Hong Kong's three major stock indices closed higher collectively, with AI application stocks experiencing a significant surge. The stock known as the "world's first large model stock" saw its price increase by more than 21% at one point during the session.
On February 10, the three major Hong Kong stock indices were volatile, collectively rising before retreating from their highs. At the close, the Hang Seng Index rose by 0.58% to 27,183.15 points. The Hang Seng China Enterprises Index increased by 0.81% to 9,242.75 points. The Hang Seng Tech Index advanced by 0.62% to 5,451.03 points.
Across the market, most large-cap tech stocks closed higher. JD.com, Xiaomi, and Alibaba each rose over 1%. Biotechnology stocks generally climbed, with Shanghai Henlius Biotech gaining over 7%, Rongchang Biotechnology rising over 6%, and Wuxi Biologics and WuXi AppTec both increasing over 4%. Automobile stocks were broadly higher, with BYD Company shares up over 2%. Leapmotor and Li Auto rose over 1%, while NIO and XPeng increased nearly 1%. Most AI application stocks trended upwards, with KNOWLEDGE ATLAS surging over 21% at one point. China Literature gained over 15%, and Fubo Group advanced over 13%.
The AI application sector experienced a major breakout. The stock referred to as the "world's first large model stock," KNOWLEDGE ATLAS, soared over 21% during the day, once again hitting a record intraday high, and ultimately closed up over 14%. China Literature increased over 15%, Fubo Group rose over 13%, MiniMax gained nearly 7%, Pony.ai advanced over 5%, and Mobvista climbed over 4%.
Regarding market news, the global model service platform OpenRouter listed a mysterious model named Pony Alpha, which quickly ascended to the top of the platform's popularity rankings within 24 hours. Global developers actively participated in testing and discussions.
The significant attention this model has garnered is due to its powerful coding capabilities, exceptionally long context window, and deep optimization for agent workflows. OpenRouter officially describes Pony Alpha as a "cutting-edge foundational model," noting its strong performance in programming, agent workflows, reasoning, and role-playing, with special emphasis on its "extremely high accuracy in tool calling." This characteristic gives it a notable advantage in AI Agent application scenarios—developers can utilize tools like Claude Code to call this model for complex project development lasting several hours.
Predictions from several renowned technology experts and tech firms suggest this model could be DeepSeek-V4, a new model from KNOWLEDGE ATLAS's GLM series, or potentially even Grok4.2 or Claude5. Given the connection of the name "Pony" to the Year of the Horse, the probability that this model originates from a Chinese company is considered significantly higher.
Biopharmaceutical stocks also delivered a strong performance. On February 10, the Hong Kong biopharmaceutical sector rose, with Shanghai Henlius Biotech gaining over 7%. Stocks like Wuxi Biologics, WuXi AppTec, Akeso, and Rongchang Biotechnology followed with increases.
According to analysis from Sinolink Securities, the period from February to March is expected to be a window for earnings disclosures from innovative drug companies, with several pharmaceutical firms potentially reporting reduced losses or turning a profit. Furthermore, it is projected that more innovative drug companies could achieve profitability and significantly release profits by 2026. Looking at the full year, domestic innovative drugs are anticipated to present further clinical data at academic conferences such as AACR (April), ASCO (May), and ESMO (October). Overall, following a substantial prior correction, the innovative drug sector shows a clear upward industrial trend with密集 catalysts expected in the near term, leading to a continued positive outlook on investment opportunities within the sector.