B[The latest global AI large model weekly token call list is released: Step 5 Preview ranks among the top three in the world] October 19th, according to the latest data from OpenRouter, the total number of global AI large model calls last week (October 12th to 18th) was 164 trillion Tokens, a month-on-month decrease of 4.65%. Among the large AI models on the list, the weekly use volume of China's large AI models reached 79.18 trillion Tokens, a month-on-month decrease of 8.72%; during the same period, the weekly use volume of large American AI models was 17.36 trillion Tokens, a month-on-month decrease of 8.49%. The number of weekly calls for large models in China has surpassed that of the United States for 25 consecutive weeks, ranking first in the world. The reporter noticed that last week, the top five global calls were all large Chinese AI models. Among them, DeepSeek V4.1 Flash ranked first for two consecutive weeks, with a weekly call volume of 32.8 trillion Tokens, a 20% month-on-month decrease; GLM 5.3 Flash ranked second, with a weekly call volume of 12.2 trillion Tokens; Step 5 Preview rose to third, with a weekly call volume of 11.5 trillion Tokens, a month-on-month increase of 30%. (Daily Economic News) B[Hong Kong stock companies accelerate the pace of "returning to A", and hard technology assets favor the "H+A" model] October 16th, since the second half of this year, the "returning to A" of Hong Kong stock companies has continued to heat up. Liqin Resources took the lead in "returning to A" on September 30, and Zhipu, MINIMAX, Yunyinggu Technology, Jingfeng Medical, Paradigm Intelligence, etc. are also advancing the "returning to A" in an orderly manner. Industry insiders believe that "returning to A" is a rational capital operation adopted by Hong Kong stock companies based on their own structure, technological innovation attributes, profit cycle and other factors. With the improvement of the regulatory coordination mechanism between the mainland and Hong Kong and the construction of a multi-level capital market, the space for high-quality Hong Kong stocks to "go north" will be further expanded, and it is expected to obtain fairer local valuations and RMB financing channels. (Shanghai Securities News) A[Hong Kong’s Hang Seng Technology Index closed down 2.72%, with the optical communications and semiconductor sectors leading the decline] On October 15th, Hong Kong’s Hang Seng Technology Index closed down 1.03%, and the Hang Seng Technology Index fell 2.72%. Optical communications and semiconductor sectors were among the top decliners. YOFC Optical Fiber and Cable fell by more than 13%, Tianshu Smart Core fell by more than 13%, Biren Technology fell by more than 11%, Montage Technology fell by more than 11%, Haiguangxin fell by more than 8%, and Cambridge Technology It fell 8%, Huahong Grace fell nearly 8%, Zhongji InnoLight fell more than 7%, and SMIC fell nearly 4%; large model stocks fell, Zhipu fell more than 10%, MINIMAX fell more than 12%; Lenovo Group fell more than 14%. B["Going in both directions" has become an eye-catching sight. The A+H sector expanded to 209 companies during the year] October 10th. Since the beginning of this year, the expansion of the A+H share sector has accelerated significantly. Wind data shows that 38 A-share companies have achieved H-share listings in the first three quarters of 2026, twice as many as in the whole of 2025; at the same time, the H-share "return to A" channel has been opened simultaneously. Liqin Resources took the lead in "returning to A" on September 30, and Zhipu, Yunying Valley Technology, Jingfeng Medical, Yingen Biotech, Paradigm Intelligence, etc. are also advancing. As of October 9, 2026, the A+H segment has expanded to 209 during the year. Under the two-way pattern of "first A, then H" and "first H, then A", the interconnection of the capital markets of the two places continues to deepen. A-share leading overseas companies and the return of Hong Kong-listed science and technology enterprises have formed a positive interaction, becoming one of the most eye-catching landscapes in China's capital market this year. (Securities Times) A[Hong Kong’s Hang Seng Technology Index closed down 2.89%, a new low since September 2024] On October 8, Hong Kong’s Hang Seng Technology Index closed down 1.43%; the Hang Seng Technology Index fell 2.89%, a new low since September 26, 2024. The "two heroes" of Hong Kong's large models led the decline, with MINIMAX-W falling by more than 13% and Zhipu falling by more than 7%. Semiconductor stocks fell collectively. Biren Technology fell by more than 11%, Huahong Grace fell by more than 9%, GigaDevice and Longsys fell by more than 7%, SMIC and Montage Technology fell by more than 6%, and Shanghai Fudan fell by more than 5%. Optical communications and PCB concept stocks generally fell. Haiguangxin fell by more than 13%, Guanghe Technology fell by more than 8%, YOFC Optical Fiber and Cable, Kingboard Laminated Board fell by more than 6%, and Shenghong Technology fell by 5%. B[The Hang Seng Index and Hang Seng Technology Index both rose by about 1%, and pharmaceutical stocks and biotechnology stocks rose] On October 6, Hong Kong stocks closed higher, with the Hang Seng Index rising by 1% and the Hang Seng Technology Index rising by 0.94%. Zhipu rose more than 7%, and GLM-5.3 was listed on Amazon Bedrock. Pharmaceutical stocks and biotechnology stocks rose. CanSino Biologics rose by more than 14%, Biocytogen-B rose by more than 11%, Zai Lab rose by more than 9%, Insilico Intelligent, Sino Biopharmaceuticals, and Kangfang Biologics rose by more than 4%, 3SBio and Chi-Med Pharmaceuticals rose by more than 3%, and Hopewell Pharmaceuticals-B rose by about 3%. B[CSOP Hang Seng Pioneer Technology Index ETF will be listed on the Hong Kong Stock Exchange tomorrow] September 24th, the CSOP Hang Seng Pioneer Technology Index ETF will be listed on the Hong Kong Stock Exchange on September 25. Pioneer Technology refers to Hong Kong-listed emerging technology companies with strong innovation capabilities and growth potential. The ETF-linked index Hang Seng Pioneer Technology Index has 30 constituent stocks, which are reviewed every quarter. The weight limit of each constituent stock is 8%. The top ten constituent stocks include UBTECH, Innosec, Horizon Robotics-W, SenseTime-W, Hesai-W, MiniMax-W, Biren Technology, Zhipu, WeRide-W and Montage Technology. Ding Chen, Chief Executive Officer of CSOP, said that the launch of CSOP Hang Seng Pioneer Technology Index ETF marks an important step in providing Hong Kong investors with efficient investment channels to participate in this dynamic and rapidly growing technology market segment. (Reporter Zhou Xiaoya) B[Hong Kong’s Hang Seng Index closed down 1.01% and the Hang Seng Technology Index fell 1.33%] On September 23, Hong Kong’s Hang Seng Index closed down 1.01% and the Hang Seng Technology Index fell 1.33%. Large model concept stocks fell, Zhipu fell by more than 12%, and MINIMAX-W fell by nearly 4%; large technology and Internet stocks generally fell, with Alibaba falling by more than 4%, Xiaomi Group falling by more than 3%, and Tencent Holdings falling by more than 2%. PCB concept stocks strengthened, with Kingboard Laminated Board rising by over 11%, Kingboard Group rising by over 5%, and Shenghong Technology rising by over 3%; Chinese real estate stocks rose, with Ronshine China rising by over 22%, and Vanke rising by 4%. B[Hong Kong’s Hang Seng Index closed up 0.18%, Tencent Holdings rose more than 5%] On September 22, Hong Kong’s Hang Seng Index closed up 0.18%, and the Hang Seng Technology Index rose 0.34%. Technology and Internet stocks strengthened, with Tencent Holdings rising by more than 5% and Tencent Music rising by more than 5%; storage and semiconductor sectors mostly rose, with Montage Technology rising by more than 8%, Tianshu Zhixin rising by more than 3%, and Aixin Yuanzhi rising by more than 2%. Large model concept stocks fell, with Zhipu falling by more than 6%, and MINIMAX-W falling by nearly 4%; PCB concept stocks had mixed trends, with Guanghe Technology rising by more than 6%, Kingboard Laminated Board falling by more than 5%, and Shenghong Technology falling by more than 3%. B[Zhipu responds to data privacy controversy: ZCode will soon be officially open source and conduct security audits] September 21st, ZCode, which has recently been involved in data privacy and security controversies, will soon be open source. According to a reporter from Zhipu, this open source is the first step in responding to the outside world's concerns about ZCode's data processing; in the future, it will also promote ZCode to become more community-based. Outsiders are welcome to download, check the code, and jointly participate in improvements. In terms of security, Zhipu revealed that it has invited the China Academy of Information and Communications Technology to conduct a security audit on ZCode, focusing on verifying data retention. In the future, a normalized product security vulnerability reporting mechanism will be established. Developer partners are welcome to jointly check and report problems, and the platform will provide corresponding rewards based on the severity of the problem. (The Paper)
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