin purchase amount of Huaan Hang Seng Internet Technology Industry ETF reached RMB 2.6015 million, bringing its latest margin balance to RMB 62.8997 million.

In terms of news coverage, Kling AI, the video generation large model under Kuaishou, finalized a financing round of nearly US$3 billion, setting the record for the largest financing round ever achieved by a video large model company globally. Alibaba Cloud, Tencent, and Baidu participated in this financing round. Tencent Holdings repurchased shares worth HK$501 million on July 3. The company has conducted share repurchases for 32 consecutive days since May 18, with a cumulative repurchase amount exceeding HK$15.2 billion, demonstrating its strong confidence in the company's future prospects.

In addition, multiple government authorities recently jointly issued the Provisional Measures for the Management of Artificial Intelligence Anthropomorphic Interactive Services. The new regulations bring AI services that simulate the personality traits of natural persons and provide continuous emotional interaction into the scope of regulation, whereas AI services such as knowledge Q&A that do not involve continuous emotional interaction are excluded from the scope.

CMB International stated that the upper bound of model capabilities remains the key factor determining pricing power. Industry players will continue to focus on enhancing intelligent capabilities to sustain long-term monetization growth, while driving cost optimization through full-stack capability tuning. On the application and monetization scenarios side, competition in programming scenarios is expected to intensify, though leading vendors may still have the capability to maintain their market leadership and market share. On the Agent side, fully autonomous agent systems are expected to be the direction for industry exploration.

Hong Kong-listed Large Model Concept Stocks:

KUAISHOU-W (01024.HK)

A leading multimodal content generation platform in China. Kling AI has completed independent financing with a total cap of USD 3 billion, at a post-money valuation of USD 18 billion, setting a global record for video foundation model companies, with plans to initiate a Hong Kong IPO within the next 12 months. Kling AI's quarterly revenue has exceeded 650 million RMB, with an Annualized Run Rate (ARR) of nearly USD 500 million. Its general LLM "KwaiYii" and video generation model "Kling" are undergoing continuous iteration, demonstrating high commercial conversion efficiency in scenarios such as e-commerce live streaming and automated marketing

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.

MININGLAMP-W (02718.HK)

As an LLM concept stock, the company fully underpins its Agentic AI positioning with its self-developed edge models—Mano, Cito, and Mano-P—alongside the Cider inference framework. Its business architecture utilizes the DeepMiner LLM as the underlying engine and Octo as the collaborative hub, uniformly delivering various AI products and industry solutions in the form of Agentic Services. Mininglamp pursues a differentiated technological route, bypassing the parameter expansion of general models in favor of a "Scaling Out" approach that coordinates multiple specialized small models. Its core moats do not rely on parameter scale, but rather on granular scenario data, specialized models, and continuous learning. This enables it to achieve a level of precision in vertical scenarios that general models cannot match, as it remains committed to building an open-source, privately deployable, and white-box auditable Private AI infrastructure.

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