China Merchants Securities International released a research report stating that KNOWLEDGE ATLAS (02513) and MINIMAX-WP (00100) are scheduled to list in Hong Kong today and tomorrow, respectively. As representative companies focused purely on large language models, they engage in differentiated competition with integrated players like BABA-W (09988) and ByteDance. The firm believes the listings of KNOWLEDGE ATLAS and MINIMAX-WP will elevate short-term investment enthusiasm in the AI internet sector. Integrated cloud providers still hold advantages in capital and ecosystem, creating a dynamic of both competition and cooperation with pure large model companies. The report maintains a positive outlook on China's internet industry, suggesting that long-term focus should be on the continuous iteration and commercialization progress of new models and applications. Its top picks are Alibaba and TENCENT (00700). It also recommends monitoring Bilibili, Kuaishou, KNOWLEDGE ATLAS, and MINIMAX-WP.