Peripheral market sentiment improves, boosting Hong Kong stocks; AI application stocks surge. Zhipu jumps over 20%.

Cailian Press April 1 Report (Edited by Hu Jiarong) Hong Kong AI application stocks showed strong performance. As of the time of writing, Zhipu (02513.HK) was up 23.14%, MINIMAX-W (00100.HK) was up 9.41%, Dipu Technology (01384.HK) was up 6.63%, and Xunce (03317.HK) was up 5.66%.

This round of gains was driven by multiple positive factors. The U.S. and Iran have released encouraging signals indicating easing tensions, effectively boosting global investors’ risk appetite. On Tuesday, U.S. Eastern Time, all three major U.S. stock indexes posted their biggest single-day gains since May last year, with the Dow soaring by 1125 points.

Strong U.S. market performance also fueled a robust rebound in Asia-Pacific markets such as South Korea and Japan. For example, both the Korea Composite Index and the Nikkei 225 rose by more than 4%.

In addition to support from overseas markets, Zhipu’s leading gain was also due to its newly released annual report. The company announced its full-year 2025 results. The company achieved revenue of RMB 724 million, up 131.9% year over year. Of this, revenue from the open platform and API (cloud services) reached RMB 190 million, up 292.6% year over year; enterprise-level intelligent agent business revenue was RMB 166 million, up 248.8% year over year. Notably, the company’s full-year R&D spending totaled RMB 3.18 billion, up 44.9% year over year, which also led to a year-over-year increase in net losses of 59.5%, to RMB 4.718 billion.

At a recent 2025 performance briefing, Zhipu CEO Zhang Peng said that even if the company raises API call pricing by 83% in the first quarter of 2026, market demand will still outstrip supply, and the number of calls has achieved an astonishing 400% growth. At present, Zhipu has become one of the domestic providers with the highest paid Token consumption volume. Its core GLM large model has been fully integrated with global top cloud service platforms such as Google Vertex AI, AWS Bedrock, Fireworks, and Cerebras.

Institutions are optimistic, focusing on new opportunities in Agent and multimodal capabilities

In its latest research note, Citic Securities said that entering 2026, the competitive focus among domestic large-model vendors has shifted to upgrades and iterative improvements in Agent (intelligent agents) and coding capabilities. The upcoming DeepSeek next-generation model is expected to continue its high cost-performance open-source route and deliver significant improvements in memory functions, long-context processing, coding, and Agent capabilities, while also addressing shortcomings in the multimodal domain.

The firm believes that this technological evolution will bring brand-new investment opportunities across three major directions: model original manufacturers, the AI application layer, and AI infrastructure, and it advises investors to focus on these three main themes.