ILUVATAR COREX (09903) saw its shares rise more than 6% before noon. As of the time of writing, the stock was up 6.09%, trading at HKD 44.26, with a turnover of HKD 218 million. On the news front, on April 23, Tencent officially released and open-sourced its Hy3 preview large model. This model focuses on comprehensive practicality, achieving significant improvements in complex reasoning, long-context understanding, coding, and agent capabilities. ILUVATAR COREX, leveraging its fully self-developed computing resource foundation and deep optimization capabilities, provides robust support for the efficient inference, large-scale deployment, and ecosystem openness of the Hy3 preview model. Huatai Securities released a research report stating it is optimistic about ILUVATAR COREX benefiting from the dual drivers of demand for large model training and inference, leading to an explosion in AI chip demand. The potential for domestic substitution is vast and accelerating. The company adheres to a coordinated hardware-software development approach, with a clear product iteration roadmap. It is expected to achieve key breakthroughs with leading industry clients by virtue of its superior product performance, ecosystem compatibility, and stable production capacity supply, maintaining a competitive edge in the wave of computing power localization.