Zhitong Hong Kong stocks have long been known | The Ministry of Industry and Information Technology organized a special operation to cultivate artificial intelligence application service providers, and the Xiying-W (00625) dark market closed down more than 13%

[Today's headlines]

Ministry of Industry and Information Technology: Exploring ways to increase procurement of large models, agents, tokens, etc. through models such as first purchase and first use, risk compensation, etc.

Zhitong Finance App learned that the Ministry of Industry and Information Technology issued a notice to launch a special action to cultivate artificial intelligence application service providers. Among them, it is mentioned to promote large-scale applications. Guide service providers to package and construct modular and standardized solution product packages around high-frequency, just-in-demand, and reusable businesses to form a batch of “small, quick and easy” artificial intelligence product services. Relying on platforms such as industry alliances, industry associations, open source communities, etc., targeted supply and demand matchmaking activities are carried out by industry to promote service providers.

Explore ways to increase procurement of large models, agents, tokens and other services through models such as first purchase and first use, risk compensation, etc., and enhance the intellectual quality and efficiency of industrial use models. Regions that are in a position to do so have established and perfected a comprehensive “overseas” service system, and relied on cooperative mechanism platforms such as the Belt and Road Initiative, the BRICS, and China-ASEAN to promote the implementation of high-quality artificial intelligence application projects overseas.

The organization opens up a number of real scenarios, actively introduces service providers to carry out implementation practices, promotes technology research and transformation of service providers, creates benchmark solutions, and forms driving effects. By the end of 2026, the number of service providers in the national service provider resource pool will exceed 2,000, forming a multi-level echelon with reasonable structure, orderly division of labor, and collaborative innovation, and the ability to deliver complex scenarios has been significantly enhanced. By the end of 2027, the number of service providers in the national service provider resource pool will be no less than 3,000, supporting the formation of an artificial intelligence application service ecosystem with full element collaboration, full chain integration, and full scenario coverage.

[General outlook]

The US stock indices all closed down, and the trend of large technology stocks diverged

Overnight, the Dow Jones Industrial Average fell 374.09 points from the previous trading day, or 0.7%, to close at 53185.9 points; the S&P 500 stock index fell 25.62 points to close at 7686.14 points, or 0.33%; and the Nasdaq Composite Index fell 31.53 points, to close at 26370.89 points, or 0.12%. This month, the Dow rose 1.34%, the NASDAQ increased by 3.93%, and the S&P 500 increased by 2.62%.

The trend of large technology stocks diverged, with Tesla up 5.51% and Nvidia up 1.48%. Oil and gas stocks generally rose, with Schlumberger up 4.83% and ExxonMobil up 2.71%. Most storage concept stocks rose, with SanDisk up 5.50%, Micron Technology 2.77%, and SK Hynix 2.20%.

Most popular Chinese securities fell, and the Nasdaq China Golden Dragon Index fell 2.19%. The Hang Seng Index ADR declined. On a proportional basis, it closed at 25535.74 points, down 31.25 points or 0.12% from the Hong Kong closing.

WTI crude oil futures on the New York Mercantile Exchange rose $2.91 for the month, or 3.49%, to close at $86.31 a barrel. COMEX gold futures fell $32.60 for the month's consecutive contracts, or 0.72%, to $4497.3 per ounce.

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Smart Spectrum (02513) MaaS ARR has reached US$1.6 billion, an increase of 60% in 1 month

The Zhitong Finance App learned that Zhitong Finance App (02513) released its 2026 interim results: achieved revenue of 954 million yuan in the first half of the year, an increase of nearly 400%; open platform and API business revenue reached 825 million yuan, an increase of 2736% over the previous year, accounting for 86.5% of total revenue, and the gross margin of business increased to 24.6%. As of August 31, 2026, the annual revenue scale (ARR) of the Zhipu MaaS platform reached 1.6 billion US dollars on a monthly basis and 2 billion US dollars on a weekly basis. The number of enterprise and developer users exceeded 7.4 million, the number of token calls increased by more than 40 times compared to the beginning of the year, paid daily active users increased by 603%, the average daily call volume of the top ten customers increased by 98%, and the average sales price of the API increased by about 101%.

Kuaishou (01024): Beijing Keling signed an agreement with the National Artificial Intelligence Fund and Zhengda Robotics

Kuaishou (01024) announced that on August 31, 2026, Beijing Keling signed separate participation agreements with the National Artificial Intelligence Fund and Chia Tai Robotics. According to this, the National Artificial Intelligence Fund and Chia Tai Robotics each agreed to become parties to the capital increase agreement as additional investors and inject cash capital of RMB 1.4 billion and approximately US$19.29 million (equivalent to approximately RMB 131.45 million) into Beijing Keling, respectively.

Jinghe Integration (02249) plans to increase capital to Anhui Ruijing Semiconductor with 100% of its shares in Hefei Realtek Technology

After the capital increase is completed, the Company will directly hold approximately 26.43% of the target company's shares. The target company will not become a subsidiary of the Company, and its financial statements will not be consolidated into the Company's financial statements.

Times Angel (06699) announced interim results. Profit attributable to shareholders of US$27.251,000 increased by 86.1% year-on-year

Adjusted net profit of US$35 million, an increase of 79.5% year over year. It is proposed to pay an interim dividend of HK$0.47 per share and a special dividend of HK$4.10 per share. According to the announcement, in the first half of 2026, clinicians will pay more and more attention to products and services that are truly guided by clinical needs, driving the Group's business to achieve rapid growth.

Lin Qingxuan (02657) announced interim results, net profit of 256 million yuan, an increase of 40.7% over the previous year

Basic profit per share was 1.81 yuan. Revenue increased year-on-year during the period, mainly due to increased revenue from essential oils, lotions, toners, and creams. The increase is mainly due to the introduction of new SKUs driving the increase in product sales and the upgrading of existing core products.

Bank of China Gold Rental (01606) announced interim results. Net profit of 2,908 billion yuan increased 21.11% year-on-year

Earnings per share were $0.23. The increase in net profit is mainly due to fully grasping the upward window of the BDI index and seizing the dividends of the shipping market to drive an increase in operating leasing rent levels; second, continuously optimizing the fleet and fleet structure to achieve asset appreciation income based on a favorable environment in the aviation shipping market; and third, refining and coordinating debt management to reduce financing costs.

Lee's Pharmaceuticals (00950) announced interim results. Profit attributable to owners of HK$95.14 million increased 41.4% year over year

Earnings per share were HK16.14 cents, with an interim dividend of HK3.5 cents per share. Among them, revenue from imported products increased by 24.3% to approximately HK$337 million, mainly due to the contributions of “Fipley®”, “Bredinin®”, “Quintex®” and “Rui Shuyan®”.

China Coalbed Methane (08270) announced interim results, profit attributable to shareholders of 794.33 million yuan, which turned a year-on-year loss into a profit

China Coalbed Methane (08270) announced interim results for the six months ended June 30, 2026. The Group's revenue was RMB 40.84 million, an increase of 164.83% year on year; profit attributable to shareholders was RMB 794.33 million, turning a year-on-year loss into a profit; profit per share was 20.34 points.

IPO Undermarket | Mercamand Robotics (09615) closed down 0.69% with a loss of HK$21 per lot

The Zhitong Finance App has learned that Mecamand Robot (09615) will be listed in Hong Kong on September 1 (Tuesday). By the close, Livermore Securities undercover trading showed a price of HK$101, down 0.69% from the offering price of HK$101.7. Each lot had 30 shares, not counting handling fees, and a loss of HK$21 per lot.

IPO Undermarket | Xiying-W (00625) closed down 13.30% with a loss of HK$646 per lot

The Zhitong Finance App has learned that Xiyin-W (00625) will be listed in Hong Kong on September 1 (Tuesday). As of the close of today's dark market, Livermore Securities's undercover trading showed a price of HK$42.10, down 13.30% from the offering price of HK$48.56. Each lot of 100 Class B shares lost HK$646 without handling fees.

[Individual stock prices are clear]

MINIMAX-W (00100): H3 max breaks the AI live streaming threshold

On August 31, MiniMax announced that the H3 Max 768P and H3 Max 480P will officially join the MiniMax Open Platform and MiniMax Design. H3 max uses FAL for post-training and inference optimization based on the MiniMax H3 open weight version. A 5-second, 768p full audio and video. The generation time was less than 3 seconds, and the generation speed began to be faster than the playback speed.

This change in speed directly affects the shape of the product. While the previous video is still playing, the system is already able to prepare the next section of content, so the model can be connected to a continuously running live stream. The target served by the video model may also extend from “people who need to produce a video” to “content products that need to continuously generate images.”

The H3 Max supports Wensheng video and Tuteng video, and can generate full audio and video at 480p or 768p, 5 to 15 seconds, and 24 fps. The acceleration of H3 Max comes from simultaneous adjustments to the model and inference system. FAL added new data on the basis of H3 open weights, continued to optimize instruction compliance and image performance through verifiable reinforcement learning, while adapting it to its own inference infrastructure. H3 Max is at the top of the Design Arena video list and the Artificial Analysis Tucson video list.

Overseas developers have incorporated this ability into actual live broadcasts. FAL engineer Rehan Sheikh connected H3 Max to Twitch and built a “cross-dimensional TV” with no fixed program list. The model continues to generate new images and sounds, and has been viewed nearly 5.3 million times on X.

Huatai Securities released a research report saying that it is expected that the commercialization of AI models will accelerate in the next April-6 months, while the competitive landscape of MiniMax's segments is improving. The company's product launch accelerated in the second half of the year, which is expected to drive rapid revenue growth: M3 Pro is expected to be launched in September-October, and the parameter scale may reach the level of 3 trillion yuan. Guosheng Securities and Guojin Securities published research reports on MINIMAX-W (00100), maintaining a “buy” rating.