China’s AI firm Knowledge Atlas and MiniMax rallied in Hong Kong. Knowledge Atlas surged 17.2%, and MiniMax jumped 7.6%.

On the news front, OpenRouter’s latest weekly data show that the top ten models on its platform generated a combined total of approximately 8.7 trillion tokens, with Chinese models accounting for 5.3 trillion, or 61% of the total. MiniMax M2.5 debuted at the top of the rankings with 2.45 trillion tokens, followed by Kimi K2.5 with 1.21 trillion. Knowledge Atlas’s GLM 5 and DeepSeek V3.2 ranked third and fifth, respectively.

Guolian Minsheng Securities believes that the AI industry’s upward trajectory remains intact this year and is accelerating from technological R&D toward large-scale commercial deployment. Over the long term, as reasoning capabilities and multimodal large models continue to iterate, ecosystem integration among major technology companies deepens, and penetration across industries increases, token usage is expected to sustain rapid growth. The large-scale commercialization and real-world adoption of foundation models therefore remain highly promising.