ChinaAMC Hang Seng Internet Technology Industry ETF Initiating Feeder Fund A (013171) Achieves a Cumulative Gain of Nearly 10% Since July as Internet Technology Formidably Performs Under the Catalyst of Kimi's Flagship Large Model

NewTimeSpace (newtimespace.com) News, On July 20, 2026, Hong Kong's Hang Seng Tech Index delivered a strong performance. As of 10:04, the Hang Seng Internet Technology Industries Index (HSIII) rose 3.37%. Constituent stocks in the Hong Kong large model sector rallied collectively, with shares such as Xunwei (3317.HK), Tencent Holdings (0700.HK), and Mininglamp Technology (2718.HK) leading the gains.

Choice data shows that from the beginning of July 2026 to July 17,ChinaAMC Hang Seng Internet Technology Industry ETF Initiating Feeder Fund A (013171) andChinaAMC Hang Seng Internet Technology Industry ETF Initiating Feeder Fund C (013172) rose by 8.60% and 8.72%, respectively.

In terms of news coverage, Moonshot AI officially launched its latest flagship model, Kimi K3, on July 17. According to information disclosed on Kimi's official WeChat public account, K3 has a total parameter count of 2.8 trillion, features a 1-million-token context window, natively supports visual understanding, and stands as the world's first open-source model at the 3-trillion parameter tier, designed for frontier intelligent scenarios including long-range programming, knowledge work, and reasoning.

Xiangcai Securities stated that the overseas model market is forming a stratified competitive landscape of "tier-one performance leaps + tier-two cost-effectiveness entry." The release of Kimi K3 this week signals that leading domestic developers are no longer passive price followers; instead, they are for the first time launching a head-on positioning challenge against overseas frontier models simultaneously at the capability ceiling and pricing system ends, thereby systematically revaluating the industrial narrative of domestic large models.

Xiangcai Securities further pointed out that the focus of competition has shifted from bare model capabilities to long-range Agent completion rates, vertical workflows, and entry point control. K3's core strengths are concentrated in front-end generation, terminal operation, deep search, and complex knowledge work. The institution is bullish on developers that possess autonomous model capabilities, Agent development frameworks, and vertical workflow productization capabilities, and can establish differentiated barriers within the stratified landscape.

Hong Kong-listed Large Model Concept Stocks:

XUNCE (03317.HK)

A leading data infrastructure provider for financial asset management in China, recognized by the market as the "First Token Stock." The company continues to deepen the integration of LLMs into the core business workflows of financial asset management, reconstructing investment research, trading, and risk control pipelines through underlying data governance and AI technologies. Its underlying structured data cleaning capabilities closely align with the digital transformation of financial institutions and the compliant implementation trends of LLMs.

MININGLAMP-W (02718.HK)

As an LLM concept stock, Mininglamp Technology is recognized by the market as the "First Agentic AI Stock in Hong Kong." Its self-developed model cluster includes the DeepMiner LLM product line (underlying engine), models such as Mano/Cito, and the Cider inference acceleration framework. These are all interconnected by the Octo platform layer to serve as a human-Agent collaboration hub, ultimately delivered in the form of Agentic Services to empower the implementation of decision-making agents in industries like marketing and mass consumption. The company bypasses the "Scaling Up" route of monolithic LLMs, opting instead for a "Scaling Out" approach through the collaboration of multiple specialized small models, achieving precision that surpasses general models in vertical scenarios. Its core moats lie in granular scenario data, specialized models, and continuous learning, culminating in an open-source, privately deployable, and white-box auditable Private AI infrastructure.

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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