China Merchants Securities International has released a research report stating that leading mainland internet companies continue to deliver pleasant surprises with their model iterations. Notable advancements include ByteDance's "Seedance 2.0" and Kuaishou-W's (01024) "Kling 3.0," which have significantly improved their capabilities for generating movie-quality videos. Alibaba-W's (09988) "Qwen-Image-2.0" is positioned as a competitor to "Nano Banana," while its desktop Agent tool "Qoder Work" is benchmarked against "Claude Cowork." On the global model service platform OpenRouter, "Pony Alpha" demonstrates capabilities approaching Anthropic's "Claude Opus4.6," and "Kimi K2.5" has topped the OpenRouter rankings.

The report indicates that the investment thesis centered on AI among leading mainland internet companies has strengthened considerably, aiding the valuation recovery of Hong Kong's technology sector. Upcoming major models such as DeepSeek-V4, Alibaba's Qwen 3.5, Doubao 2.0, and Mini Max M2.2 are expected to serve as catalysts in the next phase. Top stock selections include Alibaba, Tencent Holdings (00700), and Kuaishou.