AI model concept stocks showed strong performance. At the time of writing, KNOWLEDGE ATLAS (02513) rose 12.62% to HK$945.6; MINIMAX-WP (00100) increased 9.63% to HK$757; XUNCE (03317) gained 6.74% to HK$244.

The news backdrop involves intensive exploration of monetization for large AI models within the industry. Doubao announced a paid subscription plan, DeepSeek's financing reportedly received support from state-backed funds, Qianwen was fully integrated with Taobao, and companies like KNOWLEDGE ATLAS AI and MiniMax have adjusted their API pricing through various channels.

China Merchants Securities stated that the commercialization trend for AI Agents in China's large model sector is unstoppable. China Securities Co., Ltd. released a research report noting that as model parameters continue to expand, performance improves, Annual Recurring Revenue soars, and large model companies proceed with IPOs, the list of final contenders in the large model arena is largely taking shape. The ARR of large models possesses strong explosive potential and significant room for growth. The institution believes it is highly likely that by 2026, a large model company will achieve an ARR of approximately $200 billion.