Hong Kong AI Concept Stock Daily：Domestic Token Demand Expected to Reach 100 Quadrillion in Consumption by 2026, LLM Sector Under Broad Pressure - 20260914

I. Market Overview

On September 14, 2026, the three major Hong Kong stock indices moved mixed, with the Hang Seng Index up 0.45%, the Hang Seng TECH Index down slightly by 0.06%, and the Hang Seng China Enterprises Index up 0.46%. The full-day market turnover was 192.6 billion HKD, while southbound capital recorded a net inflow of 4.471 billion HKD. AI concept stocks came under broad pressure on the day, with the LLM sector under broad pressure, AI Chips mixed, and the Autonomous Driving sector mostly declining.

In the LLM space, TENCENT (00700.HK) rose 0.51% and Baidu Group-W (09888.HK) rose 0.22%, while MEITUAN-W (03690.HK) edged lower, with ALIBABA-W (09988.HK) and KUAISHOU-W (01024.HK) following lower; Z.AI (02513.HK) fell 9.08% and MINIMAX-W (00100.HK) fell 6.52%, among the biggest decliners. Anthropic CEO Amodei wrote an article calling on the global AI industry to proactively slow down, and OpenAI CEO Altman followed with his own remarks, with the AI "deceleration" consensus hitting the valuation foundation of the LLM sector.

In the AI Chips space, ILUVATAR COREX (09903.HK) rose 2.31%, strengthening against the market trend; GIGADEVICE (03986.HK) fell 7.12% and BIREN TECH (06082.HK) fell 6.66%, with MONTAGE TECH (06809.HK), HUA HONG GRACE (01347.HK) and SMIC (00981.HK) following lower. Morgan Stanley pointed out that the AI industry's proactive speed control directly lowers the forward-looking training computing power demand expectations, and the valuations of hardware deeply tied to LLM training, such as GPUs and HBM, are seeing a sentiment-driven pullback.

In the Autonomous Driving space, PONY-W (02026.HK) rose 0.58%, BLACK SESAME (02533.HK) fell 4.91% and WERIDE-W (00800.HK) fell 3.14%, with ROBOSENSE (02498.HK) and HORIZONROBOT-W (09660.HK) following lower. PONY-W edged higher against the market trend, while overall market sentiment was weak and the sector lacked an obvious catalyst.

In the Embodied AI space, XIAOMI-W (01810.HK) rose 3.03% and UBTECH ROBOTICS (09880.HK) rose 1.22%. Xiaomi Group strengthened for a second consecutive day after establishing an intelligent technology company whose business includes AI and robotics, boosting market confidence.

II. Market Performance of Representative AI Stocks

Data Source: HKEX. For reference only, not investment advice. Data as of market close on September 14, 2026. 

III. AI Industry & Corporate Developments

1. China's Token Demand Is Growing Explosively, with Consumption Expected to Reach 100 Quadrillion in 2026

The "AI Infrastructure Development Research Report in the Agent Era (2026)" released by the China Telecom Research Institute shows that China's token demand is growing explosively. Rao Shaoyang, Director of the Industry and Enterprise Strategy Research Institute of the China Telecom Research Institute, said that China's annual token consumption is expected to reach 100 quadrillion in 2026 and to exceed 35 quintillion by 2030, with a compound annual growth rate of nearly 12 times.

2. Z.AI Finalizes Approximately US$5 Billion in Financing, Stepping Up Investment in Next-Generation GLM Foundation Models, Full Self-Training and Computing Power Infrastructure

On September 13, Z.AI announced the completion of approximately US$5 billion in financing. According to the announcement, the financing will be used for next-generation GLM foundation models, a full self-training system and related computing power infrastructure. In the announcement, Z.AI described full self-training as the next-generation GLM being trained in environments built by the previous-generation GLM, forming a recursive self-improvement loop. Specific investments include automated generation and filtering of training data, building task environments, enhancing long-horizon reasoning capabilities, as well as adaptation to domestic chips, operator development and inference optimization.

3. Altman: Affected by AI Safety Concerns, OpenAI Will Not Go Public in 2026

On September 12 local time, OpenAI CEO Sam Altman said in an interview that, given concerns about AI safety, OpenAI will not go public in 2026. He said: "Actually, considering everything that is happening around safety issues right now, I think going public now is not a wise move, and we do not feel pressure about it." Altman also hinted that OpenAI and other leading AI companies may announce an agreement aimed at slowing the pace of AI development and jointly addressing safety risks.

4. NVIDIA Reportedly Considering Investing Up to US$10 Billion in Anthropic's IPO

On September 12, AI company Anthropic is in talks with NVIDIA, proposing to invite the latter to become a cornerstone investor in its initial public offering (IPO). Anthropic's IPO plans to raise up to US$100 billion, with a valuation that may reach approximately US$2 trillion; NVIDIA is considering investing up to US$10 billion.

IV. Profiles of Representative AI Concept Stocks

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