Cathay Pacific Haitong: Maintaining the Computer Sector's “Gain” Rating and Accelerating the Capitalization Process of AI's Big Model

The Zhitong Finance App learned that Cathay Pacific Haitong released a research report stating that it maintains the computer sector's “gain” rating. Recent developments in the technology sector show that Volcano Engine released Doubao Big Model 1.8 to achieve technological breakthroughs. Smart Spectrum AI and MiniMax sprint Hong Kong stock IPOs to promote the capitalization of the big model, autonomous driving obtained an L3 level entry license and entered conditional commercialization, and domestic GPU companies such as Tianshu Zhixin were intensively listed to raise capital. AI technology is penetrating the industry at an accelerated pace, and supply chain autonomy and a closed loop of business in cutting-edge scenarios have become core value anchors.

Cathay Pacific Haitong's main views are as follows:

The domestic AI big model industry is simultaneously going through a critical stage of accelerating technology commercialization and deepening capitalization processes.

At the cutting edge of technology, Volcano Engine released the Doubao Big Model 1.8 and the video generation model Seedance 1.5 Pro on December 18, 2025. Its multi-modal and intelligent capabilities have entered the world's first tier, and business model innovations such as the “AI Savings Plan” have significantly reduced enterprise usage costs. The average daily token processing capacity has exceeded 50 trillion dollars.

Meanwhile, industrial capitalization has made significant progress. Zhipu AI and MiniMax both passed the Hong Kong Stock Exchange listing hearing on December 17, and are expected to land on Hong Kong stocks in early 2026. The core competitiveness of intelligent spectrum AI lies in its base model and open source ecosystem. Its GLM series model has established significant influence overseas; while MiniMax focuses on multi-modal models and is being applied in depth in content creation fields such as film and television. The listing of these two representative companies will for the first time provide quantifiable secondary market valuation benchmarks for large model industries that have long relied on primary market financing.

The Ministry of Industry and Information Technology recently issued the first L3 autonomous vehicle entry permit, marking that China's autonomous driving has officially moved from testing to a new stage of “conditional commercial application.”

Two specific models, Changan and BAIC Jihu, were allowed to operate on limited road sections (such as some highways and expressways in Chongqing and Beijing), and the maximum speed was limited to 50 km/h and 80 km/h, respectively. This license also makes it clear for the first time that when the system is operating normally, the vehicle is responsible for the vehicle, not the driver. The licensing process has gone through strict safety assessments and reviews, reflecting the prudential supervision approach of “safety first, steady start”. Initially, vehicles will not be sold to individuals, and pilot projects will be carried out by designated operators. This move will provide an essential practical basis for the subsequent improvement of technical standards, laws and regulations, and supporting systems such as insurance, and push the autonomous driving industry to move steadily towards full commercialization.

Recently, domestic GPU companies are intensively sprinting into the capital market to support their high-intensity technology research and market expansion through listing financing.

Among them, Tianshu Zhixin has already passed the Hong Kong Stock Exchange listing hearing and plans to raise 300 to 400 million US dollars; Bijiao Technology also chose Hong Kong stocks. Currently, it has also recently completed the shareholding system reform through hearings that AI chip company Kunlunchip Technology has completed a significant increase in registered capital, promoting the independent listing process. These companies aim to raise long-term capital for subsequent R&D, capacity expansion, and ecological construction of more advanced process chips by entering the open capital market. At the same time, it also marks that the Chinese semiconductor industry's autonomous process in key design links has entered a new stage of accelerated development with the power of the capital market.

Risk warning: Technology development falls short of expectations, and the company's business development falls short of expectations.