Hong Kong AI Concept Stock Daily: MEITUAN-W Leads with a 3.47% Gain as Google Releases Gemini 4 Carbon to Top the AA Intelligence Index - 20261030

I. Market Overview

On October 30, 2026, the three major Hong Kong indices opened mixed; the Hang Seng Index and the Hang Seng China Enterprises Index briefly slipped below their previous closes before recovering, and all three closed higher. The Hang Seng Index closed at 23,294.42, up 1.46%; the Hang Seng TECH Index closed at 3,754.90, up 0.29%; and the Hang Seng China Enterprises Index closed at 7,862.22, up 1.37%. Full-day turnover on the Hang Seng Index reached HKD 214.3 billion, clearly above HKD 189.5 billion a day earlier. Six of the 20 AI concept stocks closed higher, with most LLM and embodied AI names advancing while all AI chip and autonomous driving names fell.

In the LLM space, MEITUAN-W (03690.HK) rose 3.47%, TENCENT (00700.HK) rose 1.59%, KUAISHOU-W (01024.HK) rose 1.14%, BABA-W (09988.HK) rose 0.99% and BIDU-W (09888.HK) rose 0.20%, while MINIMAX-W (00100.HK) fell 4.05% and Z.AI (02513.HK) fell 9.10%, the weakest performer in the pool.

In the AI Chips space, all six names fell: MONTAGETECH (06809.HK) 3.44%, SMIC (00981.HK) 4.40%, BIRENTECH (06082.HK) 4.56%, HUA HONG GRACE (01347.HK) 6.04%, GIGADEVICE (03986.HK) 8.06% and ILUVATAR COREX (09903.HK) 8.41%.

In the Autonomous Driving space, all five names fell: PONY-W (02026.HK) 1.16%, BLACK SESAME (02533.HK) 3.80%, WERIDE-W (00800.HK) 4.18%, ROBOSENSE (02498.HK) 4.72% and HORIZONROBOT-W (09660.HK) 4.74%.

In the Embodied AI space, XIAOMI-W (01810.HK) rose 3.12%, while UBTECH ROBOTICS (09880.HK) fell 2.83%.

II. Market Performance of Representative AI Stocks

Data Source: HKEX. For reference only, not investment advice. Data as of market close on October 30, 2026.

III. AI Industry & Corporate Developments

1. Google Releases Gemini 4 Carbon, Topping the Artificial Analysis Intelligence Index at 59

On October 28, Google released Gemini 4 Carbon, a new frontier model focused on cybersecurity and long-horizon tasks. On the Intelligence Index v5.0 published by independent evaluator Artificial Analysis, the model scored 59 at high reasoning settings to rank first, ahead of Anthropic Claude Opus 5.5 at 58 and OpenAI GPT-6 Astra at 57; the prior Gemini 4 Argon scored 50 on the same index. On the GraphWalks long-context test, Carbon scored 96.2% versus 84.2% for Argon, while in cybersecurity it reached 88.2% on the SEC-bench Pro vulnerability discovery benchmark and 54.8% on the ExploitGym exploit verification benchmark. Carbon has not been released through a public API, going first to selected cybersecurity professionals and Fairwind programme partners. Carbon followed the prior Gemini 4 Argon by about two weeks.

2. Amazon Cash Flow Deteriorates and Intel Guidance Misses as Offshore AI Spending Faces Another Test

On October 30, Amazon and Intel reported results. Amazon posted slower growth in its e-commerce business, with AI capital expenditure pushing free cash flow further negative, and its shares fell as much as 7% in after-hours trading. Intel grew third-quarter data centre revenue by 78% year on year but guided the fourth quarter below analyst expectations, sending its shares down more than 20% after hours.

3. Doubao Work Opens Third-Party Models to Enterprise Clients, Adding Kimi, GLM and DeepSeek

On October 29, Doubao Work announced that third-party model services are now available to enterprise clients, initially covering the Kimi 3.1 Pro, GLM 5.3 and DeepSeek V4.1 Flash series. The service is offered to team and enterprise subscription customers, enabled by default, with no separate procurement or application required; usage is deducted from existing AI credits. Administrators can scope access by member, department, group or the whole company, enable models in bulk by vendor or configure individual models, and restrict availability to desktop, mobile, web and the Doubao Work app inside Feishu. Previously the platform supported only in-house models, so the opening lets enterprises switch between multiple vendors from a single entry point.

4. XIAOMI Invests RMB 1.7 Billion in Sunwoda Mobility for a 5.34% Stake and Becomes the Third-Largest Shareholder

On the evening of October 29, Sunwoda announced that its board had approved a capital increase at subsidiary Sunwoda Mobility, with Hanxing Venture Capital, a wholly-owned subsidiary of Xiaomi Technology, subscribing RMB 1.7 billion for about RMB 898 million of new registered capital, equal to 5.34% of the enlarged company and making Xiaomi the third largest shareholder. The round is Sunwoda Mobility's C+++ financing at the same pricing as the prior C round, with a pre-money valuation of RMB 30.135 billion; registered capital rises from RMB 15.915 billion to RMB 16.813 billion, and Sunwoda ceases to control the company, which will be deconsolidated. The two sides already had a supply relationship: in September 2026 Xiaomi Auto named Sunwoda Mobility its strategic partner for Longjia batteries, with the supplier building dedicated cell lines.

5. Optical Module and Memory Leaders Report Third-Quarter Results with Strong Annual Growth but Diverging Sequential Trends

On the evening of October 29, leading optical module and memory companies released third-quarter results. Zhongji Innolight posted third-quarter revenue of RMB 27.769 billion, up 171.83% year on year, and net profit attributable to shareholders of RMB 8.587 billion, up 173.74% year on year and 8.46% quarter on quarter, citing continued growth in 800G and 1.6T high-end module sales; it also proposed reclassifying 5.6531 million treasury shares from equity incentive use to cancellation and capital reduction, repurchased between September 1 and 23 for about RMB 5 billion. Eoptolink reported third-quarter revenue of RMB 10.940 billion, up 80.30%, and net profit of RMB 3.843 billion, up 61.15% year on year but down 19% sequentially. In memory, GIGADEVICE posted third-quarter net profit of RMB 4.209 billion, up 728.93% year on year and down 21% sequentially. The results were released on the evening of October 29, and A-share optical module and memory names extended declines on October 30.

IV. Profiles of Representative AI Concept Stocks