Hong Kong AI Concept Stock Daily：Large Model Sector Declines Across the Board; DeepSeek Cuts Pricing for Flash Model Series -20260910

NewTimeSpace · 2026/09/10 17:37 · By Boyuan Chen

On September 10, 2026, the three major Hong Kong indices continued to weaken, with the Hang Seng Index down 1.27%, the Hang Seng TECH Index down 2.04%, and the Hang Seng China Enterprises Index down 1.13%. AI concept stocks were generally under pressure on the day, with the large model sector declining across the board, AI chips showing mixed gains and losses, and the intelligent driving and embodied intelligence sectors mostly following the decline.

I. Market Overview

On September 10, 2026, the three major Hong Kong indices continued to weaken, with the Hang Seng Index down 1.27%, the Hang Seng TECH Index down 2.04%, and the Hang Seng China Enterprises Index down 1.13%. The Hang Seng Index's full-day turnover was 198.9 billion HKD, lower than that of the previous trading day. Southbound funds saw a net inflow of 4.551 billion HKD. AI concept stocks were generally under pressure on the day, with the large model sector declining across the board, AI chips showing mixed gains and losses, and the intelligent driving and embodied intelligence sectors mostly following the decline.

In the large model space, Z.AI (02513.HK) fell 10.34% and MINIMAX-W (00100.HK) fell 8.98%, with MEITUAN-W (03690.HK), Baidu Group-W (09888.HK), ALIBABA-W (09988.HK), KUAISHOU-W (01024.HK) and TENCENT (00700.HK) following the decline. DeepSeek officially lowered the pricing of its DS V4 Flash model from September 10; coupled with a bearish research report from Jefferies, the large model sector came under systematic valuation pressure.

In the AI chip space, HUA HONG GRACE (01347.HK) rose 1.25%, strengthening against the market; ILUVATAR COREX (09903.HK) fell 3.49%, SMIC (00981.HK) fell 2.38%, with BIREN TECH (06082.HK), GIGADEVICE (03986.HK) and MONTAGE TECH (06809.HK) following the decline.

In the intelligent driving space, BLACK SESAME (02533.HK) rose 4.31%, WERIDE-W (00800.HK) fell 5.40%, ROBOSENSE (02498.HK) fell 4.30%, with PONY-W (02026.HK) and HORIZONROBOT-W (09660.HK) following the decline. Horizon Robotics' Journey 6P secured a project designation for JD LOGISTICS' unmanned vehicles, and Goldman Sachs maintained its "Buy" rating, but this failed to reverse the sector's decline. The launch of PONY-W's fully driverless Robotaxi experience project in Doha also failed to lift its share price.

In the embodied intelligence space, UBTECH ROBOTICS (09880.HK) fell 5.79%, with XIAOMI-W (01810.HK) following the decline.

II. Market Performance of Representative AI Stocks

Stock Code	Company Name	Closing Price (HKD)	Change(%)	Sector / Concept
02533.HK	BLACK SESAME	10.280	4.31	Autonomous Driving
01347.HK	HUA HONG GRACE	113.000	1.25	AI Chips
06809.HK	MONTAGE TECH	270.400	-0.37	AI Chips
03986.HK	GIGADEVICE	476.400	-0.83	AI Chips
01810.HK	XIAOMI-W	25.920	-1.74	Embodied AI
00700.HK	TENCENT	425.600	-1.94	LLM
06082.HK	BIREN TECH	37.480	-1.94	AI Chips
01024.HK	KUAISHOU-W	31.660	-2.04	LLM
00981.HK	SMIC	63.450	-2.38	AI Chips
09988.HK	BABA-SW	106.900	-2.64	LLM
09660.HK	HORIZONROBOT-W	4.250	-2.75	Autonomous Driving
09888.HK	BIDU-SW	89.150	-3.31	LLM
09903.HK	ILUVATAR COREX	321.000	-3.49	AI Chips
03690.HK	MEITUAN-W	74.750	-3.92	LLM
02026.HK	PONY-W	52.750	-4.18	Autonomous Driving
02498.HK	ROBOSENSE	17.140	-4.30	Autonomous Driving
00800.HK	WERIDE-W	15.230	-5.40	Autonomous Driving
09880.HK	UBTECH ROBOTICS	80.600	-5.79	Embodied AI
00100.HK	MINIMAX-W	292.000	-8.98	LLM
02513.HK	Z.AI	819.000	-10.34	LLM

Data Source: HKEX. For reference only, not investment advice. Data as of market close on September 10, 2026.

III. AI Industry & Corporate Developments

1. JD.com Group Releases Enterprise AI Suite JD JoyWork

On September 9, Wang Tao, Vice President of JD.com Group, released the enterprise AI (artificial intelligence) suite JD JoyWork at the "2026 JD Cloud Summit". It is understood that JD JoyWork is an enterprise-grade AI-native work and service entry point, covering the super AI assistant "Almighty Doctor", the AI-native work platform JoyDesk, the AI agent platform JoyAgent, the new-generation digital employee JoySupport, and the personal AI assistant JoyClaw. The underlying layer of JD JoyWork is connected to JD's self-developed JD AI full-size large language model, multimodal large model, speech large model and digital human large model, as well as JD's industry vertical models such as the Jingyi Qianxun health large model, the logistics Super Brain large model, the government affairs large model and the industrial large model, while also supporting external mainstream models such as Z.AI, DeepSeek, MiniMax and Kimi. Enterprises can freely choose the deployment form without being bound to a single model or mode.

2. Alibaba and SF HOLDING Reach Strategic Cooperation

On September 9, according to Alibaba Cloud, Alibaba and SF HOLDING reached a strategic cooperation. The two sides will combine Alibaba's technological capabilities in e-commerce ecosystem, cloud computing and artificial intelligence with SF HOLDING's advantages in smart logistics networks and supply chain services, focusing on exploring cooperation in areas such as e-commerce fulfillment, cross-border logistics, digital and intelligent supply chains, artificial intelligence applications, intelligent collaboration and organizational digitalization.

3. Crux AI Data Center Project Backed by Google-C and Blackstone Delayed

On September 10, Crux AI, backed by Alphabet-C (GOOG.US) and Blackstone, secured USD 5 billion in funding. Affected by project failures, infrastructure shortages and Texas' policy of freezing new data center construction, its data center construction has been delayed, highlighting the increasingly prominent physical infrastructure constraints behind the rapid expansion of the AI industry. Crux AI stated that its goal of reaching 500 MW of computing capacity in 2027 is still progressing, but executives assess the probability of on-schedule delivery of each project at only about 50% currently, compared with 90% three years ago.

4. OpenAI Deepens Cooperation with Samsung to Advance Next-Generation Chip R&D

On September 10, Harrison Kim, head of OpenAI Korea, said in Seoul that the company has made substantive progress in its cooperation with Samsung Electronics (005930.KR) on next-generation chip R&D and production. Samsung is also one of the world's largest deployers of ChatGPT Enterprise. As of the end of August, the number of ChatGPT Enterprise users at Korean companies and institutions grew 28 times year-on-year. Kim said that growth in advanced computing demand is driving memory demand. Previously, Samsung and SK Hynix had signed letters of intent with OpenAI to participate in memory chip supply cooperation for the Stargate project.

5. DeepSeek Cuts Pricing for Flash Model Series

DeepSeek officially lowered the pricing of the DS V4 Flash model series from 12:00 on September 10. This price adjustment continues the "peak and off-peak time-of-use" mechanism, further reducing call costs during off-peak hours, with the overall price center moving down accordingly.

IV. Profiles of Representative AI Concept Stocks

Company Name	Stock Code	Industry Position	Main Product Lines & Business Overview
HUA HONG GRACE	01347.HK	Global leader in specialty process wafer foundry	A world‑leading specialty process wafer foundry, the company operates 8‑inch and 12‑inch production lines serving new energy vehicles, industrial control, and data center power management. It provides customized manufacturing in power devices, embedded non‑volatile memory, analog ICs, and power management chips, with multiple automotive‑grade certifications and sustained high capacity utilization.
XIAOMI-W	01810.HK	Full-stack AI technology giant anchored by the "Human x Car x Home" ecosystem	Its foundational model family MiMo has entered the top tier of global open-source models; MiMo-V2-Pro features over 1 trillion parameters, while MiMo-V2.5-Pro tied for 1st globally among open-source models with a score of 54 on the Artificial Analysis composite index. AI capabilities fully power the "Human x Car x Home" ecosystem, driving iterative upgrades in the CyberOne humanoid and CyberDog bionic quadrupeds. Multimodal computer vision, force-control algorithms, and automated dispatch logics are deeply integrated into dark-factory production and flexible manufacturing.
ILUVATAR COREX	09903.HK	Domestic general-purpose GPU pioneer & builder of full-scenario AI compute bases	Established in 2015, it is among the earliest domestic vendors to achieve mass production of general-purpose GPUs. Product lines cover training, inference, and edge computing across the Tiangai, Zhikai, and Tongyang series. In July 2026, it launched its next-gen flagship Tiangai 300 at WAIC, matching the Nvidia Hopper architecture. As of late 2025, it served 340+ clients across 30+ industries, generating core GPGPU revenue of ~RMB 923 million (+149.6% YoY).
HORIZONROBOT-W	09660.HK	China's leading intelligent driving computing solution provider and full‑stack vehicle intelligence enabler	Founded in 2015, it offers ADAS and high‑level autonomous driving solutions. Core products include the Journey-series in-car AI chips (cumulative shipments exceeding 10 million units), the HSD full‑scenario urban driving solution, and the "Starry 6P" cockpit‑driving integrated vehicle intelligence chip. In 2025, it held a 47.7% market share in domestic ADAS for independent brands, with full‑year revenue of RMB 3.758 billion, up 57.7% YoY.
BLACK SESAME	02533.HK	Leading provider of automotive‑grade computing SoCs and SoC‑based solutions for intelligent vehicles	Founded in 2016 and listed on the HKEX in 2024 as the “first smart car AI chip stock”, the company offers the Huashan series (assisted driving) and Wudang series (cross‑domain computing). Huashan A1000 has been integrated into models from Geely, BYD and others; Wudang C1200 advanced to mass production in 2025; Huashan A2000 is the world's first 7nm panoramic high‑compute chip. 2025 revenue reached RMB 822 million, up 73.4% YoY.

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