Daily Report on Hong Kong-Listed LLM Concept Stocks (June 25, 2026)
I. Industry Observations
On June 25, 2026, Hong Kong stocks fluctuated downward, with both the Hang Seng Index and the Hang Seng TECH Index hitting over one-year lows. The Hang Seng Index (HSI) closed down 1.43% at 23,076.91 points, the Hang Seng TECH Index fell 1.63% to 4,405.92 points, and the Hang Seng China Enterprises Index (HSCEI) dropped 2.02% to 7,608.38 points. Total daily turnover reached HKD 325.785 billion, with Southbound trading recording a net outflow of HKD 8.874 billion.
The AI and LLM supply chains exhibited divergent performances. KNOWLEDGE ATLAS surged 8.10% as its GLM-5.2 model further validated the company's technological leadership. Among other concept equities, MININGLAMP-W was the sole stock to finish in the green. Bilibili-W rose 1.80% after its board authorized a share buyback program of up to USD 300 million over the next 24 months. Conversely, MINIMAX-W declined 4.40%, weighed down by an impending lock-up expiration in July involving approximately 63% of the company's total outstanding shares.
Within the semiconductor and computing power sectors, Biren Technology jumped 13.33% to hit a post-listing high after successfully integrating into the DeepSpeed ecosystem. Lenovo Group advanced 4.60% following the high-profile launch of its Wanquan Heterogeneous Intelligent Computing Platform V5.0 and its next-generation super-node solutions. SMIC edged up 1.40%, while Sunny Optical Technology tumbled 11.70%.
II. Market Performance of LLM Concept Stocks
|
Stock Code |
Stock Name |
Latest Price (HKD) |
Change |
|
02513.HK |
KNOWLEDGE ATLAS |
2,350.00 |
8.1% |
|
02718.HK |
MININGLAMP-W |
227.2 |
0.26% |
|
00700.HK |
TENCENT |
421.4 |
-1.73% |
|
01024.HK |
KUAISHOU-W |
42.16 |
-1.77% |
|
00020.HK |
SENSETIME-W |
1.36 |
-2.16% |
|
03690.HK |
MEITUAN-W |
66.1 |
-2.44% |
|
09888.HK |
BIDU-SW |
103.4 |
-3.45% |
|
00100.HK |
MINIMAX-W |
456.6 |
-4.40% |
|
09988.HK |
BABA-W |
95 |
-4.43% |
|
03317.HK |
XUNCE |
110 |
-5.82% |
Data Source: HKEX. For reference only, not investment advice. Data as of market close onJune 25, 2026.
III. Industry and Corporate Dynamics
1. Five Departments: Conduct R&D and Testing of "End-to-End" Large Models for Autonomous Driving, Advance "AI + Transportation" Applications
On June 25, the Ministry of Transport, the National Railway Administration, the Civil Aviation Administration of China (CAAC), the State Post Bureau, and China State Railway Group Co., Ltd. jointly issued the "Action Plan for the Innovation of Typical Application Scenarios of 'Artificial Intelligence + Transportation'." The plan proposes to open up a batch of high-value application scenarios and cultivate a series of high-level algorithmic models by 2030. It explicitly calls for the research, development, and testing of "end-to-end" large models for intelligent driving, advancing the verification of integrated technology applications across scenarios such as highway freight, industrial park transport, and short-distance shuttling. Furthermore, it encourages the development of vertical large models for civil aviation to create full-process, personalized travel services, and supports the construction of AI-based multi-modal travel planning systems to foster travel service AI agents.
2. OpenAI Unveils Its First Custom AI Chip "Jalapeño," Co-Designed with Broadcom and Taped Out in 9 Months
On June 24, local time, OpenAI and Broadcom jointly unveiled "Jalapeño," their first customized AI inference chip, an ASIC designed specifically for large language model inference workloads. In this collaboration, OpenAI led the architecture design, Broadcom handled the tape-out and networking hardware, and Canadian electronics manufacturer Celestica provided the accompanying board and rack integration. By optimizing data flow, the chip enhances inference efficiency and significantly reduces power consumption. Engineering prototypes have entered the laboratory testing phase, with OpenAI currently evaluating final performance metrics. The chip is scheduled for large-scale deployment by the end of 2026, paired with gigawatt-class data center clusters. The entire process from initial design to tape-out took just 9 months.
3. Baidu AI Cloud Launches Qianfan Token Plan Enterprise Edition, Pioneering the Adaptation of ZHIPU AI's GLM-5.2
On June 25, Baidu AI Cloud officially launched its enterprise-grade AI productivity subscription service—Baidu Qianfan Token Plan Enterprise Edition—providing businesses with unified procurement, management, and operational AI resource services. According to the announcement, Baidu Qianfan has taken the lead in completing the adaptation of ZHIPU AI's GLM-5.2, successfully integrating it into the Token Plan Enterprise Edition service ecosystem. Enterprise users and developers can now conveniently invoke the model for long-horizon tasks, complex reasoning, and coding scenarios without the need for complex deployment or fine-tuning. The Token Plan Enterprise Edition supports flexible, omni-modal, and multi-model invocations, aggregating the capabilities of top-tier models such as the DeepSeek-V4 series, GLM-5 series, and Kimi-K2.6, and is offered in multiple tiers including Lite, Standard, and Advanced editions.
IV. Introduction to LLM Concept Stocks
|
Stock Name |
Stock Code |
Market Position |
LLM Products & Business Profile |
|
KNOWLEDGE ATLAS |
02513.HK |
A leading player in China's independent LLM sector |
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-5.2, 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. |
|
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. |
|
MININGLAMP-W |
02718.HK |
LLM concept stock, dubbed the "First Agentic AI Stock in Hong Kong" |
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. |
|
BIDU-SW |
09888.HK |
A dual-engine leader in China's AI infrastructure and autonomous driving sectors |
According to its latest financial report, AI business revenue accounted for 52% of general business revenue, overtaking traditional advertising as the core growth engine. Wenxin 5.1, its latest large language model, has been launched and ranks first domestically and fourth globally on the LMArena leaderboard. The Qianfan large-model platform aggregates mainstream models for commercial API access, while intelligent cloud revenue grew 79% year-over-year. Apollo Go, its fully driverless ride-hailing service, leads in commercialization with cumulative autonomous driving mileage exceeding 330 million kilometers, and has achieved per-vehicle breakeven in some cities. Large model capabilities are steadily penetrating intelligent cloud, autonomous driving, and AI-native applications. |
NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.
- Daily Report on Hong Kong-Listed LLM Concept Stocks (June 24, 2026)
- Daily Report on Hong Kong-Listed LLM Concept Stocks (June 23, 2026)
- Daily Report on Hong Kong-Listed LLM Concept Stocks (June 22, 2026)
- Daily Report on Hong Kong-Listed LLM Concept Stocks (June 18, 2026)
- Daily Report on Hong Kong-Listed LLM Concept Stocks (June 17, 2026)
