Technology stocks in Hong Kong showed a broad recovery. At the time of writing, MEITUAN-W (03690) rose over 5% to HK$84.9. JD-SW (09618) advanced 3.56% to HK$107.5. BABA-W (09988) increased 2.65% to HK$151. KUAISHOU-W (01024) gained 2.63% to HK$68.25. TENCENT (00700) was up 2.01% to HK$532.5.
The positive movement follows an announcement from Alibaba's cloud unit that it has open-sourced its new-generation Qwen3.5-Plus large language model, with API pricing set as low as RMB 0.8 per million tokens. BOC International released a research note stating that the current AI market cycle has not yet shown clear signs of a bubble, and AI investment is expected to enter the second half of its industrial trend by 2026. Kaiyuan Securities noted that focus should be on AI commercialization and the expansion of application scenarios. With the continuous improvement of open-source model capabilities, demand for AI cloud services is expected to be consistently validated. AI applications are likely to drive sustained growth in inference demand, while domestic AI chips are growing rapidly. Kunlun Xin has officially begun its Hong Kong listing process. Kaiyuan Securities recommends BABA-W, Pinduoduo, Baidu Group-SW, and highlights TENCENT Holdings as a potential beneficiary.
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