The Year of the Snake concludes with Hong Kong stocks rising, the non-ferrous sector surging, MINIMAX-WP skyrocketing by 24%, and KNOWLEDGE ATLAS increasing by 4.74%, both reaching new highs

On February 16, the last trading day of the Year of the Snake, the Hong Kong stock market opened lower but rose throughout the day. The Hang Seng Index opened down 0.2% in the morning but fluctuated upward, turning positive in the afternoon; the Hang Seng Tech Index briefly fell nearly 2% during the session but subsequently narrowed its losses significantly. By the close, the Hang Seng Index was up 0.52%, and the Hang Seng Tech Index slightly increased by 0.13%. Due to the Spring Festival holiday, the Hong Kong stock market will be closed this afternoon.

In terms of sectors, precious metals, semiconductors, and oil and petrochemicals strengthened, while defense and military, enterprise services, automotive and parts, and consumer discretionary sectors faced pressure. Hong Kong tech stocks showed mixed performance, with Tencent up 0.2%, Bilibili rising 0.75%, and Baidu increasing by 1.33%; Alibaba fell by 0.45%, and JD.com dropped by 0.47%.

In terms of individual stocks, MINIMAX-WP performed strongly, closing up 24.56%, leading a group of AI application concept stocks, with KNOWLEDGE ATLAS rising 4.74%. Lao Pu Gold and CMOC increased by 6.64% and 6.35%, respectively, while CATL also closed up 2.71%.

AI Application Concept Stocks Continue to Rise

AI application stocks continued their strong performance, with MINIMAX-WP closing up 24.56%, recording HKD 847. During the session, it even surged to HKD 884, setting a new historical high. This round of stock price highs is the result of a resonance of three factors: technological iteration, commercialization, and institutional recognition.

In terms of news, MiniMax launched its latest flagship programming model, MiniMax M2.5, on February 12, which is the world's first production-level model natively designed for Agent scenarios, supporting full-stack programming development for PC, App, and cross-end applications. Additionally, Musk stated that AI will directly write binary code, and the binary code generated by AI will be more efficient than that produced by any compiler.

Guotai Haitong released a research report stating that it initiates coverage of MiniMax with an "Overweight" rating and a target price of HKD 620. The report pointed out that the company's self-developed full-stack multimodal large model has leading performance, a high proportion of overseas revenue, and ample cash reserves; it expects revenue of USD 220 million in 2026, giving it a 113x PS valuation, reflecting its growth potential as a rare global AI target in the Hong Kong stock market.

KNOWLEDGE ATLAS rose 4.74% today, closing at HKD 508, with an intraday high of HKD 525.5, setting a new historical high.

In terms of news, on February 11, KNOWLEDGE ATLAS officially confirmed that the mysterious model "Pony Alpha," which topped the popularity chart on the global model service platform OpenRouter, is the new model GLM-5. The new model is now live on the chat.z.ai platform. On the evening of the 11th, KNOWLEDGE ATLAS released its next-generation flagship model GLM-5. In terms of Coding and Agent capabilities, GLM-5 achieved open-source SOTA performance, with user experience in real programming scenarios approaching Claude Opus 4.5, excelling in complex systems engineering and long-range Agent tasks.

On February 12, KNOWLEDGE ATLAS issued a price adjustment notice for the GLM Coding Plan, stating that recent market demand for the GLM Coding Plan has been continuously strong, with rapid growth in user scale and call volume. To ensure stability and service quality under high load, the company is simultaneously increasing investment in computing power and model optimization, with continuous upgrades to product capabilities.

Non-ferrous Metal Sector Rallies

China Metal rose nearly 10%, CMOC rose over 6%, China Nonferrous Mining rose 5.55%, with Lingbao Gold, China Gold International, and Zijin Mining also following suit. In terms of news, coinciding with Valentine's Day and the Spring Festival holiday, the recent pullback in gold prices, combined with diverse demands such as gift-giving for the Spring Festival, wedding purchases, and investment collections, has collectively driven a sustained increase in gold consumption.

Laopu Gold rose 6.64%, and CATL rose 2.7%. Previously, Hang Seng Indexes Company announced the quarterly review results of the Hang Seng Index series as of December 31, 2025. Among them, the number of constituent stocks in the Hang Seng Index will increase from 88 to 90, with CATL, CMOC, and Laopu Gold being newly added, while Zhongsheng Holdings will be removed. These changes will take effect from March 9.