Weekly Report on Hong Kong-Listed LLM Concept Stocks (July 6–July 10, 2026)

I. Market Overview

This week (July 6–July 10), the Hong Kong market trended higher overall. The Hang Seng Index (HSI) recorded a cumulative weekly gain of 3.53%, while the Hang Seng TECH Index rose 5.33%. Equities across the LLM and AI supply chains exhibited a pattern characterized by "extreme divergence, advancing initially before pulling back."

Early Week (July 6-7):On Monday (July 6), Tencent surged 4.8% as it officially launched Hunyuan Hy3, and KUAISHOU-W jumped 8.0% with Kling AI initiating commercialization; however, KNOWLEDGE ATLAS plummeted 14.7%. On Tuesday (July 7), sector divergence continued: KNOWLEDGE ATLAS rebounded 5.23% and MEITUAN-W rose 4.54%, but KUAISHOU-W crashed 12.04%.

Mid-Week (July 8-9):On Wednesday (July 8), the market erupted across the board, with KNOWLEDGE ATLAS soaring 13.35%, BABA-W surging 12.21%, and MINIMAX-W jumping 11.98%. On Thursday (July 9), the market advanced before retreating; KNOWLEDGE ATLAS gained another 11.34% upon completing a HKD 31.41 billion placement, while MINIMAX-W plummeted 17.98% on its first day of lock-up expiration.

Late Week (July 10):On Friday, the sector underwent a sharp correction. KNOWLEDGE ATLAS plunged 19.29%, MINIMAX-W tumbled 9.68%, and XUNCE slumped 16.09%.

II. Weekly Performance of LLM Concept Stocks

Data Source: HKEX. For reference only, not investment advice. Data as of market close on July10, 2026.

Weekly Summary Notes:

Performance among LLM concept stocks diverged extremely this week. BABA-W (+17.11%) led the gains, bolstered by news of its consolidation of three enterprise-grade Agent products and projected revenue growth for Alibaba Cloud. MEITUAN-W (+9.92%) and TENCENT (+6.73%) also ranked among the top performers.

Conversely, MINIMAX-W (-22.50%) and XUNCE (-23.74%) suffered significant declines. MINIMAX-W was heavily dragged by a crash on its first day of lock-up expiration on July 9, compounded by continuous pressure from a discounted placement announcement on Friday. XUNCE slumped 16.09% in a single day on Friday, further widening its weekly loss. KNOWLEDGE ATLAS dropped 8.53% for the week; despite completing a HKD 31.41 billion placement mid-week and rallying strongly, it plunged 19.29% on Friday, wiping out nearly all intra-week gains due to profit-taking and systemic sector pullbacks. KUAISHOU-W edged up 1.03% for the week, experiencing intense volatility as early gains were met with heavy profit-taking.

III. Macro and Industry News Review

1. MIIT: China's Core AI Industry to Exceed RMB 1.2 Trillion in 2025; Annual Humanoid Robot Production Expected to Surpass 100,000 Units

On July 7, at the WAIC 2026 press conference, the Ministry of Industry and Information Technology (MIIT) stated that China's core AI industry is estimated to exceed RMB 1.2 trillion in 2025. Driven by the accelerated iteration of LLMs, AI agents, and AI chips, the annual production of humanoid robots is expected to surpass 100,000 units this year. China has formulated nearly 200 key AI standards, ranks first globally in LLM downloads, and hosts over 11 million registered users on open-source communities like AtomGit. WAIC 2026 is scheduled to be held in Shanghai from July 17 to 20.

2. OpenRouter: Chinese LLMs Lead Global Weekly Call Volumes for the Tenth Consecutive Week, Sweeping the Top Six

According to OpenRouter data, the total global API call volume for AI large models reached 46.7 trillion tokens last week (June 29–July 5). Chinese AI models accounted for 23.45 trillion tokens, reflecting a 15.01% week-on-week growth and surpassing the US for the tenth consecutive week. The top six models globally were all Chinese: DeepSeek-V4-Flash led for the seventh week with 5.34 trillion tokens; Xiaomi's MiMo-V2.5 ranked second (4.38T); MiniMax M3 third (4.11T); Tencent's Hy3 preview fourth (3.13T); KNOWLEDGE ATLAS GLM-5.2 fifth (2.58T); and StepFun's Step 3.7 Flash sixth (1.55T).

3. Five Government Departments Jointly Issue "Interim Measures for the Management of AI Personified Interactive Services," Effective July 15

On July 3 (disclosed this week), the Cyberspace Administration of China (CAC) and four other departments jointly issued interim measures to implement tiered and classified regulation over AI services that simulate human personality traits and provide continuous emotional interactions, effective July 15. Consequently, Doubao and Qwen announced the concurrent deprecation of user-customized agent functions on their platforms, effective July 15.

4. Tencent Officially Launches Hunyuan Hy3; API Goes Live on TokenHub

On July 6, Tencent officially released its Hunyuan Hy3 model. Utilizing an MoE architecture (295B total parameters / 21B activated) and supporting a 256K context window, it functions as a fast-slow thinking fusion model. API pricing is set at RMB 1 per million input tokens and RMB 4 per million output tokens. Hy3 has already been integrated into several business lines, including WorkBuddy, Yuanbao, Marvis, and ima.

5. xAI Officially Renamed SpaceXAI, Synchronously Launching New Brand Identity

On July 7, Elon Musk's xAI officially rebranded as SpaceXAI, executing the brand integration following Musk's May announcement to dissolve xAI's independent status and merge it into SpaceX. In June, SpaceX completed a USD 75 billion IPO at a valuation of approximately USD 1.77 trillion. IPO filings reveal that SpaceX allocated USD 12.7 billion to AI capital expenditures in 2025.

6. OpenAI Officially Launches and Fully Opens GPT-5.6 Series Models

On July 9, OpenAI officially launched its full GPT-5.6 series to the public, ending the limited preview phase previously restricted to trusted partners. The series features astronomical naming conventions: Sol (flagship), Terra (balanced workhorse), and Luna (lightweight/cost-effective). API pricing stands at USD 5/30, USD 2.5/15, and USD 1/6 per million tokens for input/output, respectively.

IV. Key Corporate Dynamics

KNOWLEDGE ATLAS(02513.HK):On July 9, completed a share placement of approximately HKD 31.41 billion at HKD 1,588 per share (a 12.99% discount), setting a new record for single-placement fundraising by a Hong Kong tech enterprise this year. Funds are earmarked for foundational model R&D and compute infrastructure. Impacted by placement dilution and Friday's systemic sector correction, the stock faced heavy profit-taking pressure, closing the week down 8.53%.

MINIMAX-W (00100.HK):Plunged 17.98% on July 9, its first day of lock-up expiration. On July 10, the company announced plans to place 35.6 million new Class A shares (at HKD 268, a 9.89% discount) and issue HKD 6.5 billion in zero-coupon convertible bonds, raising a total of approximately HKD 16.04 billion (80% allocated to AI infrastructure and R&D). The stock fell a further 9.68% following the financing announcement, recording a weekly decline of 22.50%.

TENCENT (00700.HK):On July 6, officially launched the MoE-based Hunyuan Hy3 (295B total / 21B activated), with APIs available on TokenHub. On July 9, Tencent Cloud launched Agent Bucket, an independent storage solution designed for massive AI agents, capable of hosting hundreds of millions of "Spaces" per bucket. The company continued its share buybacks this week, deploying approximately HKD 706 million combined on the 6th and 7th, driving a 6.73% weekly gain.

BABA-W (09988.HK):Led the sector this week with a 17.11% gain. The rally was driven by reports of the company consolidating three enterprise-grade Agent products and Alibaba Cloud forecasting a 45% YoY revenue increase for its latest fiscal quarter. Additionally, its Qwen model upgraded the real-time speech recognition model, Fun-ASR-Realtime, achieving sub-100-millisecond latency for the first character while supporting 16 dialects and 30 languages.

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