Hong Kong Stocks Midday: Hang Seng Index Up 2.08%, AI Application Sector Leads Gains
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The Hang Seng rose 524 points to 25,737 by midday on Sept 4, with morning turnover at HK$134.6 billion; AI application stocks led the advance while semis sold off — whether this rotation holds into the afternoon is the key variable.
Why did AI application stocks surge across the board?
CloudMinds (09678) jumped over 16%. First-half token revenue — fees charged per large-model API call — soared 760% year-on-year. This means → the large-model business has moved from "it works" to "people are paying for it."
4Paradigm (06682) gained over 13%; first-half API revenue rose 860% YoY. Macquarie initiated coverage with a HK$59 target.
China Literature up 11.64%, MFH up 11%, Meitu up over 8%, MININGLAMP up 7%. In plain terms = any company showing "AI revenue doubled" in its results got bid today.
Deepfinch, MiniMax, Rooyi — what drove the second tier?
Deepfinch (01384) rose over 8%. First-half revenue grew 115% YoY; AI now accounts for nearly 80% of total revenue. This means → this is no longer "legacy business plus AI story" — it is structurally an AI company.
MINIMAX-W (00100) gained over 5%. Saudi Arabia's Humain partnered with MiniMax to launch an Arabic-language AI model. This reflects a shift in Chinese AI companies' overseas playbook — from selling hardware to exporting model capabilities.
Rooyi (00136) rose over 8% after launching three AI products that complete a full AI-powered creative pipeline.
Why did pork and property rebound on the same day?
Muyuan (02714) gained over 9%, Cofco Meat (01610) up 9%, Techon Agriculture up 4%. Supply pressure is easing, prices are firming, and brokers expect further capacity culling.
Longfor (00960) rose 9%, leading the blue chips; Vanke up 7%; Sunac up over 12%. New housing policies are reshaping the development model; local pilot rules could land within four to six weeks.
In plain terms = pork rallied on shrinking supply; property rallied on policy expectations — different logic, but both running the same "bad news priced in, funds rotate back" playbook today.
Autonomous driving and crypto names rallied too?
MINIEYE (02431) gained 6%; Hesai (02525) up 7%. Tesla's Cybercab officially launched, while China's high-level autonomous driving policy push accelerated.
Boyaa Interactive (00434) surged over 11%. Bitcoin broke through US$80,000 as fading rate-hike expectations boosted risk-asset demand.
Why did semis sell off against the tide?
Hua Hong Semi (01347) fell over 7%, the session's biggest drag.
This reflects a clear capital rotation: money is leaving chipmakers for AI application plays. Put simply = the market is saying "using chips pays faster than making them."
Whether this rotation persists into the afternoon session is the day's core variable to watch.
市场有风险，内容仅供研究参考，不构成投资建议。