Two major AI leading stocks hit new highs! Zhipu and MINIMAX-WP both surpass a market value of HKD 300 billion

February 20th, Lunar Calendar, Bingwu Year of the Horse, the fourth day of the Lunar New Year, Hong Kong stocks opened. Although the Hang Seng Index and Hang Seng Tech Index experienced downward pressure and volatility after the opening, multiple sectors such as AI, humanoid robots, biotechnology, and oil and petrochemicals surged against the trend, driving the Hong Kong market out of a structural pattern and becoming highlights at the start of the Year of the Horse.

On that day, the main Hong Kong stock indices showed a gap-down and volatile pattern. By the close, the Hang Seng Index was at 26,413.35 points, down 1.1%; the Hang Seng Tech Index was at 5,211.5 points, down 2.91%. Among them, internet giants like Baidu Group-SW, Alibaba-WR, Tencent Holdings-R collectively weakened.

Zhipu, MINIMAX-WP

Market Cap Both Surpass 300 Billion HKD

It is worth noting that several subsectors of Hong Kong stocks experienced a strong start, demonstrating robust growth momentum. Among them, Hong Kong AI concept stocks continued to strengthen, with afternoon gains further expanding, becoming a major market highlight.

Zhipu and MINIMAX-WP both hit new highs, with market caps exceeding 300 billion HKD. By the close, Zhipu surged 42.72%, trading at 725 HKD per share, with a turnover of 3.24 billion HKD, and a total market cap of 3,232 billion HKD; MINIMAX-WP rose 14.52%, trading at 970 HKD per share, with a turnover of 3.52 billion HKD, and a total market cap of 3,042 billion HKD.

Recently, Zhipu announced that due to a surge in global demand for GLM-5 and the concurrent access volume exceeding the planned limit, service queues, response delays, and lagging issues occurred, affecting some users’ experience. The company apologized sincerely. Meanwhile, to provide users with an even better intelligent experience, Zhipu launched a “Compute Power Partner” recruitment plan, including chip manufacturers, compute power partners, inference service providers, and other forms of compute collaboration.

Cui Wenyu, Deputy General Manager of the Research Department at Great Wall Fund, stated that this year, the AI industry is entering a critical stage from 1 to N. The industry chain development logic has shifted from focusing on computing infrastructure to a new pattern of coordinated advancement of “compute power + hardware + applications,” broadening the industry chain coverage and making investment targets more diversified.

At the same time, Cui Wenyu also mentioned that AI applications have certain potential and may become the main engine of the next market cycle. However, attention should be paid to core verification indicators: first, the revenue realization pace of overseas large model vendors; second, the order landing and performance verification of domestic AI application companies. “Only targets with strong data ecosystems, robust scene barriers, excellent user experience, and strong commercialization capabilities can truly lead the trend. Applications lacking fundamental support are prone to corrections with market sentiment and should be cautious of theme speculation risks.”

Humanoid Robot Sector Gains Strength

The humanoid robot sector also advanced simultaneously, becoming an important theme in Hong Kong stocks. Driven by the high density of robot appearances during the Lunar New Year Gala, stocks in the humanoid robot sector collectively rose, with companies like Yuejiang, SUTENG Juchuang, UBTECH, and MicroPort Robotics performing actively.

By the close, Yuejiang was at 48.44 HKD, up 21.4%; UBTECH at 144.5 HKD, up 4.71%; SUTENG Juchuang at 37.58 HKD, up 9.24%; Hesai-W at 217.8 HKD, up 7.93%.

In terms of news, during the two hours of the Lunar New Year Gala broadcast on February 16 (20:00-22:00), JD.com robot search volume increased over 300% week-on-week, customer inquiries grew 460%, and orders increased 150%. The new orders covered over 100 cities nationwide, from first-tier cities to small counties.

Dongwu Securities’ machinery research team commented that looking ahead to 2026, Tesla and leading domestic companies will simultaneously start large-scale mass production, opening a new chapter from 1 to 10 in robotics. For investments, they recommend focusing on top targets with real mass production capabilities and supply chain integration.

Outstanding Cycle Performance

Due to geopolitical tensions, oil prices rose. The oil and petrochemical and shipping sectors also performed well, with related stocks all rising.

By the close, the Hong Kong Oil & Petrochemical Index increased by 2.39%. Among them, Jixing New Energy, Zhonggang Petroleum, United Energy Group rose over 7%. The port shipping index increased 1.95%, COSCO Shipping Holdings H-shares surged 6.34%, Hainan International International surged 6.28%, and other shipping stocks like COSCO Shipping International and Pacific Shipping followed suit, highlighting industry high prosperity.

Additionally, the Hong Kong storage sector was active, with Lanke Technology H-shares once rising over 8% intraday, and GigaDevice Innovation H-shares up over 7% in the morning. By the close, XL2 Southern Hynix was at 31.78 HKD, up 11.82%; XL2 Samsung at 79.68 HKD, up 5.4%.

Regarding the Hong Kong market performance, Huatai Securities stated that current market volatility remains high. This week coincides with the Spring Festival holiday, and the main factors influencing the market may include U.S. stocks, consumption during the holiday, and AI progress. U.S. stocks may continue to show differentiation along the AI theme in the short term, with a neutral impact on market risk appetite; however, domestic high-frequency consumption data and AI models have already shown new developments. Overall, a balanced allocation is recommended, with short-term focus on semiconductor hardware such as storage and electrical equipment that directly benefit from AI progress.

(Source: Shanghai Securities News)