The latest movements of financing funds have been revealed. Multiple Hong Kong-listed AI stocks strengthened. The first trading day of the Year of the Horse saw significant gains. On February 20th, the Hong Kong stock market commenced its Year of the Horse trading, with several AI stocks experiencing collective intraday increases. Among them, the general large model company KNOWLEDGE ATLAS continued its pre-holiday surge, skyrocketing 42.72%. Its total market capitalization broke through the HKD 300 billion mark, reaching a latest figure of HKD 323.2 billion.
On February 12th, KNOWLEDGE ATLAS announced the open-sourcing of its new-generation flagship large model, GLM-5. Reports indicate that GLM-5's parameter scale has expanded from the previous 355B (32B activated) to 744B (40B activated), while pre-training data increased from 23T to 28.5T. The larger-scale pre-training compute has significantly enhanced the model's general intelligence level. KNOWLEDGE ATLAS stated that GLM-5 has achieved parity with Claude Opus 4.5 in programming capabilities, with performance surpassing Gemini3 Pro. On the same day, KNOWLEDGE ATLAS published an article on its official account stating that demand for the GLM Coding Plan continues to show strong growth, with user base and call volume rising rapidly. To ensure stability and service quality under high load, the company decided to structurally adjust the pricing system for the GLM Coding Plan套餐—it will eliminate the first-purchase discount and retain the discounted quarterly and annual subscription packages as part of the structural adjustment. Overall price increases start from 30%, while prices for existing subscribers remain unchanged. China International Capital Corporation (CICC) pointed out that through continuous iteration of its GLM series large models, KNOWLEDGE ATLAS has established a leading domestic full-stack technological barrier. Simultaneously, its commercial deployment continues to exceed expectations, and the price hike further validates the market clout of its products. They are optimistic about the company's long-term growth potential in the general artificial intelligence arena. A Changjiang Securities research report noted that the significant increase in model API and subscription prices indicates that models are entering an era driven by demand. Previously, domestic model API prices were substantially lower than overseas counterparts. As models gradually catch up in terms of usability and practicality, they are formally entering a demand-driven era. Domestic model manufacturers' MaaS business is expected to experience a major boom, with gross margins likely to rise rapidly. Furthermore, model evolution is expected to drive demand for cloud infrastructure resources and domestic computing power.
Non-ferrous metals and non-bank financial sectors attract financing fund interest. Since 2026, the overall trend for A-share margin financing balances has been "first rising then falling," with the latest figure at 2,629.337 billion yuan (as of February 12th). By sector, the non-ferrous metals industry leads significantly, with a net margin purchase amount of 21.463 billion yuan year-to-date. The non-bank financial sector follows closely, with a cumulative net purchase amount of 10.546 billion yuan. The computer sector ranks third, with a cumulative net purchase amount of 9.225 billion yuan. The net margin purchase amounts for the electronics and media sectors year-to-date also both exceed 7 billion yuan.
A Shenwan Hongyuan research report stated that the performance growth rates of key companies in the non-ferrous metals sector varied in the fourth quarter of 2025. The current valuation of the precious metals segment is near the lower end of its historical average, providing room and impetus for continued recovery. Copper supply is relatively inelastic, and its price center is expected to keep rising; the supply-demand dynamic for aluminum continues to tighten, suggesting prices may maintain a long-term upward trend. For minor metals, the nickel price center is expected to rise, the lithium price center is stable with potential for increase, and cobalt prices are forecast to remain strong. After potential interest rate cuts, the valuation center for the non-ferrous metals sector is expected to shift upwards, with recommendations for new energy manufacturing sectors exhibiting stable supply-demand dynamics.
Financing funds heavily bought these specific stocks. According to Securities Times·Databao statistics, from the start of 2026 to February 12th, a total of 23 stocks had net margin purchases exceeding 1 billion yuan. Ping An Insurance, Zijin Mining Group, China Yangtze Power, TFC Optical Communication, and China Merchants Bank had the highest net margin purchases, all above 2.5 billion yuan. Ping An Insurance led with 7.185 billion yuan, followed by Zijin Mining Group with 4.241 billion yuan.
Before the Spring Festival, Zijin Mining Group released its target plan, aiming by 2028 to further improve its comprehensive indicator rankings for resource reserves, output of major mineral products, sales revenue, asset scale, and profits. It targets entering the global top three for copper and gold mineral product output, and fully establishing a highly adaptable, globally-oriented operation and management system with Zijin characteristics, along with an ESG sustainable development system. By 2035, the company strives for leapfrog growth in its main indicators compared to 2025, with some indicators reaching the top globally, fully building a "green, high-tech, ultra-first-class international mining group." The large financial sector attracted financing interest, with banks like China Merchants Bank and Industrial Bank; brokerages like CITIC Securities; and insurers like Ping An Insurance and New China Life Insurance appearing on the list. China Galaxy Securities stated that in an environment of low interest rates and accelerated entry of medium- to long-term funds into the market, the high-dividend, low-valuation dividend attributes of the banking sector remain continuously attractive to long-term funds like insurance capital, accelerating the reconstruction of valuation pricing. They are optimistic about the dividend value of the banking sector. CSC Financial pointed out that for the securities sector, stock trading volumes remained high before the holiday, indicating sustained high market sentiment. For the insurance sector, against the backdrop of maturing deposits, savings-oriented insurance products, represented by participating insurance, are expected to continue meeting residents' long-term, stable appreciation needs due to their advantages of high returns and long durations, suggesting the liability side may maintain high activity.
Financing funds saw significant net outflows from power equipment stocks. According to Databao statistics, 33 stocks had net margin repayments exceeding 500 million yuan year-to-date. Among them, six stocks—Industrial Fulian, Sungrow Power Supply, Xcenda Creation Data, WuXi AppTec, SMIC, and Seres—had net margin repayments each exceeding 1 billion yuan. Industrial Fulian had the highest net repayment amount, reaching 2.028 billion yuan.
Industrial Fulian预计 its net profit attributable to shareholders for 2025 to be between 35.1 billion yuan and 35.7 billion yuan, representing a year-on-year increase of 51% to 54%. Specifically, in 2025, the company's revenue from cloud service provider servers increased by over 180% year-on-year; AI server growth momentum remained strong, with revenue surging over 300% year-on-year; revenue from high-speed switches above 800G saw a massive increase of up to 1,300% year-on-year; shipments of precision mechanical components also achieved double-digit year-on-year growth, further solidifying the foundation for the company's diversified business development. Several power equipment stocks were heavily sold by financing funds. Shanghai Electric, Sungrow Power Supply, Dajin Heavy Industry, Wolong Electric Drive, Tinci Materials, and Tianji Group (Rights Protection) all had net margin repayments exceeding 500 million yuan. On February 11th, the General Office of the State Council issued the "Implementation Opinions on Improving the National Unified Power Market System," proposing that by 2030, a basically complete national unified power market system should be established. All types of power sources and electricity users (excluding guaranteed users) will directly participate in the power market, with joint transactions across provinces/regions and within provinces. The spot market will transition fully to formal operation. Huatai Securities believes that the advancement of the national unified power market will benefit the construction of a new power system across multiple dimensions, including profit mechanisms, development space, and consumption guarantees. They are optimistic about three main investment themes: accelerated high-quality development of energy storage, continued construction of the main grid framework, and structural growth in new energy demand.
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