AI Applications Popular Among Investors; First Seafront Artificial Intelligence Dynamic Allocation Hybrid Fund-A(001986) Rises Over 60% in the Past Three Months

NewTimeSpace (newtimespace.com) News: On May 27, 2026, the Hang Seng Tech Index in the Hong Kong stock market continued to climb in morning trading, gaining 0.86% as of 10:15 AM.

Since 2026, as computing power transitions from a "dedicated resource" to a "tradable commodity," the technology, capital, and commercialization of the AI industry are aligning at an accelerated pace. A more mature and scenario-driven era of AI applications is arriving rapidly, and artificial intelligence-related themes have been heavily chased by capital.

As of 10:15 AM during the morning session on May 26, large model concept stocks had performed remarkably since the beginning of May: Zhipu (2513.HK) rose over 60%, Mininglamp Technology-W (2718.HK) rose nearly 50%, and MINIMAX-W (0100.HK) gained over 15%.

In terms of artificial intelligence-themed funds, as of May 26, 2026, related AI-themed funds, such as First Seafront Artificial Intelligence Dynamic Allocation Hybrid Fund-A (001986) and First Seafront Artificial Intelligence Dynamic Allocation Hybrid Fund-C (023286), have delivered impressive performances.

According to Choice data, over the past three months, First Seafront Artificial Intelligence Dynamic Allocation Hybrid Fund-A (001986.OF) and First Seafront Artificial Intelligence Dynamic Allocation Hybrid Fund-C (023286.OF) have risen by 60.74% and 60.60% respectively.

Morgan Stanley released a report pointing out that China's artificial intelligence (AI) is entering a new stage, shifting from catching up on technical capabilities to capturing value. The focus is moving from training to inference, from technology to applications, and from potential to actual profitability. The bank believes that at this stage, enablers and foundation models remain key investment themes, but widespread AI applications also bring investment opportunities to beneficiaries.

On the news front, according to calculations based on the latest data from OpenRouter, the total invocation volume of global AI large models reached 28.9 trillion tokens last week (May 18 to May 24), a week-on-week increase of 7.4%. This marks the fifth consecutive week of growth, indicating that the invocation demand for large models continues to release. The weekly invocation volume of Chinese AI large models reached 9.223 trillion tokens, representing a quarter-on-quarter increase of 19.89%. During the same period, the weekly invocation volume of US AI large models was 4.93 trillion tokens, a quarter-on-quarter increase of 16.27%.

Domestically developed large models released recently have also demonstrated stellar achievements on both domestic and international leaderboards. In the early morning of May 26, 2026, CodeArena, a globally authoritative third-party programming leaderboard, released its latest rankings. Alibaba's latest flagship model, Qwen3.7-Max, scored 1,541 points, surpassing a series of models including GPT-5.5, Gemini-3.5-Flash, GLM-5.1, and Kimi-K2.6. It ranks second globally among large model vendors, trailing only the Claude series.

Guotai Haitong Securities stated that the development of domestic large models has entered a new era. Zhipu and MiniMax took the lead in listing on the Hong Kong Stock Exchange and have clarified their commercialization paths. Major tech giants like Tencent and Alibaba continue to increase their model research and development and computing power investments, deeply integrating AI capabilities into their core businesses. ByteDance is driving forward with Doubao as its core and has initiated tiered pricing, which is expected to unlock monetization potential on the C-end in the future. Currently, as productivity tools, AI technologies have deeply integrated into mature tracks such as search, marketing, and e-commerce, and are expected to achieve a leap from process optimization to value reconstruction. It is recommended to focus on investment opportunities in vertical AI applications.

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.

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)

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.

BABA-W (09988.HK)

The company has released several new models, including Qwen3.6-Plus, with the Qwen LLM surpassing 1.4 trillion Tokens in daily API calls, setting a new global record for daily calls on third-party platforms. The Qwen consumer-facing application has exceeded 300 million MAU and has been integrated into the smart cabins of multiple automakers. It consistently ranks at the forefront in international benchmark evaluations for coding and agentic capabilities. Its business layout seamlessly matches the trend of scaled procurement of computing power and model APIs by government and enterprise clients.

Risk Warning: The above content is a compilation of recent public research reports and market information and does not constitute any investment advice. The industrial implementation of artificial intelligence and large models is affected by multiple factors such as technological evolution, market competition, and policy changes, and contains uncertainties. Investment involves risks, and caution should be exercised when entering the market.

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