Hwabao WP CSI HK Equities Information Technology Integration ETF Initiating Feeder Fund (026755) Grows by 124 Million Fund Shares Over Three Months as Accelerated Iteration of Large Models Drives Deeper Agent Penetration

NewTimeSpace (newtimespace.com) News, On July 21, 2026, Hong Kong stock tech themes continued to strengthen. As of 10:34, the CSI Hong Kong Stock Connect Information Technology Combined Index (930967) surged 2.56%. Among the constituent stocks, AI-related enterprise Zhipu (2513.HK) rose 10.61%, with stocks such as JiuFang Intelligent Investment Holdings (9636.HK) following suit.

Choice data shows that Hwabao WP CSI HK Equities Information Technology Integration ETF Initiating Feeder Fund (026755) rose 1.75% on July 20, 2026. In terms of fund shares, its total shares expanded from 89 million to 213 million units between March 3, 2026, and June 30, 2026, representing a growth of 124 million units over three months and achieving significant expansion.

In terms of news coverage, media outlets reported that Zhipu has completed the construction of a 1GW-level domestic AI computing power data center, fully utilizing domestic AI chips. Meanwhile, Zhipu also officially completed its acquisition of XCore Sigma, a domestic AI heterogeneous computing power software company.

In addition, Moonshot AI recently released Kimi K3, featuring a total parameter scale of 2.8 trillion, native support for visual understanding, and a 1M context window, focusing primarily on long-range programming, knowledge work, and complex reasoning. Regarding pricing, the K3 API pricing is close to that of overseas frontier models, and compared to past competitor pricing, the degree of overseas premium has narrowed significantly: the prices per million tokens for cache hit, input, and output stand at US$0.3, US$3, and US$15, respectively, compared to US$0.5, US$5, and US$30 for GPT-5.6Sol.

Huatai Securities stated that the iterations of Kimi in July and the new GLM models in the second quarter have once again validated the core logic of domestic models, and the iteration cycle may shorten further. Compared with overseas closed-source models, the current domestic technology gap has narrowed to 3–4 months, continuously raising capability ceilings and pricing power on top of high cost-effectiveness advantages.

Huatai Securities also pointed out that the singularity of office Agents is drawing near. The Agent industry exhibits the characteristic of supply creating demand, and the accelerated progress in model capabilities is expected to drive deeper penetration of Agents.

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.

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.

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.

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