Hong Kong AI Concept Stock Daily: MEITUAN-W Gains 1.78% as It Releases the 1.6-Trillion-Parameter LongCat-2.5 Model - 20261103

NewTimeSpace · 2026/11/03 17:25 · By Boyuan Chen

On November 3, the HSTECH rose 0.74% and the HSI added 0.57%. Six of 20 AI concept stocks advanced, led by MEITUAN-W at 1.78%, while BIRENTECH fell 9.46%.

Key Highlights:

all three indices opened higher, briefly turned lower during the session and recovered to close higher; the HSI closed at 23,525.97, up 0.57%, the HSTECH at 3,867.73, up 0.74%, and the HSCEI at 7,943.10, up 0.47%; full-day HSI turnover reached HKD 236.4 billion, clearly above HKD 204.8 billion a day earlier.
six of the 20 names rose, with MEITUAN-W and XIAOMI-W both up 1.78% at the top, TENCENT at 1.27% and WERIDE-W at 0.81%; BIRENTECH fell 9.46% for the steepest drop, followed by ILUVATAR COREX at 8.45%, Z.AI at 7.99% and MINIMAX-W at 7.87%; all six AI chip names closed lower.
MEITUAN released LongCat-2.5, a 1.6-trillion-parameter model trained entirely on domestic computing power; TENCENT launched the cross-application Buddy One system; Huawei Cloud will delist its Pangu 2.0 services, steering users to DeepSeek and GLM-5.3; HKEX launched 12 new stock futures contracts; Unitree posted nine-month revenue of RMB 1.817 billion and Zhiyuan near RMB 2 billion for the first half.

I. Market Overview

On November 3, 2026, the three major Hong Kong indices opened higher across the board, briefly turned lower during the session, then recovered to close higher. The Hang Seng Index closed at 23,525.97, up 0.57%; the Hang Seng TECH Index closed at 3,867.73, up 0.74%; and the Hang Seng China Enterprises Index closed at 7,943.10, up 0.47%. Full-day turnover on the Hang Seng Index reached HKD 236.4 billion, clearly above HKD 204.8 billion a day earlier. Six of the 20 AI concept stocks closed higher; the LLM space advanced with clear internal divergence, all six AI chip names fell, and only one autonomous driving name closed higher.

In the LLM space, MEITUAN-W (03690.HK) rose 1.78%, TENCENT (00700.HK) rose 1.27%, KUAISHOU-W (01024.HK) rose 0.29% and BABA-W (09988.HK) rose 0.10%, while BIDU-W (09888.HK) fell 1.26%, MINIMAX-W (00100.HK) fell 7.87% and Z.AI (02513.HK) fell 7.99%.

In the AI Chips space, all six names fell: SMIC (00981.HK) 2.29%, GIGADEVICE (03986.HK) 4.46%, HUA HONG GRACE (01347.HK) 5.04%, MONTAGETECH (06809.HK) 6.55%, ILUVATAR COREX (09903.HK) 8.45% and BIRENTECH (06082.HK) 9.46%, the steepest drop in the pool.

In the Autonomous Driving space, WERIDE-W (00800.HK) rose 0.81%; ROBOSENSE (02498.HK) fell 3.69%, HORIZONROBOT-W (09660.HK) fell 5.15%, PONY-W (02026.HK) fell 6.13% and BLACK SESAME (02533.HK) fell 6.54%.

In the Embodied AI space, XIAOMI-W (01810.HK) rose 1.78%, while UBTECH ROBOTICS (09880.HK) fell 3.65%.

II. Market Performance of Representative AI Stocks

Stock Code	Company Name	Closing Price (HKD)	Change(%)	Sector / Concept
03690.HK	MEITUAN-W	74.350	1.78	LLM
01810.HK	XIAOMI-W	28.600	1.78	Embodied AI
00700.HK	TENCENT	397.200	1.27	LLM
00800.HK	WERIDE-W	11.150	0.81	Autonomous Driving
01024.HK	KUAISHOU-W	27.520	0.29	LLM
09988.HK	BABA-W	99.550	0.10	LLM
09888.HK	BIDU-W	74.700	-1.26	LLM
00981.HK	SMIC	42.620	-2.29	AI Chips
09880.HK	UBTECH ROBOTICS	62.100	-3.65	Embodied AI
02498.HK	ROBOSENSE	12.790	-3.69	Autonomous Driving
03986.HK	GIGADEVICE	313.000	-4.46	AI Chips
01347.HK	HUA HONG GRACE	59.350	-5.04	AI Chips
09660.HK	HORIZONROBOT-W	3.500	-5.15	Autonomous Driving
02026.HK	PONY-W	35.220	-6.13	Autonomous Driving
02533.HK	BLACK SESAME	6.355	-6.54	Autonomous Driving
06809.HK	MONTAGETECH	198.300	-6.55	AI Chips
00100.HK	MINIMAX-W	155.700	-7.87	LLM
02513.HK	Z.AI	442.000	-7.99	LLM
09903.HK	ILUVATAR COREX	56.350	-8.45	AI Chips
06082.HK	BIRENTECH	18.180	-9.46	AI Chips

Data Source: HKEX. For reference only, not investment advice. Data as of market close on November 3, 2026.

III. AI Industry & Corporate Developments

1. MEITUAN Releases LongCat-2.5, a 1.6-Trillion-Parameter Model Trained Entirely on Domestic Computing Power

On November 2, Meituan released LongCat-2.5, a new natively multimodal model built for long-horizon agent tasks. The model has 1.6 trillion total parameters with about 48 billion activated per token, strengthens native visual understanding and agentic coding on top of LongCat-2.0, and was trained entirely on domestic computing power. The official technical blog said mid-training used sequences of up to 1 million tokens for long-context training, with cumulative training volume in the trillions of tokens; to address the smaller memory of domestic accelerators, Meituan co-optimised memory usage and inter-card communication with domestic vendors, lifting single-card training throughput by 86% over the DDP baseline. On the application side, Miaoshou, an AI operations workbench built on the LongCat series, now serves local-life merchants with capabilities such as business analysis; in the official case the model built a channel profit table on its own, identified a growth-quality issue where payment GMV rose 23.2% while channel profit fell 1.7%, and proposed differentiated resource allocation.

2. TENCENT Launches Buddy One, a Cross-Application AI Collaboration System with a Unified Account and Credit Pool

On October 29, at the 2026 Tencent Global Digital Ecosystem Summit, Tencent launched Buddy One, a cross-application AI collaboration system for individual users that connects WorkBuddy, Tencent Docs, Tencent Meeting, Tencent Drive and ima on a shared WorkBuddy Agent foundation, with a unified account and credit pool; WorkBuddy credits become Buddy One credits usable across the system, with memory sharing to follow. The company also disclosed that since its launch in March, WorkBuddy Enterprise has been deployed in more than 50 industries, covering 50% of China's top 500 enterprises and 60% of the top 100, with more than 50,000 open-platform partners and developers and over 200,000 Skills listed.

3. Huawei Cloud to Delist Its Pangu 2.0 Model Services, Steering Users to DeepSeek and Z.AI's GLM-5.3

On November 1, Huawei Cloud announced that its two in-house model services, openPangu-2.0-Flash and openPangu-2.0-Pro, will be withdrawn from sale on November 6 and taken offline starting November 30, after which connected users will no longer be able to call them. Huawei Cloud recommended that Flash users migrate to DeepSeek-V4.1-Flash-1017 and Pro users to Z.AI's (02513.HK) GLM-5.3. The two models were open-sourced on June 30 and July 31 this year with 92 billion and 505 billion parameters respectively; the company said a new generation of Pangu is in planning without a named model or launch date.

4. HKEX Launches 12 New Stock Futures Contracts Covering Z.AI, HUA HONG GRACE and Other Technology Names

On November 3, Hong Kong Exchanges and Clearing announced the launch of 12 new stock futures contracts, with new underlying stocks including Z.AI, HUA HONG GRACE, CATL, ZHONGJI INNOLIGHT, YOFC, POP MART, Lenovo and WuXi AppTec; details are set out in the exchange's circular of the same day.

5. Unitree and Zhiyuan Disclose Operating Data as Commercialisation Accelerates Among Leading Humanoid Robot Makers

On the evening of October 28, Unitree Robotics released its first results report since listing, posting revenue of RMB 1.817 billion for the first three quarters of 2026, up 55.71% year on year, with net profit attributable to shareholders of RMB 387 million, up 270.54%; third-quarter revenue reached RMB 665 million, up 69.93%. On the company's own figures, cumulative shipments of the Unitree G1 have exceeded 10,000 units, the largest for any single robot model globally. On October 29, Zhiyuan Robotics co-founder, president and CTO Peng Zhihui said at Zhiyuan Innovation Day 2026 that the company generated revenue close to RMB 2 billion in the first half of 2026 with 9,700 robots shipped, holding more than 43% of the global humanoid robot market, and that cumulative output of its general AI robots has topped 20,000 units.

IV. Profiles of Representative AI Concept Stocks

Company Name	Stock Code	Industry Position	Main Product Lines & Business Overview
MEITUAN-W	03690.HK	AI technology pioneer in local life services	Its AI-native community application Miyu has demonstrated operational value in physical retail and dining environments, boosting merchant efficiency. The company continuously enhances search, recommendation, and dispatch algorithms across its local commerce ecosystem using proprietary foundation models. By deploying AI agent technologies in customer service, merchant marketing assistants, and instant delivery route planning, the company improves dual-sided operational efficiency and management precision.
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.
TENCENT	00700.HK	An Internet tech giant with a national-scale application ecosystem and the platform provider with the broadest LLM implementation scenarios in China	The Hunyuan LLM ranks highly in evaluations on third-party platforms such as OpenRouter and 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 of AI solutions to B2B clients in government and finance.
WERIDE-W	00800.HK	The world's only L4 cross-scenario autonomous driving platform holding permits across seven countries	Holds autonomous driving permits across China, the UAE, Singapore, France, Saudi Arabia, Belgium, and the US. Built upon the proprietary WeRide One platform, the company covers smart mobility, logistics, and sanitation across five core product lines: Robotaxis, Robobuses, Robosweepers, Robovans, and Advanced Driving Assistance Systems (ADAS). Operations cover over 30 cities across 11 countries, supported by an L4 fleet exceeding 1,500 vehicles.
KUAISHOU-W	01024.HK	A leading multimodal content generation platform in China	Kling AI has completed independent financing with a total cap of USD 3 billion, at a post-money valuation of USD 18 billion, setting a global record for video foundation model companies, with plans to initiate a Hong Kong listing within the next 12 months. Kling AI quarterly revenue has exceeded RMB 650 million, with an annualised run rate of nearly USD 500 million. Its general LLM KwaiYii and video generation model Kling are under continuous iteration, showing high commercial conversion efficiency in e-commerce live streaming and automated marketing content.

AI MEITUAN-W XIAOMI-W