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Hong Kong stocks closed lower, with the Hang Seng Index down 0.95% and the Hang Seng Tech Index down 3.04%. Gold stocks surged, while coal and power equipment stocks fluctuated higher. PCB concept stocks retreated, and star tech stocks declined. Tenc

2026-07-22

Hong Kong stocks closed lower, with the Hang Seng Index down 0.95% and the Hang Seng Tech Index down 3.04%. Gold stocks surged, while coal and power equipment stocks fluctuated higher. PCB concept stocks retreated, and star tech stocks declined. Tencent Holdings (00700.HK) closed down 7.05%.

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2026-07-22

Market sources say Iran's deputy foreign minister will attend the ASEAN foreign ministers' meeting in the Philippines.

Market sources say Iran's deputy foreign minister will attend the ASEAN foreign ministers' meeting in the Philippines.
2026-07-22

Huatai Securities said July iterations of Kimi and Q2 updates to GLM validate the core domestic-model thesis and could shorten iteration cycles. The firm estimates the technical gap versus closed‑source overseas models has narrowed to about 3–4 month

Huatai Securities said July iterations of Kimi and Q2 updates to GLM validate the core domestic-model thesis and could shorten iteration cycles. The firm estimates the technical gap versus closed‑source overseas models has narrowed to about 3–4 months; combined with higher cost‑effectiveness, domestic providers are lifting capability ceilings and pricing power. Huatai’s tests show K3 is only marginally weaker than GPT‑5.6 Sol, while GLM 5.2 benchmarks roughly at OPUS 4.7. Investment takeaway: rapid capability improvement should reinforce industry-chain positives. Near term, pricing power has improved but model‑level competition is intensifying; longer term, rising Agent penetration should expand the addressable market.
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